Resolutions-2017-060

DocuSign Envelope ID: 7C08A327- EC10-423C-A86E-FF290343C944DocuSign Envelope ID: 1561762A- FA7C-4E41-8EB2-0E01B53840E7 Tiffin /436989-17 /HoldHrg & AppDevAgmtAA 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 are warranted incomparison tothe amount oftheproposed property taxincentives. Section 2. The City Council further finds that apublic purpose will reasonably be accomplished byentering into theAgreement and providing theincremental property tax payments tothe Developer. Section 3. The Agreement ishereby approved and theMayor and City 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 such changes, 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 bepayable solely from 80/380, LLC Subfund which shall bepaid that portion oftheincome andproceeds oftheUrban Renewal Tax Revenue Fund attributable toproperty taxes derived from theproperty asdescribed asfollows: SeeExhibit A &Exhibit B\] Section 5. The City hereby pledges tothe payment ofthe Agreement the80/380, LLC Subfund andthe taxes referred toinSubsection 2ofSection 403.19oftheCode ofIowa to bepaid intosuch Subfund, provided, however, that nopayment will bemade under the Agreement unless and until monies from the 80/380, LLC Subfund are appropriated forsuch purpose bytheCity Council. Section 6. After itsadoption, acopy ofthisresolution shall befiled inthe office of theCounty Auditor ofJohnson County toevidence thecontinuing pledging ofthe80/380, LLC Subfund andtheportion oftaxes tobepaid into such Subfund and, pursuant tothe direction of Section 403.19ofthe Code ofIowa, theCounty Auditor shall allocate thetaxes inaccordance therewith andinaccordance with thetaxallocation ordinance referred tointhepreamble hereof. 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA