Resolutions-2014-076 (2)

commitment of incremental property tax revenues with respect to the Hart Dentistry Project will not exceed $45,000. D) Name of Project: Prairie Trail West Streetscape Improvements Project (the “Prairie Trail West Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: _______________________ Date of Council Approval of Prairie Trail West Project: June 11, 2014 Description of Prairie Trail West Project: The City will undertake certain streetscape improvements in support of the development of Prairie Trail West, a proposed fifty-five acre development on Highway 6 situated to the west of Clear Creek Amana High School. It is anticipated that Prairie Trail West will include a mix of multifamily housing, commercial lots and single-family housing. The development of Prairie Trail West will encourage residential and commercial growth in the Area. Description of Properties to be Acquired in Connection with Prairie Trail West Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Prairie Trail West Project. Description Use of TIF for the Prairie Trail West Project: It is anticipated that the City will pay for the Prairie Trail West 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 Prairie Trail West Project will not exceed $125,000. E) Name of Project: 2014-2015 Highway 6 Turn Lane Construction Project (the “Turn Lane Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: _______________________ Date of Council Approval of the Turn Lane Project: June 11, 2014 Description of the Turn Lane Project: The Turn Lane Project will consist of the construction of turn lanes on Highway 6 near its intersection with Jasper Avenue, and other work incidental thereto.