Resolutions-2017-025

DocuSign Envelope ID: BEFED462- FABA-4AA5-8DB6-910AA539D0CE Tiffin/436989-16/SetDateDevAgmtAA NOTICE OFMEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH DERS DEVELOPMENT, LLC AND AUTHORIZATION OFANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council oftheCity ofTiffin, Iowa, willmeet attheCityHall Council Chambers onMay 16, 2017, at ockp.m.,atwhich time andplace proceedings will beinstituted andaction taken toapprove aDevelopment Agreement between theCity and DERS Development, LLC inconnection withthe development ofcommercial real estate inthe2017 Park Place Commercial Urban Renewal Area and thecorresponding construction ofimprovements toPark Road, Oakdale Road andForevergreen Road necessary for such commercial development therein, which Agreement provides forcertain financial incentives intheform ofincremental property taxpayments totheDeveloper inatotal amount notexceeding $10,000,000asauthorized bySection 403.9 oftheCode ofIowa. The Agreement tomake incremental property taxpayments totheDeveloper willnotbea general obligation oftheCity, butwillbepayable solely and only from incremental property tax revenues generated within the2017 Park Place Commercial Urban Renewal Area. Some orall ofthepayments under the Development Agreement may bemade subject toannual appropriation bytheCity Council. Atthemeeting, theCity Council willreceive oral orwritten objections from anyresident orproperty owner oftheCity. Thereafter, theCouncil may, atthe meeting oratanadjournment thereof, take additional action toapprove theDevelopment Agreement ormay abandon the proposal. This notice isgiven byorder oftheCity Council ofTiffin, Iowa, inaccordance with Section 403.9 oftheCode ofIowa. Doug Boldt City Administrator 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA