G-1, I-1 - Amended Development Agreement - DERS Development

AMENDED DEVELOPMENT AGREEMENT This 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 the 6th day of June , 20172022. 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, 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 –– 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 calculations 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, it is now necessary to amend the Original Agreement 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, this Amended Development Agreement (the “Agreement”) has been prepared to set forth the updated, mutual understanding between the City, the Developer and the Recipient and to replace the Original Agreement; and WHEREAS, Chapter 15A of the Code of Iowa (“Chapter 15A”) declares that economic development is a public purpose for which a City may provide grants, loans, tax incentives, guarantees and other financial assistance to or for the benefit of private persons; and .