Opportunity Zone Designation Application Copyrighted
March 19, 2018
City of Dubuque Consent Items # 19.
ITEM TITLE: Opportunity Zone Designation Application
SUMMARY: City Manager recommending approval to submit an
application to the lowa Economic Development Authority
for Opportunity Zone designation for three contiguous
census tracts (1, 5, and 101.03).
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve
ATTACHMENTS:
Description Type
Opportunity Zone Application-NNM Memo City Manager Memo
Opportunity Zone Staff Memo Staff Memo
Opportunity Zone Application Supporting Documentation
Map of Census Tracts Supporting Documentation
THE CTTY OF Dubuque
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DUB E 'il��i;'
Masterpiece on the Mississippi Z°°' Z°'Z
2013 2017
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: City of Dubuque — Opportunity Zone Application
DATE: March 15, 2018
Economic Development Director Maurice Jones and Assistant City Manager Teri
Goodmann recommend City Council approval to submit an application to the lowa
Economic Development Authority for Opportunity Zone designation for three contiguous
census tracts (1 , 5, and 101 .03).
The Federal Tax Cut and Jobs Act of 2017 has established a new economic tax
incentive called Opportunity Zones. Opportunity Zones use tax incentives to draw long
term private investment to census tracks struggling with low income and sluggish
business growth. The program targets neighborhood revitalization and towns in need of
investment. The payoff for investors is avoided capital gains tax. As a tax incentive, the
Opportunity Zones program is designed to encourage long-term, private investments in
low-income census tracts.
In lowa, 25 percent of the state's low income communities census tracts are eligible to
be nominated to the U.S. Department of the Treasury for Opportunity Zone designation.
The lowa Economic Development Authority is currently accepting applications from
eligible lowa applicants interested in being nominated to secure this designation. Once
designated, the tracts will be in place for 10 years.
Dubuque has a history of attracting market-based investment and the demonstrated
capacity to implement big projects. Opportunity Zone designation will provide the City
with a fresh economic development tool to attract equity investors at the local, state,
and national levels. New tax incentives targeting distressed Dubuque neighborhoods
will demonstrate how federal and state support can help struggling communities grow,
create jobs, and improve quality of life.
The City is positioned to quickly take advantage of Opportunity Zone designation.
Multiple high-value development projects are already in the pipeline, including, but not
limited to:
Census tract 1
• Chaplain Schmitt Island, a former landfill, was redeveloped in the 1980s into
major commercial and recreational venues. Community leaders seek to create a
year-round destination of Chaplain Schmitt Island.
• Large vacant and underutilized buildings are currently being targeted for reuse
within the Kerper Boulevard Industrial Park.
• The former Dubuque Packing Company plant, a 40-acre local meat supplier site,
will soon be redeveloped after sitting idle for more than a decade
• Revitalization of historic properties in the Millwork District will benefit from
additional equity investment
• The City's plan next round of riverfront development in the South Port includes a
new marina, retail offerings, and a waterfront hotel.
Census tract 5
• Mixed-use development is anticipated on the former Dubuque Malting and
Brewing Company property (3000 Jackson Street).
• The entire 1800 Central Avenue block is being planned as an adaptive reuse
catalyst project.
Census tract 101 .03
• In September 2016, Flexsteel Industries, Inc. announced plans to close their 120-
year-old furniture manufacturing operations at 3400 Jackson Street
• This census tract is the northern gateway into the City and significant public and
private investments are planned to "refresh" and enhance the gateway.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
1�.1�t��'�+�1 �Gv►, /����t�ts�.
Mic ael C. Van Milligen '� �
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Maurice Jones, Economic Development Director
2
Dubuque Economic Development Department
THE CITY OF � 50 West 13th Street
All•A�erieaCit� Dubuque,lowa 52001-4864
,�%'�,�u�'�}�A Office(563)589-4393
U B E 1 I I I I I TTY(563)690-6678
htt p://www.c it yofd u b u q u e.o r g
2007•2012
Masterpiece on the Mississippi Zo13.Zo1,
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
Teri Goodmann, Assistant City Manager
SUBJECT: City of Dubuque — Opportunity Zone Application
DATE: March 15, 2018
INTRODUCTION
The Federal Tax Cut and Jobs Act of 2017 has established a new economic tax
incentive called Opportunity Zones. Opportunity Zones use tax incentives to draw long
term private investment to census tracks struggling with low income and sluggish
business growth. The program targets neighborhood revitalization and towns in need of
investment. The payoff for investors is avoided capital gains tax. As a tax incentive, the
Opportunity Zones program is designed to encourage long-term, private investments in
low-income census tracts
BACKGROUND
Opportunity Funds are specialized tax vehicles dedicated to low-income areas and
aimed at spurring investment and entrepreneurialism. Ultimately that will result in
business creation and economic prosperity in areas called Opportunity Zones. The
zones must be comprised of Low-Income Community Census Tracts (LIC) and are
designated by governors in every state and territory. Census tracts with a poverty rate
of 20 percent or greater and/or family income less than 80 percent of the area's median
income are eligible for consideration.
In lowa, 25 percent of the state's low income communities census tracts are eligible to
be nominated to the U.S. Department of the Treasury for Opportunity Zone designation.
The lowa Economic Development Authority is currently accepting applications from
eligible lowa applicants interested in being nominated to secure this designation. Once
designated, the tracts will be in place for 10 years.
DISCUSSION
Dubuque has a history of attracting market-based investment and the demonstrated
capacity to implement big projects. Opportunity Zone designation for three contiguous
census tracts (1, 5, and 101.03) will provide the City with a fresh economic development
tool to attract equity investors at the local, state, and national levels. New tax incentives
targeting distressed Dubuque neighborhoods will demonstrate how federal and state
support can help struggling communities grow, create jobs, and improve quality of life.
The City is positioned to quickly take advantage of Opportunity Zone designation.
Multiple high-value development projects are already in the pipeline, including, but not
limited to:
Census tract 1
• Chaplain Schmitt Island, a former landfill, was redeveloped in the 1980s into
major commercial and recreational venues. Community leaders seek to create a
year-round destination of Chaplain Schmitt Island.
• Large vacant and underutilized buildings are currently being targeted for reuse
within the Kerper Boulevard Industrial Park.
• The former Dubuque Packing Company plant, a 40-acre local meat supplier site,
will soon be redeveloped after sitting idle for more than a decade
• Revitalization of historic properties in the Millwork District will benefit from
additional equity investment
• The City's plan next round of riverfront development in the South Port includes a
new marina, retail offerings, and a waterfront hotel.
Census tract 5
• Mixed-use development is anticipated on the former Dubuque Malting and
Brewing Company property (3000 Jackson Street).
• The entire 1800 Central Avenue block is being planned as an adaptive reuse
catalyst project.
Census tract 101 .03
• In September 2016, Flexsteel Industries, Inc. announced plans to close their 120-
year-old furniture manufacturing operations at 3400 Jackson Street
• This census tract is the northern gateway into the City and significant public and
private investments are planned to "refresh" and enhance the gateway.
RECOMMENDATION/ ACTION STEP
I respectfully request approval of submission of the attached application to the IEDA for
review
ECONOMIC OPPORTUNITY ZONE I ` w ,�
APPLICATION TO NOMINATE V V
LOW-INCOME COMMUNITY CENSUS TRACTS
Overview
The Tax Cut and Jobs Act of 2017 established a new economic development program called Opportunity Zones designed
to encourage long-term private investments in low-income communities.
The program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Funds,
which are specialized vehicles dedicated to investing in low-income areas called Opportunity Zones. The zones
themselves are to be comprised of Low-Income Community Census Tracts(LIC) and designated by governors in every
state and territory. Once designated, the tracts will be in place for 10 years. The U.S. Treasury will administer the
program.
Twenty-five percent of a state's Low-Income Community census (LIC)tracts are eligible to be nominated to the U.S.
Treasury for Opportunity Zone designation. Governors have until April 21 (extension deadline)to nominate their
Opportunity Zone choices. In lowa, 60 LIC tracts out of the eligible 239 LIC tracts will be nominated.
A map and a list of LIC tracts by state can be found here: www.cdfifund.crov/Pacres/Opportunitv-Zones.aspx
You must verify your eligibility before completing the application.
Due Date
Completed applications are due by: 5:00 PM ON MARCH 19, 2018—late applications will not be accepted
Submissions must be sent to: opportunitvzonesCcr�iowaeda.com
Instructions
Please verify you are an eligible census tract.
Submissions cannot exceed five pages.
Community Name:
Cit of Dubu ue
Mayor Name:
Ro Buol
Mayor Signature: Date:
City Hall Address: City, State,Zip Code:
50 W. 13th Street, Dubu ue, IA 52001
Primary Contact: Title of Primary Contact:
Maurice Jones Economic Develo ment Director
Primary Contact E-mail Address: Primary Contact Telephone Number:
563-589-4393 m ones cit ofdubu ue.or
Eligible Low-income Census Tracts(REQUIRED—rank them if more than one):
1. 5
2. 1
3. 101.3
4.
What is the vision for your community and how will having an Opportunity Zone assist in realizing that
vision?
Many of Dubuque's neighborhoods have demonstrated strong growth since the downturn in the national economy.
However, in the poorest census tracts (1, 5, and 101.03) of lowa's oldest city, the economic situation is grimmer. Their
reality is less home ownership and more poorly managed, high-density rental properties, which declines into slum and
blight. Employment opportunities are few and development is lagging other thriving areas.
Wth local partners, the City of Dubuque recently launched an initiative to restore the North End of Dubuque, originally
the heart of the community. The goals of this "True North" effort are to remove blight and create affordable workforce
housing; redevelop, reuse, and repurpose commercial and/or industrial assets with the greatest opportunity for a
transformative effect; and ursue infrastructure im rovements ca able of creatin the h sical, financial, and cultural
ozizoia
environment necessary to enable new businesses to develop, and existing businesses to reinvest in the north side
corridors.
Poverty and decline anywhere in Dubuque are threats to prosperity and growth everywhere in Dubuque. The True
North vision will help to reconnect the North End with thriving areas including the North Port, Historic Millwork District,
and Downtown. North End improvements will be realized by identifying areas of slum and blight, acquiring these
properties, rehabbing them, and ultimately converting the units from rental properties to single-family homes. The effort
will also focus on former industrial buildings, including the Flexsteel manufacturing facility at 3400 Jackson Street. The
site is a gateway to Dubuque from the north and an excellent fit for commercial/industrial reuse.
A complementary revitalization initiative is taking place in Dubuque's South Port (census tract 1). The South Port is a
33-acre industrial area bordered by the Ice Harbor on the north, the Mississippi River on the east, and railroad tracks
and freeways on the west. Existing sites uses include a U.S. Coast Guard station, bulk oil storage, barge repair and
maintenance, and a large machinery repair shop. Dubuque received Brownfields Area-Wide Planning funds from the
U.S. Environmental Protection Agency (EPA) to redevelop the area into a mixed-use, transit-oriented neighborhood.
Another important revitalization initiative is taking place on Dubuque's Central Avenue Corridor. The scheduled
completion of the Southwest Arterial in 2019 and subsequent removal of truck traffic from the corridor, combined with
the improved resilience of the neighborhood thanks to the Bee Branch Creek Watershed Flood Mitigation Project, will
create a prime environment for revitalization from 14th Street to 22nd Street. Central Avenue features a wide variety of
historic buildings offering commercial and retail opportunities on the ground floor and residential spaces on upper
floors. Dubuque has entered into a collaborative relationship with lowa State University Extension and Outreach
(ISUEO) to assist the City with this initiative. Specifically, ISUEO will conduct outreach and community engagement
efforts, asset mapping of buildings and businesses in the corridor, and identification of additional partnership
opportunities.
