Resolutions-2017-034

DocuSign Envelope ID: 0428A9FA- 91CA-4028-A6DB-4F48ADF274D4 CITY OFTIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT 2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA June 6,2017 2017 Park Place Commercial Urban Urban Renewal isbeing amended forthepurposes ofupdating the 1) The Cityapproved thePark Place Commercial Development Project inthePlan onMay 2,2017. Itisnow necessary toupdate thedescription ofthePark Place Commercial Development Project toread asfollows: Name ofProject: Park Place Commercial Development Project Name ofUrban Renewal Area: 2017 Park Place Commercial Urban Renewal Area Date ofCouncil Approval ofProject: May 2,2017 andupdated onJune 6,2017 Description ofProject and Project Site: DERS Development, LLC Park Place defined inSection IIofthis Plan), including thecorresponding construction of improvements toPark Road, Oakdale Boulevard andForevergreen Road necessary for such commercial development. Ithasbeenrequested that theCity provide taxincrement financing assistance tothePark Place Developer insupport oftheefforts tocomplete thePark Place Commercial Development Project. The costs incurred bytheCity inproviding tax increment financing assistance tothePark Place Developer will include l ininan amount nottoexceed $30,000. Description ofPublic Infrastructure: Itisnotanticipated that theCity will install public infrastructure inconnection with thecarrying outoftheProject. Description ofProperties tobeAcquired inConnection with Project: It isnot anticipated thatthe City willacquire real property inconnection with thecarrying out of theProject. Description ofUse ofTIF The City intends toenter into aDevelopment Agreement with thePark Place Developer with respect totheconstruction anduseofthecompleted Project andtoprovide annual appropriation economic development payments (the