Resolutions-2015-045

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA April 8, 2015 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Area”) is being amended for the purpose of identifying a new urban renewal project 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 description: Name of Project: Big Country Seeds Warehouse Project (the “Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: 2005 Date of Council Approval of Big Seeds Project: April 8, 2015 Description of Big Seeds Project: Big Country Seeds (the “Company”) has proposed to undertake the expansion of its warehousing facilities situated at 1050 Greenfield Drive, parcel numbers 06 33 378 008 (Lot 13), 06 33 378 007 (Lot 12), and 06 33 378 006 (Lot 11) of Tiffin Industrial Park (the “Development Property”) in the Area. It has been requested that the City provide tax increment financing assistance to the Company 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 Project. Description of Properties to be Acquired in Connection with Project: It is not anticipated that the City will acquire real property in connection with the Project. Description of Use of TIF: The City intends to enter into a Development Agreement with the Company with respect to the 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 commitment of incremental property tax revenues with respect to the Project will not exceed $101,636.00 (all of incremental taxes for 3 years).