Resolutions-2017-060

DocuSign Envelope ID: 7C08A327- EC10-423C-A86E-FF290343C944DocuSign Envelope ID: 1561762A- FA7C-4E41-8EB2-0E01B53840E7 Tiffin /436989-17 /HoldHrg & AppDevAgmtAA RESOLUTION NO. 2017-060 Resolution Approving Development Agreement with 80/380, LLC, Authorizing Annual Appropriation Tax Increment Payments and Pledging Certain Tax Increment Revenues tothePayment oftheAgreement toand instrict compliance with alllaws applicable totheCity, andinparticular theprovisions ofChapter 403 oftheCode ofIowa, hasadopted anUrban Renewal Plan fortheTiffin 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 ofI tointhat subsection may beirrevocably pledged bytheCity for thepayment ofthe principal and interest onindebtedness incurred under theauthority ofSection 403.9 oftheCode ofIowa to finance orrefinance inwhole orinpart projects intheUrban Renewal Area; and between theCity and hasbeen prepared, pursuant towhich the Developer would undertakethe development ofnew commercial lots inthe Urban Renewal Area and the construction ofcorresponding public infrastructure improvements, including theextension of and WHEREAS, under theAgreement, the City would provide annual appropriation tax increment payments tothe Developer inatotal amount notexceeding $500,000; and WHEREAS, thisCity Council, pursuant toSection 403.9oftheCode ofIowa, has published notice, hasheld apublic hearing on theAgreement onAugust 1,2017, 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: Section 1. Pursuant tothe factors listed inChapter 15A, theCity Council hereby finds that: 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA