G-1, I-1 - Resolution 2024-044 - PH on 2017 PP Commercial URA Plan Update

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT 2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA July, 2024 The Urban Renewal Plan (the “Plan”) for the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”) of the City of Tiffin, Iowa (the “City”) is being amended for the purposes of (i) adding property to the Urban Renewal Area; and (ii) identifying a new urban renewal project to be undertaken therein. 1) Addition of Property. The real property (the "Property") legally described on Exhibit A hereto is, by virtue of this Amendment, being added as the July, 2024 Addition to the Urban Renewal Area. With the adoption of this Amendment, the City will designate the Property as an economic development area. The Property will become subject to the provisions of the Plan for the Urban Renewal Area. It is anticipated that the City will adopt an ordinance providing for the division of property tax revenues, as set forth in Section 403.19 of the Code of Iowa, with respect to the Property. 2) Identification of Urban Renewal Project. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project description: Name of Project: Mixed-Use Building Development Project Date of Council Approval of Project: July 16, 2024 Description of Project and Project Site: DERS Development, LLC (the “Developer”) has proposed to undertake the construction of a new mixed-use building including commercial/retail units on the first floor and residential units on the top three floors (the “Project”) on certain real property (the “Property”) in the Urban Renewal Area bearing Johnson County Property Tax Parcel Identification Number 0622301011. It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to complete and maintain the Project. The costs incurred by the City in providing tax increment financing assistance to the Developer will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $15,000. Description of Use of TIF: The City intends to enter into a development agreement (the “Agreement”) with the Developer with respect to the Project and to provide annual appropriation economic development payments (the “Payments”) to the Developer thereunder. The Payments will be funded with incremental property tax revenues to be