I-3 - Resolution 2024-046 - Setting Public Hearing for DA for DERS - The Baltic

NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH DERS DEVELOPMENT, LLC AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council of the City of Tiffin, Iowa, will meet at the ________________, on August 6, 2024, at ___:____ p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and DERS Development, LLC (the “Developer”), in connection with the construction by the Developer of a new mixed-use building including commercial/retail units on the first floor (the “Project”) in the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”), which Agreement provides for certain financial incentives in the form of incremental property tax payments (the “Payments”) to the Developer in a total amount not exceeding $3,000,000 as authorized by Section 403.9 of the Code of Iowa. The commitment of the City to make the Payments to the Developer under the Development Agreement will not be a general obligation of the City, but such Payments will be payable solely and only from incremental property tax revenues generated within the 2017 Park Place Commercial Urban Renewal Area. Some or all of the payments under the Development Agreement may be made subject to annual appropriation by the City Council. At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal. This notice is given by order of the City Council of Tiffin, Iowa, in accordance with Section 403.9 of the Code of Iowa. City Clerk