I-1 - Urban Renewal Plan Amendment

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT 2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA March, 2025 The Urban Renewal Plan (the “Plan”) for the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”) of the City of Tiffin, Iowa (the “City”) is being amended for the purpose of identifying a new urban renewal project to be undertaken therein. 1) Identification of Urban Renewal Project. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project description: Name of Project: Mixed-Use Building Development Project (Boardwalk) Date of Council Approval of Project: March 18, 2025 Description of Project and Project Site: Park 3, LLC (the “Developer”) has proposed to undertake the construction of a new mixed-use building including commercial/retail units and residential units (the “Project”) on certain real property (the “Property”) situated in the Park Place planned development in the Urban Renewal Area. It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to complete and maintain the Project. The costs incurred by the City in providing tax increment financing assistance to the Developer will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $15,000. Description of Use of TIF: The City intends to enter into a development agreement (the “Agreement”) with the Developer with respect to the Project and to provide annual appropriation economic development payments (the “Payments”) to the Developer thereunder. The Payments will be funded with incremental property tax revenues to be derived from the Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Infrastructure Project will not exceed $4,500,000, plus the Admin Fees. 1 4926-1171-0235\1