Resolutions-2026-017

Tiffin / 54 436989- Hold / Hrg Rc App Dev Agmt AA Section 1. Pursuant to the factors listed in Chapter 15A, the City Council hereby reaffirms that: a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; and b) Project will generate public gains and benefits, particularly in the The creation of new jobs and income, which are warranted in comparison to the amount of the proposed Payments; and Section 2. The City Council further finds and reaffirms that a public purpose will reasonably be accomplished by entering into the Agreement and providing the Payments to the Developer as provided for therein. Section 3. The Agreement is hereby approved, and the Mayor and City Clerk are hereby and directed to execute, deliver and, if necessary, record the Agreement on authorized behalf of the City, in substantially the form and content in which the Agreement has been presented to this City Council. The Mayor and the City Administrator are also authorized to make such changes, modifications, additions or deletions as they, with the advice of legal counsel if appropriate, may believe to be necessary, and to take such actions as may be necessary to carry out the provisions of the Agreement. Section 4. Payments by the City under the Agreement shall be subject to annual All appropriation City Council, in the manner set out in the Agreement. As provided and by the s obligations under the Agreement shall required by Chapter 403 of the Code of Iowa, the City' be payable solely from a subfuncl ( the " Iowa Development Group Subfund") which is hereby established, into which shall be paid that portion of the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to incremental property taxes derived from the property as described as follows: Certain real property situated in the City of Tiffin, Johnson County, State of Iowa, bearing Johnson County Property Tax Parcel Identification Number 0627326008. Section 5. The City hereby pledges to the payment of the Agreement the Iowa 19 of the Development Group Subfund and the taxes referred to in Subsection 2 of Section 403. Code of Iowa to be paid into such Subfund, provided, however, that no payment will be made under the Agreement unless and until monies from the Iowa Development Group Subfund are appropriated for such purpose by the City Council. Section 6. After itsadoption, a copy of this resolution shall be filed in the office of the County Auditor of Johnson County to evidence the continuing pledging of the Urban Renewal Tax Revenue Fund and the portion of taxes to be paid into such Fund and, pursuant to 19 of the Code of Iowa, the County Auditor shall allocate the taxes the direction of Section 403. in accordance therewith and in accordance with the tax allocation ordinance referred to in the preamble hereof. 5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 2769`, 570g- 4906-