Public Hearing on Proposal to enter into a General Obligation Urban Renewal Loan Agreement

AGENDA ITEM # I-1 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: January 16, 2026 AGENDA ITEM: Resolution No. 2026-001 – Resolution Taking Additional Action to Enter into General Obligation Urban Renewal Loan Agreement and authorizing the use of a Preliminary Official Statement for the Sale of General Obligation Urban Renewal Bonds, Series 2026A ACTION: Motion Purpose The purpose of this agenda item is to conduct the required public hearing on the City’s proposal to enter into a General Obligation Urban Renewal Loan Agreement in a principal amount not to exceed $15,000,000, and to consider Resolution 2026-001, which constitutes the additional action required by law to proceed with the loan agreement and authorizes the use of the Preliminary Official Statement (P.O.S.) for the sale of General Obligation Urban Renewal Bonds, Series 2026A. Background Bond counsel Dorsey & Whitney LLP has prepared the required proceedings for the City Council’s January 20, 2026 meeting. These include: • Minutes covering the public hearing, • The resolution taking additional action on the proposed Loan Agreement, and • Authorization for Northland Securities, Inc. to use the Preliminary Official Statement (P.O.S.) in marketing the bonds. The Loan Agreement is intended to finance costs associated with the Community/Recreation Center Development Project, an urban renewal project previously authorized by the City Council on January 7, 2025. The notice for the hearing has been published, and as of the preparation of the meeting packet, no petition requesting an election on the borrowing proposal has been filed with the City Clerk. If no petition is received prior to the hearing, the Council may proceed with adoption of the resolution. Bond counsel notes that while they will review legal portions of the P.O.S., they are not serving as disclosure counsel unless separately engaged. City staff and Council are advised to review the P.O.S. carefully for accuracy before adoption. The Loan Agreement, not to exceed $15,000,000, will provide financing for the Community/Recreation Center Development Project. Debt service schedules, interest rates, and final terms will be determined upon issuance of the bonds following the February 3 meeting. Recommendation Staff recommends that the City Council Hold the public hearing as required. Adopt Resolution 2026-001, taking additional action to enter into the General Obligation Urban Renewal Loan Agreement and authorizing the use of the Preliminary Official Statement for the sale of the Series 2026A Bonds. Direct staff to continue working with Northland Securities and Dorsey & Whitney LLP to prepare for the February 3, 2026 bond sale proceedings. Attachments: Resolution 1