Dubuque has a history of attracting market-based investment and the demonstrated capacity to implement big
projects. Opportunity Zone designation for three contiguous census tracts (1, 5, and 101.03) will provide the City with a
fresh economic development tool to attract equity investors at the local, state, and national levels. New tax incentives
targeting distressed Dubuque neighborhoods will demonstrate how federal and state support can help struggling
communities grow, create jobs, and improve quality of life.
The City is positioned to quickly take advantage of Opportunity Zone designation (as the clock is ticking on the tax
benefits). Multiple high-value development projects are already in the pipeline, including, but not limited to:
Census tract 1
• Chaplain Schmitt Island, a former landfill, was redeveloped in the 1980s into major commercial and recreational
venues. Community leaders seek to create a year-round destination of Chaplain Schmitt Island. In 2017, Chaplain
Schmitt Island was rezoned to allow for planned unit development. The Q Casino is currently planning a major
expansion and the southern half of the area will be developed as a destination with new retail, restaurants,
entertainment, and recreational amenities.
• In the 1950s, the City helped to develop the 229-acre Kerper Boulevard Industrial Park to concentrate light
manufacturing and other business uses. Private sector companies have invested millions of dollars and expanded their
operations within the complex over the years. Large vacant and underutilized buildings are currently being targeted for
reuse within the Kerper Boulevard Industrial Park.
• The former Dubuque Packing Company plant, a 40-acre local meat supplier site, will soon be redeveloped after
sitting idle for more than a decade. The Riverview Plaza Shopping Center is planned on the brownfield, which will
serve as a regional retail magnet. In total, more than 607,500 square feet of commercial space, with over 760
estimated jobs, is expected to be created along the 16th Street Corridor.
• Revitalization of historic properties in the Millwork District will benefit from additional equity investment. Virtually
empty in 2008, the neighborhood will soon house 1,000 new residents and employ 1,000 workers. Approximately $200
million is being leveraged locally in private sector investment. New development includes conversion of the Voices
Building (1000 Jackson Street) to mixed-use office/retail space and adaptive reuse of the Jeld-Wen Campus (250 E.
8th Street) from light industrial to office space.
• A conceptual plan for the City's next round of riverfront development in the South Port includes a new marina, retail
offerings, and a waterfront hotel.
Census tract 5
• Mixed-use development is anticipated on the former Dubuque Malting and Brewing Company property (3000
Jackson Street). A Cedar Rapids developer bought part of the site with plans to convert it into commercial/office space
on the ground floor and residential on the upper floors.
• A portion of Central Avenue is being planned as an adaptive reuse catalyst project. This corridor connects Dubuque's
central downtown and Historic Millwork District to the city's North End.The lowa DOT is building the Southwest Arterial
ro ect which will remove hundreds of trucks er da from this corridor.
02/2018
Census tract 101.03
• In September 2016, Flexsteel Industries, Inc. announced plans to close their 120-year-old furniture manufacturing
operations at 3400 Jackson Street. Dubuque is currently working with the lowa Economic Development Authority
return the North End site to a development-ready property.
• This census tract is the northern gateway into the City and significant public and private investments are planned to
"refresh" and enhance it. These include transportation routing and improvements, streetscaping and welcome signage,
and revitalization of abandoned or underutilized commercial, industrial, and recreational land and facilities.
Dubuque is also ready to employ Opportunity Zone designation in a way that does not contribute to gentrification. The
City has identified strategies for redevelopment that avoids displacement, including significant new resources to
support low- and middle-income homeownership. Dubuque will ensure that Opportunity Zone redevelopment works
with, and not against, residents living in high-poverty-neighborhoods.
Describe any economic hardships your community has faced over the last five years.
Dubuque has struggled to recover fully from the national recession. Economic challenges in the community include:
Dubuque is experiencing an in-migration of residents with low household incomes.
