I-2 - Resolution 2025-065 - Approval of Amended Development Agreement with 80-380 - Village Drive

Tiffin/436989-50/App Amend Dev Agmt AA 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 Council hereby reaffirms that: (a) The Public Improvements Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; (b) The Public Improvements Project will generate public gains and benefits, particularly in the creation of new jobs and income, which are warranted in comparison to the amount of the proposed Payments. Section 2. The City Council further finds and reaffirms that a public purpose will reasonably be accomplished by entering into the Amended Agreement and providing the Payments to the Developer. Section 3. The Amended Agreement is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver the Amended Agreement on behalf of the City in substantially the form and content in which the Amended Agreement has been presented to this City Council. The City Administrator and the Mayor are also authorized to make such changes, modifications, additions or deletions as they, with the advice of bond counsel, may believe to be necessary, and to take such actions as may be necessary to carry out the provisions of the Amended Agreement. Section 4. All Payments by the City under the Amended Agreement shall be subject to annual appropriation by the City Council, in the manner set out in the Amended Agreement. As provided and required by Chapter 403 of the Code of Iowa, the City’s obligations under the Amended Agreement shall be payable solely from the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to incremental property tax revenue derived from the Urban Renewal Area. Section 5. The City hereby pledges to the payment of the Amended Agreement the Urban Renewal Tax Revenue Fund and the taxes referred to in Subsection 2 of Section 403.19 of the Code of Iowa to be paid into such Fund, provided, however, that no payment will be made under the Amended Agreement unless and until monies from the Urban Renewal Tax Revenue Fund are appropriated for such purpose by the City Council. Section 6. After its adoption, a copy of this resolution shall be filed in the office of the County Auditor of Johnson County to evidence the continuing pledging of the Urban Renewal Tax Revenue Fund and the portion of taxes to be paid into such Fund and, pursuant to the direction of Section 403.19 of the Code of Iowa, the County Auditor shall allocate the taxes in accordance therewith and in accordance with the tax allocation ordinance referred to in the preamble hereof. -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 4906-4627-7454\1