Resolutions-2012-77

a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; b) The Project will generate public gains and benefits, which are warranted in comparison to the amount of the proposed Grant; Section 4.The City Council further finds that a public purpose will reasonably be accomplished by making the Grant in connection with the Project. Section 5. The Grant in an amount not to exceed $ 165, 731, is hereby approved. Proceeds of the Grant shall be disbursed periodically to the Company in accordance with the terms set forth in a Grant Agreement. The City Administrator, with advice from the City Attorney and Bond Counsel, is hereby authorized and directed to take such actions and prepare such documents, including the Grant Agreement, as may be necessary to carry out the purposes of this Resolution, and the Mayor and the City Clerk are hereby authorized to execute such documents as may be necessary to implement the Grant approved herein. Section 6. All resolutions or parts thereof in conflict herewith, are hereby repealed, to the extent of such conflict. On the 28th day of November, 2012, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson Kahler introduced Resolution No. 2012 -77 AUTHORIZING INTERNAL ADVANCE FOR FUNDING ECONOMIC DEVELOPMENT GRANT TO PR BUILDINERS, INC /IPL DEVELOPMENT INC. and made a motion for approval. Motion seconded by Councilperson Ryan. Ayes: Kahler, Ryan, Bartels, Upton Nays: None Absent: Phillips Whereupon four Council members were present and voted approval and Mayor Berner declared that the Resolution No. 2012 - 77, AUTHORIZING INTERNAL ADVANCE FOR FUNDING EXONOMIC DEVELOPMENT GRANT TO PR BUILDERS, INC /IPL DEVELOPMENT INC. to be adopted and signified his approval of the same by affixing his signature thereto. PASSED AND APPROVED this 28th day of November, 2012. Steven L. Berner, Mayor Attest: Michon Jacks , City Administrator / Clerk