Resolutions-2017-123

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA January, 2018 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purpose of (i) adding newly declared urban renewal property to the Urban Renewal Area and (ii) identifying a new urban renewal project to be undertaken therein. 1) Addition of Property. The real property (the "Property") legally described on Exhibit A hereto is, by virtue of this Amendment, being added as the January, 2018 Addition to the Urban Renewal Area. With the adoption of this Amendment, the City will designate the Property as an economic development area. The Property will become subject to the provisions of the Plan for the Urban Renewal Area. It is anticipated that the City will adopt an ordinance providing for the division of property tax revenues, as set forth in Section 403.19 of the Code of Iowa, with respect to the Property. 2) Identification of Project. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project description: Name of Project: Fareway Development Project Name of Urban Renewal Area: Tiffin Urban Renewal Area Date of Council Approval of the Project: January 8, 2018 Description of the Project and Project Location: Fareway Stores, Inc. (the “Company”) has proposed to undertake the construction and development of new grocery store facilities (the “Project”) on the Property (described in Section 1 hereof) for use in its business operations. It has been requested that the City provide tax increment financing assistance to the Company in support of the efforts to complete, operate and maintain the Project. The costs incurred by the City in providing tax increment financing assistance to the Company will include legal and administrative fees (the “Admin Fees”) in the estimated amount of $8,000. Description of Public Infrastructure to be Constructed: It is not anticipated that the City will install public infrastructure in connection with the Project. Description of Properties to be Acquired by the City: It is not anticipated that the City will acquire real property in connection with the Project.