Governor Kim Reynolds issued a disaster proclamation for Dubuque in response to severe weather, heavy rains
and flash flooding on July 21-22, 2017. This storm created economic hardships in the community and required the
City to invest limited dollars in recovery efforts.
While median household income increased on the whole in 5 years for Dubuque (from $46,282 to $48,021), the
percentage of households earning less than $10,000 increased significantly (from 4.9% to 7.8%). This is the
lowest income bracket recorded. This was coupled with a decline in households earning $35,000-49,000.
Households on Food stamps/SNAP benefits went up from 10.2% to 12.6% in 5 years.
Poverty has gone up significantly or is high for the following subgroups in the past 5 years: families with children
under age 18 (increase from 14% to 19.4%); families with children under 5 (22.5%); families with female head of
household (47% with children under 18, 64% with children under 5); all people under age 18 (increase from 15.6
to 25.4%).
Rent burden has increased: 41.2% pay more than 35% of household income toward rent up from 36.3%. Those
paying less than 20% of income to rent has decreased.
Residents in census tracts 1, 5, and 101.03 face acute economic challenges, including:
Median family income is significantly lower in census tracts 1 ($24,397) and 5 ($38,902) compared to the City
• ($60,062), State ($69,419), and nation ($67,871).
Poverty is significantly higher in census tracts 1 (37.3%) and 5 (33.1%) compared to the City (16.8%), State
• (12.3%), and nation (15.1%).
Median housing values are lower in in census tracts 1 ($76,100) and 5 ($77,000) compared to the City ($133,400),
• State ($132,800), and nation ($184,700).
If awarded one of the Economic Opportunity Zones, what would your community do to attract investment?
Please explain how this will spur entrepreneurial activity and economic growth.
Dubuque has initiated conversations with local developers about the possibility of securing sources of equity
investment through Opportunity Zone designation. Development interest is high, as evidenced through many
letters of support sent to the City by the development community. Opportunity Zones in Dubuque will immediately
have development support.
The City is prepared to leverage Opportunity Zone investment with other local economic development tools.
Infrastructure spending, tax increment financing of area improvements, and business microlending using U.S.
Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) dollars,
and other urban revitalization efforts will be combined to make Opportunity Zone investment in Dubuque attractive.
Dubuque is ready to market qualifying projects to Opportunity Fund managers nationwide. This expertise is
demonstrated by the City's ability to attract New Market Tax Credit investment for area projects. Dubuque will help
package and promote viable development projects that promise low risk and high reward to investors.
The City is also working with area financial institutions to establish a local Opportunity Fund. This would enable
Dubuque to urge local investors to capitalize projects in their own communities. The tax legislation stated that the
U.S. Department of Treasury's Community Development Financial Institutions Fund would certify Opportunity
Funds based on criteria established for the New Market Tax Credit program. Dubuque's True North Development
Corporation is already a legally organized and operational community development corporation that would qualify
to operate an Opportunity Fund. True North Development Corporation's Board of Directors includes major financial
institutions and community development leaders active in Dubuque's qualifying Opportunity Zone census tracts.
02/2018
Describe key leaders that would work to attract investment into the Economic Opportunity Zone.
Key stakeholders in attracting Opportunity Zone investment include:
Dubuque Initiatives (DI) will serve as the key partner with the City of Dubuque to implement the program. This non
profit organization has a decades long record of working as a community leader and catalyst for job creation and
redevelopment. DI will work in the approved census tracks and is poised to quickly initiate this program.
The City of Dubuque's Economic Development Department will work area developers to identify funding gaps and
support efforts to market projects to Opportunity Fund managers. The City will conduct outreach to local financial
institutions and discuss how wealthy residents seeking to reduce tax exposure can invest in projects that help local
distressed neighborhoods. Dubuque will also work closely with the True North Development Corporation to
establish a local Opportunity Fund.
