Resolutions-2026-017

DEVELOPMENT AGREEMENT This Agreement is entered into between the City of Tiffin, Iowa (the "City") and Iowa Development Group, Inc. (the "Developer") as of the 17th day of March, 2026 (the "Commencement Date"). WHEREAS, the City has established the Tiffin Urban Renewal Area (the "Urban Renewal Area"), and has adopted a tax increment ordinance for the Urban Renewal Area; and WHEREAS, the Developer owns certain real property, which is situated in the City, lies within the Urban Renewal Area and is more specifically described on Exhibit A hereto (the "Property"); and WHEREAS, the Developer has proposed to undertake the construction of a building (the "Project") for use in the business operations of a medical clinic on the Property; and WHEREAS, the Developer has requested that the City provide financial assistance in the form of incremental property tax payments to be used by the Developer to pay the costs of constructing and maintaining the Project; and WHEREAS, Chapter 15A of the Code of Iowa authorizes cities to provide grants, loans, guarantees, tax incentives and other financial assistance to or for the benefit of private persons; NOW THEREFORE, the parties hereto agree as follows: A. Developer's Covenants 1. Project Construction; Project Maintenance. Project The Developer agrees to construct the Project on the Property. The Developer agrees to submit a detailed site plan (the "Site Plan") for the development of the Project to the City for review and approval. Upon approval by the City, the Site Plan shall be attached hereto as Exhibit B. The Developer agrees to construct the Project in accordance with the Site Plan and in full compliance with local zoning, land use, building and safety codes and regulations. The Developer shall complete the construction of the Project by December 31, 2026. Business Operations Requirement The Developer agrees to maintain ownership of the Project and to ensure that the completed Project is used in the business operations of a medical clinic throughout the Term (as hereinafter defined) of this Agreement (the "Business Operations Requirement"). Maintenance of Property Further, throughout the Term of this Agreement, the Developer agrees to maintain, preserve, and keep the Property, including but not limited to the Project, useful and in good