I-2 - Resolution 2025-027 - Set Public Hearing for Development Agreement for Park 3 - Boardwalk

RESOLUTION NO. 2025-027 A Resolution Setting a Date of April 1, 2025 at which it is Proposed to Approve a Development Agreement with Park 3, LLC, Including Annual Appropriation Tax Increment Payments WHEREAS, the City of Tiffin, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”); and WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal of and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, the City proposes to enter into a certain development agreement (the “Development Agreement”) with Park 3, LLC (the “Developer”) in connection with the construction by the Developer of new-mixed use building in the Urban Renewal Area including commercial/retail units; and WHEREAS, under the Development Agreement the City would provide financial incentives to the Developer in the form of annual appropriation incremental property tax payments to the Developer in an amount not to exceed $4,500,000 under the authority of Section 403.9(1) of the Code of Iowa; and WHEREAS, it is necessary to set a date for a public hearing on the Development Agreement, pursuant to Section 403.9 of the Code of Iowa; NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This City Council shall meet on April 1, 2025, at ___:____ p.m., at the ____________________________, in the City, at which time and place proceedings will be instituted and action taken to approve the Development Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City. Said notice shall be in substantially the following form: