RESOLUTION #2026-151
Appropriating funds necessary to meet the City’s
Obligation to Mike Beck and Ken McDermott, known as Royal
Flush Truck Wash, Inc per Development Agreement, dated
March 17, 2014, and as amended, dated June 3, 2019
WHEREAS, The Council approved a Development Agreement with Mike Beck and Ken McDermott, known as Royal Flush Truck Wash, Inc Resolution #17-35 dated March 17, 2014, and amended by Resolution #19-77, dated June 3, 2019 and by Resolution #2020-74, dated June 15, 2020
WHEREAS, The agreement provided for seven (7) Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City, by way of Resolution #2025-144, appropriated $39,942 to meet the City’s obligations for sixth year tax rebate payment in FY ‘27, and
WHEREAS, After final assessments and payment of taxes, the sixth-year rebate came in at $38,810, resulting in the City’s appropriation being long in the amount of $1,132, this Resolution correcting the estimate to match the actual sixth year tax rebate, decreasing the rebate appropriation from $39,942 to $38,810, for sixth year tax rebate payment for FY ’27, and
WHEREAS, The Council finds that funds should be appropriated for FY ‘28 in the amount necessary to meet the seventh rebate obligations consistent with the Development Agreement in the following estimated amounts:
- $36,038 to be rebated according to the terms of the Development Agreement for seventh year property tax rebate, calculated at the rate of 65% of those taxes determined eligible for rebate in FY ‘28, said estimate being based upon the FY ’26 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments made by the developer.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds necessary to meet the City’s obligation to pay seventh year of rebate payments for FY ’28 to Royal Flush Truck Wash Inc. in the estimated amount of $36,038 and hereby acknowledges the correction of the total appropriation for the sixth year tax rebate payment for FY ’27 by decreasing the previously estimated sum of $39,942 to the actual payment of $38,810.
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 19th day of October, 2026
Shannon Poe, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer