Public Hearing on the Proposed November, 2025 Amendment to the Tiffin Urban Renewal Area

Tiffin/436989-51/UR Plan Amend CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA November, 2025 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Urban Renewal Area”) of the City of Tiffin, Iowa (the “City”) is being amended for the purpose of identifying new urban renewal projects to be undertaken therein. 1) Identification of Urban Renewal Projects. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project descriptions: A. Name of Project: Honey Lane Development LLC Phase 2 Project Date of Council Approval of Project: November 4, 2025 Description of the Project and Project Site: Honey Lane Development LLC (the “Developer”) has proposed to undertake the development of certain real property (the “Property”) bearing Johnson County Property Tax Parcel Identification Number 0633277002 in the Urban Renewal Area for future commercial uses (the “Commercial Project”). The Developer will undertake the construction of certain public infrastructure improvements (the “Infrastructure Project”) necessary to support the commercial development of the Property. It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to complete the Infrastructure Project. The costs incurred by the City in providing tax increment financing assistance to the Developer will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $8,000. Description of Use of TIF for the Project: The City intends to enter into a Development Agreement with the Developer with respect to the construction of the Infrastructure Project and to provide an economic development grant (the “Grant”) to the Developer thereunder. The Grant will be funded with either borrowed funds and/or an internal advance of funds on-hand. In any case, the City’s obligations (the “Obligations”) entered into to fund the Grant may be repaid with incremental property tax revenues to be derived from the Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the funding of the Grant will not exceed $125,000 plus the Admin Fees and any interest expense incurred by the City on the Obligations. -1- 4916-4560-1900\2