Resolutions-2017-123

Description of Use of TIF for the Project: The City intends to enter into a Development Agreement with the Company with respect to the construction and use of the Project and to provide annual appropriation economic development payments (the “Payments”) to the Company thereunder. The Payments will be funded with incremental property tax revenues to be derived from the Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Project will not exceed $485,000, plus the Admin Fees. 3) Required Financial Information. The following information is provided in accordance with the requirements of Section 403.17 of the Code of Iowa: Constitutional debt limit of the City: $12,729,255 Outstanding general obligation debt of the City: $ Proposed debt to be incurred under this January, 2018 Amendment*: $493,000 *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council.