Ordinances-2024-511 - 2024 Urban Renewal Area

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA June, 2024 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purposes of (i) adding property to the Urban Renewal Area; and (ii) identifying new urban renewal projects to be undertaken therein. 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 June, 2024 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) Identification of Urban Renewal Projects. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project descriptions: A. Name of Project: Clear Creek Dog Resort, LLC Project Date of Council Approval of Project: June 4, 2024 Description of Project and Project Site: Clear Creek Dog Resort, LLC (the “Company”) has undertaken the construction of public infrastructure (the “Infrastructure Project”) necessary to support the development and operation of a luxury dog resort situated on a portion (the “Dog Resort Property”) of the Property (as defined in Section I of this Amendment) in the Urban Renewal Area. It has been requested that the City provide tax increment financing assistance to the Company in support of the efforts to complete and maintain the Infrastructure Project. The costs incurred by the City in providing tax increment financing assistance to the Company will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $6,000. Description of Use of TIF: The City intends to enter into a development agreement (the “Agreement”) with the Company with respect to the Infrastructure Project and to provide annual appropriation economic development payments (the “Payments”) to the Company thereunder. The Payments will be funded with incremental property tax