Packet: Regular Formal Council Meeting (10/07/2025)

Tiffin/436989-51/UR Plan Amend The costs incurred by the City in providing tax increment financing assistance to the Corporation 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 (the “Agreement”) with the Corporation with respect to the Clinic Project and to provide annual appropriation economic development payments (the “Payments”) to the Corporation thereunder. The Payments will be funded with incremental property tax revenues to be derived from the Clinic Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Clinic Project will not exceed $400,000, plus the Admin Fees. 2) Required Financial Information. The following information is provided in accordance with the requirements of Section 403.17 of the Code of Iowa: Constitutional debt limit of the City: $45,942,034 Outstanding general obligation debt of the City: $ Proposed debt to be incurred in area to be added in connection with this November, 2025 Amendment*: $ 649,000 *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council. -3- 4916-4560-1900\2