NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH BROOKSIDE NORTH, LLC AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS

NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH BROOKSIDE NORTH, LLC AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council of the City of Grimes, Iowa, will meet at the Grimes Community Complex (410 SE Main Street), on March 10, 2026, at 5:30 p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Brookside North, LLC (the "Company") in connection with the construction of public infrastructure necessary for the development of an apartment and townhome complex in the Grimes Urban Renewal Area, including units affordable to families of low and moderate income, which Agreement provides for certain financial incentives in the form of annual appropriation incremental property tax payments to the Company in an amount not to exceed $1,800,000 under the authority of Section 403.9(1) of the Code of Iowa. The commitment of the City to make annual appropriation incremental property tax payments to the Company under the Development Agreement will not be a general obligation of the City, but such payments will be payable solely and only from incremental property tax revenues generated within the Grimes Urban Renewal Area. Payments under the Development Agreement will be subject to annual appropriation by the City Council. At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the City Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal. This notice is given by order of the City Council of Grimes, Iowa, in accordance with Section 403.9 of the Code of Iowa. Rachel Greving City Clerk February 24 2026 LIOW0460254