Resolutions-2013-129

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA June 12, 2013 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Area”) is being amended for the purpose of identifying 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 project descriptions: A) Name of Project: City Park Improvements Project (the “City Park Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: 2005 Date of Council Approval of Project: June 26, 2013 Description of City Park Project: The City approved the City Park Project in an amendment to the Plan on November 28, 2102 (the “November 2012 Amendment”). In addition to improvements set forth in the November 2012 Amendment, the City Park Project will include paving improvements at the City’s soccer complex and the installation of fencing at the City’s baseball diamonds. The City Park Project will enhance the quality of life in the City; thereby resulting in residential and commercial growth in the Area; Description of Properties to be Acquired in Connection with City Park Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the City Park Project. Description Use of TIF for the City Park Project: It is anticipated that the City will pay for the City Park 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 City Park Project will not exceed $600,000: