Resolutions-2013-129 (2)

Description of Properties to be Acquired in Connection with Kimberlite Street Extension Project: The City will acquire such easement territory, and right-of-way as are necessary to successfully undertake the Kimberlite Street Extension Project. Description of Location and Use of TIF for the Kimberlite Street Extension Project: It is anticipated that the City will pay for the Kimberlite Street Extension 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 Kimberlite Street Extension Project will not exceed $325,000. C) Name of Project: Big Country Seeds Expansion Project (the "Big Seeds Project") Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: 2005 Date of Council Approval of Big Seeds Project: June 26, 2013 Description of Big Seeds Project: Big Country Seeds (the "Company") has proposed to undertake the expansion of its seed processing facility situated at 1050 Greenfield Drive (the "Development Property") in the Area. The expansion will double in size the Company's existing physical plant, add industrial/recycling operations and add four (4) new jobs. It has been requested that the City provide tax increment financing assistance to the Company in support of the efforts to improve the Development Property. Description of Public Infrastructure: It is not anticipated that the City will install public infrastructure in connection with the Big Seeds Project. Description of Properties to be Acquired in Connection with Big Seeds Project: It is not anticipated that the City will acquire real property in connection with the Big Seeds Project. Description of Use of TIF: The City intends to enter into a Development Agreement with the Company with respect to the Big Seeds Project and to provide economic development payments (the "Payments") thereunder. The Payments will be funded with incremental property tax revenues to be derived from the Development Property. It is anticipated that the City's total commitment of incremental property tax revenues with respect to the Big Seeds Project will not exceed $250,000. D) Name of Project: Housing Subdivision Support Project Name of Urban Renewal Area: Tiffin Urban Renewal Area