I-1 - Development Agreement for Clear Creek Dog Resort

DEVELOPMENT AGREEMENT This Agreement is entered into between the City of Tiffin, Iowa (the “City”) and Clear Creek Dog Resort, LLC (the “Company”) as of the _____ day of ________________________, 2024 (the “Commencement Date”). WHEREAS, the City has established the Tiffin Urban Renewal Area (the “Urban Renewal Area”), and has adopted a tax increment ordinance for the Urban Renewal Area; and WHEREAS, the Company owns certain real property which is situated in the City, lies within the Urban Renewal Area and is more specifically described on Exhibit A hereto (the “Property”); and WHEREAS, the Company has constructed a commercial building (the “Project”) for use in the business operations of luxury dog resort on the Property; and WHEREAS, the Company has requested that the City provide financial assistance in the form of incremental property tax payments to be used by the Company in paying the costs of constructing and maintaining the Project; and WHEREAS, the assessed taxable base valuation (the “Base Valuation”) of the Property for purposes of calculating Incremental Property Tax Revenues (as herein defined) under this Agreement and Section 403.19 of the Code of Iowa shall be the assessed taxable valuation of the Property as of January 1, 2023; and WHEREAS, Chapter 15A of the Code of Iowa authorizes cities to provide grants, loans, guarantees, tax incentives and other financial assistance to or for the benefit of private persons; NOW THEREFORE, the parties hereto agree as follows: A. Company’s Covenants 1. Project Construction. The Company has constructed the Project on the Property. The Company agrees to ensure that the completed Project is used in the business operations (the “Business Operations Requirement”) of a luxury dog resort throughout the Term (as hereinafter defined) of this Agreement. The Company further agrees to maintain, preserve, and keep the Property, including but not limited to the Project, useful and in good repair and working order, ordinary wear and tear excepted, and from time to time will make all necessary repairs, replacements, renewals, and additions. Further, the Company agrees to maintain compliance with local zoning, land use, building and safety codes and regulations.