City of Monticello, Iowa
RESOLUTION #2026-161
Appropriating funds necessary to meet the City’s
Obligation to Manternach Custom Creations per Development
Agreement, dated September 6, 2022
WHEREAS, The Council approved a Development Agreement with Derek Manternach dba Manternach Custom Creations with Resolution #2022-103 dated September 6, 2022, and
WHEREAS, The agreement provided for twenty (20) semi-annual 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 #2025-155, appropriated $9,630 to meet the City’s obligations under second 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 second-year rebate was calculated to be $9,252, resulting in the City’s appropriation being long in the amount of $378, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $9,630to $9,252, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the third rebate payment to Manternach Custom Creations as set forth in the Development Agreement, for FY ’28, calculated at the rate of 90% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $8,764, 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 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 the third year, FY ’28, of rebate payments to Derek Manternach dba Manternach Custom Creations, as set forth in the Development Agreement in the estimated amount of $8,764 and hereby acknowledge the correction of the FY ’27 total rebate by decreasing the previously estimated sum of $9,630 to the actual amount of $9,252.
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