G-1, I-2 - Resolution 2021-076 - Declare Necessity and Establish URA - 2017 PP URA

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT 2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA December, 2021 The Urban Renewal Plan (the “Plan”) for the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purposes of adding certain real property to the Urban Renewal Area. 1) Addition of Property. The real property (the "Property") legally described on Exhibit A hereto is, by virtue of this Amendment, being added as the December, 2021 Addition to the Urban Renewal Area. With the adoption of this Amendment, the City will designate the Property as an economic development area. The Property will become subject to the provisions of the Plan for the Urban Renewal Area. It is anticipated that the City will adopt an ordinance providing for the division of property tax revenues, as set forth in Section 403.19 of the Code of Iowa, with respect to the Property. 2) Required Financial Information. The following information is provided in accordance with the requirements of Section 403.17 of the Code of Iowa: <table> <tr> <th>Constitutional debt limit of the City:</th> <td>$22,810,278</td> </tr> <tr> <th>Outstanding general obligation debt of the City:</th> <td>$17,440,865</td> </tr> <tr> <th>Proposed TIF debt to be incurred under the December, 2021 Amendment:</th> <td>$ 0</td> </tr> </table>