I-2 - Resolution 2024-041 - Approving Economic Development Grant Agreement - Honey Lane Development

RESOLUTION NO. 2024-041 A Resolution Authorizing Economic Development Grant Agreement with Honey Lane Development, LLC WHEREAS, a certain economic development grant agreement (the “Agreement”) between the City of Tiffin, Iowa (the “City”) and Honey Lane Development, LLC (the “Developer”) has been prepared pursuant to which the Developer would undertake the construction of public infrastructure improvements (the “Project”) necessary to support commercial development in the Tiffin Urban Renewal Area (the “Urban Renewal Area”); and WHEREAS, under the Agreement, the City would provide an economic development grant (the “Grant”) to the Developer in a total amount not exceeding $250,000 in order to pay a portion of the costs of the Project; and WHEREAS, Chapter 15A of the Code of Iowa (“Chapter 15A”) declares that economic development is a public purpose for which a city may provide grants, loans, guarantees and other financial assistance to or for the benefit of private persons; and WHEREAS, Chapter 15A requires that before public funds are used for grants, loans or other financial assistance, a city council must determine that a public purpose will reasonably be accomplished by the spending or use of those funds; and WHEREAS, Chapter 15A requires that, in determining whether funds should be spent, a city council must consider any or all of a series of factors; NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: Section 1. Pursuant to the factors listed in Chapter 15A, the City Council hereby finds that: (a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; (b) The Project will generate public gains and benefits, particularly in the creation and retention of jobs and income, which are warranted in comparison to the amount of the proposed Grant. Section 2. The City Council further finds that a public purpose will reasonably be accomplished by entering into the Agreement and funding the Grant to the Developer. Section 3. The Grant in an amount not to exceed $250,000 is hereby approved, subject to the terms and conditions set out in the Agreement to be entered into by the Developer and the City. The City Administrator, with advice from bond counsel to the City, is hereby authorized and directed to prepare any additional documentation and to make such changes to the Agreement as are deemed necessary to carry out the purposes of this Resolution. The Mayor and