Discussion of Proposed 2026 Tiffin Commercial Urban Renewal Area/Urban Renewal Plan

Tiffin/436989-56/UR Plan II. DESCRIPTION OF URBAN RENEWAL AREA A description of all property (the “Property”) that has been included within the Urban Renewal Area is attached hereto as Exhibit A. III. URBAN RENEWAL OBJECTIVES The primary objectives for the development of the Urban Renewal Area are: 1. To contribute to a diversified, well-balanced local economy by creating job opportunities and strengthening the property tax base. 2. To assist in providing land and resources for new and expanded residential development in a manner that is efficient from the standpoint of providing municipal services. 3. To stimulate through public action and commitment, private investment in residential, commercial and industrial development through the use of various federal, state and local incentives, including tax increment financing. 4. To provide municipal infrastructure, services and facilities that enhance possibilities for economic development and community attractiveness to private enterprise. 5. To help finance the cost of streets, water, sanitary sewer, storm sewer, or other public improvements in support of new residential, commercial and industrial development. 6. To provide a more marketable and attractive investment climate. 7. To increase the number of housing units in the City that are safe, attractive and comfortable. 8. To provide public facilities to enhance City services and enhance the economic attractiveness of the community. IV. URBAN RENEWAL PROJECTS AND ACTIVITIES The following types of activities are examples of the specific actions which may be undertaken by the City within the Urban Renewal Area: 1. Preparation of plans related to the development and implementation of the Urban Renewal Area and specific urban renewal projects. 2. Construction of public improvements and facilities, including streets, public utilities or other facilities in connection with an urban renewal project. 3. Construction of buildings or specific site improvements such as grading and site preparation activities, access roads and parking, railroad spurs, fencing, utility connections, and related activities. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA