Resolutions-2022-071

16/ Set Date Amend Dev Agmt AA Tiffin/ 436989- RESOLUTION NO. 2022- 071 ResolutionSetting a Date of September 6,2022, at which it is Proposed to Approve an Amended Development Agreement with DERS Development, LLC, Including Annual Appropriation Tax Increment Payments WHEREAS, the City of Tiffin, Iowa ( the " City"),pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Tiffin Urban Renewal Area ( the " Urban Renewal Area");and WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403. 19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403. 19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal of and interest on indebtedness incurred under the authority of Section 403. 9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, the City has previously entered into a certain development agreement ( the Original Agreement") with DERS Development, LLC (the " Developer")and DERS Tiffin, LLC the " Recipient")in connection with the development by the Developer of the certain real property through the installation of certain public infrastructure improvements ( the " Public Infrastructure Project") and the subsequent development of new commercial facilities thereon; and WHEREAS, the City, Developer and the Recipient now propose to amend the Original Agreement in order to increase the amount of incremental property tax payments to be provided to the Recipient from an amount not to exceed $ 12, 000 to an amount not to exceed 000, 000; 000, 15, and WHEREAS, it is necessary to set a date for a public hearing on an amended Development Agreement ( the " Amended Agreement") and the proposal to increase the incremental property tax payments thereunder, pursuant to Section 403. 9 of the Code of Iowa; NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This City Council shall meet at the City Hall Council Chambers Tiffin, Iowa, on September 6, 2022, at 7 clock o' m., p. at which time and place proceedings will be instituted and action taken to approve the Amended Agreement and to authorize the increased annual appropriation incremental property tax payments to the Developer. Section 2. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four ( 4) days and not more than twenty ( 20) days before the date of said meeting in a legal newspaper of general circulation in the City. Said notice shall be in substantially the following applicable form: 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA