G-3, I-4 - Resolution 2025-004 - Declare Necessity, Establish URA and Approve UR Plan Amendment 2025

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA January, 2025 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purposes of adding new property to the Urban Renewal Area and identifying new urban renewal projects to be undertaken within the Urban Renewal Area. 1) Addition of Property. The real property (the "Property") legally described on Exhibit A hereto is, by virtue of this Amendment, being added as the January, 2025 Addition to the Urban Renewal Area. With the adoption of this Amendment, the City will designate the Property as an economic development area. The Property will become subject to the provisions of the Plan for the Urban Renewal Area. 2) Identification of Projects. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project descriptions: A. Name of Project: Community/Recreation Center Development Project Date of Council Approval of the Project: January 7, 2025 Description of the Project and Project Location: The City will undertake the construction (the “Rec Center Project”) of a new 45,000 square foot municipal community and recreation center on certain City-owned property (the “Rec Center Property”) situated at the southeast corner of the intersections of Highway 6 and South Park Road in the Urban Renewal Area. The City has found that provision of superior recreational facilities is necessary for the enhancement and maintenance of economic development in the community, and the City is hereby authorized to use its urban renewal powers to complete the Rec Center Project. It is anticipated that the completed Rec Center Project will have a positive impact on commerce and economic development in the Urban Renewal Area through the provision of enhanced recreational amenities. Description of Properties to be Acquired in Connection with the Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Rec Center Project. Description of Use of TIF: It is anticipated that the City will pay for a portion of the Rec Center Project with either borrowed funds and/or the proceeds of an internal advance of City funds on-hand. In any case, the City’s obligations (the “Obligations”) will be repaid