City of Monticello, Iowa
Appropriating funds necessary to meet the City’s Obligation to
Jacob Thompson, successor owner of 218 West First Street, Suite “C”
per Development Agreement dated October 2, 2017
WHEREAS, The Council approved a Development Agreement with B & J Hauling and Excavation by Resolution #17-111 dated October 2, 2017, and
WHEREAS, The agreement provided for two (2) Grant payments totaling of $20,000 to the developer to demolish the building; in addition to property tax rebates on the improvements totaling $37,500 over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City has appropriated the grant payments totaling $20,000 to the developer pursuant to the terms of the Development Agreement, and
WHEREAS, The City has agreed to appropriate property tax rebates in an aggregated total of $37,500, pursuant to the terms of the Development Agreement to the developer and/or successor owners of the three storefronts. Njs LLC sold the storefront to Jacob Thompson in March 2026 making him the successor owner, and
WHEREAS, The City, by way of Resolution #2025-149, appropriated $1,266 to meet the City’s obligations under seventh year tax rebate provisions, for FY ’27, as set forth within the Development Agreement, said amount being based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the seventh-year rebate was calculated to be $1,158, resulting in the City’s appropriation being long in the amount of $108, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $1,266to $1,158.
WHEREAS, The Council finds that funds should be appropriated for FY ’28 in the amount necessary to rebate sums consistent with the Development Agreement, for the eighth year of said rebates, calculated at the rate of 50% of the incremental property taxes less protected levies eligible to be rebated in the estimated total amount of $966 said estimate being based upon the FY ’26 valuation and consolidated tax rates, 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 the eighth year, FY ’28, of rebate payments to as set forth in the Development Agreement for 218 West First Street, Suite “C” owned by Jacob Thompson, successor owner of the storefront, in the estimated amount of $966 and hereby acknowledge the correction of the FY ’27 total rebate by decreasing the previously estimated sum of $1,266 to the actual amount of $1,158.
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, 2027.
Shannon Poe, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer