Loan, Downtown RehabCITY OF DUBUQUE, IOWA
MEMORANDUM
April 12, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Downtown Rehabilitation Loan for Steve Althoff (243 Main Street); Guy
Gard (356 Main Street); Ellen Willis (372 Main Street) and Larry Gee (378
Main Street)
Finance Director Ken TeKippe is recommending the execution of Downtown
Rehabilitation Loan Agreements for Steve AIthoff (243 Main Street), Guy Gard (356
Main Street), Ellen Willis (372 Main Street) and Larry Gee (376 Main Street). These are
applications submitted as part of the recent amendment to the loan program which
provides assistance to property and business owners on Main Street.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Ken TeKippe, Finance Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
April 9, 2001
To: Michael C. Van Milligen, City Manager
From: Kenneth J. TeKippe, Finance Director ~
Re: Downtown Rehabilitation Loan for Steve Althoff (243 Main Street); Guy Gard (356
Main Street); Ellen Willis (372 Main Street) and Larry Gee (378 Main Street).
Introduction
The purpose of this memorandum is to request City Council approval of an operating loan from
the Downtown Rehabilitation Loan Program to four Old Main business and property owners
effected by the order to vacate the rear 30 feet of their property.
Background
On March 19, 2001 the City Council approved an amendment to the current Downtown
Rehabilitation Loan Program to provide temporary assistance to Old Main property and business
owners affected by the order to vacate the rear 30 feet of their properties. This program was
recommended to assist the business and property owners in meeting monthly business expenses
such as loan payments, lease payments and insurance and utility payments in an effort to prevent
a potential business closure. At the direction of the City Council, city staff developed the terms
of the program which include: zero percent interest until January 1, 2002 and three percent
thereafter; monthly payments of principal and interest commencing January 1, 2002; a loan term
of up to seven years with no prepayment penalty; and maximum loan amount of $25,000. The
loan program will be administered through the Finance Department. On March 23, 2001 the
proposed loan terms were reviewed at an Old Main property and business owner meeting. A
f'mal copy of the application and terms was distributed to business and property owners on
March 26, 2001.
Discussion
On April 3, 2001 the City of Dubuque received four applications for temporary assistance. The
applications show qualifying expenses for the following business and property owners:
Steve Althoff
Guy Gard
Ellen Willis
Larry Gee
Copies of the applications are attached. I have reviewed these applications and have found them
to be in order. A total of $232,000 is available from the Downtown Rehabilitation Loan Program
for this purpose.
Recommendation
I recommend that the City Council adopt the attached resolution approving loan requests in the
amount of $69,000 for these business and property owners and authorizing city staff to prepare
and execute the necessary loan documents. The resolution directs the City Manager to prepare
and execute the final documents according to the terms and conditions of the attached
commitment letter.
Action
The requested action is for the City Council to adopt the attached resolution.
Cci
Cindy Steinhanser, Parking System Supervisor
Barry Lindahl, Corporation Counsel
attachments
RESOLUTION NO. 144-01
A RESOLUTION APPROVING DOWNTOWN REHABILITATION LOAN
REQUESTS FOR STEVE ALTItOFF (243 Main Street); GUY GARD (356 Main
Street); ELLEN WILLIS (372 Main Street) AND LARRY GEE (378 Main Street),
Whereas, the City Council of the City of Dubuque, Iowa, has created a Downtown
Rehabilitation Loan Program for the purpose of stimulating reinvestment in the Downtown
Dubuque Urban Renewal District; and
Whereas, the City Council amended this loan program to assist business and property
owners effected by construction of the Third Street Parking Ramp; and
Whereas, the loan applications from Steve Althoff (243 Main Street); Guy Gard (356
Main Street); Ellen Willis (372 Main Street) and Larry Gee (378 Main Street) meet the
requirements set forth by the City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the application of Steve Althoff (243 Main Street); Guy Gard (356
Main Street); Ellen Willis (372 Main Street) and Larry Gee (378 Main Street) attached hereto,
for participation in the Downtown Rehabilitation Loan Program are hereby accepted and
approved.
Section 2. That the City Manager is hereby authorized to execute, on behalf of the
City of Dubuque, Iowa, all necessary loan documents and is further authorized to disburse loan
funds from the Downtown Rehabilitation Loan Program, in accordance with the terms and
conditions of the executed loan documents.
Passed, approved and adopted this 16th day of April, 2001.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
City of Dubuque, Iowa
Downtown Rehabilitation Loan Program
APPLICATION FOR OPERATING EXPENSE REIMBURSEMENT
(Revised 3/01)
APPLICATION FORM
PROPERTY ADDRESS:
MAn,lNG ADDRESS:
W~r:fferem from able)
of'
COMPANY PHONE: ~lq $56-q3 27 f
CONTACT PERSON:
Does applicant own thlg building? 'k/ Yes __ No
If no, please provide ownership information and a copy of current lease agreement.
TYPE OF BUSINESS OWNERSHIP:
__ Sole Proprietorship __ Partnership
Other:
__ ~orporation ~tease list type below)
Social Security # or Federal ID #:
Requested loan amount: y'~ .~. ?' ~? ftc) c ~, -
Please a~aeh the projected monthly expense reimbursement form to determine the requested loan amount.
The final loan mount is subject to approval by the City council Funds will be dispersed on a munthly
bezis upon submittal of supporting doeumentatlon. Loan pa_y~ents will be made directly to the applicant.
Please describe how you imend to secure this loar~ Attach supporting documentation
2
City of Dubuque, Iowa
Downtown Rehabilitation Loan Program
APPLICATION FOR OPERATING EXPENSE REIMBURSEMENT
(~vised 3/0 l)
APPLICATION FORM
PROPERTY ADDRE/SS:
MAH JNG ADDRESS:
(If c~fferent from above)
COMPANY PHONE:
Does applicant own this bui_lcling9 ~es No
If no, please provide ownership infomtion and a copy ofcurrem lease agreement.
TYPE OF BUSINESS OWNERSHW:
~ole Proprietorship
__ Partnership
__ Corporation (pleaSe list type below)
Other:
Social Security # or Federal ID #:
Requested loan amount:
Please attach the projected monthly expense reimbursement form to determine the requested loan amount.
The final loan amotmt is subject to approval by the City Council. Fends will be dispersed on a monthly
basis upon submittal &supporting doeumantafion. Loan payments will be made directly to the applicant.
Vor= of oan secu :
Please desc~be how you intend to secure this loa~ Attach supporting decumentatio~
2
City of Dubuque, Iowa
Downtown Rehabilitation Loan Program
APPLICATION FOR OPERATING EXPENSE REIMBURSEMENT
(Revised 3/01)
APPLICATION FORM
MAll JNG ADDRESS:
(if ~fferent from above)
Does applicant own this building? _~ Yes __ No
If no, please provide ownership inforfnation and a copy of current lease agreemem.
TYPE OF BUSINESS OWNERSHIP:
Sole Proprietorship Partnership
Other:
__ Corporation (please list type below)
Social Security # or Federal. ID #: ~L~ 7/~, T~)
Requested loan amount: ~// /'~(~/~, ~
Please a~ch ~e ~oj~ mon~ly e~ re~b~em~t fo~ to d~e ~e r~u~t~ lo~ ~t.
~e ~al 1~ ~o~t is subj~ to ~oval by ~e Ci~ Co~cil. F~ ~11 ~ ~sp~ on a m~ly
~is ~on submi~ of suppo~g d~m~m. Lo~ pa~mm ~II ~ made ~e~y to ~e applicmt
Fo~ of loan ~W: < ~
Plebe &sc~be how you i~e~ to sec~e th~ loaa ~ supposing ~m~t~ioa
2
City of Dubuque, Iowa
Downtown Rehabilitation Loan Program
APPLICATION FOR OPERATING EXPENSE REIMBURSEMENT
(Revised 3/01)
APPLICATION FORM
PROPERTY ADDRESS:
MAH JNG ADDRESS:
(If different from above)
COMPANY PHONE: ~lq ~ q~3 ~- FAX:
CONTACT PERSON: L~f'5 V ~-~
Does wpplicant own this building? __ Yes ~/ No
If no, please provide ownership information and a copy o£current lease agreement.
TYPE OF BUSINESS OWNERSHIP:
t// Sole Proprietorship __ Partnership
Other:
__ Corporation (please list type below)
Social Security # or Federal
Requested loan amount: 5~tO~ OSO , O0
Please attach the projected monthly expanse reimbursemant form to deterxnine the requested loan mount.
The final loan amoum is subject to approval by the City Council. Funds will be dispersed on a monthly
basis upon submittal of supporting doeumantafian. Loan payments will be made direedy to the applicant.
Please describe how you intend to secure this l~ar~ Attach supporting documentcaion.'
2