Resolutions-2026-017

Tiffin / 436989- 54 Hokl ! Hrg & App Dev Agtnt AA RESOLUTION 2026- 017 Resolution Approving Development Agreement with Iowa Development Group, Inc., 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 Tiffin 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 19 of the in the Urban Renewal Area pursuant to Section 403. Code of Iowa and establishing the fund referred to in Subsection 19 of the Code 2 of Section 403. 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 9 of the Code of Iowa to and interest on indebtedness incurred under the authority of Section 403. finance or 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 Iowa Development Group, Inc, (the " Developer") in connection with the construction of a new building ( the " Project") in the Urban Renewal Area for use in the business operations of a medical clinic; and WHEREAS, under the Agreement, the City will agree to provide annual appropriation tax increment payments ( the " Payments") to the Developer in a total amount not exceeding 000 under the authority of Section 403. 400, 1) 9( of the Code of Iowa to reimburse the Developer for the costs incurred in connection with the Infrastructure Project; and WHEREAS, this 9 of the Code of Iowa, has City Council, pursuant to Section 403. published notice, has held a public hearing on the Agreement on March 17, 2026, 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 fiends are used for grants, loans, tax incentives or 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 determining 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 ELF, ATTORNEYS, DES MOINES, IOWA 2769\ 5708- 4906-