I-2 - Second Amended Development Agreement - DERS

SECOND AMENDED DEVELOPMENT AGREEMENT This Second Amended Development Agreement (the “Agreement”) is entered into among the City of Tiffin, Iowa (the “City”), DERS Development, LLC, (the “Developer”) and DERS Tiffin, LLC (the “Recipient”) as of 6th day of August, 2024. WHEREAS, 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 Tiffin Urban Renewal Area (the “Urban Renewal Area”); and WHEREAS, as of June 6, 2017, the Developer owned certain real property which is situated in the City and lies within the Urban Renewal Area and is more specifically described on Exhibit A hereto (the “Development Property”); and WHEREAS, the Developer has proposed to undertake the development of the Development Property through the installation of certain public infrastructure improvements (the “Public Infrastructure Project – Phase I and Phase I Alternates”) and the subsequent development of new commercial facilities thereon (the “Commercial Development Projects” and, individually each, a “Commercial Development Project”); and WHEREAS, the Developer has requested that the City provide financial assistance in the form of incremental property tax payments to be used in defraying the costs of carrying out the Public Infrastructure Project – Phase I and Phase I Alternates; and WHEREAS, Recipient has been organized by Developer to receive the financial assistance; WHEREAS, the base valuation of the Property for purposes of calculating Incremental Property Tax Revenues (as herein defined) under Section 403.19 of the Code of Iowa and this Agreement is $250,000 (the “Base Valuation”); and WHEREAS, the City, the Developer and the Recipient entered into a Development Agreement (the “Original Agreement”) dated June 6, 2017; and WHEREAS, the City, the Developer and the Recipient entered into an Amended Development Agreement (the “First Amended Agreement”) dated ______________, 2022 in order to increase the amount of financial assistance being provided by the City to the Recipient in connection with the Public Infrastructure Project – Phase I and Phase I Alternates; and WHEREAS, it is now necessary to amend the First Amended Agreement to modify the legal description of the Development Property; and WHEREAS, this Second Amended Development Agreement (the “Agreement”) has been prepared to set forth the updated, mutual understanding between the City and the Developer and to replace the First Amended Agreement; and . 4855-5694-6389\1