Resolutions-2016-070

DocuSign Envelope ID: 3C96B5DB- 3665- 4418- ADBA- CO2D7A4C3898 Tiffin/ 436989- 16/ Set Date Dev Agmt AA RESOLUTION NO. 2016- 070 Resolution Setting a Date of Meeting at which it is Proposed to Approve a Development Agreement with Scott Andersen, Including Annual Appropriation Tax Increment Payments in an Amount not to Exceed $ 500, 000 WHEREAS, City of Tiffin, Iowa ( the " City"), pursuant to and in strict compliance the with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Tiffin Urban Renewal Area ( the " Urban Renewal Area"); and WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403. 19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403. 19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403. 9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, the City proposes to enter into a certain development agreement ( the Development Agreement") with Scott Andersen ( the " Developer") in connection with ( i) the preliminary infrastructure engineering and land use planning associated with the Park Place development project, which is anticipated to include the extension of Forevergreen Road and Oakdale Boulevard and the realignment of Park Road; and ( ii) site preparation for the realignment of Park Road; and WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of annual appropriation incremental property tax payments in an amount not to exceed $ 500, 000 under the authority of Section 403. 9( l) of the Code of Iowa; and WHEREAS, it is necessary to set a date for a public hearing on the Development Agreement, pursuant to Section 403. 9 of the Code of Iowa; NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This City Council shall meet on November 29, 2016, at six o' clock p. m., at the Tiffin City Hall Council Chambers, in the City, at which time and place proceedings will be instituted and action taken to approve the Development Agreement and to authorize the annual appropriation incremental property tax payments. Section The City Clerk is hereby directed to give notice of the proposed action, the 2. time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City. Said notice shall be in substantially the following form: 2- DORSEY& WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA