Resolutions-2017-035

DocuSign Envelope ID: 0428A9FA- 91CA-4028-A6DB-4F48ADF274D4 Tiffin/436989-16/HoldHrg & AppDevAgmtAA Section 1. Pursuant tothe factors listed inChapter 15A, theCity Council hereby finds that: a) The Project will add diversity and generate new opportunities forthe Tiffin andIowa economies; b) The Project will generate public gains and benefits, particularly inthe creation ofnew jobs, which arewarranted incomparison totheamount ofthe proposed property taxincentives. Section 2. The CityCouncil further finds that apublic purpose willreasonably be accomplished byentering into the Agreement and providing theincremental property tax payments totheDeveloper. Section 3. The Agreement ishereby approved and theMayor andCity Clerk are hereby authorized anddirected toexecute and deliver theAgreement onbehalf oftheCity, in substantially theform and content inwhich theAgreement hasbeen presented tothis City Council, andsuch officers arealso authorized tomake suchchanges, modifications, additions or deletions asthey, with the advice ofbond counsel, may believe tobenecessary, andtotake such actions asmaybenecessary tocarry outtheprovisions oftheAgreement. Section 4. Allpayments bytheCity under theAgreement shall besubject toannual appropriation bytheCity Council, inthemanner setout intheAgreement. Asprovided and required byChapter sobligations under the Agreement shall bepayable solely from DERS Development Subfund established, intowhich shall bepaid that portion oftheincome and proceeds oftheUrban Renewal Tax Revenue Fund attributable toproperty taxes derived from theproperty asdescribed asfollows: APORTION OFTHE SOUTH ONE-HALF OFSECTION 22, AND APORTION OF THE NORTH ONE-HALF OFSECTION 27,ALL OF TOWNSHIP 80NORTH, RANGE 7WEST, OFTHE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA, DESCRIBED ASFOLLOWS: BEGINNING ATTHE CENTER OFSECTION 22,TOWNSHIP 80NORTH, RANGE 7WEST, OFTHE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA; THENCE S01°21'28"E,ALONG THE EAST LINE OFTHE NORTHEAST QUARTER OFTHE SOUTHWEST QUARTER OFSAID SECTION 22,ADISTANCE OF1326.34FEET, TOTHE SOUTHEAST CORNER THEREOF; THENCE N89°38'45"E,ALONG THE NORTH LINE OFTHE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OFSAID SECTION 22, ADISTANCE OF1181.03 FEET, TOITSINTERSECTION WITH THE WEST RIGHT-OF-WAY LINE OF INTERSTATE NO. 380; THENCE S10°25'53"W,ALONG SAID WEST RIGHT-OF- WAY LINE, 397.76FEET; THENCE S01°07'24"E,ALONG SAID WEST RIGHT-OF- WAY LINE 700.00FEET; THENCE S03°59'09"E,ALONG SAID WEST RIGHT-OF- WAY LINE, 200.25FEET; THENCE S05°24'45"E,ALONG SAID WEST RIGHT-OF- WAY LINE, 401.12FEET; THENCE S12°26'00"E,ALONG SAID WEST RIGHT-OF- WAY LINE, 203.96FEET; THENCE S01°07'24"E,ALONG SAID WEST RIGHT-OF- 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA