City approves annual TIF appropriations

City Council
By: 
Kim Brooks
Express Editor

     All incentives offered by the City of Monticello to local developers are spelled out in development agreements. These agreements are subject to annual appropriations by the city council.

     During the Nov. 15 Monticello City Council meeting, the council approved the following TIF appropriations:

     • Innovative Ag Services (IAS), corrects the current year’s estimated appropriation increasing it to the actual rebate, from $3,202 to the actual amount of $3,238.

     • Royal Flush Track Wash, Inc., corrects the current year’s estimated appropriation reducing it to the actual rebate, from $35,914 to the actual amount of $34,174. This action also appropriates the fourth grant payment of $20,000.

     • MercyCare, the first rebate payment in the estimated amount of $14,218 for FY23.

     • Cobblestone Inn & Suites, corrects last year’s estimated appropriation reducing it from $45,254 to the actual amount of $38,560.94.

     (Council member Tom Yeoman abstained from the vote due to the fact that he is a shareholder in the hotel.)

     • Kardes, Inc., corrects the current year’s estimated appropriation increasing it to the actual rebate, from $24,796 to the actual amount of $25,044.

     • MC Industries, corrects the current year’s estimated appropriation increasing it to the actual rebate, from $5,816 to the actual amount of $5,882.

     • Lauren Welter (218 W. First St., Suite A), corrects the current year’s estimated appropriation increasing it to the actual rebate, from $1,174 to the actual amount of $1,218.

     • Paige Jacobs, LLC, (218 W. First St., Suite B), corrects the current year’s estimated appropriation increasing it to the actual rebate, from $1,252 to the actual amount of $1,298.

     • Njs LLC (218 W. First St., Suite C), corrects the current year’s estimated appropriation increasing it to the actual rebate, from $1,174 to the actual amount of $1,218.

     • Orbis Manufacturing, corrects the current year’s estimated appropriation increasing it to the actual rebate, from $63,264 to the actual amount of $64,732.

     • BR3 Development LLC, the first appropriation in the amount of $40,00, and the first two grant payments of $20,000 per acre.

     The council also approved the FY23 TIF certification of $500,000.               

     The city has only ever certified the TIF necessary to meet its obligations, typically certifying between $600,000 and $750,000.

     In the last seven years, the council has certified:

     • $700,000 in FY22

     • $600,000 in FY21

     • $210,385 in FY20

     • $750,000 in FY19

     • $700,000 in FY18

     • $700,000 in FY17

     • $700,000 in FY16

     This year’s certification of $500,000 includes approximately $40,000 for future/pending TIF agreements. The total available for collection is approximately $1,397,717.

     The council also approved the FY20-21 annual Urban Renewal Report.

     As of July 1, 2020, the city’s unrestricted TIF balance was $823; $14,826 in restricted funds.

     The unrestricted TIF balance on June 30, 2021 was $72,584; $15,279 in restricted funds.

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