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Home My Public Portal AboutResolutions-2014-076 (2) Tiffin/436989-10/UR Plan Amend CITY OF TIFFIN, IOWA URBAN RENEWAL PLAN AMENDMENT TIFFIN URBAN RENEWAL AREA June 11, 2014 The Urban Renewal Plan (the “Plan”) for the Tiffin Urban Renewal Area (the “Area”) is being amended for the purpose of identifying new urban renewal projects to be undertaken therein. 1) Identification of 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: Jasper Avenue South Project Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: ______________________ Date of Council Approval of Jasper Avenue South Project: June 11, 2014 Description of Jasper Avenue South Project: The Jasper Avenue South Project will consist of the asphalt paving of Jasper Avenue from its intersection with the I-80 Bridge on the south and continuing to its intersection with the railroad right-of-way on the north, and other work incidental thereto. Description of Properties to be Acquired in Connection with Jasper Avenue South Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Jasper Avenue South Project. Description of Use of TIF for the Jasper Avenue South Project: It is anticipated that the City will pay for the Jasper Avenue South Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of incremental property tax revenues for the Jasper Avenue South Project will not exceed $250,000. B) Name of Project: City Park Splash Pad Improvements Project (the “City Park Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: ______________________ Date of Council Approval of City Park Project: June 11, 2014 Description of City Park Project: The City will install a splash pad at City Park. The City Park Project will enhance the quality of life in the City, thereby resulting in residential and commercial growth in the Area. Description of Properties to be Acquired in Connection with City Park Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the City Park Project. Description Use of TIF for the City Park Project: It is anticipated that the City will pay for the City Park Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of incremental property tax revenues for the City Park Project will not exceed $100,000. C) Name of Project: 2014 Hart Dentistry Development Project (the “Hart Dentistry Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: _____________________ Date of Council Approval of Hart Dentistry Project: June 11, 2014 Description of Hart Dentistry Project: Hart Dentistry (the “Developer”) has proposed to undertake the development of new dental office facilities situated at 403 Deer View Avenue (the “Development Property”) in the Area. It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to improve the Development Property. Description of Public Infrastructure: It is not anticipated that the City will install public infrastructure in connection with the Hart Dentistry Project. Description of Properties to be Acquired in Connection with Hart Dentistry Project: It is not anticipated that the City will acquire real property in connection with the Hart Dentistry Project. Description of Use of TIF for the Hart Dentistry Project: The City intends to enter into a Development Agreement with the Developer with respect to the Hart Dentistry Project and to provide economic development payments (the “Payments”) thereunder. The Payments will be funded with incremental property tax revenues to be derived from the Development Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Hart Dentistry Project will not exceed $45,000. D) Name of Project: Prairie Trail West Streetscape Improvements Project (the “Prairie Trail West Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: ______________________ Date of Council Approval of Prairie Trail West Project: June 11, 2014 Description of Prairie Trail West Project: The City will undertake certain streetscape improvements in support of the development of Prairie Trail West, a proposed fifty-five acre development on Highway 6 situated to the west of Clear Creek Amana High School. It is anticipated that Prairie Trail West will include a mix of multifamily housing, commercial lots and single-family housing. The development of Prairie Trail West will encourage residential and commercial growth in the Area. Description of Properties to be Acquired in Connection with Prairie Trail West Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Prairie Trail West Project. Description Use of TIF for the Prairie Trail West Project: It is anticipated that the City will pay for the Prairie Trail West Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of incremental property tax revenues for the Prairie Trail West Project will not exceed $125,000. E) Name of Project: 2014-2015 Highway 6 Turn Lane Construction Project (the “Turn Lane Project”) Name of Urban Renewal Area: Tiffin Urban Renewal Area Year of Establishment of Urban Renewal Area: ______________________ Date of Council Approval of the Turn Lane Project: June 11, 2014 Description of the Turn Lane Project: The Turn Lane Project will consist of the construction of turn lanes on Highway 6 near its intersection with Jasper Avenue, and other work incidental thereto. Description of Properties to be Acquired in Connection with Turn Lane Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Turn Lane Project. Description of Use of TIF for the Turn Lane Project: It is anticipated that the City will pay for the Turn Lane Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of incremental property tax revenues for the Turn Lane Project will not exceed $400,000. 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: $7,960,813 Outstanding general obligation debt of the City: $ Proposed debt to be incurred under this June, 2014 Amendment*: $ 920,000 *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council.