Discussion and Review of Potential Partnership with Greater Iowa City for Economic Development Services

MEMORANDUM OF AGREEMENT Re: ANNUAL ECONOMIC DEVELOPMENT SERVICES This Memorandum of Agreement is entered into by and between the City of Tiffin, a municipal corporation ("City"), and Greater Iowa City, Inc. (“Greater IC”). Together they are referred to as the “Parties.” Whereas, the City has stated Economic Development goals and strategies; and Whereas, stated economic development goals and strategies include supporting organizations which help to incubate, grow, foster and create new business operations by providing non-traditional collaborative environments; and Whereas, the City believes that it is in the community’s best interest to actively partner with both the private sector and other local governments in the region to leverage support for economic growth that is consistent with City goals and strategies; and Whereas, the amount of direct funding provided is $15,000 from the General Fund [OR 10% of LOST funds, OR $15,000 from servicing TIF Districts] Whereas, Greater IC services that leverage funding of numerous private and public organizations and effectively provide entrepreneurial and small business assistance, business retention and expansion, and focused work on local economic development issues continue to provide value to the community well beyond the City’s individual contributions. The Parties therefore agree as follows: 1. The City agrees to provide to Greater IC’s funding (payable in quarterly disbursements) for professional services from Greater IC, Inc. in fiscal year 2026 and may be revisited annually with consideration given to cost variables of service and the public budgeting environment. 2. Greater IC agrees to: a. Administer small business assistance, business retention and expansion, and other focused local economic development services within Tiffin. b. Report annually to the City on its performance of these activities. c. Provide access to the City to the benefits provided by Greater IC per the corresponding investment level, including but not limited to, representation on Innovation Councils.