City of Monticello, Iowa
Appropriating funds necessary to meet
the City’s Obligation to Mercy Care Management, Inc
per Development Agreement, dated July 7, 2019
WHEREAS, The Council approved a Development Agreement with Mercy Care Management, Inc with Resolution #19-100 dated July 15, 2019.
WHEREAS, The agreement provided for two (2) 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 two Grant payments of $20,000 each related to the land purchase, were both previously paid, the first in April, 2021, and the second in October, 2021, and
WHEREAS, The City, by way of Resolution #2025-150, appropriated $16,162 to meet the City’s obligations under fifth 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 fifth-year rebate was calculated to be $15,640, resulting in the City’s appropriation being long in the amount of $522, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $16,162to $15,640.
WHEREAS, The Council finds that funds should be appropriated for FY ‘28 in the amount of $14,598 to be rebated according to the terms of the Development Agreement for the sixth year property tax rebate, calculated at the rate of 70% 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, and
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 sixth year of rebate payments for FY ’28 to Mercy Care Management, Inc., in the estimated amount of $14,598 and hereby acknowledge the correction of the FY ’27 total rebate by decreasing the previously estimated sum of $16,162 to the actual amount of $15,640.
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