Resolutions-2012-51

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA August, 2012 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area is being amended for the purposes of identifying three new urban renewal projects to be undertaken therein. 1) Identification of Projects . By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following described projects: A. Water Tower Project Name of Project: Water Storage Project Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: _______________________ Date of Council Approval of Project: September 26, 2012 Description of Water Tower Project and Project Site: The City will undertake the construction of a new water tower for use as part of the Municipal Waterworks System on property situated in the Tiffin Urban Renewal Area. The Water Storage Project includes site preparation and erection of 500,000-gallon elevated storage facility. To include related site piping and connection, related electrical and site work and approximately 4,570' of conveyance watermains. The new storage facility will provide the community with sufficient water pressure for current and future users. The water storage facility will be located on City land north of Interstate 80 and west of Jasper Avenue. Description of Properties to be Acquired in Connection with Project: It is not anticipated that the City will acquire real property in connection with the Water Tower Project, except to the extent necessary to provide easement territory and right-of-way necessary to carry out the Water Tower Project. Description of Use of TIF: It is anticipated that the City will pay for the Water Tower Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of Incremental Property tax revenues for the Water Tower Project will not exceed $2,300,000. B. 2012 Industrial Park Water Main Project