Resolution 2025-085 – A Resolution Authorizing Economic Development Grant Agreement with Honey Lane Development, LLC and Authorizing Internal Advance for Funding of Economic Development Grant Thereunder

AGENDA ITEM # I-4 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: October 31, 2025 AGENDA ITEM: Resolution 2025-085 – Resolution Authorizing Economic Development Grant Agreement with Honey Lane Development, LLC and Authorizing Internal Advance for Funding of Economic Development Grant Thereunder ACTION: Approval Background Honey Lane Development, LLC has undertaken the construction of public infrastructure improvements within the Tiffin Urban Renewal Area to support future commercial development. The Developer has requested financial assistance from the City in the form of an Economic Development Grant to offset costs associated with the infrastructure improvements. Chapter 15A of the Code of Iowa permits cities to provide financial assistance for economic development purposes, provided that a public purpose is reasonably accomplished. The City Council must consider factors such as job creation, economic diversity, and public benefits when approving such assistance. Agreement Highlights • Developer agrees to promote commercial development and dedicate completed infrastructure to the City. • City retains inspection rights and must formally accept the infrastructure before disbursement. • Developer must submit a Grant Disbursement Request with documentation of eligible costs. • City will review and approve costs up to the maximum grant amount of $125,000. • Developer must remain current on property taxes throughout the term of the agreement. • Default provisions allow the City to withhold funds or terminate the agreement if obligations are not met. Recommendation Staff recommends approval of Resolution No. 2025-085 authorizing the Economic Development Grant Agreement with Honey Lane Development, LLC and the internal advance of funds to support the project. ATTACHMENTS: Resolution, Agreement 1