Resolutions-2017-035

DocuSign Envelope ID: 0428A9FA- 91CA-4028-A6DB-4F48ADF274D4 Tiffin/436989-16/HoldHrg & AppDevAgmtAA RESOLUTION NO. 2017-035 Resolution Approving Development Agreement with DERS Development, LLC, Authorizing Annual Appropriation Tax Increment Payments andPledging Certain Tax Increment Revenues tothePayment oftheAgreement WHEREAS, theCity ofTiffin with alllaws applicable totheCity, andinparticular theprovisions ofChapter 403 oftheCode ofIowa, hasadopted anUrban Renewal Plan for the2017 Park Place Commercial Urban Renewal Area WHEREAS, this City Council has adopted anordinance providing forthe division of taxes levied ontaxable property intheUrban Renewal Area pursuant toSection 403.19ofthe Code ofIowa andestablishing thefund referred toinSubsection 2ofSection 403.19oftheCode tointhat subsection may beirrevocably pledged bytheCity for thepayment ofthe principal and interest onindebtedness incurred under theauthority ofSection 403.9oftheCode ofIowa to finance orrefinance inwhole orinpart projects intheUrban Renewal Area; and WHEREAS, acertain development agreement between theCity and DERS Development, LLC Developer hasbeen prepared, pursuant towhich the Developer would undertake thedevelopment ofcommercial real estate and thecorresponding improvements toPark Road, Oakdale Road and Forevergreen Road necessary forsuch commercial development inthe Urban Renewal Area; and WHEREAS, under theAgreement, theCity would provide annual appropriation tax increment payments totheDeveloper inatotal amount not exceeding $12,000,000; and WHEREAS, this City Council, pursuant to Section 403.9oftheCode ofIowa, has published notice, hasheld apublic hearing ontheAgreement onJune 6,2017, and has otherwise complied with statutory requirements fortheapproval oftheAgreement; and WHEREAS, Chapter development isapublic purpose forwhich aCity may provide grants, loans, taxincentives, guarantees andother financial assistance toorforthebenefit ofprivate persons; and WHEREAS, Chapter 15A requires that before public funds areused for grants, loans, tax incentives orother financial assistance, aCity Council must determine that apublic purpose will reasonably beaccomplished bythespending oruseofthose funds; and WHEREAS, Chapter 15Arequires that indetermining whether funds should bespent, a City Council must consider anyorallofaseries offactors; NOW, THEREFORE, ItIsResolved bytheCity Council oftheCity ofTiffin, Iowa, as follows: 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA