Resolutions-2015-131

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA January 19, 2016 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Area”) is being amended for the purposes of (i) adding property to the Area; and (ii) identifying a new urban renewal project to be undertaken therein. 1) Addition of Property. The real property (the "Property") legally described on Exhibit A hereto is, by virtue of this Amendment, being added as the January, 2016 Addition to the Urban Renewal Area. With the adoption of this Amendment, the City will designate the Property as an economic development area. The Property will become subject to the provisions of the Plan for the Urban Renewal Area. It is anticipated that the City will amend its ordinance for the division of property tax revenues to include this real property and to facilitate the tax increment financing process described in Section 403.19 of the Code of Iowa, with respect to the property taxes paid in relation to such Property. 2) 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: 2016 Tiffin Daycare Development Project Name of Urban Renewal Area: Tiffin Urban Renewal Area Date of Council Approval of Tiffin Daycare Project: December 9, 2015 Description of Project: Tiffin Daycare (the “Daycare”) has proposed to undertake the construction of a new daycare facility (the “Project”) on the real property situated at 400 Elderberry Street (the “Development Property”) in the Area. It is anticipated that the Project will be completed in the 2016 calendar year. It has been requested that the City provide tax increment financing assistance to the Daycare 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 Daycare 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