G-4, I-2 - UR Plan Amendment - 2017 Park Place Commercial

Tiffin/436989-37/UR Plan Amend It is intended that the Property will serve as the site for the development and construction of a public safety facilities campus in the future to serve the City. The addition of a new public safety facilities campus will have a positive impact on commerce and economic development in the Urban Renewal Area through the provision of enhanced public safety services. Description of Use of Urban Renewal Powers: The City will use its urban renewal authority to aid in the authorization of general obligation bonds (the “Bonds”) in an approximate principal amount not to exceed $700,000 to finance the acquisition of the Property. The City does not intend to apply incremental property tax revenues to the repayment of the Bonds. If the City determines to apply incremental property tax revenues to the repayment of the Bonds in the future, the City will amend the Plan to reflect the required analysis under Section 403.5(2)(b)(1) of the Code of Iowa. -2-