Consideration of Economic Development Grant Agreement Payment for Tiffin West – Honey Lane Development – Motion to Approve — Item Packet

AGENDA ITEM # K-4 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: July 8, 2025 AGENDA ITEM: Consideration of Economic Development Grant Payment for Tiffin West – Honey Lane Development LLC ACTION: Motion Background On July 2, 2024, the City Council approved Resolution 2024-041, authorizing an Economic Development Grant Agreement between the City of Tiffin and Honey Lane Development LLC. The agreement supports the construction of public infrastructure improvements necessary to facilitate commercial development within the Tiffin Urban Renewal Area. Under the agreement: • The Developer committed to constructing offsite public infrastructure improvements, including turn lanes and road widening. • The City agreed to provide a grant not to exceed $250,000 to reimburse the Developer for eligible infrastructure costs upon completion and submission of proper documentation. Grant Disbursement Request The Developer has submitted an invoice dated July 1, 2025, requesting reimbursement for the completed offsite improvements. The invoice includes: • Project: Tiffin West – Offsite Improvements (Turn Lane / Road Widening) • Total Amount Due: $250,000.00 • Payable To: Honey Lane Development LLC City staff has reviewed the invoice and verified that the improvements were completed in accordance with the agreement and that the costs are eligible for reimbursement. Staff Recommendation Staff recommends approval of the $250,000 economic development grant payment to Honey Lane Development LLC, as outlined in the executed Economic Development Grant Agreement and supported by submitted documentation. ATTACHMENTS: Invoice 1