RESOLUTION NO. 2026-138
Approving Development Agreement between City of Monticello
and BMR Investments LLC (Tyler Freye, Monticello Family Vet Clinic)
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 the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with BMR Investments LLC (Tyler Freye, Monticello Family Vet Clinic) (the “Developer”) with respect to the construction of a 2,800 square foot Vet Clinic on 1321 South Main Street in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of incremental property tax payments rebates to the Developer under the authority of Section 403.9(1) of the Code of Iowa, rebating a portion of real estate taxes paid for a number of years, and
WHEREAS, the City Council scheduled a public hearing on the proposed Development Agreement for tonight’s meeting, October 5, 2026 at 6:00 p.m., and
WHEREAS, The City Council has held the public hearing as scheduled.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 5th day of October, 2026, by the approval of this Resolution, does hereby approve the proposed Development Agreement and incentives offered therein.
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 5th day of October, 2026.
Scott Brighton, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk/Treasurer