Resolutions-2014-076 (2)

Year of Establishment of Urban Renewal Area: ____________________________ Date of Council Approval of City Park Project: June 11, 2014 Description of City Park Project: The City will install a splash pad at City Park. 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 the City Park Project will not exceed $100,000. C) Name of Project: 2014 Hart Dentistry Development Project (the “Hart Dentistry Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: ____________________________ Date of Council Approval of Hart Dentistry Project: June 11, 2014 Description of Hart Dentistry Project: Hart Dentistry (the “Developer”) has proposed to undertake the development of new dental office facilities situated at 403 Deer View Avenue (the “Development Property”) in the Area. It has been requested that the City provide tax increment financing assistance to the Developer 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 Hart Dentistry Project. Description of Properties to be Acquired in Connection with Hart Dentistry Project: It is not anticipated that the City will acquire real property in connection with the Hart Dentistry Project. Description of Use of TIF for the Hart Dentistry Project: The City intends to enter into a Development Agreement with the Developer with respect to the Hart Dentistry 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