The Greater Dubuque Development Corporation (GDDC) is a non-profit economic development organization
focused on job retention, workforce development, and business recruitment. GDDC led the effort to establish the
True North campaign. GDDC will work with area businesses to identify expansion or relocation needs in the
potential Opportunity Zones. GDDC will participate in pitches to national Opportunity Fund managers about local
investment. GDDC will also encourage regional businesses to invest capital gains in the local Opportunity Fund.
The Dubuque Area Chamber of Commerce is an organization representing the broad range of local private sector
business interests. The Chamber will conduct outreach about the benefits of Opportunity Zone investment and
urge its members to consider contributions to the local Opportunity Fund.
The Community Foundation of Greater Dubuque is a tax-exempt public charity that plays a major role in convening
community members. The Community Foundation will connect its donors with the local Opportunity Fund.
Dubuque Main Street, one of the state's oldest and most successful main street programs, will provide technical
resources and experienced mentorship to local main street businesses interested in relocation or expansion into
the Opportunity Zones.
Local financial institutions will advise individuals and businesses with capital gains liability to evaluate local
Opportunity Fund investment.
Dubuque Works, a collaborative regional partnership of businesses, funding partners, workforce experts, and
educators, will support Opportunity Fund investment by addressing the recruitment, retention, and relocation
needs of Dubuque employers.
StartUp Dubuque will help start-ups and early stage companies develop Opportunity Zone projects.
Describe past successes in bringing economic investment to your community.
Dubuque is nationally recognized for its community revitalization activities. An early example of this success includes
the reversal of Dubuque's contaminated North Port, which helped the City pivot from a declining industrial town
into a Midwest tourist destination. With local, state, federal, and private investment, former brownfields now house
the Grand River Conference and Education Center, the River's Edge Plaza, the Riverwalk, the National Mississippi
Museum and Aquarium, the Alliant Amphitheater, the Grand Harbor Resort and Waterpark, and the Diamond Jo
Casino. Approximately$500 million in public and private investment has been leveraged, producing more than 700
jobs and creating new recreational and entertainment attractions for community members and visitors. In 2005, the
North Port project was awarded the Phoenix Award for EPA Region 7.
Similarly, Dubuque's Historic Millwork District has also rebounded. The 50-acre abandoned industrial area previously
contained over 1 million square feet of vacant warehouse space. Once the nation's largest millwork district, the
area had cut downtown businesses and residents off from the Port of Dubuque and the low-income Washington
Neighborhood. Dubuque launched an ambitious effort to reclaim the Historic Millwork District as a regional engine
of growth, with plans to locate over 1,000 new residents and more than 1,000 new employees there. Old factories
have now been completely renovated. The neighborhood is now an area where people can live, work, and play.
An estimated $200 million in public and private investment over the past 10 years has supported the Historic
Millwork DistricYs rebirth. In 2013, Dubuque's Historic Millwork District was honored with an EPA National Award
for Smart Growth Achievement.
Dubuque is also active revitalizing its Washington Neighborhood, a 128-acre, low-income downtown community
adjacent to the Historic Millwork District. In the early 2000s, the City launched a major initiative to spur economic
development in the Washington Neighborhood. Revitalization efforts include daylighting of the buried Bee Branch
Creek, creation of a linear park, installation of green infrastructure to reduce the risk of flood damage, and cleanup
of contaminated brownfields.
What other resources would you combine within the Economic Opportunity Zone to attract an investor?
Dubuque will leverage Opportunity Zone investment with a number of other economic development tools, including:
Public infrastructure spending — The City will improve roads, sewers, and other infrastructure in the designated
Census Tracts to attract businesses.
Tax Increment Financing (TIF) rebates — An incentive program which captures the increased property taxes a
business pays from improving their property and provides a rebate back to the company. Businesses must commit
to job creation, workforce housing, or must have an extraordinary positive impact for the community.
True North Nei hborhood Reinvestment Partnershi - Provides $1.5 million in Cit fundin to achieve the oal of
02/2018
promoting a broader income mix of downtown homeowners. This program also provides for acquisition activities
where True North Development Corporation may purchase abandoned, derelict buildings and houses to
accomplish revitalization goals.
Downtown Rehabilitation Grants — Grant opportunities for rehabilitation projects within the Greater powntown
Urban Renewal District.
Downtown Housing Incentive — An incentive program for the creation of market-rate downtown multi-family
residential units within the Greater powntown Urban Renewal District.
New Market Tax Credits — Dubuque has used New Market Tax Credits to fill financial gaps on projects that have
significant community benefit.
Historic Tax Credits— Federal and state Historic Tax Credits can be used to rehabilitate historic buildings.
Brownfields Support — The State Brownfield/Grayfield Tax Credit can offset costs of redeveloping certain
properties. Dubuque also has received EPA Brownfields Assessment resources to conduct Phase I and Phase II
investigations on properties.
Community Development —CDBG funds can be used to meet national objectives such as employment for low-to-
moderate income individuals or the removal of slum and blight.
What is your average unemployment rate For the 2017-2018 school year,what is the percentage of eligible
over the last five years? students receiving free or reduced-priced lunches by district?
Use attached five-year 2012-2016 36.95%
unemploymentratespreadsheet www.educateiowa.qov/documents/district-level/2018/02/2017-18-
5.0 for the city overall. For Eligible LIC Census iowa-public-school-k-12-students-eliqible-free-and-reduced
tracts 5 7.1 1 9.4 101.3 6.2
How many business closures have How manyjobs have been lost because of those business
occurred in your community over the last closures in the last five years?
five years? 827
9
02/2018
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IOWA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue I Des Moines, Iowa 50309 USA I Phone: 515.725.3000
iowaeconomicdevelopment.com
April 18, 2018
Honorable Roy Buol, Mayor
City of Dubuque
50 W. 13th Street
Dubuque, Iowa 52001
RE: Opportunity Zone Application
Dear Mayor Buol,
( WA®
economic development
18 11
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f L s-,1 1,
Or;
I am pleased to inform you that Governor Kim Reynolds has nominated the following LIC tract(s) your
community applied for to be designated as Opportunity Zones:
• 19061000100
• 19061000500
• 19061010103
Nominations are due to the U.S. Treasury on April 20, 2018. The U.S. Treasury will notify the Governor
if the tracts nominated have been selected as Opportunity Zones.
After selection, the next step will be for the U.S. Treasury and the IRS to provide define the opportunity
zone investment process. Once that has been established, more information will be provided to your
community.
Sincerely,
Governor Km Reynolds I Lt. Governor Adam Gregg I Director Debi V. Durham
IOWA EC OMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue 1 Des Moines, Iowa 50309 USA 1 Phone: 515.725.3000
iowaeconomicdevelopment.com
April 24, 2018
Honorable Roy Buol, Mayor
City of Dubuque
50 W. 13th Street
Dubuque, Iowa 52001
RE: Opportunity Zone Application
Dear Mayor Buol,
RE-.
18 APP
City Clerk
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Dubuoi
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Office
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Last week, I sent you notification that the three tracts your community applied for to be designated as
Opportunity Zones were nominated. Unfortunately, Treasury declined to allow the nominated
Contiguous Tract. As discussed in an email and phone call to Jill Connors and Maurice Jones, the
nomination was updated to remove the Contiguous Tract (19061010103), but the City's two LIC tracts
(19061000100 and19061000500) have been nominated.
Nominations were due to the U.S. Treasury on April 20, 2018. The U.S. Treasury will notify the Governor
if the tracts nominated have been selected as Opportunity Zones.
After selection, the next step will be for the U.S. Treasury and the IRS to define the opportunity zone
investment process. Once that has been established, more information will be provided to your
community.
Sincerely,
Deborah
Director
Governor Kim Reynolds 1 Lt. Governor Adam Gregg 1 Director Debi V Durham