Resolutions-2020-055

[NOTICE OF IN-PERSON HEARING] NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH HIGHTOWER DEVELOPMENT, INC. AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council of the City of Tiffin, Iowa, will meet at the , on July 7, 2020, at 7:00 o’clock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Hightower Development, Inc. (the “Developer”), in connection with the development of a new industrial park in the Tiffin Urban Renewal Area, including the construction of corresponding public infrastructure, which Agreement provides for certain financial incentives in the form of incremental property tax payments to the Developer in a total amount not exceeding $500,000 as authorized by Section 403.9 of the Code of Iowa. The Agreement to make incremental property tax payments to the Developer will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the Tiffin Urban Renewal Area. Some or all of the payments under the Development Agreement may be made subject to annual appropriation by the City Council. At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the City Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal. This notice is given by order of the City Council of Tiffin, Iowa, in accordance with Section 403.9 of the Code of Iowa. Abigail Hora City Clerk