Resolutions-2017-034

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT 2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA June 6, 2017 The Urban Renewal Plan (the “Plan”) for the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purposes of updating the description of the City’s Park Place Commercial Development Project in the Plan. 1) Update Description of the City’s Park Place Commercial Development Project. The City approved the Park Place Commercial Development Project in the Plan on May 2, 2017. It is now necessary to update the description of the Park Place Commercial Development Project to read as follows: Name of Project: Park Place Commercial Development Project Name of Urban Renewal Area: 2017 Park Place Commercial Urban Renewal Area Date of Council Approval of Project: May 2, 2017 and updated on June 6, 2017 Description of Project and Project Site: DERS Development, LLC (the “Park Place Developer”) has proposed to undertake the commercial development of the Property (as defined in Section II of this Plan), including the corresponding construction of improvements to Park Road, Oakdale Boulevard and Forevergreen Road necessary for such commercial development. It has been requested that the City provide tax increment financing assistance to the Park Place Developer in support of the efforts to complete the Park Place Commercial Development Project. The costs incurred by the City in providing tax increment financing assistance to the Park Place Developer will include legal and administrative fees (the “Admin Fees”) associated with the initiation, authorization and carrying out of the City’s participation therein in an amount not to exceed $30,000. Description of Public Infrastructure: It is not anticipated that the City will install public infrastructure in connection with the carrying out of 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 carrying out of the Project. Description of Use of TIF: The City intends to enter into a Development Agreement with the Park Place Developer with respect to the construction and use of the completed Project and to provide annual appropriation economic development payments (the