G-1, I-1 - Resolution 2022-075 - Amended Development Agreement - DERS Development

WHEREAS, Chapter 15A requires that in determining whether funds should be spent, a City Council must consider any or all of a series of factors; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. Pursuant to the factors listed in Chapter 15A, the Council hereby reaffirms that: (a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; (b) The Project will generate public gains and benefits, particularly in the creation of new jobs and income, which are warranted in comparison to the amount of the proposed property tax incentives. Section 2. The City Council further finds and reaffirms that a public purpose will reasonably be accomplished by entering into the Amended Agreement and providing the incremental property tax payments to the Recipient. Section 3. The Amended Agreement is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver the Amended Agreement on behalf of the City in substantially the form and content in which the Amended Agreement has been presented to this City Council. Such officers are also authorized to make such changes, modifications, additions or deletions as they, with the advice of bond counsel, may believe to be necessary, and to take such actions as may be necessary to carry out the provisions of the Amended Agreement. Section 4. As provided and required by Chapter 403 of the Code of Iowa, the City’s obligations under the Amended Agreement shall be payable solely from a subfund (the “DERS Development Subfund”) which has previously been established, into which shall be paid that portion of the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to property taxes derived from the property described as follows: A PORTION OF THE SOUTH ONE-HALF OF SECTION 22, AND A PORTION OF THE NORTH ONE-HALF OF SECTION 27, ALL OF TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA, DESCRIBED AS FOLLOWS: BEGINNING AT THE CENTER OF SECTION 22, TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA; THENCE S01°21'28"E, ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 22, A DISTANCE OF 1326.34 FEET, TO THE SOUTHEAST CORNER THEREOF; THENCE N89°38'45"E, ALONG THE NORTH LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 22, A DISTANCE OF 1181.03 FEET, TO ITS INTERSECTION WITH THE WEST RIGHT-OF-WAY LINE OF INTERSTATE NO. 380; THENCE S10°25'53"W, ALONG SAID WEST RIGHT-OF-