Resolution No. 2026-053 – A Resolution Approving Third Amended Development Agreement with DERS Development, LLC and DERS Tiffin, LLC, Authorizing Tax Increment Payments and Pledging Certain Tax Increment Revenues to the Payment of the Agreement — I-3

Tiffin/436989-57/App Amend Dev Agmt AA 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: Section 1. Pursuant to the factors listed in Chapter 15A, the Council hereby reaffirms that: (a) The Project will add diversity and generate new opportunities for the Tiffin and Iowa economies; (b) The Project will generate public gains and benefits, particularly in the creation of new jobs and income, which are warranted in comparison to the amount of the proposed property tax incentives. Section 2. The City Council further finds and reaffirms that a public purpose will reasonably be accomplished by entering into the Third Amended Agreement and providing the incremental property tax payments to the Recipient. Section 3. The Third Amended Agreement is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver the Third Amended Agreement on behalf of the City in substantially the form and content in which the Second Amended Agreement has been presented to this City Council. The Mayor and the City Administrator are authorized to make such changes, modifications, additions or deletions as they, with the advice of bond counsel, may believe to be necessary, and to take such actions as may be necessary to carry out the provisions of the Third Amended Agreement. Section 4. All payments by the City under the Third Amended Agreement shall be subject to annual appropriation by the City Council, in the manner set out in the Third Amended Agreement. As provided and required by Chapter 403 of the Code of Iowa, the City’s obligations under the Third Amended Agreement shall be payable solely from a subfund (the “DERS Development Subfund”) previously created by prior resolution of the City Council, into which shall be paid that portion of the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to property taxes derived from the Property, as more particularly described in Exhibit A attached hereto, which description has been updated as set forth therein. Section 5. The City hereby pledges to the payment of the Third Amended Agreement the DERS Development Subfund and the taxes referred to in Subsection 2 of Section 403.19 of the Code of Iowa to be paid into such Subfund, provided, however, that no payment will be made under the Third Amended Agreement unless and until monies from the DERS Development Subfund are appropriated for such purpose by the City Council. Section 6. After its adoption, 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 DERS Development Subfund and the portion of taxes to be paid into such Subfund and, pursuant to the direction of Section 403.19 of the Code of Iowa, the County Auditor shall allocate the taxes in -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA