Resolutions-2022-071

16/ Set Date Amend Dev Agmt AA Tiffin/ 436989- NOTICE OF MEETING FOR APPROVAL OF AMENDED DEVELOPMENT AGREEMENT WITH DERS DEVELOPMENT, LLC AND DERS TIFFIN, LLC AND AUTHORIZATION OF INCREASED ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council of the City of Tiffin, Iowa ( the " City"),will meet at the City Hall Council Chambers, Tiffin, Iowa, on September 6, 2022, at 7 o' clock m.,at which time and place p. proceedings will be instituted and action taken to approve an amended Development Agreement the " Amended Agreement") between the City and DERS Development, LLC ( the " Developer") and DERS Tiffin, LLC ( the " Recipient") in connection with the development by the Developer of the certain real property in the Tiffin Urban Renewal Area through the installation of certain public infrastructure improvements ( the " Public Infrastructure Project") and the subsequent development of new commercial facilities thereon. The Amended Agreement increases the amount of incremental property tax payments to be provided to the Recipient from an amount not to exceed 000 to an amount not to exceed $ 15, 12, 000, 000. 000, As authorized by Section 403. 9 of the Code of Iowa, the commitment to make annual appropriation incremental property tax payments to the Recipient under the Amended Agreement will not be a general obligation of the City, but such payments will be payable solely and only from incremental property tax revenues generated within the Urban Renewal Area. All payments under the Amended 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 Amended Agreement or may abandon the proposal. This notice is given by order of the City Council of Tiffin, Iowa, in accordance with 9 of the Code of Iowa. Section 403. Abigail Hora City Clerk 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA