Resolutions-2026-015

Ti fib/436989- 54/Set Date Dev Agent AA RESOLUTION NO. 2026- 015 A Resolution Setting a Date of Meeting at which it is Proposed to Approve a Development Agreement with Iowa Development Group, Inc., 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 certain ordinances providing for the division of taxes levied taxable property in the Urban Renewal Area pursuant to Section 403. on 19 of the 19 of the Code Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403. 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, City proposes to enter into a certain development agreement ( the the Development Agreement") with Iowa Development Group, Inc, (the " Developer")in connection with the construction of a new building ( the " Clinic Project")in the Urban Renewal Area for use in the business operations of a medical clinic; and WHEREAS, under the Development Agreement the City 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 $ 400, 000 under the authority of Section 403. 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. City Council shall meet on March 17, 2026, at 7: This 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: 3- DORSEY & WHITNEY LEP, ATTORNEYS, DES MOINES, IOWA 856012 8658- 493l-