I-1 - Resolution 2024-001 - Approving Tax Abatement Application for Villages Part III - Hunt Club

RESOLUTION NO. 2024-001 Resolution Approving Tax Abatement Application for the Villages Part III Urban Revitalization Area WHEREAS, pursuant to the provisions of Chapter 404 of the Code of Iowa (the “Act”) the City of Tiffin, Iowa, has designated an area of the City as the Villages Part I Urban Revitalization Area (the “Urban Revitalization Area”) and has adopted an Urban Revitalization Plan (the “Plan”) for the governance of projects and initiatives to be undertaken therein; and WHEREAS, the Act provides that property owners making qualified improvements under the Plan may apply to the City Council for tax abatement, and the City Council shall approve the application if it finds: (a) the project is in a designated urban revitalization area; (b) the project is in conformance with the urban revitalization plan for such area; and (c) the improvements were made during the time the area was so designated; and WHEREAS, the Act provides that the first application for an exemption under the Plan shall be filed with the City by the property owner by February 1 of year in which all improvements included in the project are first assessed for taxation, or the following two assessment years, in which case the exemption is allowed for the total number of years in the exemption schedule; and WHEREAS, the Hunt Club, LLC (the “Property Owner”) has completed certain qualifying improvements (the “Qualifying Improvements”) under the Plan and has submitted an application (the “Application”) to the City to receive the exemption benefits under the Plan; and WHEREAS, it is now necessary for the City to approve the Application; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. It is hereby found and determined: (a) Phase III of the Qualifying Improvements described in the Application were completed in 2023 and first assessed for taxation as of January 1, 2024. (b) The Qualifying Improvements were constructed in the Urban Revitalization Area. (c) The Qualifying Improvements were constructed in conformance with the Plan. (d) The Qualifying Improvements were constructed during the time the Urban Revitalization Area was so designated. (e) The Application was filed in a timely fashion as to allow the Property Owner the exemption benefits set forth in the Plan for the total number of years in the exemption schedule.