Resolutions-2022-086

CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA October, 2022 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Urban Renewal Area”) of the City of Tiffin, Iowa (the “City”) is being amended for the purpose of identifying a new urban renewal project to be undertaken therein. 1) Identification of Projects. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project description: Name of Project: Dental Clinic Development Project Date of Council Approval of Project: October 18, 2022 Description of the Project: Iowa Development Group, Inc. (the “Developer”) has proposed to cause the development of a commercial building on certain real property bearing Johnson County Property Tax Parcel Identification Number 0627328102 for use in the business operations of a dental clinic (the “Dental Clinic Project”). It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to complete, operate and maintain the Dental Clinic Project. The costs incurred by the City in providing tax increment financing assistance to the Developer will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $6,000. Description of Use of TIF for the Project: The City intends to enter into a development agreement with the Developer with respect to the Dental Clinic Project and to provide annual appropriation economic development payments (the “Payments”) to the Developer thereunder. The Payments will be funded with the incremental property tax revenues to be derived from the Urban Renewal Area. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Dental Clinic Project will not exceed $55,000, plus the Admin Fees.