I-1 - Development Agreement Park 8 - Baltic

DEVELOPMENT AGREEMENT This Agreement is entered into between the City of Tiffin, Iowa (the “City”) and Park 8, LLC (the “Developer”) as of the 6th day of August, 2024 (the “Commencement Date”). WHEREAS, the City has established the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”) and has adopted a tax increment ordinance for the Urban Renewal Area; and WHEREAS, the Developer owns certain real property situated in the City, which lies within the Urban Renewal Area and is more specifically described on Exhibit A hereto (the “Property”); and WHEREAS, the Developer has proposed to undertake the construction of a four-story mixed-use building (the “Project”) including commercial/retail units (the “Commercial Units”) on the first floor; and WHEREAS, the Developer has requested that the City provide financial assistance, in the form of incremental property tax payments, which will be used by the Developer to pay the costs of constructing and maintaining the Project; and WHEREAS, Chapter 15A of the Code of Iowa authorizes cities to provide grants, loans, guarantees, tax incentives and other financial assistance to or for the benefit of private persons; NOW THEREFORE, the parties hereto agree as follows: A. Developer’s Covenants 1. Project Construction; Operational Requirement. Project Construction The Developer agrees to construct the Project on the Property. The Project shall minimally include a four-story, mixed-use building with Commercial Units on the first floor. The Developer agrees to submit a detailed site plan (the “Site Plan”) for the development of the Project to the City. Upon its approval by the City Council, the Site Plan shall be attached hereto as Exhibit B. The Developer agrees to construct the Project in accordance with the Site Plan and all local zoning, land use, building and safety codes and regulations. The Developer agrees to complete construction of the Project by no later than December 31, 2027. Maintenance and Use of the Project and the Property The Developer agrees to use the completed Commercial Units as part of its business operations on the Property throughout the Term (as hereinafter defined) of this Agreement (the “Operational Requirement”). For purposes of this Agreement, the Project is being used as part of the Developer’s business operations if the Commercial Units are being used as part of the ongoing 4856-6589-2560\1