G-1, I-1 - Resolution 2025-032 - PH and Approval of Development Agreement for Park 3 - Boardwalk

Section 1. Pursuant to the factors listed in Chapter 15A, the City Council hereby reaffirms that: (a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; and (b) The 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; and Section 2. The City Council further finds and reaffirms that a public purpose will reasonably be accomplished by entering into the Agreement and providing the Payments to the Developer as provided for therein. Section 3. The Agreement is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver the Agreement on behalf of the City, in substantially the form and content in which the Agreement has been presented to this City Council. The Mayor and the City Administrator 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 Agreement. Section 4. All payments by the City under the Agreement shall be subject to annual appropriation by the City Council, in the manner set out in the Agreement. As provided and required by Chapter 403 of the Code of Iowa, the City’s obligations under the Agreement shall be payable solely from a subfund (the “Park 3, LLC Subfund”) which has been established by prior resolution of the Council, into which shall be paid that portion of the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to property taxes derived from the property as described as follows: DESCRIPTION - AUDITOR'S PARCEL 2020076 A PORTION OF AUDITOR'S PARCEL 2019059 IN THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA, DESCRIBED AS FOLLOWS: Commencing at the Southwest Corner of the Southeast Quarter of the Southwest Quarter of Section 22, Township 80 North, Range 7 West, of the Fifth Principal Meridian, Tiffin, Johnson County, Iowa; Thence N01°19'17"W, along the West Line of said Southeast Quarter of the Southwest Quarter, 397.57 feet, to its intersection with the South Line of Auditor's Parcel 2019059, in accordance with the Plat thereof Recorded in Plat Book 63 at Page 58 of the Records of the Johnson County Recorder's Office, and the POINT OF BEGINNING; Thence continuing N01°19'17"W, along said West Line, 475.76 feet, to a Point on the North Line of said Auditor's Parcel 2019059; Thence N88°38'36"E, along said North Line, 374.99 feet, to the Northeast Corner thereof; Thence S01°21'24"E, along the East Line of said Auditor's Parcel 2019059, a distance of 78.96 feet;