Resolutions-2013-128

Year of Establishment of Urban Renewal Area: 2005 Date of Council Approval of Project: June 26, 2013 Description of Housing Subdivision Support Project: A private developer (the "Developer") has proposed to undertake the development of high end residential homes on certain real property situated in the Area and bearing Johnson County Property Tax Identification Parcel Numbers 0627377001 and 0634201001 (the "Property"). The City desires to provide support to the Developer by using tax increment financing to support the construction of the public infrastructure necessary for the development of housing on the Property. The addition of new residential housing in the City will enhance the quality of life in the City thereby resulting in commercial and residential growth in the City. 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 Housing Subdivision Support Project. Description of Use of TIF: It is anticipated that the City will enter into a development agreement with the Developer pursuant to which the City will provide payments thereunder funded with incremental property tax revenues to be derived from the properties in the Area. It is anticipated that the City's use of incremental property tax revenues for Housing Subdivision Support Project will not exceed $80,000. LMI Set Aside: Pursuant to the provisions of Section 403.22 of the Code of Iowa, the City will make provision for low and moderate income family housing assistance in an amount not less than 39.5% of the TIF Revenues applied toward the Housing Subdivision Support Project. 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> </th> <th> </th> </tr> <tr> <td>Constitutional debt limit of the City:</td> <td>$7,655,224</td> </tr> <tr> <td>Outstanding general obligation debt of the City:</td> <td>$4,000,000</td> </tr> <tr> <td>Proposed debt to be incurred in area to be added to Urban Renewal Area:</td> <td>$1,725,000*</td> </tr> </table> *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council.