Resolutions-2017-078

MASTER PRELIMINARY DEVELOPMENT AGREEMENT This Master Preliminary Development Agreement (the “Agreement”) is entered into between the CITY OF TIFFIN, IOWA (the “City”) and DERS, LLC (“DERS”), DERS DEVELOPMENT, LLC (“DERS DEVELOPMENT”) and TAT LLC (“TAT”) (collectively “Developers”) as of the 20th day of June 2017. WHEREAS, the Developers each own certain real property which is situated in the City and is more specifically described on Exhibit A hereto (the “Development Property”); and WHEREAS, the Developers have proposed to undertake the development of the Development Property through the installation of certain infrastructure improvements which include but are not limited to the public improvements associated with the relocation of Park Road, the extension of Oakdale Boulevard and the extension of Forevergreen Road, to include street paving, curb, gutter, storm water drainage, sanitary sewer mains, water mains, pedestrian trail improvements, street and trail lighting, traffic control lights and monument signs. (the “Infrastructure Project”) and the subsequent development of new commercial and residential buildings on the Development Property (collectively the “Development Projects” and, individually each, a “Development Project”); and WHEREAS, the Developers have requested that the City provide preliminary approval of Infrastructure Projects so that preliminary work may begin and Developers have further requested that the basic terms of the zoning and subdivision of the Development Property be established to enable Developers to determine its obligations and resulting costs; and WHEREAS, Chapter 414 of the Code of Iowa (“Chapter 414”) authorizes the City to adopt zoning regulations; and WHEREAS, Chapter 354 of the Code of Iowa (“Chapter 354”) authorizes the City to approve subdivisions of land; and WHEREAS, Chapter 403 of the Code of Iowa (“Chapter 403”) authorizes the City to adopt Urban Renewal Plans and to implement the Urban Renewal Plans in Urban Renewal Areas approved by the City and some or all of the Development Property will be within an Urban Renewal Area; and WHEREAS, the City has entered into a Development Agreement providing for the use of the incremental property taxes to pay some of the cost of the Infrastructure Project; and WHEREAS, City Ordinances govern zoning, subdivision and storm water management, within the City. NOW THEREFORE, the parties hereto agree as follows: Agreements. 1. Development Projects. The Developers will use its best efforts to promote the development of the Development Property, such that the Development Property is capable of being put to its highest and best use.