Resolutions-2024-048

Tiffin / 436989- 44 Hold / 1- Irg & App Dev Agmt AA RESOLUTION NO. 2024- 048 A Resolution Approving a Development Agreement with Park 8,LLC,Authorizing Annual Appropriation Tax Increment Payments and Pledging Certain Tax Increment Revenues to the Payment of the Agreement 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 19 of the Code of levied on taxable property in the Urban Renewal Area pursuant to Sectiot1403. Iowa and establishing the fund referred to in Subsection 2 of Section 403. 19 of the Code of Iowa the " Urban Renewal Tax Revenue Fund"), 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 9 of the Code of Iowa to finance or on indebtedness incurred under the authority of Section 403. refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, the City has proposed to enter into a certain development agreement, with Park 8, LLC ( the " Company") in connection with the construction by the Company of a new retail units on the first floor in the Urban Renewal Area mixed -use building including commercial/ the " Project");and WHEREAS, under the Agreement, the City will agree to provide annual appropriation tax increment payments ( the " Payments") to the Company in a total amount not exceeding $3, 000, 000; and WHEREAS, this City Council, pursuant to Section 403. 9 of the Code of Iowa, has published notice, has held a public hearing on the Agreement on August 6,2024, and has otherwise complied with statutory requirements for the approval of the Agreement, and it is now necessary to make provision for the approval of the Agreement; and WHEREAS, Chapter 15A of the Code of Iowa (" Chapter 15A") declares that economic development is a public purpose for which a City may provide grants, loans, tax incentives, guarantees and other financial assistance to or for the benefit of private persons; and WHEREAS, Chapter 15A requires that before public funds are used for grants, loans, tax incentivesor other financial assistance, a City Council must determine that a public purpose will reasonably be accomplished by the spending or use of those funds; and WHEREAS, Chapter 15A requires that in deteiniining whether funds should be spent, a City Council must consider any or all of a series of factors; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 2 3379\ 5514- 4891-