Resolutions-2017-025

DocuSign Envelope ID: BEFED462- FABA-4AA5-8DB6-910AA539D0CE Tiffin/436989-16/SetDateDevAgmtAA RESOLUTION NO. 2017-025 Resolution Setting aDate ofMeeting atwhich itisProposed toApprove a Development Agreement with DERS Development, LLC, Including Annual Appropriation Tax Increment Payments inanAmount not toExceed 10,000,000 with alllaws applicable totheCity, andinparticular theprovisions ofChapter 403 oftheCode ofIowa, hasadopted anUrban Renewal Plan for the2017 Park Place Commercial Urban Renewal Area WHEREAS, this CityCouncil hasadopted anordinance providing forthedivision of taxes levied ontaxable property intheUrban Renewal Area pursuant toSection 403.19ofthe Code ofIowa andestablishing thefund referred toinSubsection 2ofSection 403.19oftheCode ofIowa, which fund and theportion oftaxes referred tointhat subsection may beirrevocably pledged bytheCity forthepayment oftheprincipal andinterest onindebtedness incurred under theauthority ofSection 403.9 oftheCode ofIowa tofinance orrefinance inwhole orinpart projects intheUrban Renewal Area; and WHEREAS, theCity proposes toenter into acertain development agreement (the DERS Development, LLC inconnection withthe development ofcommercial real estate andthecorresponding construction of improvements toPark Road, Oakdale Road and Forevergreen Road necessary forsuch commercial development; and WHEREAS, the Development Agreement would provide financial incentives tothe Developer intheform ofannual appropriation incremental property taxpayments inanamount nottoexceed $10,000,000under the authority ofSection 403.9(1)oftheCode ofIowa; and WHEREAS, itisnecessary tosetadate forapublic hearing ontheDevelopment Agreement, pursuant toSection 403.9 oftheCode ofIowa; NOW THEREFORE, ITISRESOLVED bytheCity Council oftheCity ofTiffin, Iowa, asfollows: Section 1. This City Council shall meet onMay16, 2017, atseven p.m.,at theTiffin City Hall Council Chambers, intheCity, atwhich time andplace proceedings will be instituted and action taken toapprove theDevelopment Agreement andtoauthorize the annual appropriation incremental property taxpayments. Section 2. The City Clerk ishereby directed togive notice oftheproposed action, the timewhen andplace where said meeting will beheld, bypublication atleast once notless than four days andnotmore than twenty days before thedate ofsaid meeting inalegal newspaper of general circulation intheCity. Said notice shall beinsubstantially thefollowing form: 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA