Resolutions-2024-046

Tiffin/436989- 44/ Set Date Dev Agmt AA RESOLUTION NO. 2024- 046 A Resolution Setting a Date of Meeting at which it is Proposed to Approve a 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 2017 Park Place Commercial 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 proposes to enter into a certain development agreement ( the Development Agreement") with DERS Development, LLC ( the " Developer")in connection with the construction of a new mixed -use building including commercial/ retail units on the first floor; and WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of annual appropriation incremental property tax payments to the Developer in an amount not to exceed $ 3, 000 under the authority of Section 403. 000, 1) 9( of the Code of Iowa; and WHEREAS, it is necessary to set a date for a public hearing on the Development Agreement, 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 on August 6, 2024, at 7: 00 p. m.,at the Tiffin City Hall Council Chambers, in the City, at which time and place proceedings will be instituted and action taken to approve the Development Agreement. 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 days and not more than twenty 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 form: 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 3518- 4891- 2 7919\