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

Tiffin/436989-56/UR Plan Procedurally, after tax increment debt has been incurred for the financing of improvements within the TIF District or for the payment of economic development incentives to private entities, property taxes levied by all local jurisdictions (city, county, school, area college) against the incremental value, with the exception of taxes levied to repay current or future debt incurred by local jurisdictions and the school district instructional support and physical plant and equipment levies, are allocated by state law to the City’s tax increment fund rather than to each local jurisdiction. These new tax dollars are then used to pay principal and interest on any tax increment debt incurred or to pay the costs of projects in the Urban Renewal Area. VIII. EFFECTIVE PERIOD This Urban Renewal Plan will become effective upon its adoption by the City Council and will remain in effect until it is repealed by the City Council. The collection of incremental property taxes in the Urban Renewal Area will continue for the maximum number of years authorized by Chapter 403 of the Code of Iowa unless otherwise determined by action of the City Council. IX. PLAN AMENDMENTS This Urban Renewal Plan may be amended in accordance with the procedures set forth in Chapter 403 of the Code of Iowa to, for example, change the project boundaries, modify urban renewal objectives or activities, or to carry out any other purposes consistent with Chapter 403 of the Code of Iowa. X. FINANCIAL INFORMATION CITY DEBT INFORMATION 1. Current constitutional debt limit: $52,664,184 2. Outstanding general obligation debt: $ 3. Proposed amount of TIF debt to be incurred*: $ -0- *Some or all of the debt incurred hereunder may be subject to annual appropriation by the City Council. -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA