Resolutions-2014-076 (2)

Tiffin/436989-10/UR Plan Amend CITY OFTIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA June 11, 2014 The Urban Renewal Plan (the “Plan”) fortheTiffin Urban Renewal Area (the “Area”) is being amended for thepurpose ofidentifying new urban renewal projects tobeundertaken therein. 1)Identification ofProjects. Byvirtue ofthisamendment, thelistofauthorized urban renewal projects inthePlan ishereby amended toinclude thefollowing project descriptions: A) Name ofProject: Jasper Avenue South Project Name ofUrban Renewal Area: Tiffin Urban Renewal Area Year ofEstablishment ofUrban Renewal Area: ______________________ Date ofCouncil Approval ofJasper Avenue South Project: June 11, 2014 Description ofJasper Avenue South Project: The Jasper Avenue South Project will consist ofthe asphalt paving ofJasper Avenue from itsintersection with theI-80 Bridge onthesouth and continuing toitsintersection with therailroad right-of-way on thenorth, andother work incidental thereto. Description ofProperties tobeAcquired inConnection with Jasper Avenue South Project: The City willacquire such easement territory andright-of-way asarenecessary tosuccessfully undertake theJasper Avenue South Project. Description ofUse ofTIF fortheJasper Avenue South Project: Itisanticipated that theCity willpay fortheJasper Avenue South Project witheither borrowed funds orthe proceeds ofaninternal advance ofCity funds on-hand. Ineither case, the City’s obligation willberepaid with incremental property taxrevenues. Itisanticipated thatthe City’suseofincremental property taxrevenues fortheJasper Avenue South Project will notexceed $250,000. B) Name ofProject: City Park Splash PadImprovements Project (the “City Park Project”) Name ofUrban Renewal Area: Tiffin Urban Renewal Area