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

AMENDED DEVELOPMENT AGREEMENT This Amended Development Agreement (this “Agreement”) is entered into between the City of Tiffin, Iowa (the “City”) and 80/380, LLC (the “Developer”) as of ___________________, 2025 (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 City and the Developer entered into that certain Development Agreement dated August 1, 2017 (the “Original Development Agreement”), pursuant to which the City agreed to construct certain public infrastructure improvements (the “Public Improvements Project”) necessary to support commercial development being undertaken by the Developer in the Urban Renewal Area, and the Developer agreed to reimburse the City for certain costs (the “Public Improvements Costs”) incurred by the City in undertaking the Public Improvements Project; and WHEREAS, the Developer requested that the City provide financial assistance in the form of incremental property tax payments to be used by the Developer in defraying the costs incurred by the Developer in reimbursing the City for the Public Improvements Costs; and WHEREAS, the City has constructed the Public Improvements Project, and the Developer has reimbursed the City for the payment of the Public Improvements Costs; and WHEREAS, it is now necessary to amend the Original Development Agreement in order to update the terms of the Original Development Agreement; and WHEREAS, this Agreement has been prepared to set forth the updated, mutual understanding between the City and the Developer and to replace the Original Development Agreement; 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: 1. Public Improvements Project. The Developer hereby acknowledges that the City has constructed the Public Improvements Project in accordance with the terms and conditions of the Original Development Agreement. 2. Payments of Costs of Public Improvements Project. The City hereby acknowledges that the Developer has reimbursed the City for the Public Improvements Costs as required by the Original Development Agreement. 3. Property Taxes. The Developer agrees to make or ensure timely payment of all property taxes as they come due with respect to any property owned by the Developer or any affiliate of the Developer in the Urban Renewal Area throughout the Term (as hereinafter defined) of this Agreement and to submit a receipt or cancelled check in evidence of each such payment. 4938-7064-7118\2