G-1, I-1 - Resolution 2025-064 - Approval of Development Agreement for 80-380 LLC - Village Drive

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 Developer has proposed to undertake the construction of public infrastructure improvements (the “Public Infrastructure Project”) in the Urban Renewal Area in order to promote future commercial and industrial development therein; and WHEREAS, the Developer has requested that the City provide financial assistance in the form of incremental property tax payments to be used by the Developer in paying the costs of constructing the Public Infrastructure Project; 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. Developer’s Covenants 1. Public Infrastructure Project Construction. The Developer agrees to cause the construction of the Public Infrastructure Project in accordance with the timeline and specifications set forth on Exhibit A hereto. Prior to constructing the Public Infrastructure Project, the Developer will submit copies of all engineering documents related to the proposed Public Infrastructure Project to the City for review. The City may request reasonable changes in such documents, to ensure compliance with any applicable ordinances or regulations. The City shall retain all rights to inspect the completed Public Infrastructure Project for quality of work and full compliance with the City Code. Nothing in this subsection shall be interpreted as limiting the City’s rights to not accept the work if the Public Infrastructure Project is not completed to the satisfaction of the City. Upon completion of the Public Infrastructure Project, provided that (i) such improvements are of the type ordinarily dedicated to the City; (ii) the City confirms to the Developer in writing that such completed improvements meet City requirements; and (iii) the City accepts such Public Infrastructure Project in accordance with State law, the Developer will provide the City with either a deed or permanent easement to the improvements and related right-of-way comprising the Public Infrastructure Project, which shall thereafter be maintained by the City. 2. Public Infrastructure Costs Documentation. Upon completion of the Public Infrastructure Project, the Developer agrees to provide documentation (the “Costs Documentation”) detailing the costs (the “Public Infrastructure Costs”) incurred in the completion thereof, including invoices and such other documentation as is reasonably requested by the City, confirming that such Public Infrastructure Costs detailed in such Costs Documentation were in 4926-8680-3790\2