Resolutions-2014-076 (2)

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA June 11, 2014 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: Jasper Avenue South Project Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: _______________________ Date of Council Approval of Jasper Avenue South Project: June 11, 2014 Description of Jasper Avenue South Project: The Jasper Avenue South Project will consist of the asphalt paving of Jasper Avenue from its intersection with the I-80 Bridge on the south and continuing to its intersection with the railroad right-of-way on the north, and other work incidental thereto. Description of Properties to be Acquired in Connection with Jasper Avenue South Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Jasper Avenue South Project. Description of Use of TIF for the Jasper Avenue South Project: It is anticipated that the City will pay for the Jasper Avenue South 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 the Jasper Avenue South Project will not exceed $250,000. B) Name of Project: City Park Splash Pad Improvements Project (the “City Park Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area