RESOLUTION NO. 2025-84
Approving the Final Development Agreement between City of Monticello and Kwik Trip Inc. Related to the Development of a Kwik Star Convenience Store, Gas Station and Truck Stop
WHEREAS, the City of Monticello, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Monticello Urban Renewal Area (the “Urban Renewal Area”); and
WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in various Urban Renewal Areas pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of indebtedness incurred by the City to support an Urban Renewal Project in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with Kwik Trip Inc. (the “Developer”) with respect to the construction of a 9200 square foot Convenience Store, Gas Station and Truck Stop/Fuel facility on a portion of Lot 1 of Welter’s First Addition, in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement provides financial incentives to the Developer for economic development purposes in the form of a grant for the purchase of the property and tax rebate payments, and
WHEREAS, the City Council has previously scheduled and held a public hearing on the proposed Development Agreement, on February 17, 2025, at 6:00 p.m., and
WHEREAS, the City Council finds that the incentives provided Developer under the terms of the Development Agreement serve a public purpose and are otherwise appropriate, and that the Development Agreement should, therefore, be approved; and
WHEREAS, a Memorandum of Development Agreement has been prepared for recording, same designed to put the public on notice of the existence of the Development Agreement, a copy of same being appended hereto, and
WHEREAS, in accordance with the terms of the Development Agreement, a Partial Release of Development Agreement has also been prepared for purposes of releasing the property being purchased by Kwik Trip, Inc., from the terms and provisions of the development agreement previously entered into between the City of Monticello, Iowa and Welter Enterprises, LLC, dated April 14, 2008 and recorded on November 7, 2008 as Jones County Recorder Document No. 2008 3316.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 16th day of June, 2025, by the approval of this Resolution, that the proposed Development Agreement between the City of Monticello and Kwik Trip, Inc., and the incentives offered therein, are hereby approved, and both the Memorandum of Development Agreement, between the City and Kwik Trip, Inc., and the Partial Release of Development Agreement, between the City of Monticello and Welter Enterprises, LLC, are hereby approved, and the Mayor and Clerk are hereby authorized to execute both on behalf of the City Council and to see to their recordation with the Jones County Recorder.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 16th day of June, 2025.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer