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HomeMy WebLinkAbout2014-11-18 Resolutiontii.r®f� ,Mr®�wi CITY OF IOWA CITY MEMORANDUM Date: November 12, 2014 To: Tom Markus, City Manager From: Dennis Bockenstedt, Finance Director RE: Security and Exchange Commission Continuing Disclosure Initiative 4�� Introduction The Securities and Exchange Commission (SEC) has oversight responsibility for representations and disclosures that are included in a governmental entity's bond offering documents. In an effort to discover governmental entities that have not materially complied with these disclosure requirements, the SEC has initiated the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. This initiative impacts all governmental entities that have issued bond offering statements over the past five years which includes the City of Iowa City. History/Background On March 10, 2014, the SEC announced the MCDC Initiative to provide issuers and underwriters (the City is an "issuer") the opportunity to self-report instances of material misstatements in bond offering documents regarding the issuers' prior compliance with its continuing disclosure obligations. The deadline for issuers to self-report under the MCDC Initiative is December 1, 2014. The SEC is not defining the term material and has indicated that a determination of the materiality of submissions under the initiative will be made on a case by case basis depending on the overall facts and circumstances of a situation. Currently, SEC Rule 15c2-12 (the Rule) prohibits an underwriter from purchasing or selling municipal securities unless an issuer has committed to annually provide financial information and operating data specified in a written Continuing Disclosure Agreement (CDA). Additionally, the Rule requires underwriters to obtain and review a "final" official statement that discloses whenever the issuer has failed to file information required by the CDA during the previous five years. While the Rule only applies to underwriters (the SEC is prohibited from directly regulating municipal bond issuers under the 1975 Tower Amendment to the Securities Exchange Act of 1934 (Exchange Act)), SEC has demonstrated through recent enforcement actions that making false statements in official statements about compliance with continuing disclosure obligations will be construed as securities law violations under Section 17(a) of the Securities Act of 1933 and/or Section 10(b) of the Exchange Act. Due to the typical five-year statute of limitations for securities law violations, the MCDC Initiative covers bond transactions dating back to September 2009. However, since final official statements must disclose compliance failures for the five years prior, the scope of the initiative actually looks back to 2004. In response to the MCDC Initiative, the underwriter community conducted internal compliance investigations by reviewing the official statements for all bonds underwritten over the last five years and associated continuing disclosure filing data, to confirm whether the official statements for this period accurately described the issuers' prior compliance with continuing disclosure undertakings. The MCDC Initiative incentivizes underwriters to participate. While civil penalties against an underwriter will be assessed on each offering reported ($20,000 each for offerings of $30 million or less; $60,000 each for offerings over $60 million), no underwriter will be required to pay more than a total of $500,000 in civil penalties. Although underwriters were encouraged to contact issuers with the results of their review to discuss any potential misstatements, they were not required to do so. In addition, underwriters had a very short deadline for self -reporting (September 10, 2014). These factors could result in underwriters participating in the initiative November 13, 2014 Page 2 and reporting that statements made by issuers pertaining to their prior continuing disclosure compliance were material misstatements when in fact they were not. The City, in cooperation with its bond counsel, Ahlers & Cooney, P.C., and its financial advisor, Public Financial Management, is in the process of researching and reviewing information regarding the City's bond disclosures over the affected time period. The City has until December 1, 2014 to decide whether or not to participate in the SEC MCDC Initiative. Discussion of Solution Due to the impending deadline for reporting under the MCDC Initiative of December 1, 2014 and the complexity of gathering and analyzing the information, a resolution has been proposed by our bond counsel that would authorize the Finance Director and the City Clerk to consult with the City Attorney, the City's bond counsel, and the City's financial advisor, to determine compliance with disclosures made in prior bond offering statements and to take all necessary actions in connection to the MCDC Initiative. Financial Impact It is difficult to determine the financial impact to the City for participating or not participating in the MCDC Initiative. If the City chooses to participate, there would be no civil penalties regardless of level of noncompliance. If the City chooses not to participate, any financial impact would be dependent on the City's prior level of compliance with bond offering statement disclosures and the actions that may or may not be taken by the SEC. Due to the significant number of governmental organizations impacted by the MCDC Initiative, it is not known how the SEC will proceed once the MCDC reporting deadline passes. Recommendation It is staff's recommendation to approve the resolution authorizing the City Clerk and the Finance Director, after such review and consultation with counsel, to determine whether the City should participate in the MCDC Initiative and to take all necessary actions in connection therewith. Council Member Throgmorton introduced the following Resolution entitled "Resolution Authorizing Review of Disclosure Activities and Participation in the Municipalities Continuing Disclosure Cooperative Initiative," and moved its adoption. Council Member Mims seconded the motion to adopt. The roll was called and the vote was, AYES: Botchway, Dickens, Dobyns, Hayek, Mims, Payne, Throgmorton NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: Resolution No. 14-313 RESOLUTION AUTHORIZING REVIEW OF DISCLOSURE ACTIVITIES AND PARTICIPATION IN THE MUNICIPALITIES CONTINUING DISCLOSURE COOPERATIVE INITIATIVE OF THE SECURITIES AND EXCHANGE COMMISSION WHEREAS, the City of Iowa City (the "Issuer") is a political subdivision of the State of Iowa; and WHEREAS, the Issuer has issued one or more series of bonds or notes ("Obligations") in the past five (5) years pursuant to one or more preliminary and final official statements; and WHEREAS, in connection with the issuance of the Obligations, the Issuer agreed, pursuant to Rule 15c2-12 (the "Rule") of the Securities Exchange Act of 1934, to provide on an annual basis certain information to the former nationally recognized municipal securities information repositories, or to the Municipal Securities Rulemaking Council's Electronic Municipal Market Access system, including, but not limited to, audited financial statements, certain financial information and operating data, and notices of rating changes and other enumerated events; and WHEREAS, the official statements for the Obligations included certain information with respect to the Issuer's undertakings pursuant to Section (b)(5) of the Rule (the "Undertakings"); and WHEREAS, the Securities and Exchange Commission (the "SEC") has recently implemented its Municipalities Continuing Disclosure Cooperative Initiative (the "MCDC Initiative"), that encourages issuers and underwriters to self-report possible material misstatements or omissions made in offering documents relating to municipal securities in the past five (5) years; and WHEREAS, under the MCDC Initiative, the Division will recommend the SEC accept settlements with eligible municipal bond issuers (but not public officials individually) which will include initiation of cease-and-desist proceedings by the SEC resulting in entry of a cease-and- desist order against the issuer, to which the issuer neither admits nor denies the findings, includes no financial penalties for the issuer, and requires certain required actions by the issuer, as follows: 1. Within 180 days, establishment of appropriate policies and procedures regarding continuing disclosure and implementing training; 2. Compliance with the Undertakings, including updating any past delinquent filings within 180 days; 3. Cooperation with any subsequent SEC investigation regarding violations disclosed in the self-report; 4. Disclosure of the settlement terms in any final official statement for subsequent offerings in the five years following initiation of the SEC proceedings; 5. Within one year, providing the SEC with a compliance certificate regarding the required actions; and WHEREAS, the Issuer may desire to participate in the MCDC Initiative with respect to certain Obligations; and WHEREAS, the City Clerk and Finance Director are authorized to consult with counsel to the Issuer, including bond counsel, and Issuer's financial advisor, to determine compliance with its Undertakings and the specific statements related thereto in official statements delivered in connection with the Obligations; and WHEREAS, the Council authorizes the City Clerk and Finance Director, after such review and consultation with counsel, to determine whether the Issuer should participate in the MCDC Initiative and to take all necessary actions in connection therewith; and WHEREAS, the Issuer deadline established by the SEC for reporting under the MCDC Initiative is currently December 1, 2014; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, STATE OF IOWA: SECTION 1. If the City Clerk and Finance Director determine such filing is advisable for any of the Obligations, the Council hereby authorizes participation in the MCDC Initiative for the City, and the City Clerk and Finance Director are hereby authorized to complete, execute and file with the SEC the Municipalities Continuing Disclosure Initiative Questionnaire (the "Questionnaire") on behalf of and in the name of the Issuer. The Questionnaire shall be in the required form, with information to be completed by the City Clerk and Finance Director. The signature of the City Clerk or Finance Director upon the Questionnaire, or as may be otherwise required for or necessary, convenient or appropriate to effect the purposes of this resolution, is deemed to be conclusive evidence of the due exercise of the authority vested in such officer hereunder. SECTION 2. The City Clerk and Finance Director are further authorized to execute an agreement on behalf of the Issuer containing such standard settlement terms as may be required by the SEC, and to take any and all other action as may be necessary or desirable in order to carry out the provisions of this resolution. PASSED AND APPROVED this 18th day of November , 2014. 49�;� 11 Mayor ATTEST: City Jerk CERTIFICATE STATE OF IOWA ) ) SS CITY OF IOWA CITY ) I, the undersigned City Clerk of the City of Iowa City, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin Council or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective offices as indicated therein, that no vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individual named therein as officers to their respective positions. WITNESS my hand and the seal of the Council hereto affixed this 18th day of November .2014. City Jerk for the City of Iowa City, State of Iowa (CITY SEAL) 01061450-1\10712-000 -•�? -�r CITY OF IOWA CITY 4 - M EMORANDUM Date: November 10, 2014 To: Tom Markus, City Manager From: Geoff Fruin, Assistant City Manager Re: 2015 Legislative Priorities Prior to the start of each State of Iowa legislative session, the Iowa City Council traditionally adopts legislative priorities and communicates the City's positions on those issues to our elected delegation. Staff has recently reviewed the priorities adopted by the Iowa League of Cities and the Metro Coalition and have compiled a list of six priorities to present to the City Council for consideration. Those priorities, in no particular order, include: 1. Ensure the financial sustainability of the Municipal Fire and Police Retirement System of Iowa (MFPRSI) 2. Provide local governments more flexibility in determining local revenue sources and preserve the Local Option Sales Tax (LOST) election process and distribution formula 3. Promote legislation to ensure all commercial properties are assessed equally, regardless of other shared uses within a single structure 4. Increase infrastructure funding that supports a diverse transportation network 5. Support the University of Iowa's efforts to be global leader in 21St century higher education 6. Support the legislative efforts of the Iowa League of Cities and the Metro Coalition A resolution containing supplemental information has been prepared for Council consideration. Assuming Council approval, staff will begin to work on scheduling meetings with individual members of our delegation. These meetings with the City Manager and Mayor appear to be more beneficial than the large group meetings that were held in years past. Included with this memo is the proposed resolution as well as the legislative priorities that were adopted by the Iowa League of Cities and the Metro Coalition. Mayor Ron Corbett - Cedar Rapids, CHAIR/TREASURER Mayor Bob Scott -Sioux City, VICE CHAIR Mayor Frank Cownie - Des Moines, PAST CHAIR Mayor Ann Campbell - Ames Mayor Bill Gluba - Davenport Mayor Matt Walsh - Council Bluffs Mayor Roy Buol - Dubuque Mayor Matt Hayek - Iowa City Mayor Buck Clark- Waterloo Mayor Steve Gaer - West Des Moines 2014 Legislative Priorities MANDATE RELIEF Pension Reform- The greatest mandated cost on the largest 44 cities in Iowa is the MFPRSI (411 system). The formula is flawed as cities have no maximum contribution limit. Pension Reform is tax relief ECONOMIC DEVELOPMENT Job Creation Work with DCA on Task Force Recommendations re: Historic Tax Credits Support current Tax Increment Financing laws Remove the Cap from the Workforce Housing tax credit program Infrastructure Support Gas Tax for road/ bridge infrastructure project/Water/Sewer Projects ALTERNATIVE REVENUE- On top of the decrease in commercial property taxes imposed during the 2013 Legislative Session, cities do not have diverse revenue streams to fund rising costs of services. These user -fees can help reduce the strain on city budgets Local Option Tax Flexibility -Reverse Referendum MULTI USE PROPERTY CLASSFICATION The Department of Revenue is moving forward with rules in which multi use property would be taxed as "primary use" versus dual classification; thereby moving the majority of multiuse property to a muti-residential rate versus a portion being commercial. The Metro Coalition will work with the League and others to remedy through legislation. 500 SW 7th Street, Suite 101 Des Moines, IA 50309-4506 www.iowaleague.org IOWA LEAGUE Qf CITIES IOWA LEAGUE OF CITIES - 2015 LEGISLATIVE PRIORITIES Local Budget Issues and Decision -Making Our citizens need and expect cities to provide safe communities and quality infrastructure, in addition to other valued services. City budgets are put under pressure to maintain or increase services and to comply with increasing regulations and mandates with fewer resources. These pressures placed on city budgets can make difficult decisions that result in lessening the amount of services provided or increasing costs to residents. Cities cannot have an impact on those cost -drivers outside of their control and need additional resources and the ability to make decisions at the local level. • City Finances and Property Tax Backfill: Diversify funding options for cities and continue to ensure the commercial and industrial property tax backfill. • Transportation Funding: Increase funding and resources for road and bridge infrastructure. • Pensions: Pursue systemic changes to the Municipal Fire and Police Retirement System of Iowa (MFPRSI) and also ensure fairness for Iowa Public Employees Retirement System (IPERS) through long term sustainability while controlling costs to cities. • Environmental Regulation: Provide funding for and supportive policies related to water and wastewater infrastructure development to meet demands of increased environmental regulation. Assess the need for additional resources or policies to address the impacts caused by weather and other natural events. • Public Safety: Ensure cities have the tools to adequately provide and fund public safety services for our citizens. Economic Development and Community Vitality Cities are drivers and partners for economic development projects and provide services that make attractive communities. They need a supportive environment to continue to attract economic development and to provide the types of opportunities that make appealing places to live. • Local Economic Development Programs and Policies: Increase funding levels for economic development programs and preserve economic development policies, including tax increment financing, as flexible tools for economic growth. • Community Growth: Expand resources and provide supportive policies for community development to provide for locally -supported initiatives. • Workforce Development: Provide programs and policies that further develop the skills and knowledge of our workforce to attract economic development. '1f-8-14 4d(3) Prepared by: Geoff Fruin, Assistant City Manager, 410 Washington St., Iowa City, IA 52240 (319) 356-5010 RESOLUTION NO. 14-314 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE AND .THE CITY CLERK TO ATTEST AN AGREEMENT BY AND BETWEEN THE CITY OF IOWA CITY AND DAVIS, BROWN, KOEHN, SHORS & ROBERTS, P.C. TO PROVIDE LOBBYING SERVICES. WHEREAS, the City Council believes it is in the best interests of the City of Iowa City to retain the services of a lobbyist to represent the interests of the City; WHEREAS, the City Manager recommends that the City enter into a contract for lobbying services with Davis, Brown, Koehn, Shors & Roberts, P.C.; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA THAT: The Agreement for Professional Services attached hereto is in the public interest, and is approved. 2. The Mayor and the City Clerk are hereby authorized and directed to execute the attached Agreement for Professional Services. 3. Funds for this contract are available in the City Manager's Office budget Passed and approved this 18th day of November , 2014. a MAYOR p roved by � ATTEST: %%�� J J `- L�✓ /i CITY'CLERK City Attorney's Office Resolution No. Page 2 It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Tlvogmorton AGREEMENT FOR PROFESSIONAL SERVICES This Agreement for Professional Services ("Agreement") is made this --day of December, 2014 between Davis Brown Law Firm ("Consultant"), having an office at 215 10'x' Street, Suite 1300, Des Moines, IA 50309 and the City of Iowa City, IA ("Client") having an office at 410 E. Washington St, Iowa City, IA 52240. In consideration of the mutual promises set forth herein, Client and Consultant agree as follows: 1. CONSULTANT'S SERVICES A. Consultant shall perform the professional services ("Services") more fully described in Exhibit A attached hereto and by this reference incorporated herein. Consultant shall furnish all labor, materials and supervision necessary to perform the Services. B. The Consultants shall not commit any of the following employment practices and agree to prohibit the following practices in any subcontracts. 1. To discharge or refuse to hire any individual because of their race, color, religion, sex, national origin, disability, age, marital status, gender identity, or sexual orientation. 2. To discriminate against any individual in terms, conditions, or privileges of employment because of their race, color, religion, sex, national origin, disability, age, marital status, gender identity, or sexual orientation. C. It is further agreed that no party to this Agreement, including their employees, representatives, subcontractors or agents, shall perform contrary to any state, federal, or local law or any of the ordinances of the City of Iowa City. D. Consultant agrees to specifically assign the agreed upon professional services to Thomas Stanberry who shall be the primary lobbyist, and who may utilize personnel qualified and/or suitable to perform the Services. Each person assigned to perform any part of Consultant's obligations hereunder shall be qualified and, if required by law, licensed or certified to perform such obligations. 2. COMPENSATION Client shall compensate Consultant for Services rendered in such amounts as described in Exhibit B. #2524020 v.2 3. INVOICES AND PAYMENTS A. Not more frequently than once a month Consultant shall invoice Client for its fee. B. Client shall pay each invoice within thirty (30) days of receipt. However, if Client objects to all or any portion of any invoice, Client shall so notify Consultant within fifteen (15) days from receipt, give reasons for the objection, and pay that portion of the invoice not in dispute within thirty (30) days of receipt of the invoice. Unless otherwise directed in writing, all invoices shall be submitted for payment to the following address: City of Iowa City, Iowa Attn: Thomas Markus City Manager 410 E. Washington St. Iowa City, IA 52240 4. INDEPENDENT CONSULTANT STATUS AND SUBCONTRACTORS Consultant will act solely as an independent contractor in performing the Services, and nothing herein will at any time be construed to create the relationship of employer and employee, principal and agent, partners, or joint venturers between Client and Consultant, or Client's and Consultant's officers, directors, partners, elected officials, managers, employees or agents. Consultant shall be solely responsible for the compensations, benefits, worker's compensation, contributions, withholdings and taxes, if any, of its employees, subcontractors and agents. 5. INDEMNIFICATION, INSURANCE AND THIRD PARTY A. Consultant shall indemnify, defend and hold Client harmless from any and all claims, demands, causes of action, losses, damages, fines, penalties, liabilities, costs and expenses, including reasonable attorney's fees and court costs, sustained or incurred by or asserted against Client or Client's officers, directors, partners, elected officials, managers, employees or agents, in the capacity of a defendant or witness, by reason of or arising out of Consultant's breach of this Agreement or Consultant's negligence, gross negligence or willful misconduct with respect to Consultant's duties and activities within the scope of this Agreement. The Consultant agrees at all times material to this Agreement to have and maintain professional liability insurance cover the Consultant's liability for the Consultant's negligent acts, errors or omissions to the City in the sum of $1,000,000. B. This Agreement shall not be construed to create a duty or liability to any party who is not a signatory party to this agreement, it being the intention of the parties hereto that their duties and obligations are to each other and not for the benefit of or for third party beneficiaries. 2 6. CONFIDENTIALITY Consultant shall treat as confidential property and not disclose to others during or subsequent to the term of this Agreement, except as necessary to perform this Agreement (and then only on a confidential basis satisfactory to both parties), any information and documents (including without limitation any environmental information, reports, data, or financial information) which may be delivered to Consultant by Client. Nothing above, however, shall prevent Consultant from disclosing to others or using in any manner information that Consultant can demonstrate: A. Has been published and has become part of the public domain other than by acts, omissions or fault of Consultant, their employees, agents, contractors and/or consultants; or, B. Has been furnished or made known to Consultant by a third party (other than those acting directly or indirectly for or on behalf of Consultant or Client) as a matter of legal right without restrictions on its disclosure; or, C. Was in Consultant's possession prior to the date of this agreement and/or prior to the date of disclosure thereof by Client. D. Must be disclosed pursuant to any statute, law, regulation, ordinance, order or decree of any governmental authority having jurisdiction over Consultant or any of its employees, agents, contractors and/or consultants. The foregoing obligations in this Section 6 shall survive for a period of one (1) year from the mutual execution of this Agreement. TERM AND TERMINATION OF AGREEMENT Unless otherwise earlier terminated pursuant to this contract, this Agreement shall remain in full force and effect for one (1) year following the date of its execution by the City. Termination of this Agreement shall discharge only those obligations that are executory by either party on and after the effective date of termination. Any right or duty of a party based either on performance or a breach of this Agreement, prior to the effective date of termination, shall survive. A. Client reserves the right to terminate this Agreement at any time, with or without cause, upon delivery of written notice to Consultant, even though Consultant is not in default. If Client terminates this Agreement pursuant to this paragraph, Client shall compensate Consultant, at the monthly rate contained in Exhibit B, for all monthly periods completed by Consultant, and any subsequent monthly period in which Consultant has performed services for client, up to and including the month of termination. B. Consultant shall have the right to terminate its obligations pursuant to this Agreement if one of the following conditions exists and it has not been remedied or cured within thirty (30) days of Client's receipt of written notice of such condition: i. A substantial breach of any material obligation of client under this Agreement; or ii. If Consultant is unable for any reason beyond its control to perform its obligations pursuant to this Agreement in a safe, lawful and professional manner. It is expressly understood that license and/or registration requirements are within the control of Consultant. Upon Consultants termination of its obligations, Client shall pay all actual expenses and charges as of the date of termination, which charges and expenses shall not continue to accrue after Client receives Consultant's notice of termination. In no event will said expenses and charges exceed the not -to -exceed figures included in Exhibit B. C. The termination of this Agreement under the provisions of this Article 7 shall not affect the rights of either party with respect to any damages it has suffered as a result of any breach of this Agreement, nor shall it affect the rights or obligations of either party with respect to liability or claims accrued, or arising out of events occurring or conditions existing, prior to the date of termination, all of which shall survive such termination. 8. DISCLOSURE OF CLIENT RELATIONSHIPS Consultant agrees to provide Client (i) a list of Consultant's current clients for which it provides services substantially similar to the services described in Exhibit A to this Agreement prior to the beginning of each session of the Iowa General Assembly which occurs during the term of this Agreement, and (ii) notice that Consultant has been retained by a new client to provide services substantially similar to the services described in Exhibit A to this Agreement during a session of the Iowa General Assembly which occurs during the term of this Agreement. 9. WAIVER A Waiver on the part of the Client or Consultant of any term, provision or condition of this Agreement shall not constitute a precedent or bind either Party to a waiver of any succeeding breach of the same or any other term, provision or condition of this Agreement. 10. ENTIRE AGREEMENT This Agreement, including any Exhibits, the Request For Proposal, and Consultant Proposal, constitute the entire Agreement between Consultant and Client. In the event of conflict between these documents, this Agreement shall prevail. These documents supersede all prior or contemporaneous communications, representations or agreements, whether oral or written, relating to the Services set forth in this Agreement. This Agreement may be amended only by a written instrument signed by both parties. The captions in this Agreement are for convenience in identification of the several provisions and shall not constitute a part of this Agreement nor be considered interpretative thereof. 0 11. ASSIGNMENT This Agreement shall be binding upon the successors or assigns of the parties hereto. However, this Agreement shall not be assigned by either party without first obtaining the written consent of the other. 12. SEVERABILITY Every paragraph, part, term or provision of this Agreement is severable from the others. If any paragraph, part, term or provision of this Agreement is construed or held to be void, invalid or unenforceable by order, decree or judgment of a court of competent jurisdiction, the remaining paragraphs, parts, terms and provisions of this Agreement shall not be affected thereby but shall remain in full force and effect. 13. NOTICES Any information or notices required to be given in writing under this Agreement shall be deemed to have been sufficiently given if delivered either personally or by certified mail (return receipt requested, postage prepaid), to the address of the respective party set forth below, or to such other address for either party as that patty may designate by written notice. For the Client: Thomas Markus City Manager City of Iowa City 410 E. Washington St. Iowa City, IA 52240 14. GENERAL TERMS For the Consultant: Thomas Stanberry Shareholder Davis Brown Law Firm 215 10t" Street, Suite 1300 Des Moines, IA 50309 The Consultants agree to furnish, upon termination of this Agreement and upon demand by the City, without cost, copies of all data prepared or obtained by the Consultants pursuant to this Agreement, without restrictions or limitation as to the use relative to specific projects covered under this Agreement. In such event, the Consultants shall not be liable for the City's use of such documents on other projects. Upon signing this agreement, Consultants acknowledged that Section 362.5 of the Iowa Code prohibits a City officer or employee from having an interest in a contract with the City, and certifies that no employee or officer of the City, which includes members of the City Council and City boards and commissions, has an interest either direct or indirect, in this agreement, that does not fall within the exceptions to said statutory provision enumerated in Iowa Code Section 362.5. 5 15. GOVERNING LAW This Agreement shall be governed and interpreted pursuant to the laws of the State of Iowa. The remainder of this page is intentionally left blank. 0 [Signature page for Agreement for Professional Services] IN WITNESS WHEREOF, the Client and Consultant have caused this Agreement to be executed by their duly authorized representatives, as follows: CLIENT: City of Iowa City By: Qn Matthew J. Hayek, Mayor CONSULTANT: Davis, Brown, Koehn, Shors & Roberts, P.C. Thomas E. Stanberry, Shareholder Attest: 1 �CLr 6th r% 7 Marian`K. Karr, City Clerk City Attorney Office: 7 EXHIBIT A CITY OF IOWA CITY, IOWA LOBBYING SERVICES SCOPE OF SERVICES: Working in consultation with the City Manager and/or his designee, the following are areas of responsibility of Consultant: 1. Development and maintenance of relationships with members of the Iowa legislature, legislative leadership, and the executive branch to effectively represent the interests of the City of Iowa City; 2. Provide assistance in policy development and in the preparation of a government relations plan to support the City of Iowa City's legislative interests; 3. Monitor State legislative and regulatory issues with potential impact to the City of Iowa City. Attend all appropriate committee hearings, rules meetings, legislative functions and other events to promote the interests of the City of Iowa City; 4. Meet with legislators, executive branch, and other stakeholder lobbyists to discuss weaknesses or merits of specific bills and to influence passage, defeat, amendments, or introduction of legislation favorable to the City of Iowa City's interests; 5. Regularly communicate with the City of Iowa City concerning current and potential legislation, regulations, and related issues that could have an impact on the city. Including regular updates on legislative activities during the legislative session as arranged with the City Manager and a weekly written update on legislative actions and impacts; 6. Attend City Council meetings quarterly. In addition, participate in staff meetings as needed and requested by the City Manager; 7. Outreach, coordination, and collaboration with individuals and groups that have interests similar to the City of Iowa City including but not limited to the Iowa City Area Chamber of Commerce, the Metropolitan Coalition, and the Iowa League of Cities; 8. Develop with the City Manager and his staff appropriate grassroots messages that reflect the City of Iowa City's concerns regarding legislative proposals. These written messages can then be used to influence leaders to move the City's legislative agenda; 9. Plan and coordinate meetings between the City of Iowa City, legislators, and the executive branch, including State of Iowa Departments, to discuss legislative issues and proposals; 10. During the time the legislature is not in session, provide reports on issues of interest or concern to the City of Iowa City including, but not limited to, action taken at interim committee meetings, rulemaking hearings, status of task forces, and proposed legislation and regulations; 11. Obtain and provide data pertaining to matters of interest to the City of Iowa City; 12. Develop, in cooperation with the City Manager's staff and subject to his and the City Council's approval, an annual strategic work plan identifying from the list of City infrastructure needs those capital projects that can be best positioned for State funding support. 13. Provide such other lobbyist duties as are determined to be in the interests of the City Council and as communicated to the Lobbyist by the City Manager. 0 Exhibit B Compensation The submitted pricing must include all of the costs required to perform the tasks to complete the project in full. These costs include, but are not limited to, labor, materials, equipment, travel (lodging and transportation), etc. Proposer shall submit one monthly lump sum fee which shall be fully inclusive, and which shall be the exclusive sum provided by the City to Proposer. This fee shall be paid upon invoicing after the completion of each month. Fixed, fully inclusive, lump sum fee for Professional Services for each month of service: 2015 Total: $25,200.00 / $2,100.00 PER MONTH 10 Prepared by: Daniel Scott, Public Works, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5144 RESOLUTION NO. 14-315 RESOLUTION ACCEPTING THE WORK FOR THE 2014 SEWER REHABILITATION PROJECT WHEREAS, the Engineering Division has recommended that the work for construction of the 2014 Sewer Rehabilitation Project, as included in a contract between the City of Iowa City and Visu-Sewer Inc. of Pewaukee, WI, dated February 18, 2014, be accepted; and WHEREAS, the Engineer's Report and the performance and payment bond have been filed in the City Clerk's office; and WHEREAS, funds for this project are available in the Landfill FY09 Cell Reconstruction Project account #33210; and WHEREAS, the final contract price is $355,210.00. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT said improvements are hereby accepted by the City of Iowa City, Iowa. Passed and approved this 18th day of November , 20_14_. ATTEST:_'�1�� = y� CITY CLERK MAYOR Approved by City Attorney's Office It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: x Pwenglmasterslacptwork.doc 11114 NAYS: ABSENT: Botchway Dickens Dobyns Hayek Mims Payne Throgmorton 11-18-14 4d(4) l 1 L CITY OF IOWA CITY 410 East Washington Street Iowa City, Iowa 52240-1826 (319) 356-5000 (319) 356-5009 FAX www.icgov.org ENGINEER'S REPORT November 5, 2014 City Clerk Iowa City, Iowa Re: 2014 Sewer Rehabilitation Project Dear City Clerk: I hereby certify that the construction of the 2014 Sewer Rehabilitation Project has been completed by Visu-Sewer, Inc of Pewaukee, WI in substantial accordance with the plans and specifications prepared by HBK Engineering. This project was bid as a unit price contract and the final contract price is $355,210.00. There were six change orders totaling $16,385.00 for the project as shown below: 1. CO #1 Gilbert St Traffic Control $ 750.00 2. CO #2 Crandic RR Stone Crossing $ 1,485.00 3. CO #3 IAIS RR Casting Replacement $10,850.00 4. CO #4 Manhole Internal Chimney Seals $ 800.00 5. CO #5 Re -clean 24 inch pipe from flooding $ 2,000.00 6. CO #6 Remove protruding edge from manhole $ 500.00 Total $16,385.00 I recommend that the above -referenced improvements be accepted by the City of Iowa City. Sincerely, Ronald R. Knoche, P.E. City Engineer pweng/masters/engrpt. doc 11-18-14 4d(5) Prepared by: Jason Reichart, Public Works/ Engineering, 410 E. Washington St., Iowa City, IA 52240,(319)356-5416 RESOLUTION NO. 14-316 RESOLUTION ACCEPTING THE WORK FOR THE HESCO BARRIER REMOVAL 2014 PROJECT WHEREAS, the Engineering Division has recommended that the work for the Hesco Barrier Removal 2014 Project, as included in a contract between the City of Iowa City and Iowa Bridge & Culvert, LC of Washington, Iowa, dated July 21, 2014, be accepted; and WHEREAS, the Engineer's Report and the performance and payment bond have been filed in the City Clerk's office; and WHEREAS, funds for this project are available in the Storm Water Management account # 77770110-905; and WHEREAS, the final contract price is $51,686.00. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT said improvements are hereby accepted by the City of Iowa City, Iowa. Passed and approved this 18th day of November -,20 14 ATTEST: CITY CLERK A MAYOR Approved by City Attorney's Office 1,(7-71,1 -e-f It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton Pweng/masters/acptwork.doc 11/14 -►� M �00 i �Mm 4, CITY OF IOWA CITY 410 East Washington Street Iowa City, Iowa 52240-1826 (319) 356-5000 (319) 356-5009 FAX www.icgov.org ENGINEER'S REPORT November 6, 2014 City Clerk Iowa City, Iowa Re: Hesco Barrier Removal 2014 Project Dear City Clerk: I hereby certify that the work the Hesco Barrier Removal 2014 Project has been completed by Iowa Bridge & Culvert, LC of Washington, Iowa in substantial accordance with the plans and specifications prepared by the City of Iowa City. The project was bid as a lump sum contract and the final contract price is $51,686.00. There was one change or extra work orders for the project as described below: 1. The Contractor was charged $50 for the 13 Hesco Barrier Units determined to be unsuitable for reuse. -$650.00 TOTAL -$650.00 I recommend that the above -referenced improvements be accepted by the City of Iowa City. Sincerely, Ronald R. Knoche, P.E. City Engineer pwenglmasterslengrpt. doc r -��-4 CITY OF IOWA CITY 4d(6) , MEMORANDUM -I Date: November 7'h, 2014 To: Tom Markus, City Manager From: Ron Knoche, City Engineer ' Re: Trickling Filter Mercury Abatement Consultant Agreement North Plant Salvage and Demolition Phase Iowa City Wastewater Treatment Plant Relocation Project Introduction Staff has solicited proposals from qualified consultants to provide trickling filter mercury abatement services for the North Plant Salvage and Demolition Phase of the Iowa City Wastewater Treatment Plant Relocation Project. The consultant will provide testing, regulatory management, decommissioning and mitigation of the four trickling filters and associated equipment at the North Wastewater Treatment Plant. History/Background After the 2008 flood rendered most of the North Wastewater Treatment Plant inoperable, the City of Iowa City deemed it vital to move operations to the South Wastewater Treatment Plant. All wastewater is now being processed at the South Wastewater Treatment Plant. The next steps are to demolish the North Wastewater Treatment Plant and convert the space into a riverfront park. Part of this work will include decommissioning four trickling filters that contain mercury sealed bearing assemblies along with potentially contaminated influent distributing equipment, rock media and ancillary equipment. Three of the four trickling filters and mercury seals are original equipment dating back to the 1930's. The fourth was installed in the 1960's. Discussion of Solutions The decommissioning of wastewater trickling filters that have mercury sealed bearing assemblies is a highly specialized multi -disciplinary skill set. There is a high degree of risk associated with this type of work. Through consultation with the Iowa Department of Natural Resources and the U.S. Environmental Protection Agency, Staff has determined that North Shore Environmental Construction, Inc. is the firm best qualified to perform the work. Financial Impact The Iowa Flood Mitigation Program is designed to allow cities to capture 70% of future state sales tax growth to fund flood mitigation projects and has allowed Iowa City to capture up to $8.5 million dollars in future state sales tax growth to pay for mitigating the site. Iowa City will up -front the money to pay for the projects by selling bonds. The bonds, including finance charges will be retired using future state sales tax growth. Recommendation Staff recommends awarding the contract to North Shore Environmental Construction, Inc. The estimated total cost is $1M to $2M depending on actual conditions encountered. The work will be paid on a time and materials basis. Cc: Rick Fosse, Director of Public Works Dave Elias, Wastewater Superintendent r Prepared by: Ben Clark, Sr. Civil Engineer, 410 E. Washington St., Iowa City, IA 52240; (319) 356- 5436 RESOLUTION NO. 14-317 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE AND THE CITY CLERK TO ATTEST AN AGREEMENT BY AND BETWEEN THE CITY OF IOWA CITY AND NORTH SHORE ENVIRONMENTAL CONSTRUCTION, INC. TO PROVIDE CONSULTANT SERVICES FOR THE TRICKLING FILTER MERCURY ABATEMENT FOR THE NORTH PLANT SALVAGE AND DEMOLITIION PHASE OF THE IOWA CITY WASTEWATER TREATMENT PLANT RELOCATION PROJECT. WHEREAS, the proposed project is part of a multiphase flood mitigation project that shall permanently remove property from the path of repetitive flooding by demolishing the City's North Wastewater Treatment Plant; and WHERAS, The State of Iowa Flood Mitigation Program has approved the use of sales tax increment revenues under Iowa Code chapter 418 for these projects; and WHERAS, there are four (4) existing trickling filters that must be decommissioned, which includes but is not limited to the mitigation of existing mercury filled bearings and potentially contaminated influent distributing equipment, rock media and attached ancillary equipment; and WHERAS, the Iowa Department of Natural Resources and U.S. Environmental Protection Agency were consulted regarding the proposed work, and WHEREAS, the City desires the services of a firm that shall provide consulting services, regulatory management, decommissioning and mitigation of the trickling filters and associated equipment at the North Wastewater Treatment Plant, 1000 South Clinton Street, Iowa City, Iowa; and WHERAS, services were solicited through a Request for Qualifications that was distributed to qualified firms; and WHERAS, the City has negotiated an agreement for said work with North Shore Environmental Construction, Inc. on a time and materials basis; and WHERAS, the funds for this project are available in the North Wastewater Plant Demolition account #V3142. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The Consultant's Agreement attached hereto is in the public interest, and is approved as to form and content. 2. The Mayor and City Clerk are hereby authorized and directed to execute the attached Consultant's Agreement. 3. The City Manager is authorized to execute amendments to this contract as they may become necessary. Passed and approved this 18th day of November , 20 14 MAYOR pp oved b j ATTEST: .� ��/ • i(��- 6 I I -)J— / q CITY CLERK City Attorney's Office Resolution No. ]gage 2 14-317 It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton CONSULTANT AGREEMENT THIS AGREEMENT, made and entered into this 18th day of November , 2014 , by and between the City of Iowa City, a municipal corporation, hereinafter referred to as the City and North Shore Environmental Construction, Inc., of Germantown, Wisconsin, hereinafter referred to as the Consultant. WHEREAS, the proposed project is part of a multiphase flood mitigation project that shall permanently remove property from the path of repetitive flooding by demolishing the City's North Wastewater Treatment Plant; and WHERAS, The State of Iowa Flood Mitigation Program has approved the use of sales tax increment revenues under Iowa Code chapter 418 for these projects; and WHERAS, there are four (4) existing trickling filters that must be decommissioned, which includes but is not limited to the mitigation of existing mercury filled bearings and potentially contaminated influent distributing equipment, rock media and attached ancillary equipment; and WHERAS, preliminary testing and investigation of the trickling filters and associated equipment has been conducted; and WHEREAS, the City desires the services of a firm that shall provide consulting services, assistance with regulatory management, decommissioning and potential remediation of the trickling filters and associated equipment at the North Wastewater Treatment Facility (WWTF), 1000 South Clinton Street, Iowa City, Iowa; and WHERAS, services were solicited through a Request for Qualifications (RFQ) that was distributed to qualified firms; and WHERAS, the City has negotiated an agreement for said work with North Shore Environmental Construction, Inc. on a time and materials basis; and WHERAS, the funds for this project are available in the North Wastewater Plant Demolition account #V3142. NOW THEREFORE, it is agreed by and between the parties hereto that the City does now contract with the Consultant to provide services as set forth herein. I. SCOPE OF SERVICES Consultant agrees to perform the following services for the City, and to do so in a timely and satisfactory manner. • The Consultant shall prepare site specific health/safety plans that encompass all work associated with the decommissioning of the trickling filters and associated equipment. • The Consultant, in coordination with the City, shall develop a site specific work plan/remedial action plan for the decommissioning of the four (4) trickling filters and attached ancillary equipment for submittal to and approval by all regulatory agencies as may be required. • The Consultant shall assist the City in establishing acceptable site specific residual contaminant levels with all regulatory agencies as may be required. -2 - The Consultant shall perform testing and sampling to define the extent of any potential mercury impacts. All testing and sampling will be performed according to regulatory approved methods as may be required. This includes, but is not limited to; field screening using Lumex or Nippon mercury vapor analyzers and laboratory analysis for Total Mercury and TCLP Mercury. • The Consultant shall decontaminate all material exceeding residual contaminant levels, as established above, for mercury. • The Consultant shall properly dispose of all wastes. This includes sampling and profiling waste as may be required. • The Consultant shall prepare a remedial action report for submittal to all regulatory agencies as may be required for closure. • The Consultant shall assist the City with regulatory management for the duration of the project. 1. Phase One - Center Pivot Bearing and Distributor Arm Disposal • The Consultant shall provide testing, profiling, manifesting, packaging, transportation and disposal of the trickling filter center pivot bearings, and mercury contaminated waste generated during the removal to a preapproved disposal facility (mercury retort). Non- hazardous waste shall be profiled to a pre -approved subtitle D landfill. • Upon the removal of the center pivot bearings, the top of the center pivot concrete column and contents inside the influent piping (if any) shall be inspected and sampled for mercury impacts by the Consultant. 2. Phase Two — Sampling and Removal of Rock Filter Material • The Consultant shall sample and remove the rock media in a series of 24" vertical lifts working from the top of the tank to the bottom of the tank until reaching the clay tile drainage system below the rock media. • Any rock media not impacted by mercury, as determined by the Consultant in the course of performing the services governed by this agreement, shall be segregated and stockpiled in the designated on-site storage area for verification sampling. • The Consultant shall provide mercury decontamination of mercury impacted rock media. Decontaminated rock media shall be stockpiled in the designated on-site storage area for verification sampling. • Random verification samples shall be collected for both un -impacted and decontaminated rock media. 3. Phase Three — Tank Structure, Clay Tile Lines and Pipe Network Decontamination -3 - The Consultant shall provide sampling and mercury decontamination of the trickling filter concrete structures, clay the drainage system, piping network system and sub -structure surfaces as may be required by all regulatory agencies. II. TIME OF COMPLETION Time is of the essence. Work shall commence immediately and continue uninterrupted until the project is closed from a regulatory standpoint. Time of completion is estimated at 3-6 months. The duration of the project is dependent on the extent of mercury impacted media discovered throughout the decommissioning and testing of filter rock media, concrete structures, sub -surface piping and the level of work needed for decontamination of mercury impacted media. III. GENERAL TERMS A. The Consultant shall not commit any of the following employment practices and agrees to prohibit the following practices in any subcontracts. 1. To discharge or refuse to hire any individual because of their race, color, religion, sex, national origin, disability, age, marital status, gender identity, or sexual orientation. 2. To discriminate against any individual in terms, conditions, or privileges of employment because of their race, color, religion, sex, national origin, disability, age, marital status, gender identity, or sexual orientation. B. Should the City terminate this Agreement, the Consultant shall be paid for all work and services performed up to the time of termination. However, such sums shall not be greater than the "lump sum" amount listed in Section IV. The City may terminate this Agreement upon seven (7) calendar days' written notice to the Consultant. C. This Agreement shall be binding upon the successors and assigns of the parties hereto, provided that no assignment shall be without the written consent of all Parties to said Agreement. D. It is understood and agreed that the retention of the Consultant by the City for the purpose of the Project shall be as an independent contractor and shall be exclusive, but the Consultant shall have the right to employ such assistance as may be required for the performance of the Project. E. It is agreed by the City that all records and files pertaining to information needed by the Consultant for the project shall be available by said City upon reasonable request to the Consultant. The City agrees to furnish all reasonable assistance in the use of these records and files. F. It is further agreed that no Party to this Agreement shall perform contrary to any state, federal, or local law or any of the ordinances of the City of Iowa City, Iowa. G. At the request of the City, the Consultant shall attend meetings of the City Council relative to the work set forth in this Agreement. Any requests made by the City shall be given with reasonable notice to the Consultant to assure attendance. H. The Consultant agrees to furnish, upon termination of this Agreement and upon demand by the City, copies of all basic notes and sketches, charts, computations, l� and any other data prepared or obtained by the Consultant pursuant to this Agreement without cost, and without restrictions or limitation as to the use relative to specific projects covered under this Agreement. In such event, the Consultant shall not be liable for the City's use of such documents on other projects. The Consultant agrees to furnish all reports, specifications, and drawings, with the seal of a professional engineer affixed thereto or such seal as required by Iowa law. J. The City agrees to tender the Consultant all fees in a timely manner, excepting, however, that failure of the Consultant to satisfactorily perform in accordance with this Agreement shall constitute grounds for the City to withhold payment of the amount sufficient to properly complete the Project in accordance with this Agreement. K. Should any section of this Agreement be found invalid, it is agreed that the remaining portion shall be deemed severable from the invalid portion and continue in full force and effect. L. Original contract drawings shall become the property of the City. The Consultant shall be allowed to keep mylar reproducible copies for the Consultant's own filing use. M. Fees paid for securing approval of authorities having jurisdiction over the Project will be paid by the City. N. Upon signing this agreement, Consultant acknowledged that Section 362.5 of the Iowa Code prohibits a City officer or employee from having an interest in a contract with the City, and certifies that no employee or officer of the City, which includes members of the City Council and City boards and commissions, has an interest, either direct or indirect, in this agreement, that does not fall within the exceptions to said statutory provision enumerated in Section 362.5. O. The Consultant agrees at all times material to this Agreement to have and maintain professional liability insurance covering the Consultant's liability for the Consultant's negligent acts, errors and omissions to the City in the sum of $1,000,000. IV. COMPENSATION FOR SERVICES The work shall be completed on a time and material basis per the Consultant's fee schedule (below) not -to -exceed $2,000,000 without prior written approval, which shall be strictly enforced strictly. Daily cost time and material summaries shall be prepared by the Consultant (project manager on-site) and provided to the City for review and approval for informational purposes only. The City's receipt thereof shall in no way be construed as acceptance of the information provided therein, considered an invoice, or an amendment to this agreement. Re -mobilization of equipment shall not be compensated. Compensation for mobilization of Personnel shall be limited to one time per week without prior written approval. -5 - NORTH SHORE ENVIRONMENTAL CONSTRUCTION, INC. FEE SCHEDULE 1. All equipment rates are on an hourly basis, unless otherwise indicated. 2. All equipment and labor shall be billed portal-to-portal, unless otherwise specified. 3. Overtime, Sunday and Holiday rates for labor shall not be charged. 4. A minimum per diem rate of $150.00 per day, per employee shall be billed for each overnight stay to cover lodging and subsistence, unless lodging and subsistence is directly provided by the customer. 5. All labor rates are non -prevailing wage rate or Davis Bacon rates. 6. All labor rates are for 29 CFR 1910.120(q) trained personnel. 7. All materials and supplies, subcontractors and waste disposal provide by the Consultant not on the Consultant's fee schedule shall be invoiced at cost plus 20%. Personnel Clerical $35.00/hour Field Technician/Operator/Driver $75.00/hour Site Supervisor $104.00/hour Response Managers, Engineers, Hydrogeologists, Scientists $135.00/hour Principal $145.00/hour Level C (Air Purifying Respirator) $10.00/hour/person Level B (Supplied Air) $15.00/hour/person Confined Space Rescue Confined Space Rescue Crew (3 Technicians) $225.00/hour Confined Space Rescue Trailer & Equipment with Pick -Up $620.00/day Mobilization/Travel Greater than 110 Miles Port to Port $.90/mile Project Manager $130.00/hour Trailers, Roll -Off Boxes, Tanks Response Trailer /Hazardous Spill (Transportation for all Personal Protective Equipment, Booms, Pads, etc.) $250.00/day Portable Office Job Trailer $250.00/day Enclosed Utility Trailer $80.00/day Heavy Equipment Trailer $80.00/day Skid Steer Trailer $50.00/day Poly Tank (200 - 500 Gallon) $15.00/day Poly Tank (500.- 2000 Gallon) $25.00/day Frac Tank (21,000 Gallons) (Plus Mob/Demob) $80.00/day Haz-Waste Roll -Off Box $35.00/day Vacuum Box $110.00/day mm Vacuum Box Liner/Bladder $670.00/each Chemical Treatment Tank (2,000/Gallon Steel Epoxy $.60/mile Coated) $350.00/day Conex Storage Container $35.00/day Water Tank Trailer with Pump $275.00/day Vehicles PickuplVan/Auto $120.00/day Greater than 200 Miles Port to Port $.60/mile Service Truck $210.00/day Greater than 210 miles $1.00/mile Box Truck with Lift Gate: $75.00/hour Semi Box Truck with Lift Gate $95.00/hour Single Axle Dump Truck: $70.00/hour Quad -Axle Dump Truck: $110.00/hour Vac Truck $155.00/hour Roll -Off Truck $115.00/hour 6 -Wheel ATV $250.00/day Heavy Equipment Equipment Mobilization Loading/Unloading Including Inspection $170.00/hour/machine Track Excavator, Light (Mini) $125.00/hour Track Excavator, Medium (LB 160) $160.00/hour Track Excavator, Medium Heavy (LB 210) $185.00/hour Track Excavator, Heavy (LB 230) $210.00/hour Track Dozer (Cat D4) $135.00/hour Roller Compactor (SD -70) $145.00/hour Rough -Terrain Forklift (6,000 lbs) $145.00/hour Track Excavator with Hydraulic Sheers $225.00/hour Skid Loader $120.00/hour Articulated Dumper $120.00/hour Attachments: Skidsteer Broom $150.00/day Hydraulic Breaker (2,000 ft/Ibs) $850.00/day Hydraulic Breaker (550 ft/lbs) $450.00/day Hydraulic Compactor (11,350 lbs) $350.00/day Hydraulic Compactor (6,400 lbs) $200.00/day Rockhound $175.00/day Rotating Drum Grappler $275.00/day Small Equipment Evacuation Fan $75.00/day Explosion Proof Blower $100.00/day Venturi Blower $90.00/day Generator $110.00/day Air Compressor, Small, 5HP $100.00/day Air Compressor, Large, Tow Behind (Includes Hose) $280.00/day -7 - Pressure Washer, Small $100.00/day Hot Water/Steam Pressure Washer with Water Tank, Trailer - $30.00/day Mounted $400.00/day Light Tower $290.00/day Mobile Mats $25.00/each/day BP 40 Straw Blower $175.00/day Plasma Cutting Torch $225.00/day Pumps 3" Trash Pump $160.00/day 1"Submersible Pump $30.00/day 2" Submersible Pump $45.00/day 3" Submersible Pump ! $90.00/day Drum Pump $50.00/day 2" Stainless Diaphragm Pump $250.00/day 1"Chemical Pump $135.00/day 2" Chemical Pump: $190.00/day 1"Diaphragm Pump $125.00/day 2" Diaphragm Pump $175.00/day 3" Diaphragm Pump $225.00/day Pump & Drum Mixer I $50.00/day Pump Hose: $150.00/day Chemical Hose - 3" (30' Sections) $3.00/foot/day Chemical Hose - 2" (25' Sections) $2.00/foot/day Vacuum Equipment Hepa-Vac (Backpack) Plus Filter $75.00/day Mercury Vac (Stainless Steel, 15 Gallon) $350.00/day Lead Vac $75.00/day Drum Vac with Hose $175.00/day Shop Vac $10.00/day Tools Hydraulic Sheers SPX1 $200.00/day Chain Saw $125.00/day Chop Saw $100.00/day Sawzall $30.00/day Drill $15.00/day Hammer Drill $30.00/day Pneumatic Pipe Cutter $200.00/day Jackhammer $80.00/day Portable LED Lights $25.00/day Lights, Portable $15.00/day Drum Cart $10.00/day Cutting Torch $100.00/day Welder $150.00/day Mobile Mats $25.00/each/day ":I Testing & Sampling Equipment Lumex Mercury Vapor Analyzer $400.00/day Nippon Mercury Survey Meter $400.00/day Quad Gas Meter $100.00/day PID Meter $100.00/day Niton XRF Analyzer $350.00/day Draeger Pump $50.00/day Draeger Tubes $125.00/package CMS Analyzer $200.00/day Containment Boom, 50' Section $125.00 - CMS Test Chips 250.00/package Portable Lab Quoted Upon Request Chemical Classifier Kit (6 Test Strips) $110.00/kit Drum Stix Sample Tube $250.00/case Clor-N-Oil Test Kit $37.00/each Clor-N-Soil Test Kit $44.00/each Magnetic and Cable Locator $75.00/day Laser Temperature Meter $30.00/day pH Meter $25.00/day Hand Auger/Sampler $45.00/day Sludge Judge Sampler $20.00/day Stainless Steel Bailer $20.00/day Plastic Sample Bailer $10.00/each Sample Jars, Quart $3.10/each Co/iwasa $28.00/each Drum Thief Samplers $6.00/each Remote Drum Punch & Sampler $125.00/day Specialty Equipment Air Fracture Wand $100.00/day Air Line $50.00/day Airless Sprayer $75.00/day Brass Tool Set 11 $50.00/day Confined Space Entry Equipment $200.00/day Drum Deheader $20.00/day SCBA/Escape Air $160.00/ea/day Portable Building Containment Structure Quoted Upon Request Containment Boom, 50' Section $100.00/day Spill Berm, 10' Section ! $50.00/day Skim Pao Surface Skimmer $155.00/day Portable Decon Containment Tub $50.00/day Disposable Decon Tub - Small $100.00/each Disposable Decon Tub - Large $140.00/each Carbon Filtration Unit 2001b. Plus Carbon $275.00/day Carbon Filtration Unit 4001b. Plus Carbon $325.00/day Carbon Filtration Unit 1,2001b. $875.00 WE HG Carbon Filtration Unit (55 Gallon Drum) $600.00 Activated Carbon Market Price Negative Air Unit $100.00/day Negative Air HEPA Filter $375.00/each Negative Air Primary Filter $10.50/each Negative Air Pre -Filter $6.00/each Industrial Dehumidifier $125.00/day Jetter $100.00/day Gamma Jet Tank Washer $350.00/day Jon Boat $90.00/day Scaffolding (5'x 6'x 6' Sections) $35.00/day Expendable Supplies Containers: Bulk Sacks (36" x 36" x 36') $114.00/each Bulk Sacks (42" x 42" x 42') $160.00/each Cubic Yard Boxes $180.00/each 6 -Mil Drum Liner $5.00/each HD Drum Liner, 55 Gallon $15.00/each Roll -Off Liner I $75.00/each Vacuum Box Liner/Bladder $670.00/each Drum, 55 Gallon 17EIH Metal $55.00/each Drum, 55 Gallon Poly $75.00/each Drum, 85 Gallon Metal Overpack $190.00/each Drum, 95 Gallon Plastic Overpack $245.00/each Pail, 5 Gallon Plastic with Lid $18.00/each Tote, 275 Gallon $200.00/each Pallet $14.00/each Absorbents: Absorbent Boom, 5"x 10' $55.00/each Absorbent Boom, 8"x 10' $70.00/each Absorbent Pads $1.00/each Absorbent Sweep, 100' $154.00/each Oil Dry $13.00/bag Sawdust $13.00/bag Paper Towels $14.00/box PPE Respiratory Protection: Organic Vapor Cartridges $28.00/pair Organic Vapor/Acid Gas Cartridges $30.00/pair Multi-Gas/P100 $39.00/pair P100 Cartridges $13.00/pair Mercury Cartridges $38.00/pair Mercury/P100 $53.85/pair P95 Prefilter $6.50/pair Half -Mask Respirator $47.00/each -10 - Full -Face Respirator $365.00/each 2400 lb Breathing Air $90.00/fill 4500 lb Breathing Air $175.00/fill SCBA Breathing Air Cylinder $21.00/fill Gloves: Disposable Nitrile Gloves $0.50/pair or $30/box Nitrile Gloves - 13" $7.50/pair Nitrile Gloves - 18" $14.00/pair Neoprene Gloves $15.00/pair Kevlar Gloves $85.00/pair PVC Lined Gloves $38.00/pair PVC Work Gloves $6.40/pair Leather Work Gloves $8.50/pair Winter Gloves $12.00/pair Winter Poly Liners $3.40/each Protective Clothing: Tychem TKLevel A Suit $1,800.00/each Saranex Coverall with Hood $46.00/each Saranex Response Suit $170.00/each Tychem BR Level B Suit $400.00/each CPF4 Level B Splashsuit $278.00/each CPF3 Coverall ! $103.00/each Level A Suit with Fittings $1,600.00/each PVC Suit with Hood & Boots $128.00/each Tyvek $14.00/each Poly -Coated Tyvek $21.00/each FRC Coverall $21.00/each Nomex Fire Resistant Suits $180.00/ea or $25/dy Personal Flotation Device $15.00/day Boots: Rubber Overboots $39.00/pair Chemical Resistant Boots $136.00/pair Yellow Latex Overboots $6.00/pair Tyvek Booties $3.50/pair Ear & Eye Protection: Ear Plugs $0.50/pair Goggles $9.00/pair Safety Glasses $8.50/pair Face Shields $18.00/each Emergency Eyewash Station $58.00/each Miscellaneous Steel Fence Posts $10.00/each Orange Safety Fencing 5'x 100 $40.00/roll Plastic Sheeting, 6 Mil, 40 x 100 $270.00/roll Plastic Sheeting, 6 Mil, 20 x 100 $150.00/roll -11 - Duct Tape - 2" $7.50/roll Duct Tape - 3" $12.00/roll Caution Tape $27.00/roll Vacuum Bag Filters, 38" Regular, Coated $25.00/each Vacuum Bag Filters, 38" Nomex with Ground $41.75/each Secondary Filters, Regular $132.00/each Secondary Filters, HEPA $795.00/each Vacuum Hose, AR - 180 (4') $10.65/I.f. Vacuum Hose, AR- 180 (6') $18.25/I.f. Vacuum Hose, AR -180 (8') $31.50/I.f. Vacuum Hose, Corrugated PE (4') $0.75/I.f. Vacuum Hose, Corrugated PE (6') $2.40/I.f. Mercury Hepa Cartridge for Vac (15 Gallon Vac) $235.00/each Mercury Carbon Cartridge for Vac (15 Gallon Vac) $925.00/each Mercury Spill Kit $340.00/kit Mercury Vapor Suppressant $60.00/canister Mercury Vacuum Bags $32.00/bag Mercon Wipes $56.00/container Hg Vacuum Collection Jars Nikro Vac $32.00/each Hg Vacuum Hose $10.00/ft Mercury Indicator $66.00/bottle pH Paper Strips $18.00/roll Gap Seal $48.00/each Plug &Dike Pattie $15.00/each 36" Drain Seal $465.00/each Labels ! $1.00/each Laser Level $75.00/day Sand Bags $1.00/each De-Icer/Salt $12.00/bag Clea ners/Neutralizers/SoIidifiers Odor Enzyme Mercaptan $178.00/gallon Sodium Hydroxide $38.00/gallon AC Petro -Clean $38.00/gallon AC Microbe Blend $46.00/lb. CS Pipe X -Metal X $56.00/gallon CS Less Than 10 $56.00/gallon Industrial Grease & Oil Remover $38.00/gallon Alconox Detergent $36.00/box Ampho Mag Neutralizer $60.00/3 lbs. Sodium Bisulfate $38.00/gallon Sodium Bicarbonate $69.00/50 lbs. Pestisorb $138.00/5lbs. Citric Acid $144.00/50 lbs. Nitric Acid $130.00/gal. Polymer $3.15/Ib. -12 - HG Meta Bisulfate Solution V. MISCELLANEOUS $64.00/gallon A. All provisions of the Agreement shall be reconciled in accordance with the generally accepted standards of the Engineering Profession. B. It is further agreed that there are no other considerations or monies contingent upon or resulting from the execution of this Agreement, that it is the entire Agreement, and that no other monies or considerations have been solicited. FOR THE CITY Title' Mayor Date: November 18, 2014 ATTEST: F THE C. ULTANT By - Title: 2 _ �� X-- Date:ZZ's Approved by: Guu ✓� City Attorn y's Office // / 3 Date It .-4 CITY OF IOWA CITY 4d(7) CITY OF IOWA CITY M E M O R1 A \ N D U 4d8 UNESCO CITY OF LITERATURE "(8-) ) Date: November 13, 2014 To: Tom Markus, City Manager From: Marcia Bollinger, Neighborhood Outreach Coordinator Vf--) Re: National Endowment for the Arts (NEA) "Our Town" and Bloomberg Philanthropies "Public Art Challenge" Grant Applications Introduction: In the City Council packet for November 18, 2014, there are two resolutions requesting City Council approval to enter into two Public Art grant applications in cooperation with Summer of the Arts (SOTA). The NEA "Our Town" grant requires the City to be a co - applicant with a primary not -for profit organization. The Bloomberg Philanthropies "Public Art Challenge" grant requires that the mayor of the City send of a letter of interest to request the funding. History/Background: City staff and members of the Public Art Advisory Committee have been meeting with staff of the Iowa Initiative for Sustainable Communities (IISC), University of Iowa faculty and students and local arts organizations for the past several months to develop an application to the NEA for the upcoming "Our Town" funding cycle. Initiated by the IISC, the focus of the grant is to develop a program that would enable the University art community to work with residents of Iowa City neighborhoods to provide art opportunities in their neighborhoods. A second part of the grant request would provide the opportunity for the numerous art organizations in the area to participate in a creative asset mapping or inventory with the focus of establishing permanent art space/s and projects. The Bloomberg Philanthropies "Public Art Challenge" grant was announced recently and can provide a further expansion on these opportunities into neighborhoods as part of the 10`h year celebration of SOTA in 2016. Both grants can operate independently if only one is awarded. Discussion of Solutions: Final applications and grant dollars requested are being developed for the grants with submission deadlines within the next 2 weeks. Project concepts for each grant request follow: OUR TOWN GRANT (NEA) - $25,000- $200,000 (over2 years) The two-year public arts project will focus on creative place -making in south Iowa City and a creative asset mapping/inventory reaching towards the establishment of permanent art spaces and additional public art projects that represent a diverse city-wide collective of artists and arts organizations. SOTA will be the primary arts organization partner, although other art groups would be sponsors in parts one and two. The project will consist of two interconnected parts. In part one, emphasis will be on community engagement and public art creation in south Iowa City to help to change people's perceptions of the neighborhood in the area itself and around the rest of the city and beyond. Activities could include concerts on Broadway/street concerts; temporary art installations, such as the Public Space One pyramid or temporary sculpture in parks in the area; university faculty- and student - led workshops to collect neighborhood stories for a walking tour app and to create art based on those stories exhibited during a gallery walk event; art making projects with Iowa City Community School District (ICCSD) at Grant Wood Elementary and other neighborhood schools and the Broadway Street Neighborhood Center. To bring further attention to south Iowa City some of the art will become citywide projects and events such as a projection mural that can be shown all over Iowa City, the Downtown Gallery Walk, special costumes for the Iowa City November 13, 2014 Page 2 carnival parade, performances and exhibitions by arts groups such as the Dream Center and the Neighborhood Centers in University of Iowa spaces, and community made items for sale at the Iowa Arts Festival, the Soul Festival African Market, and the University of Iowa's Diversity Festival. Part two will build on this engagement by assessing the needs, particularly art spaces, of the Iowa City artists and arts organizations to continue to do this kind of work. Ongoing opportunities for the Iowa City arts community to grow and thrive are crucial for its long-term sustainability. Activities will include an assessment/planning process that would result in a strategic plan for the arts community's growth and sustainability. Such a process could include feasibility studies, asset mapping, focus groups, meetings with developers, etc. In addition, a "creative placemaking" class at the University of Iowa will be co -taught by arts faculty and members of other relevant departments on campus. ICCSD students from diverse backgrounds, particularly students of color, will be invited to participate in these classes and to create projects in their high schools that they present at a joint student creative placemaking forum. The class would be based on the IISC's service learning model, allowing students to gain professional development experience while positively benefiting the Iowa City area and giving them the tools they need to become arts and cultural leaders of the future. Some opportunities might include arts administration, event management, and cultural planning. PUBLIC ART CHALLENGE GRANT (Bloomberg Philanthropies) - Up to $1,000,000 (over 2 years) Implemented primarily by SOTA, the grant request will focus on establishment of a Latino Fest and Soul Fest to the same level of prominence as Art and Jazz Fests. The bigger goal will be to broaden programming for all the festivals into the neighborhoods, including community art group activities as part of the festivals and growing the carnival parade with groups from all of the neighborhoods. Funds will also be request to host events in celebration of the 10th year of SOTA (2016) including: 1) Bringing in more well-known bands for the Arts, Jazz and Soul Festivals 2) Adding a step competition to Soul Fest. 3) Adding educational components to these festivals (panel discussions, demonstrations, etc.) 4) Having special arts events within the community like the "Architects of Air" www.architects-of-air.com/ 5) Establish a weekly public art opportunity in conjunction with the Friday Night Concert Series and/or Free Movie Series Financial Impact: The NEA "Our Town" Grant requires local match. The IISC has pledged monetary funding for the project. It is expected that the majority of the local match will be in- kind services provided by various participants, including the City of Iowa City, SOTA, local art organizations and human service agencies. The Bloomberg Philanthropies "Public Art Challenge Grant" requires no local match. The "Our Town" Grant allows for funds to be used for administrative expenses and that request will be included in the budget. Any hired staff will be under the employ of SOTA. Recommendation: The Iowa City City Council authorize the resolutions approving submission of the grant requests for the "Our Town" (NEA) and "Public Art Challenge" (Bloomberg Philanthropies) grants at this time so applications can be finalized and submitted within required upcoming deadlines. MINUTES PRELIMINARY PUBLIC ART ADVISORY COMMITTEE THURSDAY, NOVEMBER 6, 2014 CITY MANAGER'S CONFERENCE ROOM — CITY HALL Members present: John Engelbrecht, Mike Moran, Tam Bryk, Elizabeth Pusack, and Bill Nusser Not present: Brent Westphal and Rick Fosse Staff Present: Marcia Bollinger, Tracy Hightshoe Public Present: Mickey Hampton, UAY MOTIONS TO CITY COUNCIL MOTION: Nusser moved to recommend to the City Council for the City of Iowa City to co - apply with the Summer of the Arts for this Our Town Grant funded by the National Endowment for the Arts (NEA). Bryk seconded the motion. Motion passed 5:0. MOTION: Nusser moved that a resolution be approved by City Council to approve the authorization of the Mayor to execute a letter of interest to the Bloomberg Philanthropies to request funding from the Public Art Challenge Grant. Bryk seconded the motion. Motion passed 5:0. CALL TO ORDER Meeting called to order at 3:31 pm. PUBLIC DISCUSSION OF ANY ITEM NOT ON THE AGENDA No new business. CONSIDERATION OF THE MINUTES OF THE JULY 17TH, 2014 MEETING MOTION: Moran moved to approve the July 17th, 2014 meeting. Pusack seconded. Motion passed 5:0. OUR TOWN GRANT APPLICATION- NATIONAL ENDOWMENT FOR THE ARTS Engelbrecht then moved to the discussion of the Our Town Grant. Bollinger explained the grant and then process to the commission. (Tracy Hightshoe arrived @ 3:40 who Bollinger introduced to the commission as the newly appointed Neighborhood Services Coordinator.) The commission discussed the different focus areas and what the possibilities are for the grant. Moran asked if the grant would fund bricks and mortar and Bollinger responded that it will not. Engelbrecht stated that the grant would fund asset mapping and assessing the needs of community art organizations. Bollinger then stated that the Public Art Advisory Commission needs to make a recommendation to the City Council to authorize the City be an applicant along with Summer of the Arts for this application. Bollinger also stated that this is a cooperative venture with the University and Nick Benson from the Iowa Initiative for Sustainable Communities office. She reminded the commission that Benson had explained what their role might be in such a project at the last meeting in July. Bollinger also stated that the grants would be written by Loyce Arthur, an art professor at the University of Iowa and Lisa Barnes, Director for the Summer of the Arts. Nusser then asked what creative place -making is. Engelbrecht responded by saying that it is essentially striving for vibrancy through cultural offerings and further explained that it is what gives a place a certain livelihood that is unique. Nusser then asked what asset mapping or inventorying is. Engelbrecht also responded by saying that it is essentially meeting with local artists and asking what they need by conducting surveys and town hall meetings to get a sense for what they need and want and how they meet the needs of the public. Nusser and Bryk asked additional questions. Nusser asked what exactly the Commissions role in this would be with the motion to City Council. Bollinger then stated that the Commission would like be involved in some decision making and provided updates regarding activities related to the grant. MOTION: Nusser moved to recommend to the City Council for the City of Iowa City to co -apply with the Summer of the Arts for this Our Town Grant funded by the National Endowment for the Arts (NEA). Bryk seconded the motion. Motion passed 5:0. THE PUBLIC ART CHALLENGE- BLOOMBERG PHILANTHROPIES Bollinger then explained some of the specifics of the Public Art Challenge grant and how it came into being. She stated that the biggest part of this grant is to support events that the public can participate in. She stated that Summer of the Arts is interested in supporting Latino Fest and Soul Fest. Bollinger stated that Soul Fest has been supported by Hancher in the past and that that does not seem likely to continue. Moran asked if this would again need a recommendation to write a co -application with the Summer of the Arts. Bollinger stated no, that it would actually have to be a "letter of interest" from the Mayor. Bryk stated that Soul Fest is one of the very few such festivals and that that my give Iowa City and advantage. Nusser then asked more about the specifics of this grant and how it works. The commission then further discussed the possibility of a Latino Fest and agrees that it would be a great opportunity for the community. MOTION: Nusser moved that a resolution be approved by City Council to approve the authorization of the Mayor to execute a letter of interest to the Bloomberg Philanthropies to request funding from the Public Art Challenge Grant. Bryk seconded the motion. Motion passed 5:0. REQUEST FOR FUNDING FOR INSTALLATION OF "I AM. I WILL. I'M AFRAID.' UNITED ACTION FOR YOUTH Engelbrecht then brought the Commission's attention to the Mickey Hampton from the United Action for Youth. Mickey Hampton introduced herself as the Arts Coordinator and the Academic Coordinator and she also stated that she does a lot of work at City High. She stated that they worked with a nationally known artist from Brooklyn on this project and in each community the project looks a little bit different. In our community she worked with 12 youth in grades 9-12 in various schools and from varying backgrounds. She then worked on writing with them as well as drawing and then superimposed them to come with an image. Hampton then showed the Commission the image. She stated that the opportunity of this project is that it brings up the voices of those who are not often heard. She stated that she has come to Commission for their financial and community support to display the image in a way that would be available to everyone. Hampton then stated that she did have an estimated cost for displaying the image. She stated that in one of the other communities this artist worked in, a 12'x16' banner cost $700 Prepared by Marcia Bollinger, Neighborhood Outreach Coordinator, 410 E. Washington St., Iowa City, IA 52240 (319)356-5237 RESOLUTION NO. 14-318 RESOLUTION AUTHORIZING THE CITY TO APPLY TO THE NATIONAL ENDOWMENT FOR THE ARTS (NEA) FOR AN OUR TOWN GRANT THAT WILL HOST SEVERAL CREATIVE PLACEMAKING EVENTS FOCUSING EFFORTS IN THE SOUTH DISTRICT AREA OF IOWA CITY AS WELL AS COORDINATE DISCUSSIONS TO ASSESS NEEDS AND ENCOURAGE GROWTH OF EXISTING ARTS ORGANIZATIONS. WHEREAS, the City of Iowa City provides funding for and support services to provide public art opportunities throughout the community through the Public Art Program; and WHEREAS, Summer of the Arts has a proven record for successfully hosting numerous festivals and events over the past 8 years including Artsfest, Jazzfest, Soulfest, Friday Night Concert Series and Saturday Night Movies; and WHEREAS, the Iowa Initiative for Sustainable Communities in conjunction with the University of Iowa has expressed interest in contributing funds to this grant request including participation by numerous local arts organizations and artists, the school district, human service agencies and neighborhood centers; and WHEREAS, this effort will gather together, through the creative placemaking projects, numerous Iowa City arts organizations and enable discussions to occur regarding asset mapping and long term needs of these organizations with the goal of developing a plan to continue to see growth of these organizations and ensure the long-term sustainability in the community; and WHEREAS, Summer of the Arts has requested that the City of Iowa City apply in partnership to the National Endowment for the Arts with support by those mentioned above; and WHEREAS, the Iowa City Public Art Advisory Committee recommended approval of this resolution at their November 6, 2014 meeting; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. Staff is authorized to submit an application with Summer of the Arts and any additional documentation to the National Endowment of the Arts for funding through the Our Town grant program; and 2. The City Manager is authorized to sign the grant application forms and any subsequent grant contracts with the National Endowment for the Arts as necessary; and 3. The City hereby certifies that it is is not being requested to provide monetary support for this application but will provide staff resources and assistance as necessary for successful implementation of the project; and 4. This resolution will be included with formal applications to the National Endowment for the Arts. Resolution No. 14-318 Page 2 Passed and approved this 18th day of November , 20 14 MAYOR �- CITY CLERK City Attorney's Office Resolution No. 14-318 Page 3 It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton Prepared by Marcia Bollinger, Neighborhood Outreach Coordinator, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5237 RESOLUTION NO. 14-319 RESOLUTION AUTHORIZING THE CONSIDER A RESOLUTION AUTHORIZING THE MAYOR TO SUBMIT A "LETTER OF INTEREST" IN PARTNERSHIP WITH SUMMER OF THE ARTS TO THE BLOOMBERG PHILANTHROPIES FOR A PUBLIC ART CHALLENGE GRANT THAT WILL EXPAND SUMMER OF THE ARTS EVENTS BOTH DOWNTOWN AND IN SOUTH DISTRICT NEIGHBORHOODS IN CELEBRATION OF THE 10TH YEAR OF SUMMER OF THE ARTS IN 2016. WHEREAS, the City of Iowa City provides funding for and support services to provide public art opportunities throughout the community through the Public Art Program; and WHEREAS, Summer of the Arts has a proven record for successfully hosting numerous festivals and events over the past 8 years including Artsfest, Jazzfest, Soulfest, Friday Night Concert Series and Saturday Night Movies; and WHEREAS, the Summer of the Arts is interested in expanding their art, music, theater and performance opportunities in celebration of their upcoming 10th anniversary in 2016; and WHEREAS, this effort will extend many of these opportunities to locations within the South District neighborhoods of Iowa City; and WHEREAS, the Mayor must submit a Letter of Interest to the Bloomberg Philanthropies to apply; and WHEREAS, Summer of the Arts will assume responsibility as primary arts organization and administrator of the grant; and WHEREAS, the Iowa City Public Art Advisory Committee recommended approval of this resolution at their November 6, 2014 meeting; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: The Mayor is authorized to submit a Letter of Interest and any additional documentation to the Bloomberg Philanthropies for funding through the Public Art Challenge grant program; and 2. The Mayor or his designee is authorized to sign the grant application forms and any subsequent grant contracts with the Bloomberg Philanthropies as necessary; and 3. The City hereby certifies that it is is not being requested to provide monetary support for this application but will provide staff resources and assistance as necessary for successful implementation of the project; and 4. This resolution and a letter executed by the Mayor will be included with formal applications to the Bloomberg Philanthropies. Resolution No. 14-319 Page 2 Passed and approved this 18th day of November , 20 14 MAYOR App�oved by ATTEST: { CITY CLERK City Attorney's Office Resolution No. Page 3 14-319 It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton 11-18-14 4d(9) Council Member Throgmorton introduced the following resolution entitled "RESOLUTION APPOINTING BANKERS TRUST COMPANY OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, NOTE REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND NOTE REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT", and moved that the resolution be adopted. Council Member Mims seconded the motion to adopt. The roll was called and the vote was, AYES: Botchway, Dickens, Dobyns, Hayek Mims, Payne, Throgmorton NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: Resolution No. 14-320 RESOLUTION APPOINTING BANKERS TRUST COMPANY OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, NOTE REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND NOTE REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT WHEREAS, $9,110,000 Parking System Revenue Refunding Capital Loan Notes, Series 2009F, dated November 23, 2009, are now outstanding, but will be defeased through a Funding Trust Agreement with Bankers Trust Company, and action should now be taken to provide for the maintenance of records, registration of certificates and payment of principal and interest by Bankers Trust Company in connection with the issuance of the notes; and WHEREAS, a Paying Agent, Note Registrar and Transfer Agent Agreement (hereafter "Agreement") has been prepared to be entered into between the City and Bankers Trust Company. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, STATE OF IOWA: Section 1. That Bankers Trust Company of Des Moines, Iowa, is hereby appointed to serve as Paying Agent, Note Registrar and Transfer Agent in connection with the issuance of -2- $9,110,000 Parking System Revenue Refunding Capital Loan Notes, Series 2009F, dated November 23, 2009. Section 2. That the Agreement with Bankers Trust Company of Des Moines, Iowa, is hereby approved and that the Mayor and Clerk are authorized to sign the Agreement on behalf of the City. PASSED AND APPROVED this 18th day of November, 2014. ATTEST: City Clerk Mayor -3- CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF JOHNSON ) I, the undersigned City Clerk of the City of Iowa City, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the City Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of public hearing and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the City hereto affixed this / day of 2014. City Cle , City of Iowa City, State of Iowa (SEAL) 01064603-1\10714-097 PAYING AGENT; NOTE REGISTRAR AND TRANSFER AGENT AGREEMENT This Agreement is entered into the date hereof between Bankers Trust Company ("Agent" or "Paying Agent") and the City of Iowa City, State of Iowa ("Issuer"). 1. Definition of Terms. The terms "item", "receipt", "transfer", "turnaround", "process", "business day", and other terms used throughout this Agreement shall be deemed to have the meanings provided in Rules 17Ad-1 and 17Ad-2 of the Regulations promulgated pursuant to the Securities Exchange Act of 1934 and Section 76.10(4) of the Code of Iowa, as amended and in effect from time to time. 2. Note Resolution Incorporated by Reference. Agent agrees to act on behalf of Issuer pursuant to the terms of this Agreement and pursuant to the Resolution Authorizing and Providing for the Execution of a Funding Trust Agreement with respect to the $9,110,000 Parking System Revenue Refunding Capital Loan Notes, Series 2009F, dated November 23, 2009 (the "Obligations"). The Resolution and the terms thereof are hereby incorporated by reference and the provisions of this Agreement are to be construed to be consistent with the Resolution. The Resolution defines among other items lost, stolen and mutilated Notes and manner of notice to parties. In the event of inconsistent language between the Resolution and this Agreement, the terms of the Resolution shall prevail. 3. Registrar Function. Agent shall maintain records of the identity of the owners of the Obligations in order to carry out its function as Registrar and upon request of Issuer shall from time to time deliver to Issuer records, documents and other writings made or accumulated in the performance of its duties as Registrar. In such capacity Agent is authorized at any time to register for original issue certificates representing the Obligations and not exceeding the total principal amount of the Obligations ("certificates") and upon surrender for cancellation of certificates to register new certificates for the principal amount of Obligations represented by the certificates so canceled and to redeliver such new certificates. 4. Transfer Agent Function. For the purpose of the original issue of certificates Agent is hereby directed to record and authenticate certificates signed by or bearing the facsimile signatures of the officers of Issuer authorized to sign certificates, in such names and in such amounts as Issuer may direct. Agent shall make transfers, from time to time upon the records of Issuer of any outstanding certificates and of certificates issued in exchange therefor signed by the officers of Issuer upon surrender thereof for transfer properly endorsed and upon reasonable assurance that such endorsements are genuine and effective in accordance with Section 554.8401, Code of Iowa. Upon request for cancellation of such certificates Agent shall record and authenticate new certificates duly signed and deliver such certificates to or upon the order of the person entitled thereto. Agent shall furnish to each owner, at Issuer's expense, one certificate for each annual maturity. Agent shall furnish additional certificates of lesser denomination to an owner who so requests. -1- Certified specimen signatures of the officers of Issuer and certified specimen certificates in the form duly approved by Issuer shall be lodged with Agent and upon request of Agent the Issuer will deliver to the Agent a sufficient supply of certificates in the form approved. 5. Paving Agent Function. Agent is hereby authorized and shall make payments of principal and interest to the registered holders of the Obligations as follows: (a) At least three business days prior to each payment date Issuer will deposit with the Agent in immediately available funds such amount as is required to make such payment. (b) One business day before each payment date Agent will pay interest and, upon presentation and surrender of the matured or called Obligations, will pay principal to each registered owner of the Obligations as of the record date by mailing a check to each such owner. In any case where the date of maturity of interest on or principal of the Obligations or the date fixed for redemption of any Obligations shall be a Sunday or a legal holiday or a day on which the banking institutions are authorized by law to close, then payment of interest or principal may be made on the succeeding business day with the same force and effect as if made on the date of maturity or the date fixed for redemption. Provided, however, that payment of principal shall be made not later than the second day after receipt of the matured Obligation. (c) When the Agent shall receive notice from Issuer of its option to redeem Obligations prior to maturity, the Agent shall select the Obligations to be redeemed and give notice of the redemption thereof, all in accordance with the terms of the Obligations and the Resolution. 6. Form of Records. The records of Agent shall be in such form as to be in compliance with standards issued from time to time by the Municipal Securities Rulemaking Board of the United States and any other securities industry standard and the requirements of the Internal Revenue Code of 1986 and Chapter 76 of the Code of Iowa. 7. Confidentiality of Records. Agent's records in connection with the Obligations shall remain confidential records entitled to protection and confidentiality pursuant to Section 22.7(17), Code of Iowa. Agent agrees that its use of the records will be limited to the purposes of this Agreement and that Agent will make no private use or permit any private access thereto. 8. Reliance Upon Certain Certifications and Representations. Agent may rely conclusively and act, without further investigation, upon any list, instruction, certification, authorization, certificate or other instrument or paper suitably guaranteed and believed by it in good faith and due diligence in performing its functions to be genuine and to have been signed, countersigned or executed by any duly authorized person or persons or upon the instruction of any authorized officer of Issuer or upon the advice of Issuer's counsel; and may register any certificate representing the Obligations or may refuse to register any such certificate if in good faith Agent deems such refusal necessary in order to avoid any liability on the part of either -2- Issuer or Agent, and Issuer agrees to indemnify and hold harmless the Agent from and against any and all losses, costs, claims and liability for so relying or acting or refusing to act. 9. Rules and Regulations Governing Registration. Agent shall comply at all times with such rules, regulations, and requirements as may govern the registration, transfer and payment of registered Obligations including without limitation Chapters 76, 384, 554.8101 et seq. Code of Iowa and standards issued from time to time by the Municipal Securities Rulemaking Board of the United States and any other securities industry standard and the requirements of the Internal Revenue Code of 1986. 10. Signature of Officers. In case any of the officers of Issuer whose manual or facsimile signature appear on any certificate, bond or other record delivered to the Agent shall cease to be such officer prior to the registration, processing or transfer thereof, the Agent may nevertheless process such documents as though the person signing the same or whose facsimile signature appears thereon had not ceased to be such officer unless written instruction of the Issuer to the contrary is received. 11. Record Date. For purposes of determining the registered owners of the Obligations, the record date shall be deemed to be the fifteenth day of the month preceding the date on which payment of principal, premium, if any, or interest is payable to the registered owners of the Obligations ("payment date") whether such payment is due to optional redemption, operation of a sinking fund, or for any other reason. 12. Three Days Turnaround. Agent agrees that it will turnaround within three business days of receipt all items received in proper form for transfer, process or other action pursuant to the terms of this Agreement. 13. Delivery of Obligations. Agent will promptly cancel and deliver to Issuer all Obligations or certificates representing the Obligations surrendered to it upon payment of the principal, premium, if any, and interest owing on such Obligations. 14. Payment of Unclaimed Amounts. In the event any payment check representing payment of interest or principal on the Obligations is returned to the Paying Agent or is not presented for payment, or if any Obligation is not presented for payment of principal or premium, if any, at the maturity or redemption date, if funds sufficient to pay such interest on Obligations shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Issuer to the owner thereof for such interest or payment of such Obligations shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the owner of such Obligations who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Agreement or on, or with respect to, such interest or Obligations. The Paying Agent's obligation to hold such funds shall continue for a period equal to two years and six months following the date on which such interest or principal became due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall surrender any remaining funds so held to the Issuer, -3- whereupon any claim under this Agreement by the Owners of such interest or Obligations of whatever nature shall be made upon the Issuer. 15. No Obligation to Invest. Agent will have no obligation to invest any funds in its possession. 16. Compensation of Agent. The Issuer will pay Agent reasonable compensation for its services, based upon the schedule of fees attached or such other schedule of fees as may be agreed upon from time to time between Agent and Issuer. Agent's compensation may include the amount of any attorney fees incurred by it under Section 17 hereof. 17. Bond Counsel. When Agent deems it necessary or reasonable it may apply to bond counsel for the Issuer, or such other law firm or attorney approved by Issuer for instructions or advice. 18. Termination of Agreement. This Agreement may be terminated by either party by giving the other party at least 90 days advance written notice. At termination of the Agreement, Agent shall deliver to Issuer any and all records, documents or other writings made or accumulated in the performance of its duties under this Agreement and shall refund the unearned balance, if any, of fees paid in advance by Issuer. 19. Examination of Records. Issuer or its duly authorized agents may examine all records relating to the Obligations at the principal office of the Agent at reasonable times as agreed upon with the Agent and such records shall be subject to audit from time to time at the request of Issuer or Agent. The Agent, on request, will furnish Issuer with a list of the names, addresses, and other information concerning the owners of the Obligations or any of them. 20. Obligations Rights and Privileges of Agent. Agent shall have, with regard to the particular functions it performs, the same obligation to the holder or owner of the Obligations and shall have the same rights and privileges as the Issuer has in regard to those functions. Dated this 18th day of November , 2014. ATTEST: By: City Crerk CITY OF IOWA CITY, STATE OF IOWA, ISSUER By: Mayor -4- ATTEST: LIMA (Title) BANKERS TRUST COMPANY, AGENT Lo -5- (Title) SCHEDULE A Fee Schedule 01065235-1\10714-097 4d(10) Prepared by Gary Cohn, ITS Coordinator, 410 E. Washington, Iowa City, IA 52240, (319) 356-5430 RESOLUTION NO. 14-321 RESOLUTION ACCEPTING THE WORK FOR PROJECT FIBER INFRASTRUCTURE REROUTE TO VACATE NORTH WASTEWATER TREATMENT PLANT (PROJECT 2014-005) WHEREAS, the consulting engineer, COMINFRAGroup, has recommended that the work for the construction of the FIBER INFRASTRUCTURE REROUTE TO VACATE NORTH WASTEWATER TREATMENT PLANT (PROJECT 2014-005), as included in a contract between the City of Iowa City and Slabach Construction Co., Inc. of Kalona, Iowa, dated August 15, 2014, be accepted; and WHEREAS, the Engineer's Report and performance and payment bond has been filed in the City Clerk's office; and WHEREAS, funds for this project are available in the North Wastewater Treatment Plant Removal - Phase 1 Capital Improvement account; WHEREAS, the final contract price is $ 38,511.50. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT said improvements are hereby accepted by the City of Iowa City, Iowa. Passed and approved this 18th day of Approved by CityAttorney's ffi e November , 2014. _MM LTA_ l�: ATTEST: CITY CLERK It was moved by Throgmorton and seconded by Mims the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton COMINFRAGrou Communications Infrastructure ervicesr� oup P.O. Box 907 1 Stevensville, MT 1 59870 1 406-777-1146 October 13, 2014 To: Mr. Gary Cohn ITS Coordinator 410 East Washington Street Iowa City, IA 52240 Subject: Proposed acceptance of Project entitled: City of Iowa City Fiber Infrastructure Reroute To Vacate North Waste Water Treatment Plant (Project No. 2014-005) Copy: File Dear Mr. Cohn: As of October 13, 2014 all work by Slabach Construction Company, Inc., concerning the project referenced above has been completed in compliance with the project plans and specifications. We have inspected the work. All punch list items are complete, record document markups have been provided, and Slabach's final payment invoice has been reviewed. We recommend acceptance of this project by the City of Iowa City. Sincerely, M 'ha eLIM e Project Engineer Prepared by Gary Cohn, ITS Coordinator, 410 E. Washington, Iowa City, IA 52240, (319) 356-5430 RESOLUTION NO 14-322 RESOLUTION ACCEPTING THE WORK FOR PROJECT COMMUNICATIONS INFRASTRUCTURE IMPROVEMENT PROJECT (COMBINED PROJECTS 2013-008A AND 2013-0088) WHEREAS, the consulting engineer, COMINFRAGroup, has recommended that the work for the construction of the COMMUNICATIONS INFRASTRUCTURE IMPROVEMENT PROJECT (COMBINED PROJECTS 2013-008A AND 2013-0088), as included in a contract between the City of Iowa City and Slabach Construction Co., Inc. of Kalona, Iowa, dated December 2, 2013, be accepted; and WHEREAS, the Engineer's Report and performance and payment bond has been filed in the City Clerk's office; and WHEREAS, funds are available for this project from the ITS Capital Improvements Fund; WHEREAS, the final contract price is $45,217.00. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT said improvements are hereby accepted by the City of Iowa City, Iowa. Passed and approved this 18th day of Approved by City ttorney' e November , 2014. ATTEST: e - CITY -CLERK It was moved by Throgmorton and seconded by Resolution be adopted, and upon roll call there were: AYES: NAYS: x x x x x x x ABSENT: Mims Botchway Dickens Dobyns Hayek Mims Payne Throgmorton the COMINFRAGrou Communications Infrastructure Services Group P.O. Box 907 1 Stevensville, MT 1 59870 1 406-777-1146 April 12, 2014 To: Mr. Gary Cohn ITS Coordinator 410 East Washington Street Iowa City, IA 52240 Subject: Proposed acceptance of Project entitled: City of Iowa City Communications Infrastructure Improvement Project Combined Projects 2013-008A & 2013-0088 Copy: File Dear Mr. Cohn: As of April 12, 2014 all work by Slabach Construction Company, Inc., concerning the project referenced above has been completed in compliance with the project plans and specifications. We have inspected the work. All punch list items are complete, record document markups have been provided, and Slabach's final payment invoice has been reviewed. We recommend acceptance of this project by the City of Iowa City. Sincerely, Mil ael Meister Project Engineer CITY OF IOWA CITY 4d12 MEMORANDUM Date: November 13, 2014 To: Mr. Thomas Markus IL From: Chief Sam Hargadine 40/70 4 Re: Authorization to Repeal Resolution NO.14-275 On September 16, 2014, the City Council deliberated resolution number 14-275 which authorized the approval of spending $211,000 for the purchase of a body worn digital camera system for the Police Department. At the time there was discussion surrounding the limitations of current body camera technology. Prior to approval of the resolution, members of the City Council encouraged the Department to continue to review emerging body camera technology. In October I attended the annual International Association of Chiefs of Police Conference and became aware of emerging technology that was not available when the City initiated the RFP process. This emerging technology would enable the Police Department to utilize its current in car recording software. The benefits of being able to use our current in car recording software include utilization of a single software platform for both in car and body worn cameras. This translates into a lower initial investment as well as ongoing support and maintenance fees, as compared to a separate system. Additionally, there will be a significant reduction in staff time associated with managing one software platform as opposed to two. For these reasons I am asking that resolution #14-275 be repealed and that the Department be allowed to further explore a body camera solution. Prepared by: Chief Sam Hargadine, 410 E. Washington Street Iowa City, IA. 52240; (319) 356-5275 Resolution NO. 14-323 RESOLUTION REPEALING RESOLUTION NO. 14-275 REGARDING THE PURCHASE OF A BODY WORN DIGITAL CAMERA SYSTEM FOR THE POLICE DEPARTMENT WHEREAS, on September 16, 2014, the City Council, voted to approve spending $211,000 for the purchase of a body worn digital camera system for the Police Department; including $163,000 for body worn cameras, $38,000 for storage, and $10,000 for preparation of space; and WHEREAS, Chief Sam Hargadine attended the annual International Association of Chiefs of Police Conference from October 24 to October 29, 2014; and WHEREAS, Chief Sam Hargadine, learned of a new body camera technology not available during the RFP process during the conference; and WHEREAS, the new body camera technology will utilize the Police Department's current in car recording software for its current body cameras; and WHEREAS, initial estimates of the new body camera technology will be less than $211,000; and WHEREAS, repeal of this resolution is in the public interest. NOW, THERFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. Resolution 14-275 is hereby repealed. Passed and approved this 18th day of November , 2014. ATTEST: _ �-,,,) & w CIT LERK A roved by: City Attorney's Office Resolution No. Page 2 14-323 It was moved by Throgmorton and seconded by Resolution be adopted, and upon roll call there were: Mims the AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton q� C�_> Prepared by: Geoff Fruin, Assistant City Manager, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5010 RESOLUTION NO. 14-324 RESOLUTION ESTABLISHING THE CITY OF IOWA CITY'S 2015 LEGISLATIVE PRIORITIES WHEREAS, the Iowa City City Council seeks to encourage legislation that enhances economic development and opportunity in Iowa City as well as the State of Iowa; and WHEREAS, the City of Iowa City and other cities play a critical role in the future of the State; and WHEREAS, it is in the interest of the citizens of Iowa City that the City Council establish legislative priorities and convey said priorities to: State legislators who directly represent Iowa City, other State legislators, and to the Governor and the Governor's administration. NOW, THEREFORE, BE IT RESOLVED that the Iowa City City Council hereby outlines its legislative proposals to the Iowa City area legislative delegation for the 2015 Iowa State legislative session as follows: Ensure the financial sustainability of the Municipal Fire and Police Retirement System of Iowa (MFPRSI) Cities that are required to participate in the State MFPRSI pension system for public safety personnel have experienced rapidly growing costs, which are necessarily inflating local property tax rates. The State needs to carefully examine the long-term financial feasibility of this system and consider reforms that protect taxpayers and ensure that our public safety employees have fair benefits that can be counted on in their retirement years. The State should carefully consider the differences in employee benefits and the cost implications for cities between the MFPRSI system and (PERS system, which also provides for police and fire personnel in the state. The City encourages Iowa to reinstate the State contribution to the MFPRSI system and to consider a tiered reform that protects benefits for current members and offers a more sustainable benefit package for new enrollees. Provide local governments more flexibility in determining local revenue sources and preserve the Local Option Sales Tax election process and distribution formula 2013 property tax reform measures are placing significant financial pressures on cities across the state. Over the next several years, cities will be challenged to maintain basic service levels that meet community expectations. In order to achieve a healthier diversification of revenue sources and meet community demands for municipal services, cities need enhanced flexibility to raise local revenues. Iowa City advocates for increased local control of revenue decisions that can strengthen our cities and facilitate future economic growth in the state. The City also encourages the State to preserve the existing Local Option Sales Tax election process and distribution formula. Promote legislation to ensure all commercial properties are assessed equally, regardless of other shared uses within a single structure The Department of Revenue is moving forward with rules in which multiuse property would be taxed as "primary use" versus dual classification; thereby moving the majority of multiuse property to a multi -residential rate versus a portion being commercial. This will result in similar commercial properties being taxed at inequitable rates based solely on shared uses within a Resolution No. 14-324 Page 2 structure. The City urges the legislature to seek solutions that tax all commercial uses equitably at the commercial rate. Increase infrastructure funding that supports a diverse transportation network Current revenue streams are not keeping up with the growing costs of maintenance on our transportation network. As a result, cities are increasingly utilizing property tax dollars for basic infrastructure needs. The City encourages the state to consider measures to (1) increase funding of revenue sources for transportation infrastructure, and (2) commit to further diversifying our transportation network in a manner that will make it more competitive and sustainable in the years ahead. Examples of such diversification measures include regional passenger rail, as well as enhanced funding for transit and bicycle accommodations. Support the University of Iowa's efforts to be a global leader in 21St century higher education The University of Iowa plays a critical role in the local, regional and statewide economies. It is important the State of Iowa provides the university the needed resources to become a global leader in higher education. Ensuring the university's continued competitiveness in the higher education field will provide stability in the economy and facilitate growth opportunities in varied sectors of the business community. The City encourages the State to carefully consider and support the legislative and financial priorities of the university. Support the legislative efforts of the Iowa League of Cities and the Metro Coalition Iowa City, as a member city of both organizations, supports the legislative priorities set forth by the Iowa League of Cities and by the Metropolitan Coalition for the 2015 legislative session. Passed and approved this 18th day of ATTEST:�&Qc�uJ 7e. CITY'CLERK November ,20 14 MAYOR nved by City Attorney's Office 2 Resolution Ido. 14-324 Page 3 It was moved by Mims and seconded by Payne the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne g Throgmorton O Prepared by: Susan Dulek, Assistant City Attorney, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5030 RESOLUTION NO. RESOLUTION APPROVING A PURCHASE AGREEM.EN._ BETWEEN THE CITY OF IOWA CITY AND QCI THERMAL SYSTEMS, INC. FO LOT 7 OF THE NORTH AIRPORT DEVELOPMENT SUBDIVISION AND ; AUTHORIZING CONVEYANCE IN ACCORDANCE THEREWITH. WHEREAS, The North Airport Development Subdivision includes been marketed for sale to the general public; WHEREAS, the City had negotiated a Lot 7 for $179,575, and it requires City WHEREAS, following public hearing, the C approved and that the property should be co ,e agreement with I approval; and mercial lots which have Thermal Systems, Inc. for finds that said 4)urchase agreement should be ved in accordWnce therewith. NOW, THEREFORE, BE IT RESOLVED BY E CITY OUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The purchase agreement with QCI Thermal st ms, Inc. is approved. 2. , Upon the direction of the City Attorney, the yor and the City Clerk are authorized to execute all documents necessary to dispo a said property in accordance with said purchase agreement. Passed and approved this day of MAYOR ATTEST: CITY CLERK / 2014. Approve y r."; City Attorney's Offic'-�' = IM 'ti� 't � 453iTsan�., fJ1 Airport Commission October 28, 2014 Page 1 MINUTES IOWA CITY AIRPORT COMMISSION OCTOBER 28, 2014 — 5:30 P.M. AIRPORT TERMINAL BUILDING Members Present: Jose Assouline, A. Jacob Odgaard, Chris Ogren Members Absent: David Davis, Minnetta Gardinier Staff Present: Michael Tharp, Sue Dulek Others Present: Jeff Edberg DRAFT RECOMMENDATIONS TO COUNCIL: (to become effective only after separate Council action): Recommend Council accept purchase offer of Lot 7 DETERMINE QUORUM: Chairperson Ogren called the meeting to order at 5:40 P.M. ITEMS FOR DISCUSSION/ACTION: a. Airport Commerce Park a. Consider a motion to recommend acceptance of purchase offer for Lot 7. - Ogren stated that they had copies of the purchase offer and asked Jeff Edberg to speak to the Commission regarding the offer. Edberg stated that the offer was brought to him by another real estate broker. Edberg stated that they received an offer which had been deemed low, but that it was countered for a rate equal to most recent sales. He stated that the closing would occur on or before January 30, 2015. Members discussed the terms of the purchase offer to which Edberg responded. Assouline motioned to recommend acceptance of the purchase offer. Seconded by Odgaard. Motion passed 3-0 (Gardinier, Davis absent). ADJOURN: Ogren made the motion to adjourn the meeting at 5:52 P.M.; seconded by Assouline. Motion carried 3-0 (Gardinier, Davis absent). CHAIRPERSON DATE 8 Prepared by: Susan Dulek, Assistant City Attorney, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5030 RESOLUTION NO. 14-325 RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE CITY OF IOWA CITY AND QCI THERMAL SYSTEMS, INC. FOR LOT 7 OF THE NORTH AIRPORT DEVELOPMENT SUBDIVISION AND AUTHORIZING CONVEYANCE IN ACCORDANCE THEREWITH. WHEREAS, The North Airport Development Subdivision includes commercial lots which have been marketed for sale to the general public; WHEREAS, the City had negotiated a purchase agreement with QCI Thermal Systems, Inc. for Lot 7 for $179,575, and it requires City Council approval; and WHEREAS, following public hearing, the City finds that said purchase agreement should be approved and that the property should be conveyed in accordance therewith. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The purchase agreement with QCI Thermal Systems, Inc. is approved. 2. Upon the direction of the City Attorney, the Mayor and the City Clerk are authorized to execute all documents necessary to dispose of said property in accordance with said purchase agreement. Passed and approved this 18th day of ATTEST:_ CITY CLERK November , 2014. ����V-1 ON Approved by City Attorney's Office Resolution No. 14-325 Page 2 It was moved by Dobyns and seconded by Botchway the Resolution be adopted, and upon roll call there were: AM: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton Prepared by: Susan Dulek, Assistant City Attorney, 4110 E. Washington St., Iowa City, IA 52240 (319) 356-5030 SOLUTION NO. RESOLUTION AP OVING A PURCHASE AGREE ENT BETWEEN THE CITY OF IOWA CITY D TAMARACK MATERIALS, IN . FOR LOTS 11, 12, AND 13 OF THE NORTH RPORT DEVELOPMENT SUB IVISION AND AUTHORIZING CONVEYANCE I ACCORDANCE THEREWITH. WHEREAS, The North Akport Development Subdivisi�6n includes commercial lots which have been marketed for sale to he general public; r WHEREAS, the City had n gotiated a purchase a Bement with Tamarack Materials, Inc. for Lots 11, 12, and 13 for $585,%haring, and it requires Cit Council approval; and WHEREAS, following public the City fi ds that said purchase agreement should be approved and that the property s',ould be conve ed in accordance therewith. NOW, THEREFORE, BE IT RESOLVED BY HE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The purchase agreement with Ta ar ck Materials, Inc. is approved. 2. Upon the direction of the City execute all documents nece& purchase agreement. Passed and approved this ATTEST: CITY CLERK f' y, the Mayor and the City Clerk are authorized to to Xispose of said property in accordance with said day of MAYOR 2014. City Attorne 's Office t 11-18�� 9 Prepared by: Susan Dulek, Assistant City Attorney, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5030 RESOLUTION NO. 14-326 RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE CITY OF IOWA CITY AND TAMARACK MATERIALS, INC. FOR LOTS 11, 12, AND 13 OF THE NORTH AIRPORT DEVELOPMENT SUBDIVISION AND AUTHORIZING CONVEYANCE IN ACCORDANCE THEREWITH. WHEREAS, The North Airport Development Subdivision includes commercial lots which have been marketed for sale to the general public; WHEREAS, the City had negotiated a purchase agreement with Tamarack Materials, Inc. for Lots 11, 12, and 13 for $585,000 and it requires City Council approval; and WHEREAS, following public hearing, the City finds that said purchase agreement should be approved and that the property should be conveyed in accordance therewith. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The purchase agreement with Tamarack Materials, Inc. is approved. 2. Upon the direction of the City Attorney, the Mayor and the City Clerk are authorized to execute all documents necessary to dispose of said property in accordance with said purchase agreement. Passed and approved this 18th day of November '2014. ATTEST: A. %e� CIT LERK Approved b City Attorney's Office Resolution No. 14-326 Page 2 It was moved by Mims and seconded by Botchway the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton 11-18-14 CITY OF IOWA CITY 10 �Zw.I MEMORANDUM CITY OF IOWA CITY Date: October 8, 2014 To: City Council Economic Development Committee From: Jeff Davidson, Economic Development Administrator Re: Consider a request for financial assistance for Iowa City Marketplace CORE Sycamore Town Center LLC is owner of the former Sycamore Mall property now rebranded as Iowa City Marketplace. They have successfully negotiated leases that will fill the vacant Von Maur anchor store space with Lucky's Market, a fresh food organic grocery store, and Planet Fitness, a personal fitness center. As shown in the attached letter, CORE has requested financial assistance from the City to assist in funding the improvements necessary to get the new tenants in the space. A $4.4 million renovation budget for Phase I improvements that will get Lucky's and Planet Fitness into the Von Maur space has been reviewed and approved by City Engineering Division staff. It includes parking lot and pedestrian accessibility improvements. The request for financial assistance has been subjected to the City's standard financial gap analysis process, using our financial analyst the National Development Council (NDC). NDC evaluated the total mall renovation budget of $9.1 million and substantiated a financial gap of $4.7 million. The City has negotiated a Phase I improvements project which would provide $1.75 million in Tax Increment Financing assistance for the $4.4 million in improvements necessary to get the anchor store space reoccupied. This is what is before you for consideration of approval at your October 13 meeting. The proposed financial assistance will be structured as a six year TIF rebate which is predicated on the taxable value of the property increasing from the current $10.2 million to approximately $16.0 million once the mall is fully reoccupied. These figures and the associated assumptions have been reviewed with the City Assessor. We are limited to a 6 year TIF because that is the number of years remaining in the Sycamore and First Avenue Urban Renewal Area which was established under the economic development provisions of State TIF law. The TIF district expires in FY21. Because of the short term remaining in the TIF district, we are proposing using the taxable value increase from the entire Sycamore/First Avenue TIF District to fund the $1.75 million. The assessor has indicated that Iowa City Marketplace is such a dominant component of the Urban Renewal Area that increases and decreases in the mall's assessed valuation are mirrored in the entire district. By capturing the TIF increment from the entire district we believe the $1.75 million can be fully funded in the six year timeframe. Because it is structured as a rebate, it is predicated on the actual taxes paid and there is no exposure for the City if assessed valuations do not hit the estimated targets. In that case the mall owner may not receive the full $1.75 million. About the project The rebranding of Sycamore Mall as Iowa City Marketplace, and establishment of Lucky's Market as the anchor tenant is the foundation for the revitalization of the mall property. The rear of the anchor space, which is not a prime retail location, will be renovated for Planet Fitness with a more formalized entrance facing US Highway 6. Attached are renderings showing the proposed exterior renovation design and site plan layout. October 9, 2014 Page 2 The mall owner has explained that getting the anchor space reoccupied is the key component of getting the remainder of the mall leased up. The mall is currently 40% vacant, and after Lucky's and Planet Fitness are in place it will be 25% vacant. The mall owner has indicated that having the anchor space occupied is a huge catalyst in getting the lights on in the remaining spaces in short order. This is reflected in the taxable value estimations that have been made with the City Assessor. There is additional benefit to having the mall space occupied by an entity like Lucky's Market because of the hours of operation. A typical retail store in the anchor space would bring people to the property between conventional mall retail hours of 10:00 am to 9:00 pm. Lucky's operating hours will be approximately 7:00 am to 11:00 pm. It is estimated that Lucky's will attract 7500 to 10,000 people to the mall each week. The center of the mall will be reconfigured with individual storefronts onto the parking lot. This will occur for Lucky's Market in the phase one project that is before you, and is intended to include additional retail spaces in subsequent phases. According to the mall owner this is a deliberate strategy that is being implemented nationally to "demallify" old mall properties. For the time being the Panera and movie theatre ends of the building will remain in the mall format. The City has indicated to the mall owner that a condition of our financial involvement will be pedestrian and landscaping improvements to the parking area. We intend for the mall renovation to be a significant enhancement to the adjacent neighborhoods and the mall owner has indicated they embrace this philosophy. Sidewalk connections to the mall entrances will be constructed from Sycamore Street, Mall Drive, and the proposed new right -in entrance on First Avenue. These sidewalks are shown on the attached site plan layout. These enhancements will be memorialized in the development agreement. Sustainability initiatives A press release was issued by the mall highlighting the "green -friendly" features that will be part of the mall renovation. The specific initiatives include: 1. Replacement of HVAC refrigerant with R-22 refrigerant. This refrigerant has zero ozone depleting potential, low global warming potential and is expected to produce energy savings of 15-20% 2. Recycling of ceiling tiles, aluminum ductwork, miscellaneous metals, concrete and lighting fixtures from the Von Maur space 3. Donation of old furniture for reuse or resale 4. Creating a "Go Green" area within Iowa City Marketplace where customers and tenants can recycle cans, bottles, and other containers 5. The renovated spaces will include LED light fixtures which use substantially less energy 6. The parking lot lighting will be renovated to LED fixtures October 8, 2014 Page 4 The City Council adopted Strategic Plan The April 2014 revisions to our adopted economic development policies were intended to more closely align with the adopted City Council Strategic Plan. A principle goal is to attract and retain commercial businesses that will grow the property tax base. Financial incentives offered by the City, specifically TIF, should implement the goals and strategies of the Strategic Plan. The following goals and strategies are achieved by this project: • High quality architectural and site design. The Iowa City Marketplace Phase I renovations are being designed by local architect Shive Hattery Engineers and Architects. Design standards will be memorialized in the development agreement which will be adopted by the City Council. • Energy efficiency and sustainability features beyond what is required through adopted building codes. The items highlighted above go beyond building code requirements. • Developer equity equal or greater to public financing requested. The proposed funding split based on the $4.4 million Phase I cost estimate is 60% developer/40% City. This financing will deplete the resources of the Sycamore and First Avenue TIF District for the remaining life of the district, meaning there will be no City funding through TIF of subsequent renovation phases. • Redevelopment of underutilized or blighted properties. The mall owner has kept the property in good condition. However, at 40% vacancy it is considered a blighted property. This is reflected in the assessed valuation. • Projects achieving public purposes as detailed in the Comprehensive Plan. Comprehensive Plan guidance for the Iowa City Marketplace property is included in the adopted Southeast District Plan. That document includes a section on page 30 establishing goals for "encouraging activities and physical improvements that create a sense of identity and improve the economic vitality for the Sycamore Mall/First Avenue Commercial Corridor." It is estimated that the reoccupancy of the vacant mall spaces will create approximately 200 new jobs. However, because employment is not controlled by the mall owner, there are no specific employment requirements in the development agreement. Summary CORE Sycamore Town Center LLC has requested City financial assistance to establish Lucky's Market and Planet Fitness in the former Von Maur space. This is Phase I of the larger project that will fully lease the mall as the rebranded Iowa City Marketplace, and raise the taxable value of the property from $10.2 million to $16.0 million. Actual annual property taxes paid will increase from approximately $347,000 to $566,000. Following expiration of the TIF district in 2021, the full property taxes will flow to the taxing entities. In exchange for the recommended $1.75 million TIF funding, the mall owner has agreed: 1. To fund 60% of the estimated $4.4 million in Phase I improvements. 2. That the exterior building renovations will be generally consistent with the architectural renderings provided but subject to approval of the Staff Design Review Committee. October 8, 2014 Page 5 3. To make pedestrian and landscaping improvements to the parking area generally consistent with the site plan layouts provided however final designs are subject to approval from the City Manager or his designee. 4. To implement environmental sustainability features as enumerated. The proposed project is consistent with the adopted City Council Strategic Plan, and the Southeast District Plan which is the Comprehensive Plan for this area. According to the City Assessor the recent decline in property value and anticipated increase in property value after improvements are completed on the mall property will be mirrored in the property values in the entire Sycamore/First Avenue Urban Renewal area. Recommendation Approval of a six year TIF rebate using the incremental value of the entire Sycamore/First Avenue TIF District, not to exceed $1.75 million. U LUCKY'S MARKET RENDERING - VIEW FROM NORTH WEST kw rte. IOWA CITY MARKETPLACE - IOWA CITY, IOWA °RY SHIVC-FIATTC-RY MASTER PLAN kwwbwkZ IOWA CITY MARKETPLACE - IOWA CITY, IOWA SHIVC-hIATT[RY PHASEIIMPROVEMENTS kawb B xw. IOWA CITY MARKETPLACE - IOWA CITY, IOWA Te.� Mae A BREr�Dry OR01lOII � Oyama Sushi, 6111LL ®f av�>cuaorct RadioSkxk i ® ®oPetland. DOLLAR TREE RnW,o Rnsau�UTEkflTTrc MMCUS C) H&R BLOCK' M '�► SALLY THEATRES wnsuvvar Wawa m ® Sews Hometown Store m , W E 'CAT." SHNC-HA7c7Y U HIGHWAY 611ST AVENUE FRONTING FACADE UPGRADES-VIEW FROM SOUTHEAST 10.ei.0 kaww wxZ IOWA CITY MARKETPLACE - IOWA CITY, IOWA SHIVEHAT ER'Y m-1 HIGHWAY 611ST AVENUE FRONTING FACADE UPGRADES -VIEW FROM SOUTHEAST s:,r,Z IOWA CITY MARKETPLACE - IOWA CITY, IOWA SHIVC-hIATTC-RV August 14s', 2014 Mr. Tom Markus City Manager City of Iowa City 410 E. Washington St. Iowa City, IA 52240 Re: Sycamore Mall — Iowa City Marketplace Request for Development Assistance Dear Ms. Ford: On behalf of the owners, I am pleased to announce exciting new possibilities at Sycamore Mall — including a dynamic tenant mix, job creation and enhanced retail sales. We are now formally requesting financial assistance for the development of this new tenancy and associated capital improvement requirements, in order to bring these benefits to Iowa City. The advantages are substantial in so many ways, such that we are requesting a 50150 partnership for this to help not only the area surrounding the shopping center, but the entire local community. This project is no longer a dream or mere vision, as we have already secured the tenants to make this a reality. No guess work is needed, as this project will bring in excess of 200 jobs and boost retail sales to a level in excess of $20,000,000 per year initially. Both the jobs and the retail sales numbers represent new benchmarks for Iowa City, providing positive economic growth for everyone well into the future. We have worked on our budget with assistance from our architects and engineers, Shive-Hattery, located in Iowa City and have developed a comprehensive budget of $4,400,000. In order for the project to move forward we will need the assistance of the City of Iowa City in the amount of $1,750,000. These funds will be used for tenant improvements, redesign and remodeling of specific areas of the center, including infrastructure work that will be necessary to complete the transformation of the property to a degree required for a change of this magnitude. The anticipated change in the property's taxable valuation will represent a considerable increase. The present valuation is $10,150,000; and, we are quite confident, this amount will increase to $16,000,000 in the near future, and even higher as the center continues to grow. The addition of these types of tenants and the changes planned for the destination shopping and entertainment center will increase taxable property value and retail sales volume for the entire geographic area. Non -monetary improvements are also very important and can be so valuable for the people within the trade area. The center is being designed to be a social gathering place, a place to shop, a place to dine and a place for family activities and entertainment but represents so much more. Careful attention has been paid to the public spaces with children's play areas and dedicated places and a variety of options to cater to entertainment for all ages. We are tying together the vibrant tenants we currently have and bringing in new ones to complete a desired balanced mix. Sycamore Mull soon to be branded the "Iowa City Marketplace" will be the place local and regional residents will shop and frequent as an exciting entertainment and social meeting place. We have incorporated the best qualities of a power center and have kept a social area within part of the enclosed mall. The City, local community and businesses that have been located in Sycamore Mall will all benefit. Everyone has worked very hard to make this happen and we would like to express our sincere thanks to all of those in the City that have generously given of their time and talents to extend efforts for us that will ultimately benefit of the entire Eastside community. FINANCIAL ASSISTANCE REOUESTED: A financial analysis of the project shows that the project is not financially feasible without assistance. The Owner, CORE Sycamore Town Center LLC, a Delaware limited Liability Company hereby requests assistance in the amount of $1,750,000. We know the City expects certain performance standards such as occupancy levels, employment levels, landscaping and/or other aesthetic requirements and we look forward to working these into the development. 5es c yo ohn Ariotti Developer Representative for Ownership CORE Sycamore Town Center LLC AGRE£Mt\T FOR PRIVATE REO£V£t( Byand Between THE CITY OFIOWA/C TY IO Center L.L.C. THIS AGREEMENT "Agreement"), is made on or as o t the CITY OF IOWA CITY, IOW , the Code of Iowa of the State of Io of Iowa, 2013, as amended (herein Center, L.L.C., a Delaware limited office for the transaction of busi "Developer"). WITNESSETH: AGREEMENT FOR ,NATE REDEVELOPMENT DR PRIVATE REDEVE�OPMENT (hereinafter called he day of , 201.1 y- and among a municipality (hereinafter fled "City"), est ed pursuant to a and acting under the aut orization of Ch ter of the Code ifter called "Urban Rene al Act") and,0610 Svc re Town WHEREAS, in furtherance of 1 undertaken a program for the revitalizz this connection, is engaged in carrying the Sycamore and First Avenue Urban Renewal Plan approved for such area t most recently amended by Resolution WHEREAS, a copy of among the land records in the.! - WHEREAS, Renewal Area as m( (which property as s W REQ' * ` y,til Dev it � , Developmen Proper, anti will and e 6 UREAS, the City 1 ity company, regis red to dvot, ines in Iowa, mg an at 1600 Sycamor Street, a ,Nowa 52240 (the 014 �iG u. objectives ` Urban newal Act, the City has n of an om� develop ent area in the City and, in urban r I iii (tivities in an area known as A which area is described in the Urban olut o. 0,`.95, dated August 15, 2000, and ontober 22, 2014; and ;oingMcder Renewal Plan, as amended, has been recorded the of Johnson County, Iowa; and -tain real property located in the foregoing Urban in E ibit A attached hereto and made a part hereof referr d to as the "Development Property"); and cause cert same to be that the improvements to be constructed on the ;rated in accordance with this Agreement; DevelopmenFAT,vroperty pursuant/o this Agreement and the 0 are in the vital and best interest of the City and in accord with the applicable State and locif laws and requirements under undertaken and is being as sted. and continued operation of the hent generally of this Agreement, public purposes and provisions of -h the foregoing project has been NOW, THEREFORE, in consideration of the promises an the mutual obligations of the parties hereto, each of them does hereby covenant and agree with th other as follows: ARTICLE 1. DEFINITIONS Section 1.1. Definitions. In addition to other definitions et forth in this Agreement, all capitalized terms used and not otherwise fined herein shall have he following meanings unless a different meaning clearly appears from t e context: Active Tenant is defined as a us generating busin/ing e and/or emplo raffic to and from the premises on a basis consisten with the regular ag conduct o ness activities. "Occupied by an Active Tenant" does of include uses gennly random r int 'ttent traffic, storage uses, purely seasonal (e.g. olidays) or temses, or _ er-occ d space; notwithstanding the receipt of rental p yment under anease rentaagreemen Agreement means this Agreemet and all time modified, amended or supplemen ed. Certificate of Completion means A Exhibit D and hereby made a part of this 3.2 of this Agreement. City means the City of Iowa City, Code means the Code of Iowa, Construction PlansCe e the construction work to p i properties upon which the Pulp detailed as the plans, � ca building inspector of t�e Cit' Coun anst e Cou w Devel er me ORE Plan Area he City described hereto, as the the form it ded to may be from time to to attached hereto as pursuant to Section to its functions. s e Vons, drawings and related documents reflecting D eloper on the Development Property and the other ents ill be located; the Construction Plans shall be as sings an related documents which are submitted to the by appli ble City codes. 'Jo son, Iowa. ore Town Cen\Sy L.C.. that portion of thmore Exhibit A hereto. and First Avenue Urban Renewal Economic Develo ment Orants mean the Tax Increme\any ents to be made by the City to the Developer under Article V II of this Agreement. Event of Default me s any of the events described in10.1 of this Agreement. First Mortgage means any Mortgage granted to secur Z an made pursuant to either a mortgage commitment obtained by the Developer from a cial lender or other financial C-2 institution to fund any portion of the construction costs and initial operating capital requirements of the Minimum Improvements, or all such Mortgages as appropriate. CORESycamore Town Centei TIF Account means separate account within the Sycamore and First Avenue Urban Renewal Tte Increment Fund of t e City, in which there shall be deposited those Tax Increments received by Ctywith respect the Sycamore and First Avenue Urban Renewal Area pursuant to this agreent. Minimum Improvements shtte 1 mean the structures, together with all related improver. Improvements shall not include inc ases in asse Mortgage means any mortgag or security mortgage or other security interest in e Develop any improvements constructed thereo . , Net Proceeds means any procee s paid policies of insurance required to be prod pursuant to Article V of this Agreement d r and disbursements of counsel) incurred i Ordinance means Ordinance Nc taxable property in the Sycamore and portion paid into the Sycamo%,w, Project shall mean the Development Propertyµ lai State means the State S c ore 'd,Fir t Av City create der th n uori create mor (k� pa khe pr whet ier ded, rehi ed, as the authoh�pf Section 403. whole or in p"' "rojects unde Avenue Urban Renewal Area Tax Increments City for deposit in the provisions of Section and s#uction of improve: , as outlined in Ex or actual value d e to in which the I ket existing has granted a cel thereof, or to th . Developer under a policy or by the veloper, as the case may be, �ttng all expenses (including fees uch proceeds. 7 of the City, under which the taxes levied on the ,enue urban Renewal Area shall be divided and a 11""Uig' an Renewal Tax Increment Fund. eiie ban Renewal ty of ection 403.19(2) inci al of and interest o: s d or otherwise, incl 9 0 403.12 of the Code, rt en pursuant to the U of the Minimum Improvements on the ncrement Fund means the special fund of the the Code and the Ordinance, which fund was loans, monies advanced to or indebtedness, king bonds or other obligations issued under c rred by the City to finance or refinance in an enewal Plan for the Sycamore and First those property tax revenues that ore and First Avenue Urban Re 9 of the Code and the Ordinance. C-3 divided and made available to the Tal Tax Increment Fund under the Termination Date means the date of termination of this Agreement, as established in Section 12.8 of this Agreement. / Unavoidable Delays means elays resulting from acts or occ ences outside the reasonable control of the party claiming the d ay including but not limited to sto s, floods, fires, explosions or other casualty losses, unusual we her conditions, strikes, boycotts, l ckouts or other labor disputes, delays in transportation or deliveof material or equipment, litigati n commence `yhhird parties, or the acts of any federal, State o local governmental unit (other t an the City Urban Renewal Plan means he Sycamore and First Aven e Url amended, approved with respect t the Sycamore and First Av nue described in the preambles hereof. ARTICLE 11. Section 2.1. Representati representations and warranties: (a) The City is a municipal d provisions of the Constitution and the Agreement and carry out its obligations, (b) The execution and delivery o contemplated hereby, and the c ment Agreement are not prevented by, i 'ted 1 conditions or provisions of a cor to instrument of whateve to ich he constitute a default', n er anwof the fo =' gc Sect1 or2_ R resen following rres bio and ity „ akes the following Obdivision organized under the has the power to enter into this i;grement, the consummation of the transactions pliance with the terms and conditions of this t, conflict with, or ,c or� f Iresult in a breach of, the terms, striction, evidence of indebtedness, agreement or is now a party or by which it is bound, nor do they ies of Developer. The Developer makes the Nbbu Dev� oper has all re uisite power d authority to own and operate its properties, to ca ~ itmeltsas now cond cted and as pre ntly proposed to be conducted, and to enter into and pifprm its obligations un r the Agreement. (b) This Agreement ha een duly and validly t Developer and, assuming due a orization, execution an effect and is a valid and legally inding instrument of the D its terms, except as the same y be limited by bankruptcy, relating to or affecting creditors' rights generally. C-4 .horized, executed and delivered by the delivery by the City, is in full force and oper enforceable in accordance with Csolvency, reorganization or other laws (c) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, and the fulfillment of -or compliance with the terms and conditions of this Agreement are not prevented by, limite y, in conflict w* or result in a violation or breach of, the terms, conditions or provisions of y contractual restri tion on the Developer, evidence of indebtedness, agreement or instrum t of whatever nature to�efault hich the Developer is now a party or by which it or its property is bound, nor do they constitute a under any of the foregoing. (d) There are no actions, si Developer in any court or before any is a reasonable possibility of an adve: (present or prospective), financial pc manner raises any questions affectii perform its obligations under this A; is or proceedings per rbitrator or before or decision which cou ion or results of opt the validity of th� (e) The Developer will cause with the terms of this Agreement, the U regulations (f) The Developer will use its manner, all required permits, licenses requirements of all applicable local, Stati or met in connection with the Project. "' (g) The Developer the activities of the Developc of any environmental law or i claim filed or planned environmental law, elatio Developer is not cu _ ntly a` regulation or ew ppcedu and trasl operation th to ariy violation I h would give ; thereto. or threatened i any govei materially .tions of th affecting the L which there or wh ; '�� in any )per's ability to Improvemis7al. Oui cted in accordance Plan, and al SFeand federal laws and ftidduse to be obtained, in a timely vill meet, in a timely manner, all regulations which must be obtained Mice from any local, State or federal official that evelopment Property may or will be in violation c)per is not currently aware of any State or federal ing to any violation of any local, State or federal applicable to the Development Property, and the )f any local, State or federal environmental law, �y person a valid claim under any State or federal cooperate fully wit the City in resolution of any traffic, parking, problems that may 4ise in connection with the construction and (i) The Dev oper would not undertake its obli tions under this Agreement without the payment by the City o the Economic Development Grants ing made to the Developer pursuant to this Agreement. ARTICLE III. DEVELOPMENT AND OCCUPANCY REQUIREMENT Section 3.1. Minimum Improvements. C-5 The Developer agrees to complete Minimum Improvements generally consisting of interior remodeling, exterior fagade renovations, and related parking lot, signage, landscaping, and streetscape elements on certain portions of the Development Property, all as more fully described on Exhibit B hereto. The Minimum Improvements must increase the assessed value of the Development Property by at least 15% over the current assessed value by January 1, 2016. (The current assessed value of the Developme t Property as of January 1, 2014, is $1 045,520, so the January 1, 2016 assessed value must be t least $11,527,848.) The Developer' estment in the Minimum Improvements shall be at 1 st $4,400,000. Developer shalVpr ide -,' the City an engineer's certificate documenting these xpenses, and any other docume n as may e uested by the City to demonstrate compliance ith this investment requirem Any new signage installed on the evelopment Property shall co xhibit attached hereto and incorporated herein by this r ference. Pursuant to this Development Agr ement, the Developer ubmit a Ian for approval by the City Manager, or designee, which rovides enhanced lan Ines the entryways and other related traffic patterns through he use of landscaping othe , ppropriate streetscape elements. a The Developer shall submit all ext for cls es o ne co , ction requiring a building permit for review and approval by the City S aff DesR 5R, mittee, prior to the issuance of the necessary building permit. The Commit pa icular attention to the installation of curbed and landscaped end -islands, the t vi ion o a;,id k connection from Lower Muscatine Road, Sycamore Street and 1 st Avenue to a entr a and compliance with the parking area tree coverage standards of the zoning code. Co I ee s further review the plans for conformance with the Iowa City Code of Or gces and th ° }J ng particular standards: Parking Areasr 1,x � - 1. Improvements a arktig lothall be in ompliance with the design and layout standards for surface ruing ar �s, as set�orth in Io a City Code of Ordinances 14 -5A -5H. Particular attention shallbe madto e anced ped tri routes between the public streets and the mall, and � n thiarkin n accordan with 14 -5A -5H-5. 2. Pi sl ri cale lightt%g shall be m ntained r improved along the north side of the mall 3 j' .jmpro ,�ents o the parking lot all also be Ni compliance with the landscaping, tree, eening,�d�iicycle parking st dards as specifNd in 14 -5A -51,14 -5A -5J, and 14 -5A -5K. 4. Thi1 is e"improvements shall inclu e those improvem nts conceptually shown on the attached Building Design Standards 1. Improvements to the buil in fagades shall be predo 'nantly constructed of high quality exterior building materia s, including window systems, ick, masonry, stone, stucco, high quality architectural concrete masonry units, such as burn hed, split -face, ground face, and similar, architectural pre -cast panels, and architectural met panels. Concrete panels with a veneer of brick or masonry may be approved provided the terial gives the appearance of C-6 one or more of the high quality building materials listed above. Predominately is defined as at least 75 percent of the exterior of the entire building, but not necessarily of each building wall. Use of high quality building materials should be concentrated along building walls that are visible from public streetsd public areas or that contain public entrances. Wood or cement board may be used a[able ccent materials provided t ey are durable and of a high quality. 2. Other lower -quality or less du exterior building mater' Is, such as un ed concrete block, unadorned tilt -up concr to panels, low quality ceme t board, and , do not qualify as quality building materials ind should be limited. V' yl siding d to uality metal siding, such as that used for n etal pole buildings, are n t allowed 3. Material and color changes s ould generally occur at a chan of pl e and at r inside corner. Material or color chan s at the outside corner of struct t ve the impression of veneer or artificiality of the aterial are not allo ed. 4. Building improvements must i lude details and fe ure rovide 61 interest, reduce the perception of the mass of th building, and pro ide a c e e ce to the building. Building facades shall be arti lated by usin color, ow , angement, change in materials, and change in plane o vary the depth, ' r direction of exterior walls. Stretches of blank wall with no wi dows q r itectura eatures are discouraged along the primary public facades. 5. The fagade may be divided into Sep fro odules that have distinct characteristics. However, design linkages betwe - torefr odu and other portions of the mall fagade are required through the alignm An pla ment of windows, belt courses, and other horizontal elements in a cohesive pa � 6. Building awnings or c�es that p -a generally consistent cover along pedestrian walkways are encour ed. '� cti lk caning or canopy (minimum 6 feet in depth) is required at entrancew e } es c opies supported by columns) may also be used to provide weath� "�eiption `or p'' d stri s and shall be supported by substantial columns or posts that are esignand int,-- ated wi h the design of the storefront. Columns or posts must be supsrted by d b e ase. So edestrian movement next to the building is not impeded. arca es mus I si ned to enco pass the full width of the sidewalk to within 2 feet f thR b. 7. Trane° arent ri and larg ground -level st refront windows are required along primary acad ' all s refront mo ules that are not o 'ented to the interior mall corridor. "Primary ades" =those facade that are highly visi le from public streets and public areas or co public entrances On the mall building, e primary facades are the north, east and soutlir h t corner facad and/or contain a prim ublic entrance to the mall or to a tenant space. Such window and doors must be verti lly-oriented in a standard storefront configuration (tall v ical window panels with tr om above) that allow views into the interior space or be esigned as storefront display win ws that are set into the wall. Display cases attached to e outside building wall do not quali 8. Rooflines shall be delineated with some form of cornice expression that distinguishes the top of the building from the lower fagade. C-7 Section 3.2. Certificate of Completion. Upon written request of the Developer after issuance of an occupancy permit for those commercial spaces described in the Minimum Improvements; set forth in Exhibit B, the City will furnish the Developer with a Certificate of Completio/nt. `such portion in recordable form, in substantially the form set forth in E hibit D attached herch Certificate of Completion shall be a conclusive determination of sa isfactory completiohis Agreement wit ` spect to the obligations of the Developer to onstruct the Minimmprovements, b es not release Developer from on-going compli ce with this Agreem A Certificate of Completion Developer's sole expense. If the C accordance with the provisions o written request to the Developer, adequate detail, in what respects Improvements in accordance with the terms of this Agreement, and v to obtain such Certificate of Comi Section 3.3. Occupancy. y be recorded i he Johnson Col shall refuse or ail to provide a is Sectio/3. the City shall, wit] vide theoper witen Develos failed to caprovisiohis Agreement; : r is Along with the certifications re November 1, 2015, at least 65% of the On November 1, 2016, the De er Development Property is occ ied the Termination Date, the De ,�e twelve previous month- % t gr( M. occupied by an Actiye enant� T De Minimum Improvements desc ib din j or acts 11 be y Re, rder's OfJW6 at the e of Completion in i lenty (20) days after state indicating with applicable Minimum brwise in default under in the opinion of the City, under 6� hereto, the Developer will certify that by Is sable floor space is occupied by an Active Tenant. ce twat 75% of the gross leasable floor space of the tive tenant. Beginning on November 1, 2017, and until e ify that by November 1 of each year or during ten of the lea able floor space of the Development Property has been )pe shall further certify that it remains in compliance the ibit , and to timely provide reasonable documentation to support the same upon reques � he City. ARTICLE IV. SERVED TI" ARTICLE V. IN URANCE Section ' Insu ce Requirements. (a) Upon confiletion of construction of the Min um Improvements and at all times prior to the Termination D e, the Developer shall maintain, or air. to be maintained, at its cost and expense (and from ime to time at the request of the City all furnish proof of the payment of premiums on), insurance as follows: C-8 (i) Insurance against lost and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured through property policies by similar businesses, including (without limitati` o the generality of the foregoing fire, extended coverage, vandalism and malicious mischief, exp cion, water damage, demolition�cost, debris removal, and collapse in an amount not less th the full insurable replacement, Improvements, but any such policy m policy of insurance shall be so written coverage required by the preceding s without the prior consent thereto in wi shall mean the actual replacement co! excavation costs and costs of underg equipment, and shall be determined frequently than once every three years the Developer and approved by the C (ii) Comprehensive g liability for injuries to persons and/or automobiles or other motorized vehi amount for each occurrence and for ( ly have a deductible amount of n :hat the proceeds thereof will pro L ,ntence, by reason of co-insuralice ting by the City. The term "fu ins of the Minimum Improve nts value of the Minimum more than $100,000. No ce less th & a minimum or otherwise, cement value" n and -ound flues, pipes, drains d er u surable lffi- s) and -rom time to time at the equest t ity, but not more by an insurance consult t or insure - ected and paid for by t'• eral public liabili insu e, in uding personal injury perty, inclu injuri resulting from the operation of I son ora - 6t e .`evelopt Property, in the minimum .c year( $1, deductible of $500,000. (iii) Such other insurance employees of the Developer, in such ari in like activities of comparable size and insured with respect to all or a�� of i (b) All insurance shall be taken out and m 'AN laws of the State to assLe City copies of poli( respective inkMMrs this Article , ea ohcy sh without giv p" wrrtte ' n tice cancer lotion o w odific on b of ary 061icy, th , evi� Loper has been hewed or replaced that there is >*ecessity thyeqi may maintain a single po provide the total coverage .ing; ke? ` compensation insurance respecting all is ust arily carried by like organizations engaged xpo e; provided that the Developer may be self - i 4� or worker's compensation. ed this icle V to be provided prior to the Termination Date e ll res i e insurance companies which are authorized under the risks co 4 ed t ereby. The Developer will deposit annually with the ing ,1 s h ins ance, or a certificate or certificates or binders of the c i urancein force and effect. Unless otherwise provided in JI co am a pro .sion that the insurer shall not cancel or modify it to t e Develope and the City at least thirty (30) days before the co es effective. of less than fifteen (15) days prior to the expiration i furnish the Ci evidence satisfactory to the City that the policy another policy c nforming to the provisions of this Article V, or it under the terms he or blanket or umbr red herein, in which certificate or certificates f the respective insurers Minimum Improvemerds. In lieu of separate policies, the Developer policies, or a combination thereof, which it the Developer shall deposit with the City a i the amount of coverage in force upon the (c) The Developer agrees to notify the City immediately in the case of damage exceeding $25,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting C-9 from fire or other casualty. Net Proceeds of any such insurance shall be paid directly to the Developer, and the Developer will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition or value as they exi ed prior to the event causing such damage and, to the extent necessary to accomplish such repair, rec nstruction and restoration, the Developer will apply the Net Proceeds of any insurance relatin to such damage received by the Developer to the payment or reimbursement of the costs there . (d) The Develo er shall complete the repair, rec Minimum Improvements, ether or not the Net Proceeds of i for such purposes are sufficie ARTICLE COVENANTS OF THE Section 6.1. Maintenance of hroperties. T/nneces: the Development Property, including b not limited and working order, and from time to tim will makand additions. Section 6.2. Maintenance of Rec record and account in which full, true transactions of or in relation to the b generally accepted accounting principles, the Developer will provide reasonable pr( account. Section 6.3. Com 1 regulations relating to to comply with whih r the adverse effect on thy; busin Developer. shall of dis ' nates religto 1; qx, nate nal , Developei*ll ensure regard to theirce, cr marital status"or aende )f the ;loper erve and keep in good repair -nts, renewals 16VWW-leep at all times proper books of es will be made of all dealings and it the Developer in accordance with ip ied throughout the period involved, and loss or damage to such books of record and aws. The Aeveloper will comply with all laws, rules and •ovements, her than laws, rules and regulations the failure d penalties r ulting therefrom, would not have a material , operations, r condition, financial or otherwise, of the &.4-13 crimination. In operating tl gai st any applicant, employee ig' , sexual orientation, age, disal 1 t applicants, employees and ter d, color, religion, sex, national identity. Minimum Improvements, the Developer tenant because of race, creed, color, i ,marital status or gender identity. The t are considered and are treated without igi sexual orientation, age, disability, Section 6.5. Available Information. The Developer shall upon request provide the City with a letter of an indep dent public accountant selected by the Developer to the effect that a Certified Public Accounta has reviewed the financial statements of the Developer which have been prepared in conformity with the federal income tax fair market basis, that the examination of such financial statements by such accountant has been undertaken in accordance with generally accepted auditing C-10 standards, and that the Developer is financially capable of fulfilling its obligations under this Agreement. / Section 6.6. Continued Operation. Commencing upon t signing of the Agreement, the Developer agrees that it will op rate a retail/commercial center at e Development Property and will continue operation until at le t the Termination Date set forth KOthe Section 12.8 hereof. The Developer further agrees that it will ke $4,400,000 in investments Developmen perty in the construction of the Minimu Improvements; and result in t least a 15% incr n the assessed value of the Development roperty by January 1, 2 6 (the current a esse lue of the Development Property is $10, 15,520, so the Janu 1, 2016 assesse lue mu at least $11,527,848). Section 6.7. Annual Certifi ation. To a: Developer hereunder, a duly author zed of (a) proof that all ad valorem taxes o the Deve year; and (b) certification that such officer Agreement and that at the date of such erti at Developer is not, or was not, in default in e ft Agreement (including but not limited to e occi no Event of Default (or event which, t 1 become an Event of Default) is occ n r has such period, or if the signer is aware fan ch disclose in such statement the nat e thereo ` taken or is proposed to be take „ _ ,respec t Such statement, proof �ceh ate sh 1 hereto as Exhibit E, and sha rpr fed n WN November 1, 2015, UP g iii to mber 2015, the Developer al s mit the �ease p leasable floor space lc atio, cu -rent occupa City. TICLE VII. ethe City in monitoring' e performance of the he Develope 1 annual dvide to the City: nent Property a for the prior fiscal re-examined t erms d provisions of this n the pr eding twelve (12) months, the 1 ent any of t�terms and conditions of this n of Section 3.3 hereto) and that of t '�>> or the giving of notice, or both, would da - the date of such certificate or during au event or Event of Default, said officer shall io =sof existence and what action, if any, has been 1 lye in a form generally consistent with that attached later than November 1 of each year, commencing 2021, both dates inclusive. Prior to November 1, 1 for the Development Property, with the gross nc status, and a current certificate of insurance to the s of the Developer; Transfer o ubstantially All Assets. As security for the obligation the eveloper under this Agreement, the eveloper represents and agrees that, prior to the issuance a Certificate of Completion and prior to he Termination Date, the Developer will not dispose of 1 or substantially all of its assets or assign i interest in this Agreement to any other party unless ) the transferee partnership, corporation, liZer ed liability company or individual assumes in iting all of the obligations of the Developer this Agreement and (ii) the City consents thereto in writing in advance thereof. Notwithstanding the foregoing, however, or any other provisions of this Agreement, the Developer may pledge any and/or all of its assets as security for any financing of the Minimum Improvements, and the City agrees that Developer may assign its interest under this Agreement for such purpose. C-11 ARTICLE VIII. ECONOMIC DEVELOPMENT G Section 8.1. Economic Development Grants. (a) For and in consideration of the obligations being assume y the Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewa Ian and the Urban Renewal Act, the City agrees, subject to the Developer having receive a Certificate of pletion for construction of the Minim Improvements by December 1, 2015, and bei d remaining in compliance with the terms ,of this Agreement, to assum an obligation to ke seven (7) consecutive annual payme s to the Developer commen ng on June 1, 2 d endi June 1, 2024, pursuant to Section 4 .9 of the Urban Renewal ct, equal in am nts to one hundr percent (100%) per fiscal year of th Tax Increments cone ed by the City wig ' , ec to the Minimum Improvements on Developm t Property under th terms of the Ordinanc ithout regard to any averaging that may otherwise e utilized under ection 403.1 d exclu zany interest that may accrue thereon prior to pa ment to the D eloper), but su c s ent and conditions precedent as provided in this cle. ti .� (b) To the extent that the pa annual payment of $250,000, the Certificate of Completion and being to assume an obligation to make up commencing on June 1, 2018 and e Renewal Act, the Tax Increments c under the terms of the Ordinanc , payment made under paragra h a provided in this Article In no nt s� result in an annual i) e Such paymi "Economic 91%, and when c 6llecfi debt for th `brig origin' area 2 added d to t .,,,, $9,496,280, the Renewal Areas taxable property allocated to and established by E from the divi on scribe �' pa=raph )ovedoes not amount to an ier agree e Developer having received a lain col, iance with the terms of this Agreement, en (7) ecu e annual payments to the Developer June 1, t 124, pursuant to Section 403.9 of the Urban mt' the ` with respect to the Urban Renewal Area ituting the difference between $250,000 less the but subject to adjustment and conditions precedent as amounts paid to Developer under paragraph (a) and (b) 50,000. ;ntidescr' e m nrdgraph (a) and (b) above shall be referred to collectively as the opm nt r ftor purpo es of calculating that portion of the taxes allocated to 4, e id in b the Sycamor and First Avenue TIF Fund, the City first certified na'Gr n Renewal Area on December 1, 2001, setting the base value on the 3,2 ,580, the assessed value sof January 1, 2000. On June 24, 2003, the City pan Renewal Area, thereb setting the base value of this amended area at S ssed value as of January 1, 002. Therefore, the base value of the Urban ended is $32,739,860. The tax levied each year upon the assessed value of the this Urban Renewal Area, as ended, in excess of this base value shall be hen collected be paid into the Sycam re and First Avenue TIF Fund, or other fund County Auditor for payment of loan advances, indebtedness or bonds payable of property tax revenue pursuant to the' Ordinance. (c) The obligation of the City to make an Economic Development Grant to the Developer in any year as specified above shall be subject to and conditioned upon the timely filing by the C-12 Developer of all previous annual statements, proofs and certifications required herein and the City Manager's approval thereof. Beginning with the November 1, 2016, certification, if the Developer's annual statement, proof and certification is timely filed and con ains the information required pursuant to this agreement, and the City Manager approves of the e, the City shall certify to the County prior to December 1 of that year its request for the availa e Tax Increments resulting from the assessments imposed by the unty as of January 1 of th a ear, to be collected by the City as taxes are paid during the follo ing fiscal year and which hall thereafter be sed to the Developer on June 1 of the follo ing fiscal year, subject to a terms, conditio limitations of this Agreement. (For example, if the Developer and th City each so certi on vember and December of 2016, respectively, he 2016 taxes are due d payable in 20 the fi conomic Development Grants would be p id to the Developer June 1, 2018q (d) In the event that thA annual statement proof or certificate regtr d to be delivered by the Developer is not delivered to t e City by Nove ber 1 of an the Dev r recognizes and agrees that the City may have ins u icient time t eview and app - ve e d certify its request for Tax Increments to the County nd that, as result, no Econo eve' pment Grants may be made to the Developer in respect t ereof. T City is to a in good faith to appropriately review and consider any late certi i ation thg ofe Devel er, but the City shall not be obligated to make any certification o th Countyie Tax Increments or make any corresponding payment of the Econo is epi w t is to the Developer if, in the reasonable judgment of the City, it is not able to g ppropria ions gyration to the Developer's certification due to its late filing. (e) The total, aggre amo t . l Economic Development Grants under this Agreement shall not exceed $70. f a fi al grant based upon one hundred percent of Tax Increments would result in tot �� 6r to conomic Development Grants in an amount exceeding $1,750,000, the finalis el me t Grant shall be reduced accordingly. Such Economic Development Grans 2 all at times b sub ct to termination in accordance with the terms of this Article VIII. Theretaer the t -es 1 ie d on the immum Improvements shall be divided and applied in accordance with th Urb ewal Act an the Ordinance. (f) the other forma a Defalt was event that, th the that cannot r "1 on, obligation thereafte Development Gran hereof. rnfl,at any certificate file by the Developer pursuant to this Agreement or to the City discloses e existence or prior occurrence of an Event of r cannot reasonably be ed under the provisions of Section 10.2 (or an of time or giving of noti e, or both, would become an Event of Default cured under the provisio s of Section 10.2), the City shall have no e any further payments to the Developer in respect of the Economic and may proceed to take one or mo e of the actions described in Section 10.2 (g) Copfiitions Precedent to Economic Development Grants. The obligation of the City to make an Econo is Development Grant to the Developer in any year as specified above shall be subject to and conditioned upon satisfactory evidence that the following has occurred: 1) the assessed C-13 value of the Development Property has increased by at least 15% by Jan ` ary 1, 2016; 2) a certificate of completion has been issued for the Minimum Improvements; 3) the o cupancy thresholds set forth in 6.6 above have been met; 4) an,.engineer's certificate has been filed evidence of the Developer's investment of over $4,400,000 toward the Minimum Improvements, s required by 6.6 above; 5) all ad valorum taxes on the Development Property have been paid or the prior year; 6) the annual certificate required pursuant to 6.7 herein has been timely filed; satisfactory compliance with all other terms and conditions of this Agreement. Section 8.2. Source o Grant Funds Limited. (a) payable from and securedso ly by amounts deposited of the City. The City hereby ovenants and agrees to n allowable under Iowa Code Ch pter 403 and to apply t CORE Sycamore TIF Account pay the Economi forth in Section 8.1 hereof. The 'tv and Develope he in fiscal year 2021-2022 by operat,'Vn of Iowa able to capture the tax increment fo time. However, payment of any elig 2024 based upon the availability of with respect to the Urban Renewal any manner by other tax increment (b) Notwithstanding the to make an Economic Development City receives an opinion of itsJ Economic Development ( authorized or otherwise an the Urban Renewal AQ' controlling decisio receipt of such an op the circumstalml, or two (2) Ecoo' terms of Sec , 8. 1, Devel,O er, by Atte R . "Z:11ti (c)City n the Develope"` the any manner be liable collected and held i payment of the Eco this Article. Peld in the mtam the Or incremental Chapter 403; and First Avej in Grants, edae that shall be force forWong as ;d allocated to the . to the extent set Yrdinance sunsets will no longer be ,al Area after that shall continue until June 1, it Grants shall not be payable in or from any other City funds. ecti n 8.1 hereof, the City shall have no obligation )ev Ioper if at any time during the term hereof the ect that the use of Tax Increments to fund an , as contemplated under said Section 8.1, is not ivity permitted to be undertaken by the City under sions of the Code, as then constituted, or under a an I court aving juk )n, th -Ci . hall promptly` al co - nts giving rise t( Abp e Grants would othe hj Y may terminate this A€ :) ce to the Developer. ion over the subject matter hereof. Upon 'ard a copy of the same to the Developer. If opinion continue for a period during which e have been paid to the Developer under the lent, without penalty or other liability to the s no representation with respec to the amounts that may finally be paid to Gnomic Development Grants, an under no circumstances shall the City in the Developer so long as the City ti the CORE Sycamore TIF Account ( )mic Development Grants to the Del applies the Tax Increments actually lless of the amounts thereof) to the -r, as and to the extent described in Section 8.3. Use of Other Tax Increments. Subject to this Article VIII, the City shall be free to use any and all Tax Increments collected in respect of increases in valuation on the Development C-14 Property or other property within the Urban Renewal Area unrelated to construction of the Minimum Improvements (i.e. increases in assessed or actual value due to ma Increments resulting from the suspension or termination of the Ecc Section 8.1 hereof, for any purpose for which the Tax Increments the provisions of the Urban Renewal Act, and the City shall ha with respect to the use thereof. CLE IX. Section 9.1. Release and (a) The Developer relea s the City and servants and employees thereof (he einafter, for p parties") from, covenants and agreethat the inde agrees to indemnify, defend and hol harmle2n. f damage to property or any injury to death any defect in the Minimum Improve nts. (b) Except for any willful mi ep esen unlawful act of the indemnified parties, t parties, now or forever, and further agre hold demand, suit, action or other proceedi atsc purportedly arising from (i) any violat'on o with respect to any suit, actio d or th��, City to enforce its rights 0 der" Ag r rr Development Property and the t 0l ion, i t Improvements or (iii) �� and su Mance Development Property (c) .e ind& property of eol be about the A imm of ne0encehe pa (d) 11 cover herein shall b I emed City, and not of any go individual capacity the (e) The c t factors), or any available Tax mic Development Grants under nay lawfully be used pursuant to no obligations to the Developer nj governing noay1 poses of this Article I mified parti Il not be indemnified person occurr ` at or, officers, agents, "indemnified Ie for, and any loss or t or resulting from '`1 or wanton misconduct or any protect and defend the indemnified E dem ied parties harmless, from any claim, ;ve any person or entity whatsoever arising or greenent or condition of this Agreement (except ceeding brought by the Developer against the mt), (ii) the acquisition and condition of the llation, ownership, and operation ofthe Minimum environmental contamination located in or on the nifie ; --es shall not be 'able for any damage or injury to the persons or r or i °officers, agents, sery\pr ployees or any other person who may nor vements due to any actence of any person, other than any act of ny such indemnified pafficers, agents, servants or employees. n , stipulations, promises, as and obligations of the City contained e the covenants, stipulatises, agreements and obligations of the ,ruing body member, officeervant or employee of the City in the isions of this Article IX shall survive the termination of this Agreement. ARTICLE X. DEFAULT AND REMEDIES C-15 Section 10. 1. Events of Default Defined. The following shall be 'Events of Default" under this Agreement and the term 'Event of Default" shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the eveloper to cause the construction of the immum Improvements to be commenced and completed ursuant to the terms, conditions and li itations:r. Idle III of this Agreement; (b) Transfer of any i terest in this Agreement or the ets of the provisions of Article VII o this Agreement; (c) Failure by the De obligation or agreement on its (d) The holder of any thereon, or any portion thereof, c the applicable Mortgage documc per to substantially o to be observed or no (e) The Developer shall: (i) file any petiti composition, readjustment, liquida Bankruptcy Act of 1978, as amede (ii) make an (iii) on the or perform atuder this of condition, erty or any improvements a result of any default under or ' for any reorganization, arrangement, or similar relief under the United States filar federal or state law; or the benefit of its creditors; or to pay its debts generally as they become due; or b%`adjud " d a =�t insolvent; or if a petition or answer proposing the adjudicatio :of t� .ev _ope a banit reorganization under any present or future federal bankruptcy t or iri r federal or state la shall be filed in any court and such petition or answ reshall e dis ar ed or denied within ni ty (90) days after the filing thereof, or a receiver, trusb� iquic a� t e Developer or the Mini um Improvements, or part thereof, shall be appomted"iny proce ings brought against the veloper, and shall not be discharged within ninety (90) after ch appointment, or if the De loper shall consent to or acquiesce in such appointment; or (f) Any representation or warranty made by the Neveloper in this Agreement, or made by the Developer in any written statement or certificate furnikied by the Developer pursuant to this Agreement, shall prove to have been incorrect, incomplete or isleading in any material respect on or as of the date of the issuance or making thereof. C-16 Section 10.2. Remedies on Default. Whenever any Event of Default referred to in Section 10.1 of this Agreement occurs and is continuing, the City, as specified below, may take any one or more of the following actions after (except in the case of an Event of Default under subsections (e) or (f) of said Section 10.1 in which case action may be taken immediately) the giving ofthirty (3 0) days' written notice by the City to the Developer and the holder of the First Mortgage (but only to the extent the City has been info ed in writing of the existence of a F'rst Mortgage and been provided with the address of the holder hereof) of the Event of Default, t only if the Eve , Default has not been cured within said thi y (30) days, or if the Event of efault cannot r ably be cured within thirty (3 0) days and the eveloper does not provide as urances reasona y sa ctory to the City that the Event of Default ill be cured as soon as rea nably possibl (a) The City may susped its performance and this Agreement t' ceives assurances from the Developer, deemed ad uate by the City, at the Developer cure its default and continue its performance under th Agreement; (b) The City may terminatk this (c) The City may withhold (d) The City may take any acts n, ' i l ` leggy quitable or administrative action, which may appear necessary or desirable to orce pe 'and observance of any obligation, agreement, or covenant of the Develope the case ay e, under this Agreement; or (e) The City shall bQ,- o re ov the Developer, and the Developer shall re -pay to the City, an amount equal t rece t E nomic Development Grant previously made to the Developer under Article VIII the ity may take any action, including any legal action it deems necessary, to re ;µ :�t fro the Developer. Section 10.3. No Remed� lusive. No r medy herein conferred upon or reserved to the City is intended to excl ive of ` pother available emedy or remedies, but each and every remedy shall be cu ulat n hall e in addition to ev other remedy given under this Agreement or now or here . rex g ` la or in equity or by sta te. No delay or omission to exercise any right or po er acc upo any efault shall impair any s ch right or power or shall be construed to be a waiver "" reof, boxn suc right and power maybe ex rcised from time to time and as often as may be deeme� edient. Section'10.4. No I lied Waiver. In the event any reement contained in this Agreement should be breached by y party and thereafter waived by other party, such waiver shall be limited to the particular reach so waived and shall not be deemed to waive any other concurrent, previous or subsequent each hereunder. Section 10.5. Agreement to Pay Attorneys' Fees and Expenses. Whenever any Event of Default occurs and the party who is not in default shall employ attorneys or incur other expenses for C-17 the collection of payments due or to become due or for the enforcement or performance or observance of any obligation or agreement on the part of the parry in default herein contained, the parry in default agrees that it shall, on demand therefor, pay to the part not in default the reasonable fees of such attorneys and such other expenses as may be reasonablyaid appropriately incurred by the party not in default in connection therewith. / ARTICLE XI. Section 11.1. Option toTerminate. This Agreement may e terminated a the eloper if (i) the Developer is in compliance with all material terms of thi Agreemen d no Eve Default has occurred which has not been\ncompliance accordance with th provisio of Se ion 10.2 h of; and (ii) the City fails to comply with rial term of this reement, an tten notice by the Developer of such failure, the Ciled to cure such oncompliance ninety (90) days of receipt of such notice, or, if succa t reas be cure the City within ninety (90) days of receipt oftice, the Ci has not r a rances reasonably satisfactory to the Developer thatncomplianc will be cur Soo s reasonably possible. Section 11.2. Effect of Terminatio XI, this Agreement shall be from such dal however, that the City's rights to indemni and provided further that the terminatio A institute any action, claim or demand o terms of this Agreement by another party, and payable as of the date of,permi entitled to recover its reasonae atty: (but only, in the case of the Cr _to this Agreement purs� - �6,thi rti construction and opera ion o e Mini the provisions of thilAgreern nt knowlec and beef lifter due in nor any co ltant or member of City who ex "es or has exerc during his or her tenure, or who i insider information with regard t any contract or subcontract, o connection with the Project, or i any time during or after such er If thi ee nt is te - ated pursuant to this Article orwa d n d of no further effect; provided, er 'cle IX hereof shall in all events survive t i Ag en all not affect the rights of any parry to I ages s ered as a result of breach or default of the r cov I amounts which had accrued and become due io Mg, any such action, the prevailing parry shall be es an related expenses incurred in connection therewith tent pe fitted by applicable law). Upon termination of XI, the Developer shall be free to proceed with the i Improv ents at its own expense and without regard to Int rest. The Develope represents and warrants that, to its best q ry, no officer or emplo ee of the�City, or its designees or agents, t e governing body of the ity, ano other public official of the i ed any functions or resp o ibilities with respect to the Project in a position to participate ia decision-making process or gain the Project, has had or shall ha any interest, director indirect, in the proceeds thereof, for work services to be performed in i any activity, or benefit therefrom, which is part of the Project at son's tenure. C-18 Section 12.2. Notices and Demands. A notice, demand or other communication under this Agreement by any party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (a) In the case of the Developer, is addressed or delivered personally to the Developer at 1600 Sycamore Street, Iowa City, Iowa 52240. (b) In the cas of the City, is addressed to or delivered person the City at City Hall, 410 E. Washington Street, Iowa City, Iowa, 52240, Attn: City Ma ger; such other designated individual or such other address as any party hall have fished t P other in writing in accordance her with. 41-o.116, Section 12.3. Titles of Ar 'cles and Sections. Any Sections of this Agreement are ins rted for convenience of construing or interpreting any of it provisions. Section 12.4. Counterparts. is Agreement each of which shall constitute one an\d the same inl Section 12.5. Governing Law. with the laws of the State of Iowa. Section 12.6. Entire Agreement. agreement between the parties din prior agreements, negotiation or dr amended except by a subsequ W'r' Section 12.7 .1 benefit of and be bi 1 of the se parts, Articles, and my and s Jibe disregarded in te in any number of counterparts, and construed in accordance ;reerent and the exhibits hereto reflect the entire matter hereof, and supersedes and replaces all ether oral or written. This Agreement may not be by all parties hereto. is Agreement is intended to and shall inure to the and their respective successors and assigns. This A2rehment shall terminate and be of no further force or effect on anfter 142023 aon 1���ordin .This Agreement shal be recorded at the Johnson County Recorder's Office, lo*'*. City, within 30 days of execution at the xpense of the Developer. IN WITNESS WHE OF, the City has caused thi Agreement to be duly executed in its name and behalf by its Mayor d its seal to be hereunto duly fixed and attested by its City Clerk, the Developer has caused th's Agreement to be duly executed in 'ts name and behalf by CORE Sycamore Town Center, L.L.C.. (SEAL) CITY OF IOWA CITY, IOWA C-19 ATTEST: City Clerk Mayor CORE Svcamofe Town Ce L.L.C.. CITY OF IOWA STATE OF IOWA ) COUNTY OF JOHNSON ) On this day of for said County, personally appeared known, who being duly sworn, did say City of Iowa City, Iowa, a Mun Cc Iowa, and that the seal affixed -o the ` and that said instrument was sr _ d and resolution of its CiP 6, 8- ci the free act and dee of said unci al STATE OF COUNTY OF This instrument Center, L.L.C. , before me a Notary Public in and J H-"" ek and Marian K. Karr, to me personally are -e Mayor and City Clerk, respectively of the eated and existing under the laws of the State of 'trument is the seal of said Municipal Corporation, behalf of said Municipal Corporation by authority and City Clerk acknowledged said instrument to be kon by it voluntarily executed. CORE SYCAMORE TO ) )SS Public in and for the State of Iowa CENTER, L.L.C. acknowledged before me on this day of 20_, by (NAME), as (TITLE) of CORE Sycamore Town C-20 Notary Public in and for the State of Iwa C-2! EXHIBIT A DEVELOPMENT PROPERTY The Development Property is dscribed as consisting of all that certain parcel or parcels of land located in the City of Iowa City, County of Johnson, State of Iowa, more particularly described as follows: PARCEL NUMBER 1014457007 i.CWS 2. 3, 4, i mad a park of City. l avve, as FCC plat thaaaaf tohnstan County, Iowa Stmt a pari of Qwartcr 5acton l+i and pcaf the N 23, TowtashiF 79 Nanh, Raage 6 Wea lahrmm Casmty, imana, mom particularly Ctanumencing at the nortbeast o rrner 'U.S. Iiighwayy g6, said Po fh11 d w easterly right of way lir .26 minutes 00 seconds Resat„ a, distant minutes OD seconds West, a dim raiarortaas [iii meads East. a r ae 0 1 m Haid Mall Met , Adittaa; tharw s l aim trip, South i of amid cormw of sadd 1,M' Z; thea diskince of 194.06 feet to the 47 rye 27 ndmim 49 7_ a dist artao of 413,721 feet, along the won liana sof said the smakh emate� ASW of way Saw rigbt of v ay livaee, Sarin41 r6�46.92 tbrew $w,�r 4.2 6i?8 W feet; thence Spuaath: 2 2Z1 51 feat to the, ter` rvvnoc at a pohrt of having .a: radl%n or 004.00 secanda, and s clxmrd air 3 a> a.is West; ewne a irate on wfth the }riot ofd of a 3015.00 feet. a 889.81 feet bearing N along acid curve. a. ESS sae + aoc a el' of tperixtg � Or'. Pf 2 168, 5 and a6 of 1aUR Firat AA1416on to Iowa in /pmt. Be(*9, � 41 records of Sam Q mute r +taf tlae. Sotaatbeaast Wf ortba No theast Quarter orsectkm " Sn Priacipsl i rr6deara�, Gaw® city, a1 as folleowat_ mon of Sycamcmm Street and PO ENT OF SF<i1 ICI; theme Lid Sycan%ore Shat,. Norah 0 degrem 5_05 ftet; eheaanoe 'Norlb 4 demos 09 .68 Awt; haat Norkh t.! dada. 26 t feat W ilio acr.Ahwe t aa..w of L.CYr 9 a 34 Inistdtaa 00@ saooraad I'maat xr 2711.80 feet w these snuOnwicaat 06 n2imules 03 iaccaatds Weak a of r+auld LOT 2� thence Norrtlt nordywcohxty Fiore of add IAT 49 miin tea 15 aae a Boat 7.31. Etta to the i ion with scmbne Rand, thaeoo following 45 sec+ondm lit. a distance of 30 seconds East. as fi�m of 00 se nes Waast, a � of r rigist Of Way tiara o#' meat cote to the Sorthcasat, a art 33 dogsnme 01 nilnu a 26 34 d $2 m ancon 30 a� distance of 3123.08 Foot to the sai¢i UX I�.l&wayr #6 at ra� Somtlt. having a =dim, of 18 occo�, and a ch+ovd of rads West: thetwe Won 89 die,8,ran 50 rainaws LSI' i, ar U Nr}t�a 42 eta Noetla Cf LAT is distance. 5 or Lower degrees 33 to camcs 43 anis 33 th these ieert. a car:aual sag! 91 feet 'boadne Sar st arloaag said corm Y right aid way hne nor ansew curwr, concave to 0:r 16 ed egrreaeas 58 in in 8l 316 miinafte 4�4 of M.07 fed; tls nwe of 227.53 fisct to tis, PO TOGETMER fir►+rrM, a arca +a mer nant forIngress, and pareking over portkom of Lot 1 In Mall First .ta.ddittioaml m lows C Uy, Joann, as per pbW xa€reawdeed is flat 1 C %gage 41 of records ofd C!ouwy, Iowa, as Bert forth in bast ec tain-Xh=1amation of b4AdaG W Easements" pato" �r 4a 2008 and west in the reds of• sol County. Tou% at hook 43ar2, page 282. C-22 EXHIBIT B The Minimum Improvemen s shall consist of the constructing certain portions of the existing parking lot, uilding fagade and interior, which improver a) the installation of certain arking lot and pedestrian access impro Development Property, as generally hown on the conceptual si e plan sl b) in conjunction with the installation of certain pa king to d' improvements as described in a) abov , Developer shall provide a anc lands 1� with a landscaping site plan approved by the City Manager, or esigne . c) the interior remodeling of th Lucky's Market space, the Planet spaces indicated on the attached site pl as the "Future Newspaces. shall include the elimination of the exis ink creation of new common areas intended to d) facade improvements to the Luc and the southeast fagade more particular) These Minimum Improvements sha Agreement. The Developer shall pay partic end -islands, the provision of a sidewalAd and 1 st Avenue to a mall entrance, and, the zoning code, as well as the obligations The total cost of the Mi ' - Impr( common foster ent S be Minimum Improvements mut res an ' r( Property of at least fifteen (15�rce � _� y J u r as more fully set forthfnter ' g e r Pri Developer sh 1 i - o lease a ement. Agreement for Priv� Redevo op 'ent emains ii a SF fit ess facily, and `,9 SF retail t, � rim lements to all include: within the pedes' Dina in space, and those interior remodel these spaces, and 25,0 SF Future New Retail space, iro by11F&,twty pursuant to Section 3.1 of the on- e installation of curbed and landscaped m L fiver Muscatine Road, Sycamore Street W I the parking area tree coverage standards of h ithis Agreement for Private Redevelopment. tsto Developer shall be at least $4,400,000. The se in actual assessed value of the Development 1, 2016 (current assessed value is $10,015,520), ;e Redevelopment. and maintain those agreements for as long as this -ffect, with retailers for a 40,000 SF grocery store, dothina store. C-23 DOW] EXHIBIT C SIGNAGE DESIGN STANDARDS All new signs installed on the Development Property shall comply with Iowa City Code of Ordinances 14-5B, "Sign Regula ions", and the following standards: Fascia Signs: 1. For purposes of calculatin the percentage of sign wall c verage, the si all size will be based on the tenant's store ront only. If current tenant gnage is dis ace a new store front fagade improvement, e Developer shall submi a sign pl the City ap roval prior to the issuance of any ign permit. This sign p shall fort how the eloper intends to accommodate sig age for those tenants thout eater ge. 2. Cabinet -style signs (i.e. inte lly lit cabinets with pplied vinyl co e prohibited, except as allowed herein. 3. For tenant spaces with exterio sto awning, canopy roof, or projec in 4. A minimum of 75% of the sign be externally or internally illumi meet this requirement. Letters cu also allowed. Externally lit signs and not produce excessive glare. r 5. A graphic logo may be an interna 1 channel letters and comprises nc constructed in the same,,anneras of the logo. In situatio sin "1--h if the panel is sized on, El limits the porti ,"'A l in t s i 6. Directional igage m unted t 'tb exceed 4 sf i --,area. 7. Lettering and aphic sive . oulc refronts, clas is store f { tes, such as canopy, g signs are couraged. ust be co c�divi al channel letters which could ated or fir' alo light . Neon channel letters would out fro a d illuminated from the back are pl plit the Minimum Improvements design ninatti cabinet -style sign if used in conjunction with t tha4 5% of the sign. Logos shall generally be fetters including contouring to follow the shape ;o cannot be contoured, a panel sign may be allowed a manner that minimizes the overall sign size and logo. �ing fagade may be a cabinet -style sign, but cannot be consistent with the approved design for the Minimum Imp ve s t=t/eJen possible. 8 Para wal uiole purpose of pr viding for larger tenant signage are prohibited, excep appr e ge anchor tenants. 9. signaghtrill cith the above criter a unless the tenant requires an alternate style of age. In this tance, the tenant mu t provide staff with a letter explaining why the aprved signaria cannot be met. Free Standing & Monumes:1. The number of tenls on a common sign is limited to no more than six (6) except for internal monumentgns acting as directional signage. 2. All non -building sist have a unifying theme or logo so that they relate to one another. C-25 WHEREAS, the City of ] L.L.C.., having an office for the 52240 (the "Developer"), did on and deliver, each to the other, an and whereby the Developer agre maintain certain real property 1 attached Exhibit 1; and EXHIBIT D �a City, Iowa (the "City") aqd CORE Sycamore Town Center, Lnsaction of business at 160 Sycamore Street, , City, Iowa, about the day of , 20 ` £ make, execute ;reement for Private Red elopment (the ee t" ), wherein in accordance with th terms of th;2culaLly ent, to `��` el p and ited within the City d as more describ on the WHEREAS, the Agreeme t incorporated and c ntained ce respect to the development of th Development Pr erty, and o certain Minimum Improvements as defined ther n) in accord, WHEREAS, the Developer as to the insofar as they relate to the constru tion of s, City to be in conformance with the prove this certification. .�l, i NOW, THEREFORE, covenants and conditions of 1 successors and assigns, to coi been completed and perfonr terminated insofar as County is hereby aized t conclusive determin ion of Agreement resp t to tl Property. 11 oth& term na as pr (SEA L",=; e ATTEST: City Clerk of tl)& Agreement Id'restrictions, with )loper to construct Agreement; and Affid covenants and conditions Cents in a manner deemed by the it the execution and recording of Vn Wc`ct 0rbf the Agreement, this is to certify that all to the obligations of the Developer, and its iurAl Improvements on the Development Property have oper and are hereby released absolutely and forever described herein. The County Recorder of Johnson rding and to record the filing of this instrument, to be a termination of the covenants and conditions of said �f the Minimum Improvements on the Development otherwise remain in full force and effect until CITY O`l' IOWA CITY, IOWA LIZA Mayor STATE OF IOWA COUNTY OF JOHNSON On this day of. for said County, personally apps known, who being duly sworn, d City of Iowa City, Iowa, a Munici Iowa, and that the seal affixed to t and that said instrument was sign and resolution of its City Council the free act and deed of said Mur , 2 _, before me a ed Matthew J. Hayek d Marian K. Kt say that they are the or and City t 1 Corporation, created d existin der t foregoing instrume is the seal is and sealed on behal of said Municipal .d said Mayor and ity Cler _%wle.1gepal Corporation y it volunt jo 1►I C-27 Public in and to personally respe ly oft e laws of ' State of tipal Corporation, )ration by authority d instrument to be the State of Iowa EXHIBIT I'� r� bM 2, 3, 4, i and a part of Lab s ao 6 Of W Fine Addoon go Iowa OV. Iowa, aar per plat dmeaf lead in Mat Bask 9, per records of $Ohm= County. kmm and a prat of the sodwWad tartar of QOAw Swfim 14 urn pert of ft North ofd Nerficag of , TowmWp 7t North, Rhe 6 Wag of P NachW towner city,3ahww County, mm p wfimkrly as art commmocing at fire mribmAk Omar of t U.S. RWrwsy ft aadd po * bebw tin owin,S too oaf+ right ofway limas er 26 mlmiW 00 se+ da FAA, a digunm of minnow 00 •oc omb West, a dim of 21 nioulcss 00 acconds But, a dbUme of 168. 1 in said MAU FW AMld o *mw S dw lh* of =W LUT 1, a d' comm of ad LOT 2� NoA 42 del dim of l"M Ant to tea amt wmwy 47 dress 27 =imam 49 mcop& Not Woo 2, a dW=m of+41332 t dusu Nmrth 0 #fie woo Ow ofodd LOT 2'. a to muffiWeAWY AgN of *V or raid d& ofwW 42 =on a 64M f eve South 42 &Wm 43 rni SWR a South 2 dcgn*B 3 wh Zlt.Sl hat IQ the wwftcMom With Md Av+r w at a point of cwvxwo of a t having a dam of 80 OO %„ a intKttsec win of con a 0i ract and POWr-, Imre degraw5,05 fi09 mo 26 kfid to ofL (YT RIK we of 78.8Q fast to the MAwa t ma mbrAw 03 womub West, a of raid LOT 2;, &"m e 1 DM&WaA iy One of NO LOT 49 15 "Coo& East 57.31 feet to OW moa WM mumem Road* dl 45 owends Ea k a d istasm of 30 secomb Wit. a of 00 MWOO& Wei a dwom of Aw of VVq lie of Frav save, o06cm to the soubeask of 23 dam til miacrta 26 sends, mW a choed of320.91 34 dry $2 =io*a 30 Wed thence �st ate: a didanae of 323M fiat to tht LVwxdkG W & the uxftdy of VrAy ' of =0 U.S. HWway #6 lit is point of=vxuw of at a to the Scarf, hariag a t of 3015A fact, a la l t5 5p 18 neco&W4 god a ch�osd of 889.81 AW healing North 8 � 36 anis 44 mmorA s Wen; thmm Wear! nkm Tadd cer e, a of 893.07 feel; mom 89 SQ Mkow 08 mccAs Went, a of 227.53 fust to O&C Ili OF DRWOMO, TOGETHER a =x erne go pawns emm pot ILA 1 in 1&11 Phot Add past thoecaferoa�edtd Plat flao4c 9, paw 41 ad`rr as rat f-th in flu aclulflon Of Mktw 20 aatd mot� Wed the sew ds of 3ohnsom Cc 292. C-28 it rite' lqVas. egrm and to Imm City. lowa, as per oflobam c"mq, umm, aeaw" did 4, tows at Book 4353, lax EXHBIIT E ANNUAL CERTIFICATION Date: (due annu y no later than November 1) the undersigned, aving knowledge of the Developer's Agreement between the City of Iowa City and CORE Syc more Town Center, LLC, dated , 2014, and the operations of the Development Pro erty, hereby certify the following; 1. All ad valorem taxes on t Development Property have been as evidenced by the attached docu entation; and year, 2. (A) I have re-examined tf c terms andprovisions of the Development Agreement and can affirm that during the preceding tv elve (12) months, the Developer is not, 'or was not, in default in the fulfillment of any of the terms a d conditions of said Agreement (including but not limited to the occupancy requirements of Sectio 3.3 thereto) and that no Event of Default (or event which, with the lapse of time or the giving of no ice, or both, would become an Event of Default) is occurring or has occurred as of the date of this c rtificate. OR (B) the undersigned has re-exa ined the terms and provisions of the Development Agreement and that at the date of this certificate, e undersigned is aware that the Developer is in default of the Agreement for the following reasons: has existed since following 3. Developer has invested $ evidenced by 4nd has improvements 4. The current percentage of squ� Development Property is ;1 By: (Mame, title) Date: l f 1 th ; that the default is taking or proposes to take the respect thereto: _ in completing the Minimum Improvements, as all reasonably necessary action to maintain said footage occupied by an Active Tenant within the 1 Pursuant to Paragraph 3.3 of the Developer's Agreement, at Nast 65% of the gross leasable floor space shall be occupied by an Active Tenant by November 1, 2015. By Nove er 1, 2016, at least 75% of the gross leasable floor space of the Development Property shall occupied by an Active nant. Beginning on November 1, 2017, and until the Termination Date, by November 1 of each year or during ten o the twelve previous months, 80% of the gross leasable floor space of the Development Property was occupied by an Active Tenant. C-29 CITY OF IOWA CITY MEMORANDUM Date: November 17, 2014 To: City Council Cc: Tom Markus, City Manager Eleanor Dilkes, City Attorney From: Sara Greenwood Hektoen, Assistant City Attorney, i�- Re: RESOLUTION APPROVING AN AGREEMENT FOR PRIVATE REDEVELOPMENT WITH CORE SYCAMORE TOWN CENTER, L.L.C. City Staff has negotiated an agreement with CORE Sycamore Town Center, L.L.C. for $4,400,000 in improvements to the Iowa City Marketplace, f/k/a Sycamore Mall, in exchange for $1,750,000 in tax increment assistance paid over the course of seven years once the assessed value of the mall increases by at least 15% over its current assessed value. Approval of this agreement first appeared on your agenda for your November 4, 2014 meeting, and a draft agreement was distributed to you at that time. You voted to defer consideration of this item, however, to allow for continued negotiations. During the course of those negotiations, the following substantive changes were made to the draft you previously received: 1. The developer will have until November 1, 2017, to complete the Minimum Improvements, instead of December 31, 2015. The requirement to increase the assessed value of the property by 15% by January 1, 2016 remains unchanged, and completion of the Minimum Improvements remains a condition precedent to distribution of the first tax increment payment anticipated to be made on June 30, 2018. 2. The Developer is committed to spending $4,400,000 on the Minimum Improvements, the details of which are set forth on pages C -5-C7 and C-23 of the agreement. The investment amount has not changed since the last draft, but a more detailed description of allowable expenses has been developed and is set forth on page C-6. Staff will be available at your work session and formal meetings on November 18. Feel free to call me, the City Attorney or the City Manager if you have questions. Prepared by: Wendy Ford, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5248 RESOLUTION NO. 14-327 RESOLUTION APPROVING AN AGREEMENT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF IOWA CITY, IOWA, AND CORE SYCAMORE TOWN CENTER, LLC WHEREAS, CORE Sycamore Town Center ("Developer') submitted a private redevelopment proposal for the Iowa City Marketplace, which proposal consists of improvements to the building and parking lot, (hereinafter, the "Project"); and WHEREAS, this property is located within the Sycamore and First Avenue Urban Renewal Area, and subject to the Sycamore and First Avenue Urban Renewal Plan ("Plan"), approved by City Council on October 21, 2014 (Resolution # 14-301); and WHEREAS, the Economic Development Committee considered said application and voted to recommend approval to the City Council; and WHEREAS, City Staff has reviewed the application and proposed Developers Agreement and recommends approval to the City Council; and WHEREAS, in exchange for grant funds, the Developer has agreed to requirements stipulating the use of the property and minimum improvements to be made; and WHEREAS, it is the determination of the City Council that acceptance of the proposal of the Developer and approval of the Agreement for Private Redevelopment is in the public interest of the residents of the City and is consistent with the purposes and objectives of the Plan, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. That the attached Agreement for Private Redevelopment by and between the City of Iowa City, Iowa and CORE Sycamore Town Center, L.L.C., is in the public interest of the residents of Iowa City, and 2. That said Agreement is consistent with and authorized by the Urban Renewal Plan and all applicable State and Federal Laws, including but not limited to Iowa Code Chapters 15A and 403, and 3. That the Mayor is authorized and directed to execute the Agreement and the City Clerk is authorized and directed to attest his signature and to affix the seal of the City Clerk; and 4. That the Mayor and City Clerk be and they are hereby authorized and directed to take all such actions and do all such things as they shall determine to be necessary or appropriate to ensure the City's performance as provided therein, and 5. That the City Clerk is hereby authorized to record said Agreement in the Office of the Recorder, Johnson County, Iowa, at Developer's expense, and 6. That the City Manager is hereby authorized to administer the terms of the Agreement for Private Redevelopment. Resolution No. 14-327 Page 2 Passed and approved this 18th day of November , 2014. Ap roved by ATTEST: 6�N% ek��u�nrv�/�} CITY"ERCL K CityAttorney's Office Resolution No. 14-327 Page 3 It was moved by Mims and seconded by Payne the Resolution be adopted, and upon roll call there were: AYES: NAYS: A13SENT: % Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton AGREEMENT FOR PRIVATE REDEVELOPMENT By and Between THE CITY OF IOWA CITY, IOWA am CORE Sycamore Town Center L.L.C. AGREEMENT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT FOR PRIVATE REDEVELOPMENT (hereinafter called "Agreement'), is made on oras of the 18th day of November , 2014, by and among the CITY OF IOWA CITY, IOWA, a municipality (hereinafter called "City"), established pursuant to the Code of Iowa of the State of Iowa and acting under the authorization of Chapter 403 of the Code of Iowa, 2013, as amended (hereinafter called "Urban Renewal Act") and CORE Sycamore Town Center, L.L.C., a Delaware limited liability company, registered to do business in Iowa, having an office for the transaction of business at 1600 Sycamore Street, Iowa City, Iowa 52240 (the "Developer"), WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the City has undertaken a program for the revitalization of an economic development area in the City and, in this connection, is engaged in carrying out urban renewal project activities in an area known as the Sycamore and First Avenue Urban Renewal Plan Area, which area is described in the Urban Renewal Plan approved for such area by Resolution No. 00-295 dated August 15, 2000, and most recently amended by Resolution 14- 301/ 1 on October*014; and WHEREAS, a copy of the foregoing Urban Renewal Plan, as amended, has been recorded among the land records in the office of the Recorder of Johnson County, Iowa; and WHEREAS, the Developer owns certain real property located in the foregoing Urban Renewal Area as more particularly described in Exhibit A attached hereto and made a part hereof (which property as so described is hereinafter referred to as the "Development Property"); and WHEREAS, the Developer will cause certain improvements to be constructed on the Development Property and will cause the same to be operated in accordance with this Agreement; and WHEREAS, the City believes that the development and continued operation of the Development Property pursuant to this Agreement and the fulfillment generally of this Agreement, are in the vital and best interests of the City and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the foregoing project has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the promises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: IM ARTICLE I. Section 1.1. Definitions. In addition to other definitions set forth in this Agreement, all capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: Active Tenant is defined as a use generating business invitee and/or employee traffic to and from the premises on a basis consistent with the regular and ongoing conduct of business activities. "Occupied by an Active Tenant" does not include uses generating onlyrandom or intermittent traffic, storage uses, purely seasonal (e.g. holidays) or temporary uses, or owner -occupied space; notwithstanding the receipt of rental payment under an existing lease or rental agreement. Agreement means this Agreement and all attachments hereto, as the same maybe fiom time to time modified, amended or supplemented. Certificate of Completion means a certification in the form of the certificate attached hereto as Exhibit D and hereby made a part of this Agreement, provided to the Developer pursuant to Section 3.2 of this Agreement. City means the City of Iowa City, Iowa, or any successor to its functions. Code means the Code of Iowa, 2013, as amended. Construction Plans means the plans, specifications, drawings and related documents reflecting the construction work to be performed by the Developer on the Development Property and the other properties upon which the Public Improvements will be located; the Construction Plans shall be as detailed in the plans, specifications, drawings and related documents which are submitted to the building inspector of the City as required by applicable City codes. Coun means the County of Johnson, Iowa. Developer means CORE Sycamore Town Center, L.L.C.. Development Property means that portion of the Sycamore and First Avenue Urban Renewal Plan Area of the City described in Exhibit A hereto. Economic Development Grants mean the Tax Increment payments to be made by the City to the Developer under Article VIII of this Agreement. Event of Default means any of the events described in Section 10.1 of this Agreement. First Mortgage means any Mortgage granted to secure any loan made pursuant to either a mortgage commitment obtained by the Developer from a commercial lender or other financial C-2 institution to fund any portion of the construction costs and initial operating capital requirements of the Minimum Improvements, or all such Mortgages as appropriate. CORE Sycamore Town Center TIF Account means a separate account within the Sycamore and First Avenue Urban Renewal Tax Increment Fund of the City, in which there shall be deposited those Tax Increments received by the City with respect to the Sycamore and First Avenue Urban Renewal Area pursuant to this agreement. Minimum Improvements shall mean the construction of improvements to the existing structures, together with all related site improvements, as outlined in Exhibit B hereto. Minimum Improvements shall not include increases in assessed or actual value due to market factors. Mortgage means any mortgage or security agreement in which the Developer has granted a mortgage or other security interest in the Development Property, or any portion or parcel thereof, or any improvements constructed thereon. Net Proceeds means any proceeds paid by an insurer to the Developer under a policy or policies of insurance required to be provided and maintained by the Developer, as the case may be, pursuant to Article V of this Agreement and remaining after deducting all expenses (including fees and disbursements of counsel) incurred in the collection of such proceeds. Ordinance means Ordinance No. 03-3947 of the City, under which the taxes levied on the taxable property in the Sycamore and First Avenue Urban Renewal Area shall be divided and a portion paid into the Sycamore and First Avenue Urban Renewal Tax Increment Fund. Proiect shall mean the construction and operation of the Minimum Improvements on the Development Property, as described in this Agreement. State means the State of Iowa. Sycamore and First Avenue Urban Renewal Tax Increment Fund means the special fund of the City created under the authority of Section 403.19(2) ofthe Code and the Ordinance, which fund was created in order to pay the principal of and interest on loans, monies advanced to or indebtedness, whether funded, refunded, assumed or otherwise, including bonds or other obligations issued under the authority of Section 403.9 or 403.12 of the Code, incurred by the City to finance or refinance in whole or in part projects undertaken pursuant to the Urban Renewal Plan for the Sycamore and Fist Avenue Urban Renewal Area. Tax Increments means those property tax revenues that are divided and made available to the City for deposit in the Sycamore and First Avenue Urban Renewal Tax Increment Fund under the provisions of Section 403.19 of the Code and the Ordinance. C-3 Termination Date means the date of termination of this Agreement, as established in Section 12.8 of this Agreement. Unavoidable Delays means delays resulting fiom acts or occurrences outside the reasonable control of the party claiming the delay including but not limited to storms, floods, fires, explosions or other casualty losses, unusual weather conditions, strikes, boycotts, lockouts or other labor disputes, acts of terrorism, delays in transportation or delivery of material or equipment, litigation commenced by third parties, or the acts of any federal, State or local governmental unit (other than the City). Urban Renewal Plan means the Sycamore and First Avenue Urban Renewal Plan, as amended, approved with respect to the Sycamore and First Avenue Urban Renewal Area, described in the preambles hereof. ARTICLE H. REPRESENTATIONS AND WARRANTIES Section 2.1. Representations and Warranties of the City. The City makes the following representations and warranties: (a) The City is a municipal corporation and political subdivision organized under the provisions of the Constitution and the laws of the State and has the power to enter into this Agreement and carry out its obligations hereunder. (b) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, and the fulfillment of or compliance with the terms and conditions of this Agreement are not prevented by, limited by, in conflict with, or result in a breach of, the terms, conditions or provisions of any contractual restriction, evidence of indebtedness, agreement or instrument of whatever nature to which the City is now a party or by which it is bound, nor do they constitute a default under any of the foregoing. Section 2.2. Representations and Warranties of Developer. The Developer makes the following representations and warranties: (a) The Developer has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as presently proposed to be conducted, and to enter into and perform its obligations under the Agreement. (b) This Agreement has been duly and validly authorized, executed and delivered by the Developer and, assuming due authorization, execution and delivery by the City, is in full force and effect and is a valid and legally binding instrument of the Developer enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other laws relating to or affecting creditors' rights generally. C-4 (c) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, and the fulfillment of or compliance with the terms and conditions of this Agreement are not prevented by, limited by, in conflict with, or result in a violation or breach of, the terms, conditions or provisions of any contractual restriction on the Developer, evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which it or its property is bound, nor do they constitute a default under any of the foregoing. (d) There are no actions, suits or proceedings pending or threatened against or affecting the Developer in any court or before any arbitrator or before or by any governmental body in which there is a reasonable possibility of an adverse decision which could materially adversely affect the business (present or prospective), financial position or results of operations of the Developer or which in any manner raises any questions affecting the validity of the Agreement or the Developer's ability to perform its obligations under this Agreement. (e) The Developer will cause the Minimum Improvements to be constructed in accordance with the terms of this Agreement, the Urban Renewal Plan, and all local, State and federal laws and regulations (f) The Developer will use commercially reasonable efforts to obtain, or cause to be obtained, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, State, and federal laws and regulations which must be obtained or met in connection with the Project. (g) The Developer has not received any notice from any local, State or federal official that the activities of the Developer with respect to the Development Property may or will be in violation of any applicable environmental law or regulation. The Developer is not currently aware of any State or federal claim filed or planned to be filed by any party relating to any violation of any local, State or federal environmental law, regulation or review procedure applicable to the Development Property, and the Developer is not currently aware of any violation of any local, State or federal environmental law, regulation or review procedure which would give any person a valid claim under any State or federal environmental statute with respect thereto. (h) The Developer will cooperate fully with the City in resolution of any traffic, parking, and trash removal or public safety problems that may arise in connection with the construction and operation of the Minimum Improvements. (i) The Developer would not undertake its obligations under this Agreement without the payment by the City of the Economic Development Grants being made to the Developer pursuant to this Agreement. ARTICLE III. DEVELOPMENT AND OCCUPANCY REQUIREMENT Section 3.1. Minimum hnprovements. C-5 The Developer agrees to complete Minimum Improvements generally consisting of interior remodeling, exterior fapade renovations, and related parking lot, signage, landscaping, and streetscape elements on certain portions of the Development Property, all as more fully described on Exhibit B hereto. Sufficient progress toward the completion of the Minimum Improvements must be made such that the assessed value of the Development Property increases by at least 15% over the current assessed value by January 1, 2016. (The current assessed value of the Development Property as of January 1, 2014, is $10,015,520, so the January 1, 2016 assessed value must be at least $11,517,848.) The Developer's total investment in the Minimum Improvements shall be at least $4,400,000, including architectural, design, and engineering fees, costs of building permits, inspection fees, developer fees (not to exceed five percent (5%) of depreciable basis), construction management fees, demolition costs, and reasonable contingency, further including all costs and expenses relating to exterior landscape, building fapade, and parking lot improvements ("Investment"). Developer shall provide to the City, on or before November 1, 2017, an engineer's certificate documenting these expenses, and any other documentation as may be requested by the City to demonstrate compliance with this investment requirement. Any new signage installed on the Development Property shall comply with Exhibit C, attached hereto and incorporated herein by this reference. Pursuant to this Development Agreement, the Developer shall submit a site plan for approval by the City Manager, or designee, which provides enhanced landscaping and defines the entryways and other related traffic patterns through the use of landscaping and other appropriate streetscape elements. The Developer shall submit all exterior changes or new construction requiring a building permit for review and approval by the City Staff Design Review Committee, prior to the issuance of the necessary building permit. The Committee shall pay particular attention to the installation of curbed and landscaped end -islands, the provision of a sidewalk connection from Lower Muscatine Road, Sycamore Street and 1st Avenue to a mall entrance, and compliance with the parking area tree coverage standards of the zoning code. Committee shall further review the plans for conformance with the Iowa City Code of Ordinances and the following particular standards: Parking Areas 1. Improvements to the parking lot shall be in compliance with the design and layout standards for surface parking areas, as set forth in Iowa City Code of Ordinances 14 -5A -5H. Particular attention shall be made to enhanced pedestrian routes between the public streets and the mall, and within the parking lot in accordance with 14 -5A -5H-5. 2. Pedestrian -scaled lighting shall be maintained or improved along the north side of the mall building. 3. Improvements to the parking lot shall also be in compliance with the landscaping, tree, screening, and bicycle parking standards as specified in 14 -5A -5I,14 -5A -5J, and 14 -5A -SK. 4. These improvements shall include those improvements conceptually shown on the attached Exhibit B. Building Design Standards W1 1. Improvements to the building fagades shall be predominantly constructed of high quality exterior building materials, including window systems, brick, masonry, stone, stucco, high quality architectural concrete masonry units, such as burnished, split -face, ground face, and similar, architectural pre -cast panels, and architectural metal panels. Concrete panels with a veneer of brick or masonry may be approved provided the material gives the appearance of one or more of the high quality building materials listed above. Predominately is defined as at least 75 percent of the exterior of the renovated portions of the building, but not necessarily of each building wall. Use of high quality building materials should be concentrated along building walls that are visible from public streets and public areas or that contain public entrances. Wood or cement board may be used as accent materials provided they are durable and of a high quality. 2. Other lower -quality or less durable exterior building materials, such as unadorned concrete block, unadorned tilt -up concrete panels, low quality cement board, and EIFS do not qualify as quality building materials and should be limited. Vinyl siding and low quality metal siding, such as that used for metal pole buildings, are not allowed. 3. Material and color changes should generally occur at a change of plane and at an inside corner. Material or color changes at the outside corners of structures that give the impression of veneer or artificiality of the material are not allowed. 4. Building improvements must include details and features that provide visual interest, reduce the perception of the mass of the building, and provide a cohesive appearance to the building. Building facades shall be articulated by using color, window arrangement, change in materials, and change in plane to vary the height, depth, or direction of exterior walls. Stretches of blank wall with no windows or other architectural features are discouraged along the primary public facades. 5. The fagade may be divided into separate storefront modules that have distinct characteristics. However, design linkages between storefront modules and other portions of the mall fagade are required through the alignment and placement of windows, belt courses, and other horizontal elements in a cohesive pattern. 6. Building awnings or canopies that provide a generally consistent cover along pedestrian walkways are encouraged. A functional awning or canopy (minimum 6 feet in depth) is required at entranceways. Arcades (canopies supported by columns) may also be used to provide weather protection for pedestrians and shall be supported by substantial columns or posts that are designed and integrated with the design of the storefront. Columns or posts must be supported by a durable base. So pedestrian movement next to the building is not impeded, arcades must be designed to encompass the full width of the sidewalk to within 2 feet of the curb. 7. Transparent entries and large ground -level storefront windows are required along primary facades of all storefront modules that are not oriented to the interior mall corridor. "Primary facades" are those facades that contain a primary public entrance to the mall or to a tenant space. Such windows and doors must be vertically-oriented in a standard storefront configuration (tall vertical window panels with transom above) that allow views into the interior space or be designed as storefront display windows that are set into the wall. Display cases attached to the outside building wall do not qualify. C-7 8. Rooflines shall be delineated with some form of cornice expression that distinguishes the top of the building from the lower fagade. Section 3.2. Certificate of Completion. Upon written request of the Developer after issuance of an occupancy permit for those commercial spaces described in the Minimum Improvements set forth in Exhibit B, the City will furnish the Developer with a Certificate of Completion for such portion in recordable form, in substantially the form set forth in Exhibit D attached hereto. Such Certificate of Completion shall be a conclusive determination of satisfactory completion of this Agreement with respect to the obligations of the Developer to construct the Minimum Improvements, but does not release Developer from on-going compliance with this Agreement. A Certificate of Completion may be recorded in the Johnson County Recorder's Office at the Developer's sole expense. If the City shall refuse or fail to provide a Certificate of Completion in accordance with the provisions of this Section 3.2, the City shall, within twenty (20) days after written request from the Developer, provide the Developer with a written statement indicating with adequate detail, in what respects the Developer has failed to complete the applicable Minimum Improvements in accordance with the provisions of this Agreement, or is otherwise in default under the terms of this Agreement, and what measures or acts will be necessary in the opinion of the City, to obtain such Certificate of Completion. Section 3.3. Occupancy. The parties acknowledge that the gross leasable floor space of the Development Property is 239,225 square feet. Along with the certifications required under 6.7 hereto, the Developer will certify that by November 1, 2015, at least 65% of the gross leasable floor space of the Development Property is occupied by an Active Tenant (155,496 square feet). On November 1, 2016, the Developer will certify that 75% of the gross leasable floor space of the Development Property is occupied by an Active Tenant (179,418 square feet). Beginning on November 1, 2017, and until the Termination Date, the Developer will certify that during ten of the twelve previous months, 80% of the gross leasable floor space of the Development Property has been occupied by an Active Tenant (191,380 square feet). The Developer shall further certify that it remains in compliance with the Minimum Improvements described in Exhibit B, and to timely provide reasonable documentation to support the same upon request by the City. ARTICLE IV. RESERVED ARTICLE V. INSURANCE Section 5.1. Insurance Requirements. (a) Upon completion of construction of the Minimum Improvements and at all times prior to the Termination Date, the Developer shall maintain, or cause to be maintained, at its cost and expense (and from time to time at the request of the City shall furnish proof of the payment of premiums on), insurance as follows: (i) Insurance against loss and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured through property policies by similar businesses, including (without limitation to the generality of the foregoing) fire, extended coverage, vandalism and malicious mischief, explosion, water damage, demolition cost, debris removal, and collapse in an amount not less than the full insurable replacement value of the Minimum Improvements, but any such policy may have a deductible amount of not more than $100,000. No policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, without the prior consent thereto in writing by the City. The term "full insurable replacement value" shall mean the actual replacement cost of the Minimum Improvements (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment, and shall be determined from time to time at the request of the City, but not more frequently than once every three years, by an insurance consultant or insurer selected and paid for by the Developer and approved by the City. (ii) Comprehensive general public liability insurance, including personal injury liability for injuries to persons and/or property, including any injuries resulting fiom the operation of automobiles or other motorized vehicles on or about the Development Property, in the minimum amount for each occurrence and for each year of $1,000,000 with a deductible of $500,000. (iii) Such other insurance, including workers' compensation insurance respecting all employees of the Developer, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Developer may be self- insured with respect to all or any part of its liability for worker's compensation. (b) All insurance required by this Article V to be provided prior to the Termination Date shall be taken out and maintained in responsible insurance companies which are authorized under the laws of the State to assume the risks covered thereby. The Developer will deposit annually with the City copies of policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article V, each policy shall contain a provision that the insurer shall not cancel or modify it without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. Not less than fifteen (15) days prior to the expiration of any policy, the Developer shall furnish the City evidence satisfactory to the City that the policy has been renewed or replaced by another policy conforming to the provisions of this Article V, or that there is no necessity therefor under the terms hereof. In lieu of separate policies, the Developer may maintain a single policy, or blanket or umbrella policies, or a combination thereof, which provide the total coverage required herein, in which event the Developer shalt deposit with the City a C-9 certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (c) The Developer agrees to notify the City within two (2) days in the case of damage exceeding $25,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty. Net Proceeds of any such insurance shall be paid directly to the Developer, and the Developer will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition or value as they existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the Net Proceeds of any insurance relating to such damage received by the Developer to the payment or reimbursement of the costs thereof. (d) The Developer shall complete the repair, reconstruction and restoration of the Minimum ]improvements, whether or not the Net Proceeds of insurance received by the Developer for such purposes are sufficient. ARTICLE VI. COVENANTS OF THE DEVELOPER Section 6.1. Maintenance of Properties. The Developer will maintain, preserve and keep the Development Property, including but not limited to the Minimum Improvements, in good repair and working order, and from time to time will make all necessary repairs, replacements, renewals and additions. Section 6.2. Maintenance of Records. The Developer will keep at all times proper books of record and account in which full, true and correct entries will be made of all dealings and transactions of or in relation to the business and affairs of the Developer in accordance with generally accepted accounting principles, consistently applied throughout the period involved, and the Developer will provide reasonable protection against loss or damage to such books ofrecord and account. Section 6.3. Compliance with Laws. The Developer will comply with all laws, rules and regulations relating to the Minimum Improvements, other than laws, rules and regulations the failure to comply with which or the sanctions and penalties resulting therefrom, would not have a material adverse effect on the business, property, operations, or condition, financial or otherwise, of the Developer. Section 6.4. Non -Discrimination. In operating the Minimum Improvements, the Developer shall not discriminate against any applicant, employee or tenant because of race, creed, color, religion, sex, national origin, sexual orientation, age, disability, marital status or gender identity. The Developer shall ensure that applicants, employees and tenants are considered and are treated without regard to their race, creed, color, religion, sex, national origin, sexual orientation, age, disability, marital status or gender identity. C-10 Section 6.5. Available Information. The Developer shall upon request provide the City with a letter of an independent public accountant selected by the Developer to the effect that a Certified Public Accountant has reviewed the financial statements of the Developer which have been prepared in conformity with the federal income tax fair market basis, that the examination of such financial statements by such accountant has been undertaken in accordance with generally accepted auditing standards, and that the Developer is financially capable of fulfilling its obligations under this Agreement. Section 6.6. Continued Operation. Commencing upon the signing of the Agreement, the Developer agrees that it will operate a retail/commercial center at the Development Property and will continue operation until at least the Termination Date set forth in Section 12.8 hereof. The Developer further agrees that it will make $4,400,000 in Investments in the construction of the Minimum Improvements; and result in at least a 15% increase in the assessed value of the Development Property by January 1, 2016 (the current assessed value of the Development Property is $10,015,520, so the January 1, 2016 assessed value must be at least $11,517,848). Section 6.7. Annual Certification. To assist the City in monitoring the performance of the Developer hereunder, a duly authorized officer of the Developer shall annually provide to the City: (a) proof that all ad valorem taxes on the Development Property have been paid for the prior fiscal year; and (b) certification that such officer has re-examined the terms and provisions of this Agreement and that at the date of such certificate, and during the preceding twelve (12) months, the Developer is not, or was not, in default in the fulfilhnent of any of the terms and conditions of this Agreement (including but not limited to the occupancy requirements of Section 3.3 hereto) and that no Event of Default (or event which, with the lapse of time or the giving of notice, or both, would become an Event of Default) is occurring or has occurred as of the date of such certificate or during such period, or if the signer is aware of any such default, event or Event of Default, said officer shall disclose in such statement the nature thereof, its period of existence and what action, if any, has been taken or is proposed to be taken with respect thereto. Such statement, proof and certificate shall be in a form generally consistent with that attached hereto as Exhibit E, and shall be provided no later than November I of each year, commencing November 1, 2015, and ending on November 1, 2021, both dates inclusive. Prior to November 1, 2015, the Developer shall submit the lease plan for the Development Property, with the gross leasable floor space calculation, current occupancy status, and a current certificate of insurance to the City. ARTICLE VII. ASSIGNMENT AND TRANSFER Section 7.1. Status of the Developer; Transfer of Substantially All Assets. As security for the obligations of the Developer under this Agreement, the Developer represents and agrees that, prior to the issuance of the Certificate of Completion and prior to the Termination Date, the Developer will not dispose of all or substantially all of its assets or assign its interest in this Agreement to any other party unless (i) the transferee partnership, corporation, limited liability company or individual assumes in writing all of the obligations of the Developer under this Agreement and (ii) the City C-11 consents thereto in writing in advance thereof. Notwithstanding the foregoing, however, or any other provisions of this Agreement, the Developer may pledge any and/or all of its assets as security for any financing of the Minimum Improvements, and the City agrees that Developer may assign its interest under this Agreement for such purpose. ARTICLE VIII. ECONOMIC DEVELOPMENT GRANTS Section 8.1. Economic Development Grants. (a) For and in consideration of the obligations being assumed by the Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan and the Urban Renewal Act, the City agrees, subject to the Developer having received a Certificate of Completion for construction of the Minimum Improvements by November 1, 2017, and being and remaining in compliance with the terms of this Agreement, to assume an obligation to make up to seven (7) consecutive annual payments to the Developer commencing on June 1, 2018 and ending on June 1, 2024, pursuant to Section 403.9 of the Urban Renewal Act, equal in amounts to one hundred percent (100%) per fiscal year of the Tax Increments collected by the City with respect to the Minimum Improvements on Development Property under the terms of the Ordinance (without regard to any averaging that may otherwise be utilized under Section 403.19 and excluding any interest that may accrue thereon prior to payment to the Developer), but subject to adjustment and conditions precedent as provided in this Article. (b) To the extent that the payment described in paragraph (a) above does not amount to an annual payment of $250,000, the City further agrees, subject to the Developer having received a Certificate of Completion and being and remaining in compliance with the terms of this Agreement, to assume an obligation to make up to seven (7) consecutive annual payments to the Developer commencing on June 1, 2018 and ending on June 1, 2024, pursuant to Section 403.9 of the Urban Renewal Act, the Tax Increments collected by the City with respect to the Urban Renewal Area under the terms of the Ordinance, in an amount constituting the difference between $250,000 less the payment made under paragraph (a) above, but subject to adjustment and conditions precedent as provided in this Article. Such payments described in paragraph (a) and (b) above shall be referred to collectively as the "Economic Development Grants." For purposes of calculating that portion of the taxes allocated to and, when collected, paid into the Sycamore and First Avenue TIF Fund, the City fust certified debt for the original Urban Renewal Area on December 1, 2001, setting the base value on the original area at $23,243,580, the assessed value as of January 1, 2000. On June 24, 2003, the City added land to the Urban Renewal Area, thereby setting the base value of this amended area at $9,496,280, the assessed value as of January 1, 2002. Therefore, the base value of the Urban Renewal Area, as amended is $32,739,860. The taxes levied each year upon the assessed value of the taxable property in this Urban Renewal Area, as amended, in excess of this base value shall be allocated to and when collected be paid into the Sycamore and First Avenue TIF Fund, or other fund established by the County Auditor for payment of loans, advances, indebtedness or bonds payable from the division of property tax revenue pursuant to the Ordinance. C-12 (c) The obligation of the City to make an Economic Development Grant to the Developer in any year as specified above shall be subject to and conditioned upon the timely filing by the Developer of all previous annual statements, proofs and certifications required herein and the City Manager's confirmation that said filings comply with the terms and obligations of this Agreement. . Beginning with the November 1, 2016, certification, if the Developer's annual statement, proof and certification is timely filed and contains the information required pursuant to this agreement, as confirmed by the City Manager, the City shall certify to the County prior to December 1 of that year its request for the available Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by the City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to the Developer on June 1 of the following fiscal year, subject to the terms, conditions and limitations of this Agreement. (For example, if the Developer and the City each so certify on November and December of 2016, respectively, the 2016 taxes are due and payable in 2017, and the first Economic Development Grants would be paid to the Developer on June 1, 2018). (d) In the event that the annual statement, proof or certificate required to be delivered by the Developer is not delivered to the City by November 1 of any year, the Developer recognizes and agrees that the City may have insufficient time to review and approve the same and certify its request for Tax Increments to the County and that, as a result, no Economic Development Grants may be made to the Developer in respect thereof for that year. The City covenants to act in good faith to appropriately review and consider any late certification on the part of the Developer, but the City shall not be obligated to make any certification to the County for the available Tax Increments or make any corresponding payment of the Economic Development Grants to the Developer if, in the reasonable judgment of the City, it is not able to give appropriate consideration to the Developer's certification due to its late filing. (e) The total, aggregate amount of all Economic Development Grants under this Agreement shall not exceed $1,750,000. If a final grant based upon one hundred percent of Tax Increments would result in total, aggregate Economic Development Grants in an amount exceeding $1,750,000, the final Economic Development Grant shall be reduced accordingly. Such Economic Development Grants shall at all times be subject to termination in accordance with the terms of this Article VIII. Thereafter the taxes levied on the Minimum Improvements shall be divided and applied in accordance with the Urban Renewal Act and the Ordinance. (f) In the event that any certificate filed by the Developer pursuant to this Agreement or other information available to the City discloses the existence or prior occurrence of an Event of Default that was not cured or cannot reasonably be cured under the provisions of Section 10.2 (or an event that, with the passage of time or giving of notice, or both, would become an Event of Default that cannot reasonably be cured under the provisions of Section 10.2), the City shall have no obligation thereafter to make any further payments to the Developer in respect of the Economic Development Grants and may proceed to take one or more of the actions described in Section 10.2 hereof. C-13 (g) Conditions Precedent to Economic Development Grants. The obligation of the City to make an Economic Development Grant to the Developer in any year as specified above shall be subject to and conditioned upon satisfactory evidence that the following has occurred: 1) the assessed value of the Development Property has increased by at least 15% by January 1, 2016 ($11,517,848); 2) a certificate of completion has been issued for the Minimum Improvements; 3) the occupancy thresholds set forth in 6.6 above have been met; 4) an engineer's certificate has been filed as evidence of the Developer's investment of over $4,400,000 toward the Minimum Improvements, as required by 6.6 above; 5) all ad valorum taxes on the Development Property have been paid for the prior year; 6) the annual certificate required pursuant to 6.7 herein has been timely filed; 7) satisfactory compliance with all other terms and conditions of this Agreement. Section 8.2. Source of Grant Funds Limited. (a) The Economic Development Grants shall be payable from and secured solely by amounts deposited and held in the CORE Sycamore TIF Account of the City. The City hereby covenants and agrees to maintain the Ordinance in force for as long as allowable under Iowa Code Chapter 403 and to apply the incremental taxes collected allocated to the CORE Sycamore TIF Account to pay the Economic Development Grants, as and to the extent set forth in Section 8.1 hereof. The City and Developer hereby acknowledge that the Ordinance sunsets in fiscal year 2021-2022 by operation of Iowa Code Chapter 403, and that the City will no longer be able to capture the tax increment for the Sycamore and First Avenue Urban Renewal Area after that time. However, payment of any eligible Economic Development Grants shall continue until June 1, 2024 based upon the availability of funds previously deposited in the CORE Sycamore TIF Account with respect to the Urban Renewal Area. The Economic Development Grants shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. (b) Notwithstanding the provisions of Section 8.1 hereof, the City shall have no obligation to make an Economic Development Grant to the Developer if at any time during the term hereof the City receives an opinion of its legal counsel to the effect that the use of Tax Increments to fund an Economic Development Grant to the Developer, as contemplated under said Section 8.1, is not authorized or otherwise an appropriate project activity permitted to be undertaken by the City under the Urban Renewal Act or other applicable provisions of the Code, as then constituted, or under a controlling decision of an Iowa court having jurisdiction over the subject matter hereof. Upon receipt of such an opinion, the City shall promptly forward a copy of the same to the Developer and provide Developer an opportunity, at Developer's sole expense, to seek further clarification regarding such opinion or challenge the opinion within the appropriate legal or administrative channels. If the circumstances or legal constraints giving rise to the opinion of the City's legal counsel continue for a period during which two (2) Economic Development Grants would otherwise have been paid to the Developer under the terms of Section 8.1, the City may terminate this Agreement, without penalty or other liability to the Developer, by written notice to the Developer. (c) The City makes no representation with respect to the amounts that may finally be paid to the Developer as the Economic Development Grants, and under no circumstances shall the City in any manner be liable to the Developer so long as the City timely applies the Tax Increments actually C-14 collected and held in the CORE Sycamore TIF Account (regardless of the amounts thereof) to the payment of the Economic Development Grants to the Developer, as and to the extent described in this Article. Section 8.3. Use of Other Tax Increments. Subject to this Article VIII, the City shall be free to use any and all Tax Increments collected in respect of increases in valuation on the Development Property or other property within the Urban Renewal Area unrelated to construction of the Minimum Improvements (i. e. increases in assessed or actual value due to market factors), or any available Tax Increments resulting from the suspension or termination of the Economic Development Grants under Section 8.1 hereof, for any purpose for which the Tax Increments may lawfully be used pursuant to the provisions of the Urban Renewal Act, and the City shall have no obligations to the Developer with respect to the use thereof. ARTICLE DC. INDEMNIFICATION Section 9.1. Release and Indemnification Covenants. (a) The Developer releases the City and the governing body members, officers, agents, servants and employees thereof (hereinafter, for purposes of this Article DX, the "indemnified parties") from, covenants and agrees that the indemnified parties shall not be liable for, and agrees to indemnify, defend and hold harmless the indemnified parties against, any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Minimum Improvements. (b) Except for any willful misrepresentation or any willful or wanton misconduct or any unlawful act of the indemnified parties, the Developer agrees to protect and defend the indemnified parties, now or forever, and further agrees to hold the indemnified parties harmless, from any claim, demand, suit, action or other proceedings whatsoever by any person or entity whatsoever arising or purportedly arising from (i) any violation of any agreement or condition of this Agreement (except with respect to any suit, action, demand or other proceeding brought by the Developer against the City to enforce its rights under this Agreement), (ii) the acquisition and condition of the Development Property and the construction, installation, ownership, and operation of the Minimum Improvements or (iii) any hazardous substance or environmental contamination located in or on the Development Property. (c) The indemnified parties shall not be liable for any damage or injury to the persons or property of the Developer or its officers, agents, servants or employees or any otherperson who may be about the Minimum Improvements due to any act of negligence of any person, other than any act of negligence or willful misconduct on the part of any such indemnified party or its officers, agents, servants or employees. (d) All covenants, stipulations, promises, agreements and obligations of the City contained herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the C-15 City, and not of any governing body member, officer, agent, servant or employee of the City in the individual capacity thereof. (e) The provisions of this Article IX shall survive the termination of this Agreement. ARTICLE X. DEFAULT AND REMEDIES Section 10.1. Events of Default Defined. The following shall be "Events of Default' under this Agreement and the term "Event of Default' shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Developer to cause the construction of the Minimum Improvements to be commenced and completed pursuant to the terms, conditions and limitations of Article III of this Agreement; (b) Transfer of any interest in this Agreement or the assets of the Developer in violation of the provisions of Article VII of this Agreement; (c) Failure by the Developer to substantially observe or perform any covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement; (d) The holder of any Mortgage on the Development Property, or any improvements thereon, or any portion thereof, commences foreclosure proceedings as a result of any default under the applicable Mortgage documents; (e) The Developer shall: (i) file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended, or under any similar federal or state law; or (ii) make an assignment for the benefit of its creditors; or (iii) admit in writing its inability to pay its debts generally as they become due; or (iv) be adjudicated as bankrupt or insolvent; or if petition or answer proposing the adjudication of the Developer as a bankrupt or its reorganization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within ninety (90) days after the filing thereof, or a receiver, trustee or liquidator of the Developer or the Minimum Improvements, or part thereof, shall be appointed in any proceedings brought against the Developer, and shall not be discharged within C-16 ninety (90) days after such appointment, or if the Developer shall consent to or acquiesce in such appointment; or (f) Any representation or warrantymade by the Developer in this Agreement, or made by the Developer in any written statement or certificate furnished by the Developer pursuant to this Agreement, shall prove to have been incorrect, incomplete or misleading in any material respect on or as of the date of the issuance or making thereof. Section 10.2. Remedies on Default. Whenever any Event of Default referred to in Section 10.1 of this Agreement occurs and is continuing, the City, as specified below, may take any one or more of the following actions after (except in the case of an Event of Default under subsections (e) or (f) of said Section 10.1 in which case action may be taken immediately) the giving of thirty (30) days' written notice by the City to the Developer and the holder of the First Mortgage (but only to the extent the City has been informed in writing of the existence of a First Mortgage and been provided with the address of the holder thereof) of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days, or if the Event of Default cannot reasonably be cured within thirty (30) days and the Developer does not provide assurances reasonably satisfactory to the City that the Event of Default will be cured as soon as reasonably possible: (a) The City may suspend its performance under this Agreement until it receives assurances fiom the Developer, deemed adequate by the City, that the Developer will cure its default and continue its performance under this Agreement; (b) The City may terminate this Agreement; (c) The City may withhold the Certificate of Completion; (d) The City may take any action, including legal, equitable or administrative action, which may appear necessary or desirable to enforce performance and observance of any obligation, agreement, or covenant of the Developer, as the case may be, under this Agreement; or (e) The City shall be entitled to recover fiom the Developer, and the Developer shall re -pay to the City, an amount equal to the most recent Economic Development Grant previously made to the Developer under Article VIII hereof, and the City may take any action, including any legal action it deems necessary, to recover such amount from the Developer. Section 10.3. No Remedy Exclusive. No remedy herein conferred upon or reserved to the City is intended to be exclusive of any other available remedy or remedies, but each and every remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or inequity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power maybe exercised from time to time and as often as may be deemed expedient. C-17 Section 10.4. No Implied Waiver. In the event any agreement contained in this Agreement should be breached by any patty and thereafter waived by any other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 10.5. Agreement to Pay Attorneys' Fees and Expenses. Whenever any Event of Default occurs and the party who is not in default shall employ attorneys or incur other expenses for the collection of payments due or to become due or for the enforcement or performance or observance of any obligation or agreement on the pail of the party in default herein contained, the party in default agrees that it shall, on demand therefor, pay to the party not in default the reasonable fees of such attorneys and such other expenses as may be reasonably and appropriately incurred by the party not in default in connection therewith. ARTICLE XI. OPTION TO TERMINATE AGREEMENT Section 11.1. Option to Terminate. This Agreement may be terminated by the Developer if (i) the Developer is in compliance with all material terms of this Agreement and no Event of Default has occurred which has not been cured in accordance with the provisions of Section 10.2 hereof; and (ii) the City fails to comply with any material term of this Agreement, and, after written notice by the Developer of such failure, the City has failed to cure such noncompliance within thirty (30) days of receipt of such notice, or, if such noncompliance cannot reasonablybe cured by the City within thirty (30) days of receipt of such notice, the City has not provided assurances reasonably satisfactory to the Developer that such noncompliance will be cured as soon as reasonably possible. Section 11.2. Effect of Termination. If this Agreement is terminated pursuant to this Article XI, this Agreement shall be from such date forward null and void and of no further effect; provided, however, that the City's rights to indemnification under Article IX hereof shall in all events survive and provided further that the termination of this Agreement shall not affect the rights of any party to institute any action, claim or demand for damages suffered as a result of breach or default of the terms of this Agreement by another patty, or to recover amounts which had accrued and become due and payable as of the date of such termination. hi any such action, the prevailing party shall be entitled to recover its reasonable attorneys' fees and related expenses incurred in connection therewith (but only, in the case of the City, to the extent permitted by applicable law). Upon termination of this Agreement pursuant to this Article XI, the Developer shall be free to proceed with the construction and operation of the Minimum Improvements at its own expense and without regard to the provisions of this Agreement. ARTICLE XII. MISCELLANEOUS Section 12.1. Conflict of Interest. The Developer represents and warrants that, to its best knowledge and belief after due inquiry, no officer or employee of the City, or its designees or agents, nor any consultant or member of the governing body of the City, and no other public official of the C-18 City who exercises or has exercised any functions or responsibilities with respect to the Project during his or her tenure, or who is in a position to participate in a decision-making process or gain insider information with regard to the Project, has had or shall have any interest, direct or indirect, in any contract or subcontract, or the proceeds thereof, for work or services to be performed in connection with the Project, or in any activity, or benefit therefi•om, which is part of the Project at any time during or after such person's tenure. Section 12.2. Notices and Demands. A notice, demand or other communication under this Agreement by any party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (a) In the case of the Developer, is addressed or delivered personally to the Developer at CRHMI,1600 Dove Street, Suite 450, Newport Beach, CA 92660, with a copy to 1600 Sycamore Street, Iowa City, Iowa 52240, and to Wendy L. Young, Stanley, Lande & Hunter, 201 West Second Street, Suite 1000, Davenport, IA 52801, or to such other designated individual or to such other address as Developer shall have furnished to the City in accordance herewith. (b) In the case of the City, is addressed to or delivered personally to the City at City Hall, 410 E. Washington Street, Iowa City, Iowa, 52240, Attn: City Manager; or to such other designated individual or to such other address as any party shall have furnished to the other in writing in accordance herewith. Section 12.3. Titles of Articles and Sections. Any titles of the several parts, Articles, and Sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. Section 12.4. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute one and the same instrument. Section 12.5. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Iowa. Section 12.6. Entire Agreement. This Agreement and the exhibits hereto reflect the entire agreement between the parties regarding the subject matter hereof, and supersedes and replaces all prior agreements, negotiations or discussions, whether oral or written. This Agreement may not be amended except by a subsequent writing signed by all parties hereto. Section 12.7. Successors and Assigns. This Agreement is intended to and shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Section 12.8. Termination Date. This Agreement shall terminate and be of no further force or effect on and after June 1, 2024. C-19 Section 12.9 Recording. This Agreement shall be recorded at the Johnson County Recorder's Office, Iowa City, within 30 days of execution at the expense of the Developer. IN WITNESS WHEREOF, the City has caused this Agreement to be duly executed in its name and behalf by its Mayor and its seal to be hereunto duly affixed and attested by its City Clerk, and the Developer has caused this Agreement to be duly executed in its name and behalf by CORE Sycamore Town Center, L.L.C.. (SEAL) CITY OF IOWA CITY, IOWA By: Mayor ATTEST: By: /il6t��t fl/ City Clerk RE Sycamore Town Cen , LLC a D ware limited liabil' company By: Nev a Inco e Investment, LLC a Nevada lim' liability company Its: CITY OF IOWA CITY STATE OF IOWA COUNTY OF JOHNSON On this I day of Abuse rrt be r— 20J before me a Notary Public in and for said County, personally appeared Matthew J. Hayek and Marian K. Karr, to me personally known, who being duly sworn, did say that they are the Mayor and City Clerk, respectively of the City of Iowa City, Iowa, a Municipal Corporation, created and existing under the laws ofthe State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said Municipal Corporation, and that said instrument was signed and sealed on behalf of said Municipal Corporation by authority and resolution of its City Council and said Mayor and City Clerk acknowledged said instrument to be law -To] CORE Sycamore Town Center, LLC a Delaware limited liability company By: Nevada Income Investment, LLC a Nevada limited liability company _ .. _._... Its: Manager.. ,. . By: Saunders Family Partnership, LLC a California limited liability company Its: Manager By: zJo R. Saunders ts: Manager the free act and deed of said Municipal Corporation by it voluntarily executed. ppwi Y,. TUTTLE /w G�i� fl /rD 'au n Expi l Nota Public in and for the State of Iowa e.._ �; ..o�� ai cion Expires n' lu\;a STATE COUNTY OF This instrument was Center, L.L.C. CORE SYCAMORE TOWN CENTER, L.L.C. )SS �cknowledg fore me on his day of , 20_, by (NAME), as (TITLE) of CORE Sycamore Town Notary Public in and for the State of Iowa C-21 CIVIL CODE 9 1180 State of California County of -M On JD= -;;" `-q before me,>(V�, Date Fiore I n eme nle of the OHxer personally appeared Ne 18gne�.a}' L04M�JAMES KRETZSCHMAR Ida Commission N 2033241 tary Public • 001ROmle orange County MYNCC omm. Expires Au 0 2017 who proved to me on the basis of satisfactory evidence to be the personfarwhose name(arisW subscribed to the within instrument and acknowledged to me that he/Aq>;/tK executed the same in hist/tW authorized capacity(desq, and that. by hls/10/WersignaturefWon the instrument the persoW, or the entity upon behalf of which the personlJgracted, executed the Instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hirci an$ off'iiVal seal. Signature: Place Notary Seal Pbow OPTIONAL -- Though the Information below Is not required by law, it may praw and could prevent fraudulent removal and reattachmer Description of Attached Document Title or Type of Document: Pa R rK&,,;*4-X_ Document Date: Signer(s) Other Than Named Above: Capacity(fes) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Panner — ❑ Limited El General Top of thumb two ❑ Attorney in Fact ❑ Trustee D Guardian or Conservator ❑ Other: Signer Is Representing: 7aluable lo persons relying on the document of this form to another document. Number of Pages: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Panner — ❑ Limited D General Top of thumb here ❑ Attorney in Fact D Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: C 2010 Ne50nel NolaryASSOaaUM • Na6onelNolary,omg • i•S80•US NOTARY (68008766627) Item #6587 RESOLUTION The undersigned, on behalf of Core Sycamore Town Center, LLC, a Delaware limited liability company (the "Company"), consents to and adopts the following resolutions: RESOLVED, that the Company is authorized to enter into that certain Agreement for Private Redevelopment, as approved by the City Council of the City of Iowa City, Iowa, on November 18, 2014 (the "Agreement'). FURTHER RESOLVED, that John R. Saunders, as Manager of the Saunders Family Partnership, LLC, which is the Manager of Nevada Income Investment, LLC, which is the Manager of the Company, is authorized to execute the Agreement and deliver the executed Agreement to the City. The undersigned consents that the foregoing action shall be taken by the signing of this instrument. Dated as November 18, 2014. Core Sycamore Town Center, LLC A Delaware limited liability company By Name Title EXHIBIT A DEVELOPMENT PROPERTY The Development Property is described as consisting of all that certain parcel or parcels of land located in the City of Iowa City, County of Johnson, State of Iowa, more particularly described as follows: PARCEL NUMBER 1014457007 TAYF8 2, 3, 4, 5' Sled a P=t of Luta S and 6 OYMOU Vinn Addriion t6 Iowa Ci4y. Iavda, 05 Pcr ptat thOmOf InOOMUd fu Pim Book P. pqp +43 rocaoft of J COUDAY, Iowa and a Part of the S Omew of the soutumst Section .l4 &rul pan of tEw North car' gookm 23. Township 70 T9osth, RaW 6 Wom of'itn, SOy., 3 Ciotmty, tows, mom tr icvisAy fo lows C�t .r ei i s �� '��='e i'.i a .a 4 � ♦ r R 1.4 l :Ll �' 3 �4 �.. S9 y...y. >Yk fi}' S• F x;e _ 1( i -.. � .,... i ,• � ... res a y nry a ,� s a a e, s•• i - E 4 •l It' k ,i e€ TOGET MIL WIM a "On.egKoluntw comment ror and 1304LIJ49 over pert om Of Lot l in MAU r1rat AdQldanal to Iowa Otty. Iow6, as plot freowdrd 6n, Pba Rao& 9. a 41 of moor& Drjahnstm- C owny. Iowa. W; &A fn.fla in that samara 'Wkwhimflon of Wtuwl 6 "date:[ Septrenbor 4, 2065 said nwoMrd to the recoxda of J n Comty, tows at Ronk 4352, pW 252. C-22 10,40,11,308 MINIMUM IMPROVEMENTS The Minimum Improvements shall consist of the constructing certain improvements to portions of the existing parking lot, building fagade and interior, which improvements shall include: a) the installation of certain parking lot and pedestrian access improvements within the Development Property, as generally shown on the conceptual site plan shown below. b) in conjunction with the installation of certain parking lot and pedestrian access improvements as described in a) above, Developer shall provide enhanced landscaping in accordance with a landscaping site plan approved by the City Manager, or designee. c) the interior remodeling of the Lucky's Market space, the Planet Fitness space, and those two spaces indicated on the attached site plan as the "Future New Retail" spaces. This interior remodel shall include the elimination of the existing common hallway currently bisecting these spaces, and creation of new common areas intended to foster entertainment and social gatherings. d) fagade improvements to the Lucky's Market space, the 25,900 SF Future New Retail space, and that portion of the southeast fagade labeled as "fagade improvements" more particularly shown on the attached site plan. These Minimum Improvements shall be approved by the City pursuant to Section 3.1 of the Agreement. The Developer shall pay particular attention to the installation of curbed and landscaped end -islands, the provision of a sidewalk connection from Lower Muscatine Road, Sycamore Street and I st Avenue to a mall entrance, and compliance with the parking area tree coverage standards of the zoning code, as well as the obligations set forth in this Agreement for Private Redevelopment. Developer's total Investment in the Minimum Improvements shall be at least $4,400,000 and shall be completed by November 1, 2017, though Developer shall commence the Minimum Improvements and make sufficient progress toward completion thereof to result in an increase in actual assessed value of the Development Property of at least fifteen (15) percent by January 1, 2016 (current assessed value is $10,015,520), as more fully set forth in this Agreement for Private Redevelopment. Developer shall enter into lease agreements, and maintain those agreements for as long as this Agreement for Private Redevelopment remains in effect, with retailers for a 33,000 SF grocery store, a17,800 SF fitness facility. C-23 C-24 EXHIBIT C SIGNAGE DESIGN STANDARDS All new signs installed on the Development Property shall comply with Iowa City Code of Ordinances 14-513, "Sign Regulations", and the following standards: Fascia Signs: 1. For purposes of calculating the percentage of sign wall coverage, the sign wall size will be based on the tenant's store front only. If current tenant signage is displaced by a new store front fagade improvement, the Developer shall submit a sign plan to the City for approval prior to the issuance of any sign permit. This sign plan shall set forth how the Developer intends to accommodate signage for those tenants without exterior fiontage. 2. Cabinet -style signs (i.e. internally lit cabinets with applied vinyl copy) are prohibited, except as allowed herein. 3. For tenant spaces with exterior storefronts, classic storefiont signage types, such as canopy, awning, canopy roof, or projecting signs are encouraged. 4. A minimum of 75% of the sign must be comprised of individual channel letters which could be externally or internally illuminated or with halo back lighting. Neon channel letters would meet this requirement. Letters cut out from a metal panel and illuminated from the back are also allowed. Externally lit signs should complement the Minimum Improvements design and not produce excessive glare. 5. A graphic logo may be an internally illuminated cabinet -style sign if used in conjunction with channel letters and comprises no more than 25% of the sign. Logos shall generally be constructed in the same manner as individual letters including contouring to follow the shape of the logo. In situations in which the logo cannot be contoured, a panel sign maybe allowed if the panel is sized and constructed in a manner that minimizes the overall sign size and limits the portion illuminated to just the logo. 6. Directional signage mounted to the building fagade may be a cabinet -style sign, but cannot exceed 4 sf in area. 7. Lettering and graphic styles should be consistent with the approved design for the Minimum Improvements to the extent possible. 8. Parapet walls built for the sole purpose of providing for larger tenant signage are prohibited, except as approved for large anchor tenants. 9. All signage shall comply with the above criteria unless the tenant requires an alternate style of signage. In this circumstance, the tenant must provide staff with a letter explaining why the approved signage criteria cannot be met. Free Standing & Monument Signs: 1. The number of tenant panels on a common sign is limited to no more than six (6) except for internal monument type signs acting as directional signage. 2. All non -building signs must have a unifying theme or logo so that they relate to one another. C-25 CERTIFICATE OF COMPLETION WHEREAS, the City of Iowa City, Iowa (the "City") and CORE Sycamore Town Center, L.L.C.., having an office for the transaction of business at 1600 Sycamore Street, Iowa City, Iowa, 52240 (the "Developer"), did on or about the 1/L� day of No vemhpr- . 201+ make execute and deliver, each to the other, an Agreement forPrivate Redevelopment (the "Agreement"), wherein and whereby the Developer agreed, in accordance with the terms of the Agreement, to develop and maintain certain real property located within the City and as more particularly described on the attached Exhibit 1; and WHEREAS, the Agreement incorporated and contained certain covenants and restrictions with respect to the development of the Development Property, and obligated the Developer to construct certain Minimum lmprovements (as defined therein) in accordance with the Agreement; and WHEREAS, the Developer has to the present date performed said covenants and conditions insofar as they relate to the construction of said Minimum Improvements in a manner deemed bythe City to be in conformance with the approved building plans to permit the execution and recording of this certification. NOW, THEREFORE, pursuant to Section 3.2 of the Agreement, this is to certify that all covenants and conditions of the Agreement with respect to the obligations of the Developer, and its successors and assigns, to construct the Minimum Improvements on the Development Property have been completed and performed by the Developer and are hereby released absolutely and forever terminated insofar as they apply to the land described herein. The County Recorder of Johnson County is hereby authorized to accept for recording and to record the filing of this instrument, to be a conclusive determination of the satisfactory termination of the covenants and conditions of said Agreement with respect to the construction of the Minimum Improvements on the Development Property. All other provisions of the Agreement shall otherwise ruin in fill force and effect until termination as provided therein. (SEAL) CITY OF IOWA CITY_ , IOWA By: / - ayor ATTEST: ' City Clerk C-26 STATE OF IOWA COUNTY OF JOHNSON On this th day of y \7Gt ()4e 2018, before me a Notary Public in and for said County, personally appeared Vin, x-M(r 1 ior� send Kei l e Frue1,11 htgto me personally known, who being duly sworn, did say that they ark the Mayor and City Clerk, respectively of the City of Iowa City, Iowa, a Municipal Corporation, created and existing under the laws ofthe State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said Municipal Corporation, and that said instrument was signed and sealed on behalfof said Municipal Corporation by authority and resolution of its City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and deed of said Municipal Corporation by it voluntarily executed 1T!ZWCHRISTINE OLNEY Notary Public in and for a tate of Iowa 41'i1 Commission Number 806232M CommissionExpires -5— C-27 EXHIBIT 1 1 t 1�✓• i 3 Y � ` �_Y A a .. r➢..l i I,Y .r � 1'Ai t u '.,q4 ae ax i ,' s r w A a a,a s i «a.' �• , x t ssu r. '.'- • n ft�l PC r ru n. 11 c• s a _ a s' '. � s 4 s x ...a s, (.:u•tM t- y.. ,F n a-�a P'.i � u,"F" �i 3 iC. i.. �.. s• �Aa e..r ;FYFi y_. at L' a i.Y � if. _ ➢ � • a• x{ I� s ass r: .va' ..>."• a..a. 'R las 1'. ➢ "� z s y.' t w _.mow � ., .� F .� tf rs:.,. i.. f. . ... +IV -7410 i IMAW IN lilyTA I I., It 5YiG]Br iM WIM 0 n04-09cluAve emiu trt for Ikowso, egress and patMg over pardons of Lot 1 in MRU Fhu Addltlooal to TWA Cloy. Iowa, im per plea f ed IAPlrARO*9.Pq04I Oftawr& of Joluxtan County. Iowa, ex sat fvA in IJWROQrl of k4tsW FmarnwitedaW Soptember 4, 2M NO roodW In tho rot&ds of Jolm�rc Couaty, Iyva 14 Ilan& 43A page 292. C-28 EXHBHT E ANNUAL CERTIFICATION Date: (due annually no later than November 1) I, , the undersigned, having knowledge of the Developer's Agreement between the City of Iowa City and CORE Sycamore Town Center, LLC, dated 2014, and the operations of the Development Property, hereby certify the following; 1. All ad valorem taxes on the Development Property have been paid for the prior fiscal year, as evidenced by the attached documentation; and 2. (A) I have re-examined the terms and provisions of the Development Agreement and can affirm that during the preceding twelve (12) months, the Developer is not, or was not, in default in the fulfillment of any of the terms and conditions of said Agreement (including but not limited to the occupancy requirements of Section 3.3 thereto) and that no Event of Default (or event which, with the lapse of time or the giving of notice, or both, would become an Event of Default) is occurring or has occurred as of the date of this certificate. OR (B) the undersigned has re-examined the terms and provisions of the Development Agreement and that at the date of this certificate, the undersigned is aware that the Developer is in default of the Agreement for the following reasons: ; that the default has existed since (date); and that the Developer is taking or proposes to take the following action with respect thereto: 3. Developer has invested $ in completing the Minimum Improvements, as evidenced by and has taken all reasonably necessary action to maintain said improvements; 4. The current percentage of square footage occupied by an Active Tenant within the Development Property is • t In (Name, title) Date: 1 Pursuant to Paragraph 3.3 of the Developer's Agreement, at least 65% of the gross leasable floor space (155,496 square feet) shall be occupied by an Active Tenant by November 1, 2015. By November 1, 2016, at least 75% of the gross leasable floor space of the Development Property (179,418 square feet) shall occupied by an Active Tenant. Beginning on November 1, 2017, and until the Termination Date, by November I of each year or during ten of the twelve previous months, 80% of the gross leasable floor space of the Development Property (191,380 square feet) was occupied by an Active Tenant. C-29 AGREEMENTFOR PRIVATE REDEVELOPMENT THIS AGi E' ENT FOR PRIVATE REDEVELOPME (hereinafter called "Agreement"), is ma on or as of the day of , 2014, by and among the CITY OF IOWA C\te , a municipality (hereinafter called" ity"), established pursuant to the Code of Iowa of thwa and acting under the authoriz ion of Chapter 403 of the Code of Iowa, 2013, as amenafter called "Urban Renewal ct") and CORE Sycamore Town Center, L.L.C., a Delad liability company, register d to do business in Iowa, having an office for the transaciness at 1600 Sycamor Street, Iowa City, Iowa 52240 (the "Developer"). WITNESSETH: WHEREAS, in furtherance of th objecti s of the Urban Renewal Act, the City has undertaken a program for the revitalizatio of a economic development area in the City and, in this connection, is engaged in carrying out n renewal project activities in an area known as the Sycamore and First Avenue Urban Rene 1 Plan Area, which area is described in the Urban Renewal Plan approved for such area by sol ion No. 00-295, dated August 15, 2000, and most recently amended by Resolution 14 n October 22, 2014; and WHEREAS, a copy of the for going Urban\toas lan, as amended, has been recorded among the land records in the ofl of the Recorden County, Iowa; and WHEREAS, the Develo er owns certain rty located in the foregoing Urban Renewal Area as more particu ly described in Exched hereto and made a part hereof (which property as so describ d is hereinafter referre "Development Property"); and WHEREAS, the eveloper will cause certain improv ments to be constructed on the Development Property a d will cause the same to be operated in cordance with this Agreement; and WHEREAS, e City believes that the development and ontinued operation of the Development Prop pursuant to this Agreement and the fulfillment g nerally of this Agreement, are in the vital and est interests of the City and in accord with the public rposes and provisions of the applicable St to and local laws and requirements under which the fo going project has been undertaken and is being assisted. NOW, HEREFORE, in consideration of the promises and the mutuN obligations of the parties heret , each of them does hereby covenant and agree with the other as llows: IM ARTICLE I. DEFINITIONS Sectio 1.1. Definitions. In addition to other definitions set forth in thi Agreement, all capitalized term used and not otherwise defined herein shall have the followin eanings unless a different meaning early appears from the context: Active Tenant i defined as a use generating business invitee anor employee traffic to and from the premises on a ba 's consistent with the regular and ongoing onduct of business activities. "Occupied by an Active Te nt" does not include uses generating o y random or intermittent traffic, storage uses, purely season 1 (e.g. holidays) or temporary ses, or owner -occupied space; notwithstanding the receipt of ntal payment under an existi g lease or rental agreement. Agreement means this Agree%ient and all attachmeyYfs hereto, as the same maybe from time to time modified, amended or supplembpted. Certificate of Completion means a\ertificatiA in the form of the certificate attached hereto as Exhibit D and hereby made a part of this A eem t, provided to the Developer pursuant to Section 3.2 of this Agreement. City means the City of Iowa City, Iov/a, Nr any successor to its functions. Code means the Code of Iowa, 20,'3, as Construction Plans means the ans, specificati s, drawings and related documents reflecting the construction work to be perfo d by the Develope n the Development Property and the other properties upon which the Public provements will be cated; the Construction Plans shall be as detailed in the plans, specificat' ns, drawings and relate documents which are submitted to the building inspector of the City required by applicable Cit codes. County means the Coy my of Johnson, Iowa. Developer means (FORE Sycamore Town Center, L.L.C.- Development .L.C.. Develo ment P verty means that portion of the Sycamore andirst Avenue Urban Renewal Plan Area of the City described in Exhibit A hereto. \ Economic D velopment Grants mean the Tax Increment payments�Q be made by the City to the Developer u er Article VIII of this Agreement. \ I means any of the events described in Section 10.1 of this Agreement. First X4ortgage means any Mortgage granted to secure any loan made pu uant to either a mortgage; ommitment obtained by the Developer from a commercial lender o other financial C-2 institution to fund any portion of the construction costs and initial operating capital requirements of the MinimuT Improvements, or all such Mortgages as appropriate. CORES amore Town Center TIF Account means a separate account w' in the Sycamore and First Avenue rban Renewal Tax Increment Fund of the City, in which t e shall be deposited those Tax Increme s received by the City with respect to the Sycamore d First Avenue Urban Renewal Area pursua t to this agreement. Minimum Improv6tnents shall mean the construction of mprovements to the existing structures, together with al •elated site improvements, as outli d in Exhibit B hereto. Minimum Improvements shall not inclNe increases in assessed or actu value due to market factors. Mortgage means any mo age or security agree nt in which the Developer has granted a mortgage or other security interest ' the Development roperty, or any portion or parcel thereof, or any improvements constructed ther n. Net Proceeds means any procee paid an insurer to the Developer under a policy or policies of insurance required to be provi d d maintained by the Developer, as the case may be, pursuant to Article V of this Agreement an maining after deducting all expenses (including fees and disbursements of counsel) incurred in collection of such proceeds. Ordinance means Ordinance No/03-39 4%etl e City, under which the taxes levied on the taxable property in the Sycamore an First AveUrban Renewal Area shall be divided and a portion paid into the Sycamore and irst Aveuan Renewal Tax Increment Fund. Project shall mean the co truction and operationof the Minimum Improvements on the Development Property, as des bed in this Agreement. State means the Statei6f Iowa. Sycamore and Firs Avenue Urban Renewal Tax IncremenI Fund means the special fund of the City created under the a thority of Section 403.19(2) of the Code d the Ordinance, which fund was created in order to pa the principal of and interest on loans, moni s advanced to or indebtedness, whether �ndo%re ded, assumed or otherwise, including bonds or ther obligations issued under the authotyn 403.9 or 403.12 of the Code, incurred by the ity to finance or refinance in whole or in partts undertaken pursuant to the Urban Renewal Pla for the Sycamore and First Avenue Urbanal Area. Tax Incr ments means those property tax revenues that are divided aAd made available to the City for depoi/it in the Sycamore and First Avenue Urban Renewal Tax Incment Fund under the provisions o Section 403.19 of the Code and the Ordinance. C-3 Te2.8 ofrmination Date means the date of termination of this Agreement, as established in Secti�1this Agreement. Unav 'dable Delavs means delays resulting from acts or occurrences outside the easonable control of the110 rty claiming the delay including but not limited to storms, floo/oth plosions or other casualty\ses,, unusualweather conditions, strikes, boycotts, lockouts bor disputes, acts of terrorismys in transportation or delivery of material or equipmentcommenced by third parties, a acts of any federal, State or local governmental unit ( the City). Urban Renewal an means the Sycamore and First Avenue Urb Renewal Plan, as amended, approved with espect to the Sycamore and First Avenue an Renewal Area, described in the preambles ereof. ARTICLE I REPRESENTATIONS AN ARRANTIES Section 2.1. Representation and Warranties of the/City. The City makes the following representations and warranties: (a) The City is a municipal c rporatio provisions of the Constitution and the 1 ws of Agreement and carry out its obligations her n9�c (b) The execution and delivery of i contemplated hereby, and the fulfillment for c Agreement are not prevented by, limit by, in c conditions or provisions of any cont ctual restr instrument of whatever nature to wh' h the City is constitute a default under any of t foregoing. Section 2.2. Repr following representations d political subdivision organized under the State and has the power to enter into this ;nt, the consummation of the transactions ice with the terms and conditions of this with, or result in a breach of, the terms, evidence of indebtedness, agreement or party or by which it is bound, nor do they The Developer makes the (a) The Develop r has all requisite power and authorit to own and operate its properties, to carry on its business now conducted and as presently propo d to be conducted, and to enter into and perform its ob gations under the Agreement. (b) /as eement has been duly and validly authorized, e cuted and delivered by the Developer ang due authorization, execution and delivery by t e City, is in full force and effect and is legally binding instrument of the Developer enforc able in accordance with itsterms,exsame maybe limited by bankruptcy, insolvency, reor ization or other laws relating to o creditors' rights generally. C-4 (c) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, and the fulfillment of or compliance with the terms and conditions of this Agreement a not prevented by, limited by, in conflict with, or result in a violation or breach of, the terms, Condit ns or provisions of any contractual restriction on the Developer, evidence of indebtedness, a eement or instrument of whatever nature to which the Developer is n�e'jgoing. party or by which it or its operty is bound, nor do they constitute a default under any of the (d) There ar o actions, suits or proceedings pending or threatened agai t or affecting the Developer in any court o before any arbitrator or before or by any government ody in which there is a reasonable possibility an adverse decision which could materially adv se affect the business (present or prospective), find cial position or results of operations of the eveloper or which in any manner raises any questions a fecting the validity of the Agreement r the Developer's ability to perform its obligations under th Agreement. (e) The Developer will calkse the MinimumImprov ents to be constructed in accordance with the terms of this Agreement, the rban Renewal Plan, d all local, State and federal laws and regulations (f) The Developer will use comh�erciallyy6asonable efforts to obtain, or cause to be obtained, in a timely manner, all required pe ts, li Inses and approvals, and will meet, in a timely manner, all requirements of all applicable local,te, and federal laws and regulations which must be obtained or met in connection with the Proje . (g) The Developer has not receive any noti e from any local, State or federal official that the activities of the Developer with respec o the Devel ment Property mayor will be in violation of any applicable environmental law or r lation. The D\inan is not currently aware of any State or federal claim filed or planned to be ed by any party rany violation of any local, State or federal environmental law, re tion or review prapplicable to the Development Property, and the Developer is no currently aware of aon of any local, State or federal environmental law, regulation or view procedure whichive any persona valid claim under any State or federal environme tal statute with respect th (h) The Develop will cooperate fully with thees ution of any traffic, parking, and trash removal orpubl' safety problems that may arisecti with the construction and operation of the Minim Improvements. (i) The D eloper would not undertake its obligations under this greement without the payment by the Cit of the Economic Development Grants being made to the Developer pursuant to this Agreement. TICLE III. D Section 3.1. Minimum Improvements. C-5 The Developer agrees to complete Minimum Improvements generally consisting of interior remodeling, exterior facade renovations, and related parking lot, signage, landscaping, and street ape elements on certain portions of the Development Property, all as more ly described on Exhibit hereto. Sufficient progress toward the completion of the Minimum Imp vements must made such hat the assessed value of the Development Property increases by at ast 15% over the current asses ed value by January 1, 2016. (The current assessed value of the velopment Property as of January 2014, is $10,015,520, so the January 1, 2016 assesse alue must be at least $11,517,848.) T Developer's total investment in the Minimum Imp vements shall be at least $4,400,000, inclu ' g architectural, design, and engineering fee costs of building permits, inspection fees, deve er fees (not to exceed five percent (5%) o epreciable basis), construction management fees, dem lition costs, and reasonable continge , further including all costs and expenses relating to e erior landscape, building faga , and parking lot improvements ("Investment"). Developer all provide to the City, on or fore November 1, 2017, an engineer's certificate documenting these xpenses, and any other cumentation as may be requested by the City to demonstrate complianc with this investment quirement. Any new signage installed o the Developme roperty shall comply with Exhibit C, attached hereto and incorporated herein by t is reference. Pursuant to this Development A eement e Developer shall submit a site plan for approval by the City Manager, or designee, whic rov. es enhanced landscaping and defines the entryways and other related traffic patterns through t use of landscaping and other appropriate streetscape elements. The Developer shall submit all e teri changes or new construction requiring a building permit for review and approval by the ity Staf \ esign Review Committee, prior to the issuance of the necessary building permit. The ommittee all pay particular attention to the installation of curbed and landscaped end -island the provision a sidewalk connection from Lower Muscatine Road, Sycamore Street and 1 st A enue to a mall en ce, and compliance with the parking area tree coverage standards of the zoni g code. Committee s 11 further review the plans for conformance with the Iowa City Code of dinances and the follow' g particular standards: Parking_ Areas 1. Improvements t the parking lot shall be in compli ce with the design and layout standards for surface par ng areas, as set forth in Iowa City C e �of Ordinances 14 -5A -5H. Particular attention sha be made to enhanced pedestrian routes een the public streets and the mall, and within e parking lot in accordance with 14-5A-5 -5. 2. Pedestria scaled lighting shall be maintained or impro d along the north side of the mall 3. Improv ments to the parking lot shall also be in compli ce with the landscaping, tree, scree ng, and bicycle parking standards as specified in 14-5 51, 14 -5A -5J, and 14 -5A -5K. 4. ThVibit improvements shall include those improvements concep ally shown on the attached Ex B. 0 1. Improvements to the building fagades shall be predominantly constructed of high quality exterior building materials, including window systems, brick, masonry, stone, stucco, high quality architectural concrete masonry units, such as burnished, split -face ound face, and si ilar, architectural pre -cast panels, and architectural metal panels. C crete panels with a vene of brick or masonry maybe approved provided the material 'ves the appearance of one or ore of the high quality building materials listed above. P dominately is defined as at least percent of the exterior of the renovated portio of the building, but not necessarily f each building wall. Use of high quality, uilding materials should be concentrated a ng building walls that are visible from pu is streets and public areas or that contain public en ances. Wood or cement board may used as accent materials provided they are durable an of a high quality. 2. Other lower -quality o ess durable exterior buildi materials, such as unadorned concrete block, unadorned tilt -up ncrete panels, low qu ity cement board, and EIFS do not qualify as quality building materi and should be 1' ited. Vinyl siding and low quality metal siding, such as that used for etal pole buil ' gs, are not allowed. 3. Material and color changes sh Id genera y occur at a change of plane and at an inside corner. Material or color changes the o side corners of structures that give the impression of veneer or artificiality of the mate 'al e not allowed. 4. Building improvements must include tails and features that provide visual interest, reduce the perception of the mass of the buil in and provide a cohesive appearance to the building. Building facades shall be articul ed by using color, window arrangement, change in materials, and change in plane vary the eight, depth, or direction of exterior walls. Stretches of blank wall with no indows or oth r architectural features are discouraged along the primary public facades. 5. The facade maybe divided i o separate storefront odules that have distinct characteristics. However, design linkages tween storefront modu s and other portions of the mall facade are required through the lignment and placement f windows, belt courses, and other horizontal elements in a ohesive pattern. 6. Building awnings or nopies that provide a generally onsistent cover along pedestrian walkways are encour ged. A functional awning or canop (minimum 6 feet in depth) is required at entranc ays. Arcades (canopies supported by olumns) may also be used to provide weather pr tection for pedestrians and shall be suppo d by substantial columns or posts that are de gned and integrated with the design of the st efront. Columns or posts must be suppo d by a durable base. So pedestrian movement n t to the building is not impeded, arca es must be designed to encompass the full width of t e sidewalk to within 2 feet of the cu . 7. Transparent entries and large ground -level storefront windows are req 'red along primary facades of 11 storefront modules that are not oriented to the interior mall rridor. "Primary facades" re those facades that contain a primary public entrance to the in 1 or to a tenant space. uch windows and doors must be vertically-oriented in a stand d storefront confi ration (tall vertical window panels with transom above) that allow vi s into the interi r space or be designed as storefront display windows that are set into the wa Display cases attached to the outside building wall do not qualify. C-7 8. Rooflines shall be delineated with some form of cornice expression that distinguishes the top of the building from the lower fagade. 3.2. Certificate of Completion. Upon w 'tten request of the Developer after issuance of an occupa cy permit for those commercial spac described in the Minimum Improvements set forth in xhibit B, the City will furnish the Develo er with a Certificate of Completion for such port' n in recordable form, in substantially the form et forth in Exhibit D attached hereto. Such Ce ' icate of Completion shall be a conclusive determin ion of satisfactory completion of this eement with respect to the obligations of the Deve er to construct the Minimum Imp vements, but does not release Developer from on-going c pliance with this Agreement. A Certificate of Completi may be recorded in the hnson County Recorder's Office at the Developer's sole expense. If the ty Ve3v2 or fai to provide a Certificate of Completion in accordance with the provisions of i.2, e City shall, within twenty (20) days after written request to the Developer, pro ve per with a written statement indicating with adequate detail, in what respects thes failed to complete the applicable Minimum Improvements in accordance with the f this Agreement, oris otherwise in default under the terms of this Agreement, and what r acts will be necessary in the opinion of the City, to obtain such Certificate of Completi Section 3.3. Occupancy. The parties acknowledge that t gross leasa a floor space of the Development Property is 239,225 square feet. Along with th certifications r6quired under 6.7 hereto, the Developer will certify that by November 1, 2015, least 65% of the gr ss leasable floor space of the Development Property is occupied by an Ac ve Tenant (155,496 s uare feet). On November 1, 2016, the Developer will certify that 75°/ of the gross leasable flo space of the Development Property is occupied by an Active Tenant 179,418 square feet). Beginn' g on November 1, 2017, and until the Termination Date, the Deve per will certify that during ten o the twelve previous months, 80% of the gross leasable floor sp e of the Development Property has een occupied by an Active Tenant (191,380 square feet). he Developer shall further certify t t it remains in compliance the Minimum Improvement described in Exhibit B, and to timely pro ide reasonable documentation to support the same upon equest by the City. ARTICLE IV. RESERVED ARTICLE V. INSURANCE Section X. 1. Insurance Requirements. (a) Upon completion of construction of the Minimum Improvements and at all times prior to the Termination Date, the Developer shall maintain, or cause to be maintained, its cost and expense (a d from time to time at the request of the City shall furnish proof o e payment of premiums on), 'nsurance as follows: (i) Insurance against loss and/or damage to the Minimu _ Improvements under a policy or policies co Bring such risks as are ordinarily insured through operty policies by similar businesses, including ithout limitation the generality of the fore ng) fire, extended coverage, vandalism and maliciou mischief, explosion, water damage, de ition cost, debris removal, and collapse in an amount n t less than the full insurable re cement value of the Minimum Improvements, but any such olicy may have a deductible ount of not more than $100,000. No policy of insurance shall be so ritten that the proceeds th of will produce less than the minimum coverage required by the prece 'ng sentence, by reaso of co-insurance provisions or otherwise, without the prior consent thereto i writing by the Cit . The term "full insurable replacement value" shall mean the actual replacement c st of the Mini um Improvements (excluding foundation and excavation costs and costs of under and flue pipes, drains and other uninsurable items) and equipment, and shall be determined fr ti to time at the request of the City, but not more frequently than once every three years, by surance consultant or insurer selected and paid for by the Developer and approved by the City. (ii) Comprehensive ge eral pu 'c liability insurance, including personal injury liability for injuries to persons and/or roperty, in ding any injuries resulting from the operation of automobiles or other motorized ve icles on or abo t the Development Property, in the minimum amount for each occurrence and each year of $1, 0,000 with a deductible of $500,000. (iii) Such other ' surance, including worke ' compensation insurance respecting all employees of the Developer, '$i such amount as is customcarried by like organizations engaged , in like activities of compara size and liability exposure; pr vided that the Developer may be self- insured with respect to al ` any part of its liability for worke 's compensation. (b) All insur ce required by this Article V to be provi ed prior to the Termination Date shall/ea ken out an aintained in responsible insurance compani which are authorized under the laws State to sume the risks covered thereby. The Develope will deposit annually with the City s of poli ies evidencing all such insurance, or a certificate o certificates or binders of the respinsure s stating that such insurance is in force and effect. less otherwise provided in this e V, ach policy shall contain a provision that the insurer sh 1 not cancel or modify it withivin written notice to the Developer and the City at least thi y (30) days before the cancn r modification becomes effective. Not less than fifteen (15) da prior to the expiration of ani , the Developer shall furnish the City evidence satisfactory toth City that the policy has bnewed or replaced by another policy conforming to the provisions this Article V, or that tis no necessity therefor under the terms hereof. In lieu of separate polic s, the Developer maytain a single policy, or blanket or umbrella policies, or a combination thereof, which prove total coverage required herein, in which event the Developer shall deposit ith the City a A certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (c) The Developer agrees to notify the City within two (2) days in the c e of damage exceeding $25,000 in amount to, or destruction of, the Minimum Improveme or any portion there f resulting from fire or other casualty. Net Proceeds of any such ins ance shall be paid direc to the Developer, and the Developer will forthwith repair, reco truct and restore the Minim Improvements to substantially the same or an improved condit' nor value as they existed prior to e event causing such damage and, to the extent necessa o accomplish such repair, reconstructs n and restoration, the Developer will apply the Net Pro c eds of any insurance relating to such damage ceived by the Developer to the payment or reimb sement of the costs thereof. (d) The eveloper shall complete the repair, r onstruction and restoration of the Minimum Improvem nts, whether or not the Net Proceed of insurance received by the Developer for such purposes ares ficient. ART LEVI. COVENANTS F THE DEVELOPER Section 6.1. Mainten a of Pro erties. he Developer will maintain, preserve and keep the Development Property, inclu g but not li ted to the Minimum Improvements, in good repair and working order, and from time time wi make all necessary repairs, replacements, renewals and additions. Section 6.2. Maintenance of Re ds. The Developer will keep at all times proper books of record and account in which full, t e a correct entries will be made of all dealings and transactions of or in relation to the usines and affairs of the Developer in accordance with generally accepted accounting prl les, consi endy applied throughout the period involved, and the Developer will provide reason le protection ainst loss or damage to such books of record and account. Section 6.3. Com lia ce with Laws. The Dev oper will comply with all laws, rules and regulations relating to the M' imum Improvements, other'an laws, rules and regulations the failure to comply with which or th sanctions and penalties resultherefrom, would not have a material adverse effect on the bus'ness, property, operations, or con ition, financial or otherwise, of the Developer. Section 6.4. on -Discrimination. In operating the Minim Improvements, the Developer shall not discrimn a iagainst any applicant, employee or tenant ecause of race, creed, color, religion, sex, natio 1 origin, sexual orientation, age, disability, marita tatus or gender identity. The Developer shall e sure that applicants, employees and tenants are consi red and are treated without regard to their r e, creed, color, religion, sex, national origin, sexual o 'entation, age, disability, marital status o gender identity. C-10 Section 6.5. Available Information. The Developer shall upon request provide the City with a letter of an independent public accountant selected by the Developer to the effect that a Certified Public Accountant has reviewed the financial statements of the Developer which have been prepared in conformity ith the federal income tax fair market basis, that the examination of s � ch financial statements by su h accountant has been undertaken in accordance with generally ac pted auditing standards, and th the Developer is financially capable of fulfilling its obli tions under this Agreement. Section 6.6. Continued Operation. Commencing upon the sigding of the Agreement, the Developer agrees that it wi\(thecu retail/commercial center at the evelopment Property and will continue operation until at rmination Date set forth in ction 12.8 hereof. The Developer further agrees that it will 00,000 in Investments i the construction of the Minimum Improvements; and resulta 15% increase int assessed value of the Development Property by January 1, 201nt assessed value of eDevelopment Property is $10,015,520, so the January 1, 2016 assmust beat least 1,517,848). Section 6.7. Annual Certification Developer hereunder, a duly authorized c (a) proof that all ad valorem taxes on the year; and (b) certification that such of Agreement and that at the date of such cc Developer is not, or was not, in default ii Agreement (including but not limited to To aasis the City in monitoring the performance of the cer o he Developer shall annually provide to the City: e pment Property have been paid for the prior fiscal cc r as re-examined the terms and provisions of this i cat and during the preceding twelve (12) months, the he ful llment of any of the terms and conditions of this e occupa cy requirements of Section 3.3 hereto) and that no Event of Default (or event which, 1 the lapse f time or the giving of notice, or both, would become an Event of Default) is occ 'ng or has occu d as of the date of such certificate or during such period, or if the signer is away of any such default, vent or Event of Default, said officer shall disclose in such statement the na re thereof, its period o xistence and what action, if any, has been taken or is proposed t/shl with respect thereto. Such statement,certificate shall be in a form e hereto as Exhibit E, ae provided no later than No November 1, 2015, an November 1, 2021, both da 2015, the Developer it the lease plan for the DeN leasable floor space cacurrent occupancy status, and a City. ARTICLE VII. ASSIGNMENT AND'. rally consistent with that attached ber 1 of each year, commencing inclusive. Prior to November 1, K ment Property, with the gross ent certificate of insurance to the Section 7. . Status of the Developer; Transfer of Substantially All obligations of t e Developer under this Agreement, the Developer represe the issuancthe Certificate of Completion and prior to the Termination I not dispose--/fll or substantially all of its assets or assign its interest in this party unle the transferee partnership, corporation, limited liability assumes in writing all of the obligations of the Developer under this Agri C-11 As security for the agrees that, prior to the Developer will ement to any other [any or individual and (ii) the City consents thereto in writing in advance thereof. Notwithstanding the foregoing, however or any other provisions of this Agreement, the Developer may pledge any and/or all of its assets a security for any financin of the Minimum Improvements, and the City agrees that Developer ay assign its interest under�iis Agreement for such purpose. TICLE VIII. ECONOMIC DEVEI Section 8.1. Ecol omic Development Grants. (a) For and in const eration of the obligations being assumed the Developer hereunder, and in furtherance of the goals d objectives of the Urban Renewal an and the Urban Renewal Act, the City agrees, subject to e Developer having receive a Certificate of Completion for construction of the Minimum provements by November , 2017, and being and remaining in compliance with the terms of thi Agreement, to assume n obligation to make up to seven (7) consecutive annual payments to the eveloper commen ng on June 1, 2018 and ending on June 1, 2024, pursuant to Section 403.9 of the rban Renewal ct, equal in amounts to one hundred percent (100%) per fiscal year of the Tax Incr ents colle ed by the City with respect to the Minimum Improvements on Development Property rider th terms of the Ordinance (without regard to any averaging that may otherwise be utilized u der ection 403.19(6) and excluding any interest that may accrue thereon prior to payment to the eloper), but subject to adjustment and conditions precedent as provided in this Article. (b) To the extent that the payT[en2escribe(in paragraph (a) above does not amount to an annual payment of $250,000, thCy rther agree subject to the Developer having received a Certificate of Completion and being a remaining in c mpliance with the terms of this Agreement, to assume an obligation to make up o seven (7) conse utive annual payments to the Developer commencing on June 1, 2018 and ding on June 1, 2024, ursuant to Section 403.9 of the Urban Renewal Act, the Tax Increment collected by the City wi respect to the Urban Renewal Area under the terms of the Ordinanc in an amount constituting th ifference between $250,000 less the payment made under paragrap (a) above, but subject to adjus ent and conditions precedent as provided in this Article. Such payments desct ed in paragraph (a) and (b) above shall b referred to collectively as the "Economic Developmen ants." For purposes of calculating that po ion of the taxes allocated to and when collected be aid into the Sycamore and First Avenue TIF F nd, the City first certified debt for the original�7,5 ban Renewal Area on December 1, 2001, setti the base value on the original area at $23,280,the assessed value as of January 1, 2000. On une 24, 2003, the City added land to the rban Renewal Area, thereby setting the base value o this amended area at $9,496,280, the a essed value as of January 1, 2002. Therefore, the base value of the Urban Renewal Area, as mended is $32,739,860. The taxes levied each year upon the sessed value of the taxable propert in this Urban Renewal Area, as amended, in excess of this b e value shall be allocated to an when collected be paid into the Sycamore and First Avenue TIF Fu d, or other fund established b the County Auditor for payment of loans, advances, indebtedness or onds payable from the division of property tax revenue pursuant to the Ordinance. C-12 (c) 'The obligation of the City to make an Economic Development Grant to the Developer in any year a specified above shall be subject to and conditioned upon the timely filing by the Developer of a previous annual statements, proofs and certifications required herein and the City Manager's confi ation that said filings comply with the terms and obligations of t is Agreement. . Beginning with th November 1, 2016, certification, if the Developer's annual st ement, proof and certification is tim y filed and contains the information required pursuant this agreement, as confirmed by the Cit Manager, the City shall certify to the County prior to ecember 1 of that year its request for the avail le Tax Increments resulting from the assessme imposed by the County as of January 1 of that year, o be collected by the City as taxes are paid d ng the following fiscal year and which shall thereafte be disbursed to the Developer on Jun 1 of the following fiscal year, subject to the terms, conditi s and limitations of this Agreeme (For example, if the Developer and the City each so certify o November and December of 16, respectively, the 2016 taxes are due and payable in 2017, an the first Economic Deve pment of would be paid to the Developer on June 1, 2018). (d) In the event that thea al btaternent,toof or certificate required to be delivered by the Developer is not delivered to the Ci y ove of any year, the Developer recognizes and agrees that the City may have insuA e to eview and approve the same and certify its request for Tax Increments to the County as result, no Economic Development Grants maybe made to the Developer in respect that year. The City covenants to act in good faith to appropriately review and considerce ification on the part of the Developer, but the City shall not be obligated to make antion o the County for the available Tax Increments or make any corresponding payment onomi Development Grants to the Developer if, in the reasonable judgment of the City, ible to gi e appropriate consideration to the Developer's certification due to its late filing. (e) The total, aggr ate amount of all Ec omic Development Grants under this Agreement shall not exceed 1,750,000. If a final grant ased upon one hundred percent of Tax Increments would result in tal, aggregate Economic Deve pm ent Grants in an amount exceeding $1,750,000, the final Eco omic Development Grant shall be educed accordingly. Such Economic Development Grants sh 1 at all times be subject to terminatio in accordance with the terms of this Article VIII. Thereaft the taxes levied on the Minimum Improcments shall be divided and applied in accordance with t e Urban Renewal Act and the Ordinance. (f) Int e event that any certificate filed by the Develop pursuant to this Agreement or other informati n available to the City discloses the existence or p 'or occurrence of an Event of Default that snot cured or cannot reasonably be cured under the pr visions of Section 10.2 (or an event that, it,the passage of time or giving of notice, or both, woul ecome an Event of Default that cann t reasonably be cured under the provisions of Section 10. ), the City shall have no obligati n thereafter to make any further payments to the Developer in respect of the Economic Development Grants and may proceed to take one or more of the actions scribed in Section 10.2 hereof. C-13 (g) Conditions Precedent to Economic Development Grants. The obligation of the City to make an Economic Development Grant to the Developer in any year as specified above shall be subject to and conditioned upon satisfactory evidence that the following has occurred: ) the assessed value of the De lopment Property has increased by at least 15% by January 1, 201'6 ($11,517,848); 2) a certificate o ompletion has been issued for the Minimum Improvement's; 3) the occupancy thresholds set fo in 6.6 above have been met; 4) an engineer's certi Cate has been filed as evidence of the Dev oper's investment of over $4,400,000 toward the nimum Improvements, as required by 6.6 abov 5) all ad valorum taxes on the Development P perty have been paid for the prior year; 6) the ann 1 certificate required pursuant to 6.7 ein has been timely filed; 7) satisfactory compliance ith all other terms and conditions of is Agreement. Section 8.2. Source o rant Funds Limited. (a) Th conomic Development Grants shall be payable from and secured sole y amounts deposited held in the CORE Sycamore TIF Account of the City. The City hereby co rants and agree:/ntain the Ordinance in force for as long as allowable under Iowa Code Chap 403 and to aincremental taxes collected allocated to the CORE Sycamore TIF Account to the Econovelopment Grants, as and to the extent set forth in Section 8.1 hereof. The City d Dev, in fiscal year 2021-2022 by operation Iowa able to capture the tax increment for the yca time. However, payment of any eligible 2024 based upon the availability of funds eN with respect to the Urban Renewal Area h any manner by other tax increment re enues r hereby acknowledge that the Ordinance sunsets Me Chapter 403, and that the City will no longer be ire and First Avenue Urban Renewal Area after that iic Development Grants shall continue until June 1, usly deposited in the CORE Sycamore TIF Account onomic Development Grants shall not be payable in by general taxation or from any other City funds. (b) Notwithstanding the rovisions A tction "hereof, the City shall have no obligation to make an Economic Developm t Grant to the evelo per if at any time during the term hereof the City receives an opinion of its 1 gal counsel to the ffect that the use of Tax Increments to fund an Economic Development Gra to the Developer, a contemplated under said Section 8.1, is not authorized or otherwise an a ropriate project activit ermitted to be undertaken by the City under the Urban Renewal Actor ther applicable provisions f the Code, as then constituted, or under a controlling decision of ai Iowa court having jurisdicti over the subject matter hereof. Upon receipt of such an opinio , the City shall promptly forward copy of the same to the Developer and provide Developer an opportunity, at Developer's sole pense, to seek further clarification regarding such opini n or challenge the opinion within the ppropriate legal or administrative channels. If the cir instances or legal constraints giving rise o the opinion of the City's legal counsel continue f a period during which two (2) Economic Devi opment Grants would otherwise have been paid t the Developer under the terms of Section 8. the City may terminate this Agreement, wit ut penalty or other liability to the Developer, by w 'tten notice to the Developer. (c) The ity makes no representation with respect to the amounts at may finally be paid to the Develop9f as the Economic Development Grants, and under, no circu tances shall the City in any manner/6e liable to the Developer so long as the City timely applies the Ax Increments actually C-14 collected and held in the CORE Sycamore TIF Account (regardless of the amounts thereof) to the payment of the Economic Development Grants to the Developer, as and to the extent described in this Article. Sectio 8.3. Use of Other Tax Increments. Subject to this Article VIII, the City s 1 be free to use any and a Tax Increments collected in respect of increases in valuation on tXDevelopment Property or otheroperty within the Urban Renewal Area unrelated to constructs of the Minimum Improvements (i.e. 'ncreases in assessed or actual value due to market factors)Ar any available Tax Increments resulting om the suspension or termination of the Economic D elopment Grants under Section 8.1 hereof, for y purpose for which the Tax Increments may 1 fully be used pursuant to the provisions of the Urb Renewal Act, and the City shall have no bligations to the Developer with respect to the use the r f. TICLE IX. IND Section 9.1. Release (a) The Developer releases th City and servants and employees thereof (he r, for p parties") from, covenants and agrees that tN indei agrees to indemnify, defend and hold harml s t E damage to property or any injury to or death o an any defect in the Minimum Improvements. he overning body members, officers, agents, oses of this Article IX, the "indemnified ►nified parties shall not be liable for, and indemnified parties against, any loss or person occurring at or about or resulting from (b) Except for any will misr resentatI unlawful act of the indemnified parties/ae e Develope parties, now or forever, and furtto hold the i demand, suit, action or other pros whatsoever purportedly arising from (i) any n of any agree with respect to any suit, action,or other pro( City to enforce its rights Development Property and Improvements or (iii) any h Development Property. or any willful or wanton misconduct or any igrees to protect and defend the indemnified �er this Agreement), (ii) construction, installation, c dous substance or envirom dfied parties harmless, from any claim, person or entity whatsoever arising or or condition of this Agreement (except brought by the Developer against the h acquisition and condition of the ine hip, and operation of the Minimum -ntal ontamination located in or on the (c) The Inde nified parties shall not be liable for any dama e or injury to the persons or property of the Devel er or its officers, agents, servants or employees any other person who may be about the Minim Improvements due to any act of negligence of any erson, other than any act of negligence or w' lful misconduct on the part of any such indemnified p or its officers, agents, servants or emp yees. (d) All covenants, stipulations, promises, agreements and obligations o the City contained herein shall be deemed to be the covenants, stipulations, promises, agreements an bligations of the C-15 City, and not of any governing body member, officer, agent, servant or employee of the City in the individual capacity thereof. (e) , The provisions of this Article IX shall survive the termination of this Agreement. ARTICLE X. DEFAULT AND REMEDIES Section 10.1. Vvents of Default Defined. The following shall be "I this Agreement and th term "Event of Default" shall mean, whenever it is any one or more of the llowing events: (a) Failure by the' commenced and completed Agreement; to cause the construction of the to the terms, conditions and/ ; of Default" under in this Agreement, i Improvements to be of Article III of this (b) Transfer of any intere in this Agreement or t e assets of the Developer in violation of the provisions of Article VII of this A Bement; (c) Failure by the Developer to ubstantial observe or perform any covenant, condition, obligation or agreement on its part to be o erved r performed under this Agreement; (d) The holder of any Mortgage o the Development Property, or any improvements thereon, or any portion thereof, commences re losure proceedings as a result of any default under the applicable Mortgage documents; (e) The Developer shall: (i) file any peti 'on in bankruptcy r for any reorganization, arrangement, composition, readjustment, liqu' ation, dissolution, or imilar relief under the United States Bankruptcy Act of 1978, as am ded, or under any similar ederal or state law; or (ii) make ay( assignment for the benefit of its"vreditors; or (iii) adn-Vt in writing its inability to pay its debts'�enerally as they become due; or /nyprocceedings adjudicated as bankrupt or insolvent; or if a p ition or answer proposing the adjudication eloper as a bankrupt or its reorganization under y present or future federal bankruptcy aimilar federal or state law shall be filed in any urt and such petition or answer shall harged or denied within ninety (90) days after the fil g thereof; or a receiver, trustee or liqthe Developer or the Minimum Improvements, or art thereof, shall be appointed in brought against the Developer, and shall not b discharged within C-16 ninety (90) days after such appointment, or if the Developer shall consent to or acquiesce in such appointment; or (f j Any representation or warranty made by the Developer in this Agreement, or made by the Develop in any written statement or certificate furnished by the Developer pursuant to this Agreement, sh 1 prove to have been incorrect, incomplete or misleading in any material respect on or as of the date f the issuance or making thereof. j Section 10.2.'Remedies on Default. Whenever any Event of Default erred to in Section 10.1 of this Agreeme\holdert rs and is continuing, the City, as specified be , may take any one or more of the following 'ons after (except in the case of an Event of De It under subsections (e) or (f) of said Section 10.ich case action maybe taken immediate the giving of thirty (30) days' written notice by thethe Developer and the holder immediate first Mortgage (but only to the extent the City has beed in writing of the existence of irst Mortgage and been provided with the address of thr t ereof) of the Event of Defau , but only if the Event of Default has not been cured withihirty 30) days, or if the Eve of Default cannot reasonably be cured within thirty (30) daye Dev oper does not provi assurances reasonably satisfactory to the City that the Event oflt will b cured as soon a easonably possible: (a) The City may suspend its p from the Developer, deemed adequate continue its performance under this Ag (b) The City may terminate this ender this Agreement until it receives assurances that the Developer will cure its default and (c) The City may withhold th Certificat of Completion; (d) The City may take any tion, including gal, equitable or administrative action, which may appear necessary or desirab to enforce perfo ance and observance of any obligation, agreement, or covenant of the D eloper, as the case m be, under this Agreement; or (e) The City shall be ntitled to recover from the eveloper, and the Developer shall re -pay to the City, an amount equal the most recent Economic De elopment Grant previously made to the Developer under Article Vhereof, and the City may take a action, including any legal action it deems necessary, to reco er such amount from the Developer. Section 10.3. NgLRemedy Exclusive. No remedy herein co erred upon or reserved to the City is intended to be ex sive of any other available remedy or reme\1es,butach and every remedy shall be, ulzaand shall be in addition to every other remedder this Agreement or now or hereafter isting at law or in equity or by statute. No delayon to exercise any right orpoweracc ng upon any default shall impair any such right orpall be construed tobe a waiver thereof, but any such right and power maybe exercised frome and as often as may be deemed expedient. C-17 Section 10.4. No Implied Waiver. In the event any agreement contained in this Agreement should ke breached by any party and thereafter waived by any other party, such waiv shall be limited to he particular breach so waived and shall not be deemed to waive any other oncurrent, previous or ubsequent breach hereunder. Section IN - .5. Agreement to Pay Attorneys' Fees and /nhWh ever any Event of Default occurs an the party who is not in default shall employri cur other expenses for the collection of p ents due or to become due or for tent or performance or observance of any ob i ation or agreement on the part of the ult herein contained, the party in default agrees t t it shall, on demand therefor, pay to in default the reasonable fees of such attorneys an uch other expenses as may be reasppropriately incurred by the party not in default in c nnection therewith. ARTICLE Section 11.1. Option to Tet nate. This Agree ent may be terminated by the Developer if (i) the Developer is in compliance with 11 material to s of this Agreement and no Event of Default has occurred which has not been curedyCitys e with the provisions of Section 10.2 hereof; and (ii) the City fails to comply with any mf this Agreement, and, after written notice by the Developer of such failure, the City hae such noncompliance within thirty (30) days of receipt of such notice, or, if such noncnnot reasonably be cured by the City within thirty (30) days of receipt of such notice, tht provided assurances reasonably satisfactory to the Developer that such noncomplianred as soon as reasonably possible. Section 11.2. Effect of Tei XI, this Agreement shall be from however, that the City's rights to on. If thi greement is terminated pursuant to this Article date forward ull and void and of no further effect; provided, unification un r Article IX hereof shall in all events survive and provided further that the term' ation of this Agree ent shall not affect the rights of any party to institute any action, claim or de and for damages suf red as a result of breach or default of the terms of this Agreeme/thcase er party, or to recover unts which had accrued and become due and payable as of the ch termination. In any s h action, the prevailing party shall be entitled to recover itnab attorneys' fees and rel ed expenses incurred in connection therewith (but only, iof the City, to the extent rmitted by applicable law). Upon termination of this Agrsuant to this Article XI, the D veloper shall be free to proceed with the construction and othe Minimum Improvements at 'ts own expense and without regard to the provisions of thent. ARTICLE XII. MISCELLANEOUS Section 12. . Conflict of Interest. The Developer represents a warrants that, to its best knowledge and elief after due inquiry, no officer or employee of the City, or its designees or agents, nor any consu ant or member of the governing body of the City, and no of er public official of the C-18 City who exercises or has exercised any functions or responsibilities with respect to the Project during his or her tenure, or who is in a position to participate in a decision-making process or gain insider inrmation with regard to the Project, has had or shall have any interest, direct or -Indirect, in any contra or subcontract, or the proceeds thereof, for work or services to be ,performed in connection Xth the Project, or in any activity, or benefit therefrom, which is part of the Project at any time durior after such person's tenure. Section 12. Notices and Demands. A notice, demand or other communication under this Agreement by anyrty to the other shall be sufficiently given or del' Bred if it is dispatched by registered or certified ail, postage prepaid, return receipt requeste , or delivered personally, and (a) In t case of the Developer, is add es dor delivered personally to the Developer at 1600 S amore Street, Iowa City, Iowa 240, with a copy to CRHMI, 1600 Dove Street, Suite 450, ewport Beach, CA 92660, to Wendy L. Young, Stanley, Lande & Hunter, 201 West Secon treet, Suite 1000, Dave ort, IA 52801, or to such other designated individual or to such other ddress as Developer all have furnished to the City in accordance herewith. (b) In the case of the City, is ad essed to or delivered personally to the City at City Hall, 410 E. Washington Street, wa Cit , Iowa, 52240, Attn: City Manager; or to such other designated individual or to such of era dress as any party shall have furnished to the other in writing in accordance herewith. Section 12.3. Titles of Articles a6d Sections of this Agreement are inserte for c construing or interpreting any of its rovisi Any titles of the several parts, Articles, and ;e of reference only and shall be disregarded in Section 12.4. Counterparts/ This Agreement ay be executed in any number of counterparts, each of which shall constitute e and the same in, ment. Section 12.5. Govern' Law. This Agreement \anthe ed and construed in accordance with the laws of the State f Iowa. Section 12.6. E ire Agreement. This Agreemxhibits hereto reflect the entire agreement between t parties regarding the subject mand supersedes and replaces all prior agreements, ne otiations or discussions, whetheen. This Agreement may not be amended except b a subsequent writing signed by al Section 7. Successors and Assigns. This Agreement is inten d to and shall inure to the benefit of and Ye binding upon the parties hereto and their respective suc ssors and assigns. Sectidn 12.8. Termination Date. This Agreement shall terminate and be further force or effect on and after June 1, 2024. C-19 Section 12.9 Recording. This Agreement shall be recorded at the Johnson County Recorder's Office, Iowa City, within 30 days of execution at the expense of the Developer. IN WITNESS WHEREOF, the City has caused this Agreement to be duly exec ted in its name and behalf by its ayor and its seal to be hereunto duly affixed and attested by its Clerk, and the Developer has cau ed this Agreement to be duly executed in its name and behalf CORE Sycamore Town Center, L.L. (SEAL) ATTEST: By: City Clerk CITY OF IOWA CITY, IOWA Mayor RE Sycamore Town Center, LLC elaware limited liability company By: Nvada Income Investment, LLC a Neva limited liability company Its: Manager CITY OF IOWA CITY STATE OF IOWA ) COUNTY OF JOHN ON ) On this day of , 20, before mea otary Public in and for said County personally appeared Matthew J. Hayek and Marian K. Karr, to me personally known, who b ing duly sworn, did say that they are the Mayor and City Clerk, r pectively of the City of Iowa ity, Iowa, a Municipal Corporation, created and existing under the la of the State of Iowa, and t t the seal affixed to the foregoing instrument is the seal of said Municipa Corporation, and that sa' instrument was signed and sealed on behalf of said Municipal Corporation y authority and resol tion of its City Council and said Mayor and City Clerk acknowledged said ins ent to be C - 20 the free act and deed of said Municipal Corporation by it voluntarily executed. STATE Ol COUNTY This instn Center, L.I by own EXHIBIT A DEVELOPMENT PROPERTY The qevelopment Property is described as consisting of all that land located'' the City of Iowa City, County of Johnson, State of lour described as f lows: / PARCEL NUMBER 1014457007 parcel or parcels of particularly 1.t3" 2, 3, 4, 7 a ,part, of L.ota 3 and 6 f Malt First Addition to Iowa City, Iowa, as per pled aa f seoaded in P1 Bank 9, pngc 41 roca�rds of Rammon CAMnty, cora a Pon of the Quarter of the Soutli�st Quart7er Sectiiasa 14 and pant f the North Half tha Korthese t Qusarter of Sect - 23, To�wnahip 79 North, 6 'West of 5'a' PrirwApal k5wri is x. low CSty, Johnson County, Iowa, more icaslarly as tBotlonrws: camme>ocing at the saortltaeest co of intersection of Syeamom S rust and U.S. Highway NA, a" paba POINT OF BF1Gn4NING-. theaoe rallowi ng the eastarly right of wag of said Sycamore Stnaot_ North © degrees 26 miaaates 00 seconds East, a dicta® ofZ25-05 fes; th nce Worth 4 degraw 09 nuautews OD s000nds 'West, a di 212.158 fwt; ffinnoa NorM ,0 deg mea. 26 rninoca ar 00 seconds East,a distnunwe 1 .99 Feet to the soathweat c ormw of L YT I m said Mail First ,�,.ddirtLnn; t2t 39 degrees 3.4 minutes 00 second Eest Akins dw mouth limn of tttoici 1, a d of 278.90 fact 10 the sawdri wast cortlear ©r said i.[]rl' 2; the Orth 42 06 miaarttors 03 seconds West, a distance of 194.06 feet to the Ioabealy of said IAT 2,; ftenc a North 47 devreaes 27 min, teas 49 East alarm Dordywevtody nitre of said IA:)T 2, a distance of 413,72 feet- North 0 49 tnirsatam i5 aecodwIs East slag tbr- awr M farce -of said 2, a distwum of ?.31 fact to the intersection with the souibmweateriy right of lure air Lovmr M F.nad; theeee tifaotkming sv&d ASM of mousy line, 42 degrses 33 wd 45 ***ends East, a distansm of 6".92 freed; thence 42 dcUmme 43 minutes 3 seconds Best. a distance c f 648.79 feet; dumm 2 degn ma 31 mbmutes 00 West_ a distance ncae of 28.51 feat b the . boon with the north eaUdy of way Bina of First Awrnue .at a poEm of of a rasa- aanSaoit curve. to the Southeast, having a radius of :oo toet, a central orgle of des 01 minute 26 sc+oonds, and a of 320.91 Isaac hearlaig Scarth 34 52 minwene 34 JW=onda West; Soudriwast a)o Q sand curie. a di of 323.08 rant to the intersection with nofft6erty right of way line of aedd 'S. H)ts'hway #6 act a point of era soots-trmgenl curt e, concave to the Sa having a radius of 3015.40 feet, a neral anigle of 16 degfeas 58 minutes 18 and a choral of 889.8) feet North 191 4qpccx 36 mingtea 44 toeconads earns thence aVWest along said a distance of 893.07 fed; tree North 89 50 tars5maates 08 seconds eat, a distanoc of 227.53 foci to the POD%'C OF B INNING. TOOETIMIL W171 , a non-earciusiva easement for egxem and padding a portions of Loc 1 in MaU First Addidanai to tows , IOWV , as per ptat rocceded in, Plat Book 9, pages 43 of nxxxds of RAmsaon only, bows, as not in that curtain "13eciaration of kfxm sal Emesaseatt" daaated 4, ZOOti recorded in the records of 7otsneam County. lows at i3ua�ic 4352, page 262. C-22 EXHIBIT B MINIMUM IMPROVEMENTS The' imum Improvements shall consist of the constructing rtain improvements to portions of the isting parking lot, building fagade and interior, which ' provements shall include: a) the insta ation of certain parking lot and pedestrian ac ss improvements within the Development Prope y, as generally shown on the conceptual sit Ian shown below. b) in conjunct n with the installation of certain rking lot and pedestrian access improvements as descri din a) above, Developer shall prov' e enhanced landscaping in accordance with a landscaping site pl approved by the City Manag , or designee. c) the interior remod ing of the Lucky's Marke pace, the Planet Fitness space, and those two spaces indicated on the ttached site plan as t "Future New Retail" spaces. This interior remodel shall include the eli 'nation of the exist' g common hallway currently bisecting these spaces, and creation of new com on areas inten d to foster entertainment and social gatherings. d) fagade improvements to t Lucky's rket space, the 25,900 SF Future New Retail space, and that portion of the southeast fag e labele as "fagade improvements" more particularly shown on the attached site plan. These Minimum Improvements a be approved by the City pursuant to Section 3.1 of the Agreement. The Developer shall pay p ' ular attention to the installation of curbed and landscaped end -islands, the provision of a sidewal c ection from Lower Muscatine Road, Sycamore Street and 1 st Avenue to a mall entrance,an com fiance with the parking area tree coverage standards of the zoning code, as well as the oblig ions se forth in this Agreement for Private Redevelopment. Developer's total Investment .n the Mini um Improvements shall be at least $4,400,000 and shall be completed by Novemb 1, 2017, th ugh Developer shall commence the Minimum Improvements and make suffici t progress tow a d completion thereof to result in an increase in actual assessed value of the Dev lopment Property o at least fifteen (15) percent by January 1, 2016 (current assessed value is $1 ,015,520), as more lly set forth in this Agreement for Private Redevelopment. Developer shall enter into lease agreements, and m intain those agreements for as long as this Agreement for Private Re velopment remains in effect, 'th retailers for a 33,000 SF grocery store, al 7,800 SF fitness facilit . C-23 EXHIBIT C SIGNAGE DESIGN STANDARDS All nw signs installed on the Development Property shall comply with I a City Code of Ordin ces 14-513, "Sign Regulations", and the following standards: Fascia Si 1. For p oses of calculating the percentage of sign wall cov age, the sign wall size will be based o the tenant's store front only. If current tenant si age is displaced by a new store front faga improvement, the Developer shall submi sign plan to the City for approval prior to the suance of any sign permit. This sign an shall set forth how the Developer intends to acco modate signage for those tenant ithout exterior frontage. 2. Cabinet -style si (i.e. internally lit cabinets w' applied vinyl copy) are prohibited, except as allowed herein. 3. For tenant spaces wit exterior storefronts, assic storefront signage types, such as canopy, awning, canopy roof, o rojecting signs a encouraged. 4. A minimum of 75% of the ign must be omprised of individual channel letters which could be externally or internally it minate or with halo back lighting. Neon channel letters would meet this requirement. Letters ut o t from a metal panel and illuminated from the back are also allowed. Externally lit sign hould complement the Minimum Improvements design and not produce excessive glar 5. A graphic logo may be an inter nte ally ' luminated cabinet -style sign if used in conjunction with channel letters and compris s no in e than 25% of the sign. Logos shall generally be constructed in the same mat er as indiv ual letters including contouring to follow the shape of the logo. In situations i which the logo annot be contoured, a panel sign may be allowed if the panel is sized and onstructed in a in er that minimizes the overall sign size and limits the portion illu 'nated to just the logo. 6. Directional signage unted to the building fag e may be a cabinet -style sign, but cannot exceed 4 sf in area. 7. Lettering and grap c styles should be consistent wit the approved design for the Minimum Improvements to e extent possible. 8. Parapet walls bui t for the sole purpose of providing for 1 er tenant signage are prohibited, except as appr ed for large anchor tenants. 9. All signage s 11 comply with the above criteria unless the to ant requires an alternate style of signage. I this circumstance, the tenant must provide staf ith a letter explaining why the appro 1 signage criteria cannot be met. Free Standing & onument Signs: 1. The nu ber of tenant panels on a common sign is limited to no more t an six (6) except for inte�n-building monument type signs acting as directional signage. 2. All signs must have a unifying theme or logo so that they rel a to one another. C-25 EXHIBIT D CERTIFICATE OF COMPLETION WHEREA ,the City of Iowa City, Iowa (the "City") and C7me camore Town Center, L.L.C.., having an o ce for the transaction of business at 1600 Syctreet, Iowa City, Iowa, 52240 (the "Developer , did on or about the day of 201_, make, execute and deliver, each to the o er, an Agreement for Private Redevelop ent (the "Agreement"), wherein and whereby the Develope agreed, in accordance with the to of the Agreement, to develop and maintain certain real prope located within the City and more particularly described on the attached Exhibit l; and WHEREAS, the Agreement IRcorporated and co ained certain covenants and restrictions with respect to the development of the D elopment Prop6rty, and obligated the Developer to construct certain Minimum Improvements (as dqfined there/i) in accordance with the Agreement; and WHEREAS, the Developer has to e p sent date performed said covenants and conditions insofar as they relate to the construction of e? Minimum Improvements in a manner deemed by the City to be in conformance with the approv uilding plans to permit the execution and recording of this certification. NOW, THEREFORE, pursua to Section 3.2 of the Agreement, this is to certify that all covenants and conditions of the Agfeement with re ect to the obligations of the Developer, and its successors and assigns, to const t the Minimum Im rovements on the Development Property have been completed and performe y the Developer an are hereby released absolutely and forever terminated insofar as they ap y to the land described erein. The County Recorder of Johnson County is hereby authorized accept for recording and to ecord the filing of this instrument, to be a conclusive determination o the satisfactory termination the covenants and conditions of said Agreement with respect t the construction of the Minimu Improvements on the Development Property. All other provis' ns of the Agreement shall otherwise re inull force and effect until termination as provi ed therein. (SEAL) CITY OF IOWA CWA By: Mayor ATTEST: LOW City C-26 STATEIOWA ) COUNTY O OHNSON ) On this \sl f , 20_, b ore me a Notary Public in and for said County, perpeared Matthew /of and arian K. Karr, to me personally known, who being du, did say that theyay and City Clerk, respectively of the City of Iowa City, Iowicipal Corporationd existing under the laws of the State of Iowa, and that the seao the foregoing inthe seal of said Municipal Corporation, and that said instrumeed and sealed onsaid Municipal Corporation by authority and resolution of its Cil nd said Mayorlerk acknowledged said instrument to be the free act and deed uni ' al Corporatoluntarily executed. Notary Public in and for the State of Iowa C-27 EXHIBIT I t� 1 S 2, 3, 4, 7 sad a pad of I.Aft 5 and 6 of Mall Fina Addition io 1 a CiIY, l as 7 plat (Imeof recordod in Plat Rook 9, pap 41 of J acaaou>a , Iowa aril a part of the Sootimtat t'Quwter of the [hesrter 14 and part of the North Half ot'the Northeast of Seat 23, Township Nto* RwV 6 West of the Se' Prindpal MwWan, lovm City, Johnson County, more pwfiwlviy descrilftd as follows: Commencingat dro t U.S. Hiway foilrwwirtg the aastenly rigfrt 26 minus 00 swords E", minuuas 04 secorods 'West, a Minot= 00 seconds Sada, a 1 in said MaU 1"i* AAW a; Wkae the wA bw of Wd LOT 1, comer of said WI' 2, theaac Nodh dishm of 194.06 Ecol to dx most a 47 deems 27 minutes 49 saccayds 2, a dist rm of 4 aims a the west l' The souffivaawy said ri& ofvmy W92 foal; dam 6 (*.79 feet; 28.51 fbet to the Avenge at a pa haves a radius ✓s mmuls, and a as000ds West; .iak"Cotion With poiat of 3415.00 fioel, 889.81 fi xA � said 09 est c*nwr of lira idtanradion iuu flit the PUINT liar of said diidaece of 225.05 d, oaf 2lZ,tiB c f 168.99 to the th South degrew Sycamore SbW and BEG0 t�InD G; thence suint, North 0 delta t" tlhca m Worth 4 degrees 09 thmcc North 0 dapem 26 soutimmost c+amw of 1.#T 3# oft" ea 4Q m000ad Enst nm of 278.80 fedi to the wodmeat rem 06 03 seconds Weak a oomer of said LOT Z dumme Noah ! do aarfinm telly Hee of odd IAT nuec�Ens l5 s Earl the intmaecation with �asc4 tlisaoa iollo�wing Stet, a diahm= of Best, a dish nm of Fast, a of f vay line of Fir&t w the Sacbaet, Of minute 26 52 miacfes 30 323 AS fiat to the way A6 at a a cadiuc of saaaaL, a chard of W dvow West 13,72 fleet; Nor& l 44 of said LUT a dim 5'7.31 facet too rh t of ire of Lower Hage, Boards deg,ranw 33 W 45 saoonds $oa i deg�es 43 minrgets seconds thaanta 2 +dc� 31 00 tiun with the norttrwemely o point of Odra arae-tra>�g et starve, of .tit) Poet, a s�ontral an'tt of 23 ortop of 3M91 feet h*ui tg S4utb 34 Socrtir�wrest along Mdd tatrw0, a dlilmae north�r cigtst of way lim of M'd U.S. ors. non -taunt cunv, coa,eaxe to the Soodh, aar8lc of 16� deft m 51 minutes 18 North B t depew 36 minwal a 44 seconds a distance of 893.07 fedi tmsacc North 89 d a dis arm of 227.53 fit to the POINT OF Bp �+fl EI'fM WITH, a non usi ve easement for in4trsas, and over potties of Lot 1 in 141&11 First Additional to lou+& Ctty, lows, pet prat roconded in Plod Br ads 9, pogo 41 of nworrds of]ohnsw Coungr, vva, as Barth m that contain "Deelwation of MuWal Eu meats" dated 4, vW moorded in the rocs & of Canty, Iowa at 1�k 4352, C-28 EXHBIIT E ANNUAL CERTIFICATION Date: (due annually no later than November 1) I, , the undersigned, having knowledge of the Developer's Agreeme etween the City of Iowa City d CORE Sycamore Town Center, LLC, dated , 2014, and the operations of the De elopment Property, hereby certify the following; 1. All ad valorem t es on the Development Prop/Develer n id for the prior fiscal year, as evidenced by the attache documentation; and 2. (A) I have re-examin the terms and provisioelopment Agreement and can affirm that during the preceding welve (12) months, this not, or was not, in default in the fulfillment of any of the terms d conditions of said(including but not limited to the occupancy requirements of Section .3 thereto) and thaDefault (or event which, with the lapse of time or the giving of noti , or both, wouldvent of Default) is occurring or has occurred as of the date of this certi OR (B) the undersigned has re-examin and that at the date of this certificate, the Agreement for the following reasons: _ (date); and that the respect thereto: 3. Developer has i evidenced by improvements; 4. The current pej Development Property is Date: /$ in and has taken all and provisions of the Development Agreement is aware that the Developer is in default of the of square footage (Name, title) that the default has existed since or proposes to take the following action with the Minimum Improvements, as necessary action to maintain said %d by an Active Tenant within the 1 Pursuant to Par graph 3.3 of the Developer's Agreement, at least 65% of the gross ledsa le square feet) sha be occupied by an Active Tenant by November 1, 2015. By November 1, gross leasabletember r space of the Development Property (179,418 square feet) shall occupied Beginning on 1, 2017, and until the Termination Date, by November 1 of each yea twelve previous months, 80% of the gross leasable floor space of the Development Property was occupied by an Active Tenant. C-29 floor space (155,496 016, at least 75% of the an Active Tenant. during ten of the 1 ;3,80 square feet) r CITY OF IOWA CITY MEMORANDUM 12 Date: November 5, 2014 To: Tom Markus, City Manager From: Wendy Ford, Economic Development Coordinator Re: Tax Increment Financing certification and Annual Urban Renewal Report Introduction Each year, the City must complete a set of state mandated reports about its use of Tax Increment Financing and file an annual TIF debt certification with the County Auditor. This memo briefly describes each and provides a brief overview of Iowa City's use of TIF. TIF is one of the few tools allowed by state law that cities can use to help finance development projects in their communities. Iowa City has established twelve Urban Renewal Areas which enable the use of TIF. Each Urban Renewal Plan specifies the area goals and planned urban renewal projects. History Since 2003, the City has been a financial partner in 12 TIF projects ranging from industrial businesses adding jobs and new products, to redevelopment of blighted properties and high-rise mixed use buildings. Over the course of these 12 years, the City has committed approximately $16.5 million in tax increment financing that has created new property tax value of nearly $72 million. As shown in the table below, comparing the base values of $25 million with current assessments of $107 million, one notices the four -fold increase in tax base. Leveraging public funds to build the tax base ensures a greater return to the public in future property tax revenues. The table below illustrates the urban renewal projects which the City has assisted and the increase in value those projects have created. District (Bold) Start End Base Value of 2014 Assessed New Value District projects indented date date Project Value Created Sycamore & First Avenue URA 2000 2020 Sycamore Mall 2004 2010 $4,662,900 $10,015,520 $5,352,620 Plamor Redevelopment 2006 2011 $972,150 $2,178,780 $1,206,630 Scott Six Industrial Park 2001 2021 Owens Brockway 2005 2009 $30,010 $5,965,310 $5,935,300 City -University Project 1 2001 nla Plaza Towers 2004 2010 $0 $34,814,730 $34,814,730 Vito's building rehab 2011 $813,350 $1,605,790 Park at 201 2012 $569,520 $9,863,808 Northgate Corporate Park 2002 2022 _ Seabury & Smith 2005 2011 $264,520 $6,730,280 $6,465,760 Heinz Road 2002 2022 Alpla of Iowa Inc. 2003 2010 $3,594,340 $9,142,680 $ 5,548,340 United Natural Foods Inc. 2003 2011 $4,653,740 $11,466,490 $6,812,750 Hwy 6 Commercial URA 2003 2023 Pepperwood Plaza 2003 2013 $8,677,520 $12,943,840 $4,266,320 Towncrest URA 2010 nla MDK Medical Office Building 2012 $885,880 $2,420,350 $1,534,470 $25,123,930 $107,147,578 $71,936,920 Page 2 Discussion Highlights in the 2014 TIF certification include projects in the Central Business District (CBD, within the City -University 1 Urban Renewal Area), the Heinz Road Urban Renewal Area and in the Sycamore and First Avenue Urban Renewal Area, and are as follows: 1. The CBD will be undergoing several years of repair, upgrades and beautification and this year's certification includes expenses related to the first of the improvements. 2. Alpla, an employer of nearly 200 people was approved in January, 2014 for city assistance of $170,323 through up to 4 years of TIF rebates to assist in a $12 million project to add a new product line and 12 additional jobs. 3. Pending City Council approval of a development agreement, the Iowa City Marketplace, formerly known as the Sycamore Mall, is requesting $1.75 million in TIF rebates toward a renovation project, a part of which, will become home to the mall's first new anchor tenant in more than 20 years, and improve the parking lot and pedestrian walkways around the mall. The reports following this memo are the required documentation to carry out activity within our urban renewal areas. TIF certification: The annual TIF debt certification to the County Auditor specifies TIF tax collection for each urban renewal area in which there is activity. • Form 1 initiates the collection of tax increment for projects not certified previously, • Form 2 requests a specific dollar amount less than the full amount of available increment, and • Form 3 ends the collection of tax increment. The table below outlines this year's submission of TIF debt certification forms. Form Urban Renewal Area 1 2131 Notes City -University Project 1 $1,146,119: bonds for CBD improvements and administrative expenses (form 1) downtown x x $496,283: bond payments on existing projects and administrative expenses form 2 Heinz Road x $170, 323: TIF rebate for AI la, and administrative expenses Riverside Drive x $20, 885. Pedestrian tunnel design contract and administrative expenses $4,386: administrative expenses (form 1); $0 requested for new industrial park infrastructure; waiting for industrial project there Scott Six x x to create increment form 2 $1,750,000: TIF rebate to IC Marketplace (pending Council approval 11/18 later in the Sycamore and First Avenue x Agenda) -$93,370: reducing request for cost of acquiring Kerr McGee parcel, covered instead, Towncrest x by GO bonds. Annual Urban Renewal Report (AURR): The AURR is the state's web -based municipal TIF reporting system. For each city or county using TIF, there is a section for each urban renewal area that includes a short description, the plans, maps, and any amendments made to the district. It also provides an in-depth financial snapshot of the City's TIF fund accounts for each district, the status of ongoing projects in each and details about the debt associated with each urban renewal project. Recommendation Staff recommends City Council approval of these state mandated reports. Please let me know if you have any questions. Cc: Jeff Davidson, Economic Development Administrator Dennis Bockenstedt, Finance Director Prepared by: Wendy Ford, Ec. Dev. Coord., 410 E. Washington St., Iowa City, IA 52240, 319-356-5248 RESOLUTION NO. 14-328 RESOLUTION DIRECTING THE FILING OF CERTIFICATION UNDER IOWA CODE SECTION 403.19 FOR THE 2014 END OF YEAR CERTIFICATION OF URBAN RENEWAL PROJECTS WHEREAS, the City of Iowa City, Iowa has established the various urban renewal plans for certain urban renewal areas (the "Urban Renewal Areas") and is undertaking certain projects within the Urban Renewal Areas (the "Projects"); and WHEREAS, it is the intention of the City to certify the amount so incurred and advanced, together with interest, for reimbursement under Iowa Code Section 403.19, and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Iowa City, Iowa, as follows: Section 1. There has been established separate tax increment revenue funds for the City -University Project I Urban Renewal Area; the Heinz Road Urban Renewal Area, Riverside Drive Urban Renewal Area, Scott Six Urban Renewal Area, Sycamore and First Avenue Urban Renewal Area, and Towncrest Urban Renewal Area (collectively the "Tax Increment Funds"), into which incremental property tax revenues received from the respective urban renewal areas are deposited. The Council finds the Projects identified in the attached TIF certifications to be Urban Renewal Projects as defined in Iowa Code Chapter 403 and directs that the amounts specified in said exhibits be certified for reimbursement under Iowa Code Section 403.19. Section 2. The Clerk and other City officials having responsibility for the books and records of the City shall take such actions as are necessary to comply with this Resolution, including but not limited to, certification for reimbursement under Iowa Code Section 403.19. Passed and approved this 18th day of November —,20 14 MAYOR Appeoved b ATTEST: ge• `� �i� i��z14i�Qi� CITY CLERK City Attorney's Office Resolution No. 14-328 Page 2 It was moved by Mims and seconded by Payne the Resolution be adopted, and upon roll call there were: AYES: NAG'S: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Sycamore Mall &First Avenue Urban Renewal Urban Renewal Area Number: 52020 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified`: $ 1,750,000 *There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach 'CITY TIF FORM 1.1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is paid to the City. However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested.) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File'CITY TIF'FORM T with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer,) Notes/Additional Information: Dated this I &day of Nom w, �_z►r )' y Signature of Authorized Official Telephone CITY TIF FORM 1.1 - To be attached to CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL. YEAR City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Sycamore Mali & First Avenue Urban Renewal Urban Renewal Area Number: 52020 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount: 1. Economic Development Grant - Development Agreement 11/18/2014 1,750,000 Iowa City Marketplace Project FIX this box if a rebate agreement. List administrative details on lines above. 2. n'X' this box if a rebate agreement. List administrative details on lines above. 3. []'X' this box if a rebate agreement. List administrative details on lines above. 4. []'X' this box if a rebate agreement. List administrative details on lines above. 5. n'X' this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 1,750,000 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Scott Six Urban Renewal Urban Renewal Area Number: 52021 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified: $ 4,386 *There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach 'CITY TIF FORM 1.1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is paid to the City. However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested.) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File'CITY TIF'FORM 3' with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer.) Notes/Additional Information: Dated this )� day of N"\H V V,. t_ Signature of Authorized Official Telephone CITY TIF FORM 1.1 -To be attached to CITY TIF FORM 1 -INDEBTEDNESS CERTIFICATION Page 1 TIP INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Scott Six Urban Renewal Urban Renewal Area Number: 52021 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount: 1. Administrative Costs - Internal Loan 11/18/2014 4,386 Includes attorney and other misc. expenses E]W this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 4,386 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. []W this box if a rebate agreement. 2. List administrative details on lines above. E]W this box if a rebate agreement. 3. List administrative details on lines above. E]W this box if a rebate agreement. 4. List administrative details on lines above. nW this box if a rebate agreement. 5. List administrative details on lines above. E]W this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 4,386 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. CITY TIF FORM 2 SPECIFIC DOLLAR REQUEST FOR AVAILABLE TIF INCREMENT TAX FOR NEXT FISCAL YEAR CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year Where Less Than The Legally Available TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Scott Six Urban Renewal Urban Renewal Area Number: 52021 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the next fiscal year and for the Urban Renewal Area within the City and County named above, the City requests less than the maximum legally available TIF increment tax as detailed below. Provide sufficient detail so that the County Auditor will know how to specifically administer your request. For example you may have multiple indebtedness certifications in an Urban Renewal Area, and want the maximum tax for rebate agreement property that the County has segregated into separate taxing districts, but only want a portion of the available increment tax from the remainder of the taxing districts in the Area. Specific Instructions To County Auditor For Administering The Request That This Urban Renewal Area Generate Less Than The Maximum Available TIF Increment Tax: Railroad Sidings and Spur Compass Drive - Railroad Crossings Project Admin. Costs t Dated this 1 day of %� �� wO�ar Signature of Authorized Official Amount Re uested: 0 0 0 lw q Telephone CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City City Univ Pro] I Urban Renewal Urban Renewal Area Number: 52024 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified*: . $ 1,146,119 *There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach'CITY TIF FORM 1,1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is' paid to the City. However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested.) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File'CITY TIF 'FORM T with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer.) Notes/Additional Information: Dated this day of Y-cV, Signature of Authorized Official Telephone CITY TIF FORM 1.1 - To be attached to CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL. YEAR City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City City Univ Proj I Urban Renewal Urban Renewal Area Number: 52024 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount: 1. Central Business District Projects - 2014A GO Bonds 5/6/2014 1,143,352 Proportion of the 2014A GO Bond Issue to fund CBD Improvements 10 year bond F]'X' this box if a rebate agreement. List administrative details on lines above. 2. Administrative Costs - Internal Loan 11/18/2014 2,767 Includes attorney and other misc. expenses Fj'X' this box if a rebate agreement. List administrative details on lines above, 3. [j'X' this box if a rebate agreement. List administrative details on lines above. 4, n'X' this box if a rebate agreement. List administrative details on lines above. 5. []'X' this box if a rebate agreement. List administrative details on lines above. If more Indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 1,146,119 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. CITY TIF FORM 2 SPECIFIC DOLLAR REQUEST FOR AVAILABLE TIF INCREMENT TAX FOR NEXT FISCAL YEAR CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year Where Less Than The Legally Available TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City City Univ Proj I Urban Renewal Urban Renewal Area Number: 52024 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the next fiscal year and for the Urban Renewal Area within the City and County named above, the City requests less than the maximum legally available TIF increment tax as detailed below. Provide sufficient detail so that the County Auditor will know how to specifically administer your request. For example you may have multiple indebtedness certifications in an Urban Renewal Area, and want the maximum tax for rebate agreement property that the County has segregated into separate taxing districts, but only want a portion of the available increment tax from the remainder of the taxing districts in the Area. Specific Instructions To County Auditor For Administering The Request That This Urban Renewal Area Generate Less Than The Maximum Available TIF Increment Tax: Park @ 201 - 2012D TIF Revenue Bonds Central Business District Streetscape - Part of 2013A GO Bonds Principal and Interest payments (2015) Central Business District Projects - Part of 2014A GO Bonds Principal and Interest payments (2015) Administrative Costs - Internal Loan Amount Re uested: 353,965 22,001 117,550 2,767 Dated this Q day of I v zv-t )-�,- ) Signature of Authorized Official Telephone CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TEF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Heinz Road Urban Renewal Urban Renewal Area Number: 52027 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified": $ 170,323 There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach 'CITY TIF FORM 1.1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is paid to the City, However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested,) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File 'CITY TIF 'FORM T with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer.) Notes/Additional Information: Dated this i day of �ey{,�„%r L41 A Signature of Authorized Officia— Telephone CITY TIF FORM 1.1 - To be attached to CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Heinz Road Urban Renewal Urban Renewal Area Number: 52027 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved Total Amount: 1. Development Agreement for Alpla #3 01/21/2014 170,000 4 year of full 100% rebates, capped at $170,000 OW this box if a rebate agreement, List administrative details on lines above. 2. Administrative Costs - Internal Loan Includes attorney and other misc. expenses F]W this box if a rebate agreement. List administrative details on lines above. 3. FjW this box if a rebate agreement. List administrative details on lines above. 4. E]W this box if a rebate agreement. List administrative details on lines above. 5. E]W this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. 11/18/2014 323 Total For City TIF Form 1.1 Page 1: 170,323 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. CITY TIF FORM 3 TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICATION OF TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER CERTIFICATION TO COUNTY AUDITOR Use One Certification Per Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Towncrest Urban Renewal Urban Renewal Area Number: 52030 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above, the City has reduced previously certified indebtedness, by reasorrother than application of TIF increment tax received from the County Treasurer, by the total amount as shown below. Provide sufficient detail so that the County Auditor will know how to specially administer your request. For example, you could have multiple indebtedness certifications in the Urban Renewal Area, and the County Auditor would need to know which particular indebtedness certifcation(s) to reduce. If rebate agreements are involved with a reduction, and the County has segregated the rebate property into separate TIF Increment taxing districts, provide the five -digit county increment taxing district numbers for reference. Individual TIF Indebtedness Type/Description/Details: Land Acquisition - Internal Loan: Purchase of former Kerr McGee parcell (costs for land acquisition were covered by GO Bonds) Amount Reduced: 93,370 Total Reduction In Indebtedness For This Urban Renewal Area: 93,370 Dated this day of �J,-., t VLA J �� til Signature of Authorized Official Telephone CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested Use One Certification Per. Urban Renewal Area City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Riverside Drive Urban Renewal Urban Renewal Area Number: 52031 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified`: $ 20,885 *There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach 'CITY TIF FORM 1.1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is paid to the'City. However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested,) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File'CITY TIF'FORM T with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer.) Notes/Additional Information: Dated this 1 q day of Signature of Authorized Official �oVt vti,�.�fY" Telephone CITY TIF FORM 1.1 - To be attached to CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR City: Iowa City County: Johnson Urban Renewal Area Name: Iowa City Riverside Drive Urban Renewal Urban Renewal Area Number: 52031 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Total Amount: Date Approved*: 1. Administrative Costs - Internal Loan 11/1812014 171 includes attorney and other misc. expenses FIX this box if a rebate agreement. List administrative details on lines above. 2. Design Contract (Shoemaker & Naaland Engineers) - Internal Loan 11/18/2014 Riverside Drive Pedestrian Tunnel n X' this box if a rebate agreement. List administrative details on lines above. nW this box if a rebate agreement. List administrative details on lines above. 4. DX this box if a rebate agreement. List administrative details on dines above. 5. []W this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. 20,714 Total For City TIF Form 1.1 Page 1: 20,885 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. Prepared by: Wendy Ford, Ec. Dev. Coord., 410 E. Washington St., Iowa City, IA 52240 (319) 356-5248 RESOLUTION NO. 14-329 RESOLUTION APPROVING THE FISCAL YEAR ENDING 2014 ANNUAL URBAN RENEWAL AREA REPORT WHEREAS, in an effort to provide greater public access to information about urban renewal activities, including the use of tax increment financing, the Iowa Legislature enacted changes in Iowa Code Sections 331.403 and 384.22 to require, among other things, the filing of an annual report detailing the City's urban renewal activities; and WHEREAS, the City of Iowa City had twelve (12) Urban Renewal Areas in effect during the most recently ended fiscal year, and WHEREAS, City Staff has prepared an urban renewal report in compliance with state law and has placed said plan on file in the office of the Finance Director, City Hall, Iowa City, Iowa; and WHEREAS, the report must be approved by City Council before its submission to the Iowa Department of Management on or before December 1, 2014, and WHEREAS, the Annual Urban Renewal Report, Fiscal Year 2013-14 is attached herewith, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: The Fiscal Year Ending 2014 Annual Urban Renewal Area Report is hereby approved and the Finance Director is hereby directed to submit it to the Iowa Department of Management. Passed and approved this 18th day of November —,20 14 MAYOR Ap i�`� ATTEST: ,Je tfC YC11.1�� CITYt-LERK City Attorney's Office Resolution No. 14-329 Page 2 It was moved by Payne and seconded by Botchway the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Botchway x Dickens x Dobyns x Hayek x Mims x Payne x Throgmorton Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Levy Authority Summary Local Government Name: IOWA CITY Local Government Number: 52G483 TIF Debt Outstanding: 14,444,932 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 266,858 0 Restricted for LMI TIF Revenue: 434,057 TIF Sp. Revenue Fund Interest: 113 Asset Sales & Loan Repayments: 0 Total Revenue: 434,170 Rebate Expenditures: 400,438 Non -Rebate Expenditures: 271,928 Returned to County Treasurer: 10,100 Total Expenditures: 682,466 TIF Sp. Rev. Fund Cash Balance Amount of 06-30-2014 Cash Balance as of 06-30-2014: 18,562 0Restricted for LMI ................................................................................................................................................................................................. Year -End Outstanding TIF Obligations, Net of TIF Special Revenue Fund Balance: 13,754,004 Created: Fri Nov 07 16:36:39 CST 2014 Page 1 of 53 # of Tif Active Urban Renewal Areas U.R. # Taxing Districts IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL 52020 2 IOWA CITY SCOTT SIX URBAN RENEWAL 52021 2 IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL 52023 4 IOWA CITY CITY UNIV PROJ I URBAN RENEWAL 52024 5 IOWA CITY HEINZ ROAD URBAN RENEWAL 52027 3 IOWA CITY HIGHWAY SIX URBAN RENEWAL 52028 3 IOWA CITY MOSS GREEN URBAN VILLAGE URBAN RENEWAL 52029 1 IOWA CITY TOWNCREST URBAN RENEWAL 52030 1 IOWA CITY RIVERSIDE DRIVE URBAN RENEWAL 52031 1 IOWA CITY LOWER MUSCATINE ROAD & HWY 6 UR 52991 0 IOWA CITY INDUSTRIAL PARK ROAD URBAN RENEWAL 52992 0 IOWA CITY CAMP CARDINAL URBAN RENEWAL AREA 52993 0 TIF Debt Outstanding: 14,444,932 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 266,858 0 Restricted for LMI TIF Revenue: 434,057 TIF Sp. Revenue Fund Interest: 113 Asset Sales & Loan Repayments: 0 Total Revenue: 434,170 Rebate Expenditures: 400,438 Non -Rebate Expenditures: 271,928 Returned to County Treasurer: 10,100 Total Expenditures: 682,466 TIF Sp. Rev. Fund Cash Balance Amount of 06-30-2014 Cash Balance as of 06-30-2014: 18,562 0Restricted for LMI ................................................................................................................................................................................................. Year -End Outstanding TIF Obligations, Net of TIF Special Revenue Fund Balance: 13,754,004 Created: Fri Nov 07 16:36:39 CST 2014 Page 1 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL UR Area Number: 52020 UR Area Creation Date: UR Area Purpose: 08/2000 To formulate and execute a workable program using public and private resources to develop the Urban Renewal Project area for retail, office, and other commercial uses. Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 2,850,350 33,825,960 8,256,710 0 -5,556 44,927,464 0 44,927,464 Taxable 0 1,505,454 33,825,960 8,256,710 0 -5,556 43,582,568 0 ,' 43,582,568 Homestead Credits 10 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 0 0 Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non -Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 2 of 53 Increment Tax Districts within this Urban Renewal Area Base Increment Value No. No. Used IOWA CITY/IOWA CITY SCH/SYCAMORE MALL & FIRST AVE U.R. TIF INCREMENT 52195 52196 0 IOWA CITY/IOWA CITY SCH/SYCAMORE & 1ST AVE UR 2003 AMEND INCR 52239 52240 0 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 2,850,350 33,825,960 8,256,710 0 -5,556 44,927,464 0 44,927,464 Taxable 0 1,505,454 33,825,960 8,256,710 0 -5,556 43,582,568 0 ,' 43,582,568 Homestead Credits 10 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 0 0 Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non -Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 2 of 53 a Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL Lower Muscatine Road Reconstruction Description: Improve roads around Kirkwood Comm College & Mall Classification: Roads, Bridges & Utilities Physically Complete: No Payments Complete: No Iowa City Marketplace Description: Economic develpment agreement Classification: Commercial - retail Physically Complete: No Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 3 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL 2012A GO Bonds (Low. Mus. Rd Recon.) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation? Date Incurred: FY of Last Payment: Gen. Obligation Bonds/Notes 540,000 62,390 602,390 No 06/05/2012 2022 2013A GO Bonds (Low. Mus. Rd Recon.) Debt/Obligation Type: Internal Loans Principal: 375,000 Interest: 33,759 Total: 408,759 Annual Appropriation?: No Date Incurred: 06/18/2013 FY of Last Payment: 2023 Economic Development Grant Debt/Obligation Type: Other Debt Principal: 1,750,000 Interest: 0 Total: 1,750,000 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2024 Created: Fri Nov 07 16:36:39 CST 2014 Page 4 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL (52020) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/SYCAMORE MALL & FIRST AVE U.R. TIF INCREMENT 52240 TIF Taxing District Inc. Number: 52196 TIF Taxing District Base Year: 2000 UR Designation FY TIF Revenue First Received: 2004 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 08/2000 statutorily ends: 2022 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 33,298,680 0 0 0 33,298,680 0 33,298,680 Taxable 0 0 33,298,680 0 0 0 33,298,680 0 33,298,680 Homestead Credits 0 Frozen Base Value Max Increment Value Fiscal Year 2014 22,284,430 11,014,250 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Increment Used Increment Not Used Increment Revenue Not Used 0 11,014,250 334,494 Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SYCAMORE MALL & FIRST AVENUE URBAN RENEWAL (52020) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/SYCAMORE & 1 ST AVE UR 2003 AMEND INCR TIF Taxing District Inc. Number: 52240 TIF Taxing District Base Year: 2002 UR Designation FY TIF Revenue First Received: 2004 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 08/2000 statutorily ends: 2022 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 5 of 53 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 2,850,350 527,280 8,256,710 0 -5,556 11,628,784 0 11,628,784 Taxable 0 1,505,454 527,280 8,256,710 0 -5,556 10,283,888 0 10,283,888 Homestead Credits 10 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 9,496,280 2,138,060 0 2,138,060 64,931 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 5 of 53 + Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SCOTT SIX URBAN RENEWAL UR Area Number: 52021 UR Area Creation Date UR Area Purpose: 07/1997 To grow tax base; encourage development of start up firms, expansion of existing and attraction of new industries, especially in the are of renewable energy. Enhance number of sites available for industrial development. Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 43,300 0 34,045,940 5,709,580 0 0 39,798,820 0 39,798,820 Taxable 25,950 0 34,045,940 5,709,580 0 0 39,781,470 0 39,781,470 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 5,078 0 Restricted for LMI TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 0 0 0 0 0 0 5,078 Amount of 06-30-2014 Cash Balance '. 0 Restricted for LMI 4211 Created: Fri Nov 07 16:36:39 CST 2014 Page 6 of 53 Increment Tax Districts within this Urban Renewal Area Base Increment Value No. No. Used IOWA CITY/IOWA CITY SCH/SCOTT SIX UR TIF INCREMENT 52208 52209 0 IOWA CITY AG/IOWA CITY SCH/SCOTT SIX UR TIF INCREMENT 52210 52211 0 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 43,300 0 34,045,940 5,709,580 0 0 39,798,820 0 39,798,820 Taxable 25,950 0 34,045,940 5,709,580 0 0 39,781,470 0 39,781,470 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 5,078 0 Restricted for LMI TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 0 0 0 0 0 0 5,078 Amount of 06-30-2014 Cash Balance '. 0 Restricted for LMI 4211 Created: Fri Nov 07 16:36:39 CST 2014 Page 6 of 53 a s t ReportFiscal 20137777 -2014 Projects For IOWA CITY SCOTT SIX URBAN RENEWAL Construct rail sidings and spur Description: Provide rail access to development sites in the URA Classification: Roads, Bridges & Utilities Physically Complete: Yes Payments Complete: No Construct rail crossings Description: Provide rail crossings within industrial park Classification: Roads, Bridges & Utilities Physically Complete: Yes Payments Complete: No Administrative Expenses Description: Administrative expenses Classification: Administrative expenses Physically Complete: Yes Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 7 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY SCOTT SIX URBAN RENEWAL Rail Sidings & Spur. (Peterson Contractors) Debt/Obligation Type: Internal Loans Principal: 1,373,423 Interest: 0 Total: 1,373,423 Annual Appropriation?: No Date Incurred: 05/01/2012 FY of Last Payment: 2020 Rail Crossings (Iowa Interstate Railroad) Debt/Obligation Type: Internal Loans Principal: 309,929 Interest: 0 Total: 309,929 Annual Appropriation?: No Date Incurred: 09/06/2011 FY of Last Payment: 2020 Administrative Expenses Debt/Obligation Type: Internal Loans Principal: 4,386 Interest: 0 Total: 4,386 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 8 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 The original 1997 Scott Six Urban Renewal Area was amended for the first time in July 2011. A TIF ordinance for the amended area has not yet been adopted. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 9 of 53 Annum Urban Renewal Report, Fiscal Year 2013 - 201 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SCOTT SIX URBAN RENEWAL (52021) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/SCOTT SIX UR TIF INCREMENT TIF Taxing District Inc. Number: 52209 TIF Taxing District Base Year: 2001 UR Designation FY TIF Revenue First Received: 2005 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 07/1997 statutorily ends: 2023 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 34,045,940 5,709,580 0 0 39,755,520 0 39,755,520 Taxable 0 0 34,045,940 5,709,580 0 0 39,755,520 0 39,755,520 Homestead Credits statutorily ends: 2023 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 2,315,755 37,439,765 0 37,439,765 1,137,015 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY SCOTT SIX URBAN RENEWAL (52021) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/SCOTT SIX UR TIF INCREMENT TIF Taxing District Inc. Number: 52211 TIF Taxing District Base Year: 2001 UR Designation FY TIF Revenue First Received: 2005 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 07/1997 statutorily ends: 2023 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 43,300 0 0 0 0 0 43,300 0 43,300' Taxable 25,950 0 0 0 0 0 25,950 0 25,950 Homestead Credits 0 Frozen Base Value Max Increment Value Fiscal Year 2014 26,261 17,039 FY 2014 TIF Revenue Received: 0 Increment Used Increment Not Used Increment Revenue Not Used 0 17,039 351 Created: Fri Nov 07 16:36:39 CST 2014 Page 10 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL UR Area Number: 52023 UR Area Creation Date: 04/1999 To facilitate an urban renewal program using private and public resources to develop the area for office, research, production and/or assembly uses. To increase tax base; attract new and expansion of existing firms in area; provide new UR Area Purpose: development sites. Tax Districts within this Urban Renewal Area Base Increment Increment Value No. No. Used IOWA CITY/IOWA CITY SCH/NORTHGATE CORP PARK UR INCR 52230 52231 0 IOWA CITY AG/IOWA CITY SCH/NORTHGATE UR TIF INCR 52325 52326 0 IOWA CITY/IOWA CITY SCH/NORTHGATE CORP PK 2005 AMEND INCR 52345 52346 0 IOWA CITY AG/IOWA CITY SCH/NORTHGATE CORP PK 2005 AMEND INCR 52347 52348 0 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 59,770 242,790 26,996,700 0 0 0 27,299,260 0 27,299,260 Taxable 35,822 128,234 26,996,700 0 0 0 27,160,756 0 27,160,756 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: 8,495 0 Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non -Rebate Expenditures: 0 Returned to County Treasurer: 8,495 Total Expenditures: 8,495 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 11 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL (52023) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/NORTHGATE CORP PARK UR INCR TIF Taxing District Inc. Number: 52231 TIF Taxing District Base Year: 2001 FY TIF Revenue First Received: 2005 UR Designation Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 04/1999 statutorily ends: 2023 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL (52023) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/NORTHGATE UR TIF INCR TIF Taxing District Inc. Number: 52326 TIF Taxing District Base Year: 2001 FY TIF Revenue First Received: 2005 UR Designation Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 04/1999 statutorily ends: 2023 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 5,690 0 0 0 0 0 5,690 0 i' 5,690 Taxable 3,410 0 0 0 0 0 3,410 0 3,41Q Homestead Credits (1 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 14,807 0 0 0 0 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 12 of 53 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 26,996,700 0 0 0 26,996,700 0' 26,996,700 Taxable 0 0 26,996,700 0 0 0 26,996,700 0 26,996,700 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 6,728,364 20,268,336 0 20,268,336 615,533 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL (52023) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/NORTHGATE UR TIF INCR TIF Taxing District Inc. Number: 52326 TIF Taxing District Base Year: 2001 FY TIF Revenue First Received: 2005 UR Designation Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 04/1999 statutorily ends: 2023 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 5,690 0 0 0 0 0 5,690 0 i' 5,690 Taxable 3,410 0 0 0 0 0 3,410 0 3,41Q Homestead Credits (1 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 14,807 0 0 0 0 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 12 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL (52023) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/NORTHGATE CORP PK 2005 AMEND INCR TIF Taxing District Inc. Number: 52346 TIF Taxing District Base Year: 0 UR Designation Slum No FY TIF Revenue First Received: Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 242,790 0 0 0 0 242,790 0 242,790 Taxable 0 128,234 0 0 0 0 128,234 0 128,234 Homestead Credits q Frozen Base Value Max Increment Value Fiscal Year 2014 213,180 29,610 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Increment Used Increment Not Used Increment Revenue Not Used 0 29,610 899 Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY NORTHGATE CORP PARK URBAN RENEWAL (52023) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/NORTHGATE CORP PK 2005 AMEND INCR TIF Taxing District Inc. Number: 52348 TIF Taxing District Base Year: 0 UR Designation Slum No FY TIF Revenue First Received: Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 54,080 0 0 0 0 0 54,080 0 54,080 Taxable 32,412 0 0 0 0 0 32,412 0 32,412 Homestead Credits 0 Frozen Base Value Max Increment Value Fiscal Year 2014 30,908 23,172 FY 2014 TIF Revenue Received: 0 Increment Used Increment Not Used Increment Revenue Not Used 0 23,172 477 Created: Fri Nov 07 16:36:39 CST 2014 Page 13 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL UR Area Number: 52024 UR Area Creation Date UR Area Purpose: 10/1969 Create a more livable, walkable community, remediate blight, establish attractive design standards for new and rehabilitated buildings, increase office and residential space by promoting mixed use building, and develop multi -modal transportation network. Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 103,470,990 252,262,420 0 0 -11,112 355,722,298 0 355,722,298 Taxable 0 54,649,819 252,262,420 0 0 -11,112 306,901,127 0 306,901,127 Homestead Credits 28 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: -26,704 0 Restricted for LMI TIF Revenue: 289,650 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 289,650 Rebate Expenditures: 0 Non -Rebate Expenditures: 262,946 Returned to County Treasurer: 0 Total Expenditures: 262,946 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 14 of 53 Base Increment Increment Tax Districts within this Urban Renewal Area Value No. No. Used IOWA CITY/IOWA CITY SCH/CITY UNIV PROJ I UR AREA INCR 52234 52235 4,039,807 IOWA CITY/IOWA CITY SCH/CITY UNIV UR INCR- IC DOWNTOWN SSMID 52352 52353 1,615,706 IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMEND INCR 52354 52355 2,350,144 IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMD-SSMID INCR 52356 52357 1,257,559 IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMD 10 INCR 52366 52367 95,642 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 103,470,990 252,262,420 0 0 -11,112 355,722,298 0 355,722,298 Taxable 0 54,649,819 252,262,420 0 0 -11,112 306,901,127 0 306,901,127 Homestead Credits 28 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: -26,704 0 Restricted for LMI TIF Revenue: 289,650 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 289,650 Rebate Expenditures: 0 Non -Rebate Expenditures: 262,946 Returned to County Treasurer: 0 Total Expenditures: 262,946 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 14 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY CITY UNIV PROJ I URBAN RENEWAL Park @ 201 Description: High rise residential, office, retail Mixed use property (ie: a significant portion is residential Classification: and significant portion is commercial) Physically Complete: Yes Payments Complete: No Hieronymous Square Description: Hieronymous Square; future development Mixed use property (ie: a significant portion is residential Classification: and significant portion is commercial) Physically Complete: No Payments Complete: No The Chauncey Description: Infill project at SE corner of College & Gilberts Streets Mixed use property (ie: a significant portion is residential Classification: and significant portion is commercial) Physically Complete: No Payments Complete: No Riverside/Hwy 6 Redevelopment of Old Public Works site; future Description: development Classification: Commercial - retail Physically Complete: No Payments Complete: No CBD streetscape renovation Description: improvements to downtown business district Recreational facilities (lake development, parks, ball fields, Classification: trails) Physically Complete: No Payments Complete: No Central Business District Projects Description: Improvements to central business district Mixed use property (ie: a significant portion is residential Classification: and significant portion is commercial) Physically Complete: No Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 15 of 53 Administrative Expenses Description: Administrative Expenses Classification: Administrative expenses Physically Complete: Yes Payments Complete: Yes Created: Fri Nov 07 16:36:39 CST 2014 Page 16 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY CITY UNIV PROJ I URBAN RENEWAL 2012D TIF Revenue Bonds Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation? Date Incurred: FY of Last Payment: 2013A GO Bonds (CBD) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation? Date Incurred: FY of Last Payment: TIF Revenue Bonds/Notes 2,328,283 653,842 2,982,125 No 11/13/2012 2032 Gen. Obligation Bonds/Notes 350,000 31,509 381,509 No 06/18/2013 2023 2011B GO Bonds (Riverfront Crossings) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation? Date Incurred: FY of Last Payment: Gen. Obligation Bonds/Notes 200,000 2,854 202,854 No 05/03/2011 2015 2012B GO Bonds (Riverfront Crossings) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation? Date Incurred: FY of Last Payment: Gen. Obligation Bonds/Notes 200,000 1,642 201,642 No 06/05/2012 2015 Environmentals - College/Gilbert Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation?: Date Incurred: FY of Last Payment: Internal Loans 18,850 0 18,850 No 05/18/2012 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 17 of 53 Environmentals - Riverside[Hwy 6 Debt/Obligation Type: Internal Loans Principal: 41,542 Interest: 0 Total: 41,542 Annual Appropriation?: No Date Incurred: 04/25/2012 FY of Last Payment: 2014 2014A GO Bonds (CBD) Debt/Obligation Type: Gen. Obligation Bonds/Notes Principal: 1,143,352 Interest: 0 Total: 1,143,352 Annual Appropriation?: No Date Incurred: 05/06/2014 FY of Last Payment: 2024 Administrative Expenses Debt/Obligation Type: Internal Loans Principal: 2,767 Interest: 0 Total: 2,767 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 18 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Non -Rebates For IOWA CITY CITY UNIV PROJ I URBAN RENEWAL TIF Expenditure Amount: 18,850 Tied To Debt: Environmentals - College/Gilbert Tied To Project: The Chauncey TIF Expenditure Amount: 41,542 Tied To Debt: Environmentals - Riverside/Hwy 6 Tied To Project: Riverside/Hwy 6 TIF Expenditure Amount: 75,335 Tied To Debt: 2012D TIF Revenue Bonds Tied To Project: Park @ 201 TIF Expenditure Amount: 127,219 Tied To Debt: 201113 GO Bonds (Riverfront Crossings) Tied To Project: Riverside/Hwy 6 Created: Fri Nov 07 16:36:39 CST 2014 Page 19 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV PROJ I UR AREA INCR TIF Taxing District Inc. Number: 52235 TIF Taxing District Base Year: 2002 UR Designation FY TIF Revenue First Received: 2005 Slum NoBlighted Gas/Electric Utility Total 10/1969 Subject to a Statutory end date? No Economic Development 11/2001 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 122,204 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV UR INCR- IC DOWNTOWN SSMID TIF Taxing District Inc. Number: 52353 TIF Taxing District Base Year: 2012 UR Designation FY TIF Revenue First Received: 2014 Slum No Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 68,235,470 0 0 0 68,235,470 0 68,235,470 Taxable 0 0 68,235,470 0 0 0 68,235,470 0 68,235,470 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Fiscal Year 2014 50,047,502 18,187,968 1,615,706 16,572,262 FY 2014 TIF Revenue Received: 52,490 Created: Fri Nov 07 16:36:39 CST 2014 Page 20 of 53 Increment Revenue Not Used 536,431 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 43,516,020 22,492,340 0 0 -5,556 66,002,804 0 ' 66,002,804 Taxable 0 22,983,670 22,492,340 0 0 -5,556 45,470,454 0 ' 45,470,454 Homestead Credits 13 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 20,432,178 45,470,454 4,039,807 41,430,647 1,258,215 FY 2014 TIF Revenue Received: 122,204 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV UR INCR- IC DOWNTOWN SSMID TIF Taxing District Inc. Number: 52353 TIF Taxing District Base Year: 2012 UR Designation FY TIF Revenue First Received: 2014 Slum No Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 68,235,470 0 0 0 68,235,470 0 68,235,470 Taxable 0 0 68,235,470 0 0 0 68,235,470 0 68,235,470 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Fiscal Year 2014 50,047,502 18,187,968 1,615,706 16,572,262 FY 2014 TIF Revenue Received: 52,490 Created: Fri Nov 07 16:36:39 CST 2014 Page 20 of 53 Increment Revenue Not Used 536,431 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMEND INCR TIF Taxing District Inc. Number: 52355 TIF Taxing District Base Year: 2012 UR Designation Slum No FY TIF Revenue First Received: 2014 Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 71,347 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMD-SSMID INCR TIF Taxing District Inc. Number: 52357 TIF Taxing District Base Year: 2012 FY TIF Revenue First Received: 2014 Subject to a Statutory end date? No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Slum Blighted Economic Development UR Designation No No No Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 56,179,810 0 0 0 56,179,810 Of 56,179,810 Taxable 0 0 56,179,810 0 0 0 56,179,810 0 56,179,810 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Fiscal Year 2014 42,023,548 14,156,262 1,257,559 12,898,703 FY 2014 TIF Revenue Received: 40,706 Created: Fri Nov 07 16:36:39 CST 2014 Page 21 of 53 Increment Revenue Not Used 417,520 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 36,578,470 10,583,180 0 0 0 47,161,650 0 47,161,650 Taxable 0 19,319,474 10,583,180 0 0 0 29,902,654 0 29,902,654 Homestead Credits 2 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 15,361,532 29,902,654 2,350,144 27,552,510 836,747 FY 2014 TIF Revenue Received: 71,347 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMD-SSMID INCR TIF Taxing District Inc. Number: 52357 TIF Taxing District Base Year: 2012 FY TIF Revenue First Received: 2014 Subject to a Statutory end date? No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Slum Blighted Economic Development UR Designation No No No Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 56,179,810 0 0 0 56,179,810 Of 56,179,810 Taxable 0 0 56,179,810 0 0 0 56,179,810 0 56,179,810 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Fiscal Year 2014 42,023,548 14,156,262 1,257,559 12,898,703 FY 2014 TIF Revenue Received: 40,706 Created: Fri Nov 07 16:36:39 CST 2014 Page 21 of 53 Increment Revenue Not Used 417,520 A► Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CITY UNIV PROJ I URBAN RENEWAL (52024) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/CITY UNIV TIF AMD 10 INCR TIF Taxing District Inc. Number: 52367 TIF Taxing District Base Year: 2012 UR Designation Slum No FY TIF Revenue First Received: 2014 Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 23,376,500 94,771,620 0 0 -5,556 118,142,564 0 118,142,564 Taxable 0 12,346,675 94,771,620 0 0 -5,556 107,112,739 0 107,112,739 Homestead Credits 13 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 117,071,480 1,076,640 95,642 980,998 29,792 FY 2014 TIF Revenue Received: 2,903 Created: Fri Nov 07 16:36:39 CST 2014 Page 22 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HEINZ ROAD URBAN RENEWAL UR Area Number: 52027 UR Area Creation Date: UR Area Purpose: 05/2001 To formulate a workable program using public and private resources to further develop the area for industrial development. To build tax base; attract new firms and assist existing firms with expansion; make site improvements deemed necessary for industry. Tax Districts within this Urban Renewal Area IOWA CITY/IOWA CITY SCH/HE1NZ RD UR TIF INCR IOWA CITY AG/IOWA CITY SCH/HEINZ RD UR TIF INCR IOWA CITY/IOWA CITY SCH/HEINZ RD UR-ALPLA 2 TIF INCR Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Assessed 20,270 0 39,786,650 23,922,780 0 0 Taxable 12,149 0 39,786,650 23,922,780 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 155,525 135,361 0 0 135,361 277,294 0 0 277,294 13,592 0 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 23 of 53 Base Increment Increment Value No. No. Used 52249 52250 0 52251 52252 0 52321 52322 4,457,180 Total Gas/Electric Utility Total 63,729,700 0 1'63,729,700 63,721,579 0 '63,721,579 0 Amount of 07-01-2013 Cash Balance Restricted for LMI Amount of 06-30-2014 Cash Balance Restricted for LMI - U ai Re d� Fiscal Yew 013 - 20,14 Projects For IOWA CITY HEINZ ROAD URBAN RENEWAL Alpla project 92 Description: TIF rebates, 4 year, $600K max Classification: Industrial/manufacturing property Physically Complete: Yes Payments Complete: Yes Alpla Project #3 Description: TIF rebates, 4 year, $170K max Classification: Industrial1manufacturing property Physically Complete: Yes Payments Complete: No Administrative Costs Description: Attorney and other miscellaneous expenses Classification: Administrative expenses Physically Complete: Yes Payments Complete: Yes Created: Fri Nov 07 16:36:39 CST 2014 Page 24 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY HEINZ ROAD URBAN RENEWAL Alpla 42 Rebates Debt/Obligation Type: Rebates Principal: 277,294 Interest: 0 Total: 277,294 Annual Appropriation?: No Date Incurred: 08/21/2007 FY of Last Payment: 2014 Apla #3 Rebates Debt/Obligation Type: Rebates Principal: 170,000 Interest: 0 Total: 170,000 Annual Appropriation?: No Date Incurred: 01/21/2014 FY of Last Payment: 2018 Administrative Expenses Debt/Obligation Type: Internal Loans Principal: 323 Interest: 0 Total: 323 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 25 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Rebates For IOWA CITY HEINZ ROAD URBAN RENEWAL ALPLA TIF Expenditure Amount: 277,294 Rebate Paid To: ALPLA Tied To Debt: Alpla #2 Rebates Tied To Project: Alpla project #2 Projected Final FY of Rebate: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 26 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Jobs For IOWA CITY HEINZ ROAD URBAN RENEWAL Project: Administrative Costs Company Name: Alpla Date Agreement Began: 08/21/2007 Date Agreement Ends: 06/30/2014 Number of Jobs Created or Retained: 205 Total Annual Wages of Required Jobs: 5,969,600 Total Estimated Private Capital Investment: 6,000,000 Total Estimated Cost of Public Infrastructure: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 27 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HEINZ ROAD URBAN RENEWAL (52027) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/HEINZ RD UR TIF INCR TIF Taxing District Inc. Number: 52250 TIF Taxing District Base Year: 2003 FY TIF Revenue First Received: 2007 Slum Subject to a Statutory end date? Yes Blighted Fiscal year this TIF Taxing District Economic Development statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 UR Designation No No 05/2002 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 39,786,650 14,880,350 0 0 54,667,000 0� 54,667,000 Taxable 0 0 39,786,650 14,880,350 0 0 54,667,000 0 54,667,000 Homestead Credits statutorily ends: 2025 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 34,933,220 19,733,780 0 19,733,780 599,299 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HEINZ ROAD URBAN RENEWAL (52027) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/HEINZ RD UR TIF INCR TIF Taxing District Inc. Number: 52252 TIF Taxing District Base Year: 2003 UR Designation FY TIF Revenue First Received: 2006 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 05/2002 statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 28 of 53 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 20,270 0 0 0 0 0 20,270 0 20,270 Taxable 12,149 0 0 0 0 0 12,149 0 12,149 Homestead Credits Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 7,358 12,149 0 12,149 250 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 28 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HEINZ ROAD URBAN RENEWAL (52027) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/HEINZ RD UR-ALPLA 2 TIF INCR TIF Taxing District Inc. Number: 52322 TIF Taxing District Base Year: 2003 FY TIF Revenue First Received: 2011 Slum Subject to a Statutory end date? Yes Blighted Fiscal year this TIF Taxing District Economic Development statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 UR Designation No No 05/2002 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 9,042,430 0 0 9,042,430 0 9,042,430 Taxable 0 0 0 9,042,430 0 0 9,042,430 0 9,042,430 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 4,585,250 4,457,180 4,457,180 0 0 FY 2014 TIF Revenue Received: 135,361 Created: Fri Nov 07 16:36:39 CST 2014 Page 29 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HIGHWAY SIX URBAN RENEWAL UR Area Number: 52028 UR Area Creation Date UR Area Purpose: 05/2003 To formulate and execute a program using public and private resources to develop the area for retail, office, and other commercial uses. To revitalize commercial activity, expand taxable values, and make public improvements supporting commercial activity. Tax Districts within this Urban Renewal Area IOWA CITY/IOWA CITY SCHAC HWY 6 COMMERCIAL UR TIF INCR IOWA CITY/IOWA CITY SCH/IC HWY 6 COMM SOUTHGATE INCREMENT IOWA CITY AG/IOWA CITY SCH/HWY 6 COMM UR TIF INCR Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Assessed 9,650 879,930 63,911,820 0 0 0 Taxable 5,784 464,748 63,911,820 0 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 124,749 0 0 0 0 123,144 0 1,605 124,749 U 0 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 30 of 53 Base Increment Increment No. No. Value Used 52255 52256 0 52279 52280 0 52317 52318 0 Total Gas/Electric UtilityTotal 64,801,400 0 ':64,801,400 64,382,352 0 ;';64,382,352 1 Amount of 07-01-2013 Cash Balance Restricted for LMI Amount of 06-30-2014 Cash Balance Restricted for LMI ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY HIGHWAY SIX URBAN RENEWAL Southgate Development (Pepperwood) Description: Physical appearance, street and pedestrian improvements Classification: Commercial - retail Physically Complete: Yes Payments Complete: Yes Created: Fri Nov 07 16:36:39 CST 2014 Page 31 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY HIGHWAY SIX URBAN RENEWAL Southgate Dev./Pepperwood Rebates Debt/Obligation Type: Rebates Principal: 123,144 Interest: 0 Total: 123,144 Annual Appropriation?: No Date Incurred: 08/19/2003 FY of Last Payment: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 32 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Rebates For IOWA CITY HIGHWAY SIX URBAN RENEWAL Pepperwood TIF Expenditure Amount: 123,144 Rebate Paid To: Southgate Development Tied To Debt: Southgate Dev./Pepperwood Rebates Tied To Project: Southgate Development (Pepperwood) Projected Final FY of Rebate: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 33 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HIGHWAY SIX URBAN RENEWAL (52028) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/IC HWY 6 COMMERCIAL UR TIF INCR TIF Taxing District Inc. Number: 52256 TIF Taxing District Base Year: 2003 FY TIF Revenue First Received: 2005 UR Designation Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 05/2003 statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 879,930 51,300,840 0 0 0 52,180,770 0 52,180,770 Taxable 0 464,748 51,300,840 0 0 0 51,765,588 0 51,765,588 Homestead Credits statutorily ends: 2025 I Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 49,291,922 2,888,848 0 2,888,848 87,732 FY 2014 TIF Revenue Received: 0 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HIGHWAY SIX URBAN RENEWAL (52028) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/IC HWY 6 COMM SOUTHGATE INCREMENT TIF Taxing District Inc. Number: 52280 TIF Taxing District Base Year: 2003 UR Designation FY TIF Revenue First Received: 2005 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 05/2003 statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 12,610,980 0 0 0 12,610,980 012,610,980 Taxable 0 0 12,610,980 0 0 0 12,610,980 0` 12,610,980 Homestead Credits 0 Frozen Base Value Max Increment Value Fiscal Year 2014 8,745,932 3,865,048 FY 2014 TIF Revenue Received: 0 Increment Used Increment Not Used Increment Revenue Not Used 0 3,865,048 117,378 Created: Fri Nov 07 16:36:39 CST 2014 Page 34 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY HIGHWAY SIX URBAN RENEWAL (52028) TIF Taxing District Name: IOWA CITY AG/IOWA CITY SCH/HWY 6 COMM UR TIF INCR TIF Taxing District Inc. Number: 52318 TIF Taxing District Base Year: 2003 UR Designation FY TIF Revenue First Received: 2005 Slum No Subject to a Statutory end date? Yes Blighted No Fiscal year this TIF Taxing District Economic Development 05/2003 statutorily ends: 2025 TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 9,650 0 0 0 0 0 9,650 0 9,650 Taxable 5,784 0 0 0 0 0 5,784 0 5,784 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 112,626 0 0 0 0 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 35 of 53 --% Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY MOSS GREEN URBAN VILLAGE URBAN RENEWAL UR Area Number: 52029 UR Area Creation Date: UR Area Purpose: 04/2010 To formulate and execute a workable program using public and private resources to develop the Urban Renewal Project area for office and other commercial uses. Tax Districts within this Urban Renewal Area IOWA CITY/IOWA CITY SCH/MOSS GREEN URB VILLTIF INCR Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Assessed 0 0 0 0 0 Taxable 0 0 0 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 0 0 0 N N 1 N 0 0 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 36 of 53 Base Increment Increment No. No. Value Used 52358 52359 0 Military Total Gas/Electric Utility Total 0 0 0 _. d, 0 0 0j l i_.._.4 Amount of 07-01-2013 Cash Balance Restricted for LMI Amount of 06-30-2014 Cash Balance Restricted for LMI --% Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY MOSS GREEN URBAN VILLAGE URBAN RENEWAL Moss Road Project Description: Moss Road extension Classification: Roads, Bridges & Utilities Physically Complete: No Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 37 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY MOSS GREEN URBAN VILLAGE URBAN RENEWAL Administrative Costs Debt/Obligation Type: Internal Loans Principal: 167 Interest: 0 Total: 167 Annual Appropriation?: No Date Incurred: 07/31/2013 FY of Last Payment: 2014 Moss Road Portion of 2014A Debt/Obligation Type: Gen. Obligation Bonds/Notes Principal: 2,160,935 Interest: 0 Total: 2,160,935 Annual Appropriation?: No Date Incurred: 05/06/2014 FY of Last Payment: 2024 Created: Fri Nov 07 16:36:39 CST 2014 Page 38 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Amendment #1 made June, 2013 to add land to the URA. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2014 11 Created: Fri Nov 07 16:36:39 CST 2014 Page 39 of 53 &- Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY MOSS GREEN URBAN VILLAGE URBAN RENEWAL (52029) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/MOSS GREEN URB VILLTIF INCR TIF Taxing District Inc. Number: 52359 TIF Taxing District Base Year: 0 UR Designation Slum No FY TIF Revenue First Received: Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total ......._._... Assessed 0 0 0 0 0 0 0 0 Q Taxable 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 0 0 0 0 0 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 40 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY TOWNCREST URBAN RENEWAL UR Area Number: 52030 UR Area Creation Date UR Area Purpose: 12/2010 To formulate and execute a workable program using public and private resources to develop the Urban Renewal Project area for retail, office, and other commercial uses. TIF Revenue: 9,046 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 9,046 Rebate Expenditures: 0 Non -Rebate Expenditures: 8,982 Returned to County Treasurer: 0 Total Expenditures: 8,982 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 41 of 53 Base Increment Increment Tax Districts within this Urban Renewal Area Value No. No. Used IOWA CITY/IOWA CITY SCH/TOWNCREST TIF INCR 52360 52361 297,870 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 4,528,430 28,319,450 0 0 -1,852 32,846,028 0 32,846,028 Taxable 0 2,391,760 28,319,450 0 0 -1,852 30,709,358 0 30,709,358 Homestead Credits 5 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: -64 0 Restricted for LMI TIF Revenue: 9,046 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 9,046 Rebate Expenditures: 0 Non -Rebate Expenditures: 8,982 Returned to County Treasurer: 0 Total Expenditures: 8,982 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 41 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY TOWNCREST URBAN RENEWAL William Street Streetscape Description: Public Improvement coinciding with Med Office Bldg. Classification: Roads, Bridges & Utilities Physically Complete: No Payments Complete: No MDK Development Med Office Bldg Description: Medical Office Building Classification: Commercial - office properties Physically Complete: No Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 42 of 53 +Annual Urban Rcnewal R rt, Fiscal Year 2043 - 2014 Debts/Obligations For IOWA CITY TOWNCREST URBAN RENEWAL 2011B GO Bonds (Towncrest Redev.) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation?: Date Incurred: FY of Last Payment: Gen. Obligation Bonds/Notes 400,000 5,707 405,707 No 05/03/2011 2020 2012B GO Bonds (Towncrest Redev.) Debt/Obligation Type: Principal: Interest: Total: Annual Appropriation?: Date Incurred: FY of Last Payment: Gen. Obligation Bonds/Notes 400,000 3,284 403,284 No 06/05/2012 2020 2013A GO Bonds (Williams St. Recon.) Debt/Obligation Type: Gen. Obligation Bonds/Notes Principal: 540,000 Interest: 48,614 Total: 588,614 Annual Appropriation?: No Date Incurred: 06/18/2013 FY of Last Payment: 2023 MDK Forgivable Loan Debt/Obligation Type: Internal Loans Principal: 625,000 Interest: 225,794 Total: 850,794 Annual Appropriation?: No Date Incurred: 06/19/2012 FY of Last Payment: 2035 Created: Fri Nov 07 16:36:39 CST 2014 Page 43 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Non -Rebates For IOWA CITY TOWNCREST URBAN RENEWAL TIF Expenditure Amount: 8,982 Tied To Debt: 201113 GO Bonds (Towncrest Redev.) Tied To Project: William Street Streetscape Created: Fri Nov 07 16:36:39 CST 2014 Page 44 of 53 -- - - - Annual Urban Renewal Report, Fiscal Year 20 13 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY TOWNCREST URBAN RENEWAL (52030) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/TOWNCREST TIF INCR TIF Taxing District Inc. Number: 52361 TIF Taxing District Base Year: 2012 UR Designation Slum No FY TIF Revenue First Received: 2014 Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 9,046 Created: Fri Nov 07 16:36:39 CST 2014 Page 45 of 53 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 4,528,430 28,319,450 0 0 -1,852 32,846,028 0 132,846,028 Taxable 0 2,391,760 28,319,450 0 0 -1,852 30,709,358 0 30,709,358 Homestead Credits 5 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 32,550,010 297,870 297,870 0 0 FY 2014 TIF Revenue Received: 9,046 Created: Fri Nov 07 16:36:39 CST 2014 Page 45 of 53 A Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY RIVERSIDE DRIVE URBAN RENEWAL UR Area Number: 52031 UR Area Creation Date UR Area Purpose: 10/2011 To formulate and execute a workable program using public and private resources to develop the Urban Renewal Project area for retail, office and other commercial uses. Tax Districts within this Urban Renewal Area IOWA CITY/IOWA CITY SCH/RIVERSIDE DR TIF INCR Base Increment Increment No. No. Value Used 52362 52363 0 Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 23,786,590 0 0 0 23,786,590 0 23,786,590 Taxable 0 0 23,786,590 0 0 0 23,786,590 0 23,786,590 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance Amount of 07-01-2013 Cash Balance as of 07-01-2013: -108 0 Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non -Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: -108 Amount of 06-30-2014 Cash Balance 0 Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 46 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Projects For IOWA CITY RIVERSIDE DRIVE URBAN RENEWAL Administrative Expenses Description: legal, consulting, recording, & publications Classification: Administrative expenses Physically Complete: No Payments Complete: No Riverside Dr Pedestrian Tunnel Description: pedestrian tunnel Recreational facilities (lake development, parks, ball fields, Classification: trails) Physically Complete: No Payments Complete: No Created: Fri Nov 07 16:36:39 CST 2014 Page 47 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Debts/Obligations For IOWA CITY RIVERSIDE DRIVE URBAN RENEWAL HDR Engineering (12.7%) Debt/Obligation Type: Internal Loans Principal: 20,257 Interest: 0 Total: 20,257 Annual Appropriation?: No Date Incurred: 07/05/2011 FY of Last Payment: 2015 Shoemaker & Haaland Design Contract Debt/Obligation Type: Internal Loans Principal: 20,714 Interest: 0 Total: 20,714 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2015 Administrative expenses Debt/Obligation Type: Internal Loans Principal: 171 Interest: 0 Total: 171 Annual Appropriation?: No Date Incurred: 11/18/2014 FY of Last Payment: 2014 Created: Fri Nov 07 16:36:39 CST 2014 Page 48 of 53 Annual Urban Renewal Report, Fiscal Year 2013 - 2014 This Urban Renewal Area was originally named Riverfront Crossings, but was amended to change the name to Riverside Drive URA in order to avoid confusion with the larger Riverfront Crossings addition to the City -University Project 1 URA. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2014 11 Created: Fri Nov 07 16:36:39 CST 2014 Page 49 of 53 ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 TIF Taxing District Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY RIVERSIDE DRIVE URBAN RENEWAL (5203 1) TIF Taxing District Name: IOWA CITY/IOWA CITY SCH/RIVERSIDE DR TIF INCR TIF Taxing District Inc. Number: 52363 UR Designation TIF Taxing District Base Year: 0 Slum No FY TIF Revenue First Received: Blighted No Subject to a Statutory end date? No Economic Development No TIF Taxing District Value by Class - 1/1/2012 for FY 2014 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 50 of 53 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 23,786,590 0 0 0 23,786,590 0 23,786,590 Taxable 0 0 23,786,590 0 0 0 23,786,590 0 23,786,590 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2014 23,812,020 0 0 0 0 FY 2014 TIF Revenue Received: 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 50 of 53 +�► Annual Urban Renewal Report, Fiscal Year 2013 - 2014 ` Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY LOWER MUSCATINE ROAD & HWY 6 UR UR Area Number: 52991 UR Area Creation Date: UR Area Purpose: Tax Districts within this Urban Renewal Area Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Assessed 0 0 0 0 0 Taxable 0 0 0 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: -113 0 113 0 113 0 0 0 0 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 51 of 53 Base Increment Increment No. No. Value Used Military Total Gas/Electric Utility Total 0 0 0 .._ 0 0 0 j (} s t Amount of 07-01-2013 Cash Balance Restricted for LMI Amount of 06-30-2014 Cash Balance Restricted for LMI ♦ Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY INDUSTRIAL PARK ROAD URBAN RENEWAL UR Area Number: 52992 UR Area Creation Date: UR Area Purpose: Tax Districts within this Urban Renewal Area Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Assessed 0 0 0 0 0 Taxable 0 0 0 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: 0 0 0 0 0 0 0 0 0 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 Base Increment Increment No. No. Value Used Military Total Gas/Electric Utility Total 0 0 0 0 0 0 0 0 0 Amount of 07-01-2013 Cash Balance Restricted for LMI Created: Fri Nov 07 16:36:39 CST 2014 Page 52 of 53 Amount of 06-30-2014 Cash Balance Restricted for LMI Annual Urban Renewal Report, Fiscal Year 2013 - 2014 Urban Renewal Area Data Collection Local Government Name: IOWA CITY (52G483) Urban Renewal Area: IOWA CITY CAMP CARDINAL URBAN RENEWAL AREA UR Area Number: 52993 UR Area Creation Date UR Area Purpose: 05/2013 To formulate and execute a workable program using public and private resources to develop the Urban Renewal Project area for office and research park uses. Tax Districts within this Urban Renewal Area Urban Renewal Area Value by Class - 1/1/2012 for FY 2014 Agricultural Residential Commercial Industrial Other Assessed 0 0 0 0 0 Taxable 0 0 0 0 0 Homestead Credits TIF Sp. Rev. Fund Cash Balance as of 07-01-2013: TIF Revenue: TIF Sp. Revenue Fund Interest: Asset Sales & Loan Repayments: Total Revenue: Rebate Expenditures: Non -Rebate Expenditures: Returned to County Treasurer: Total Expenditures: TIF Sp. Rev. Fund Cash Balance as of 06-30-2014: 0 0 0 0 0 0 0 0 0 I I 0 Created: Fri Nov 07 16:36:39 CST 2014 Page 53 of 53 Base Increment Increment No. No. Value Used Military Total Gas/Electric Utility Total 0 0 0� 0 0 0 0! 0 _0 Amount of 07-01-2013 Cash Balance Restricted for LMI Amount of 06-30-2014 Cash Balance Restricted for LMI