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Tax Increment Ordinance for the Twin Valley Urban Renewal Area Copyrighted February 6, 2023 City of Dubuque Action Items # 05. City Council Meeting ITEM TITLE: Tax Increment Ordinance forthe Twin Valley Urban RenewalArea SUM MARY: City Manager recommending City Council review and adopt an ordinance creating the tax increment financing district for the Twin Valley Urban Renewal Area. ORDINANCE Providing that general property taxes levied and collected each year on all property located within the Twin Valley Urban Renewal Area of the City of Dubuque, County of Dubuque, State of lowa, by and for the benefit of the State of lowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and other taxing districts, be paid to a special fund for payment of principal and interest on loans, monies advanced to and indebtedness, including bonds issued or to be issued, incurred by said city in connection with the Twin Valley Urban Renewal Area Redevelopment Project SUGGESTED Suggested Disposition: Receive and File; Motion B; MotionA DISPOSITION: ATTACHMENTS: Description Type MVM Memo City Manager Memo Staff Memo Staff Memo Ordinance Ordinance Urban Renewal Plan Supporting Documentation Attachment A- Map Supporting Documentation Attachment B-1 Supporting Documentation Attachment B-2 Supporting Documentation Attachment C Supporting Documentation Attachment D Supporting Documentation Dubuque THE CITY QF � All-Meriea Ciry DLT B E ; . � . � �� MaSt� Z�C� aYd t�Q Mt55ZSSZ Z zoa�•zoiz•�ai3 YP pp za��*zai� TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Tax Increment Ordinance for the Twin Valley Urban Renewal Area DATE: February 1, 2023 Economic Development Director Jill Connors is recommending City Council review and adopt an ordinance creating the tax increment financing district for the Twin Valley Urban Renewal Area. The proposed ordinance was reviewed by the City's counsel and is attached hereto. I concur with the recommendation and respectfully request Mayor and City Council approval. v Mic ael C. Van Milligen MCVM:sv Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Jill Connors, Economic Development Director Dubuque Economic Development Department THE CITY OF ' ' 1300 Main Street All-America City Dubuque,lowa 52001-4763 U� � n'�N",`�""""�� Office(563)589-4393 � � TTY(563)690-6678 � http://www.cityofdubuque.org 2007*2012�2013 Masterpiece on the Mississippi zoi�*zoi9 TO: Michael C. Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Director SUBJECT: Tax Increment Ordinance for the Twin Valley Urban Renewal Area DATE: January 30, 2023 INTRODUCTION This memorandum presents for City Council review and adoption an ordinance creating the tax increment financing district for the Twin Valley Urban Renewal Area. The proposed ordinance was reviewed by the City's counsel and is attached hereto. BACKGROUND On February 6, 2023, the City Council was requested to approve an Urban Renewal Plan for the Twin Valley Urban Renewal Area. The tax increment ordinance allows for collection of property tax increment on these properties. The primary goal of the District is to stimulate, through public involvement and commitment, private investment in new commercial development as defined by the lowa Code Section 403.17(10). The City intends to use a portion of these captured funds to reimbursement itself for certain public infrastructure improvements required under a Development Agreement by and between McCoy Group, Inc. and the City of Dubuque. The City also intends to use a portion of these captured funds to provide 20 semi-annual tax increment financing rebates to McCoy Group, Inc. DISCUSSION Adoption of the proposed tax increment ordinance is needed to establish the use of tax increment financing in the district. The ordinance authorizes the City to establish a special fund for the collection of a portion of the property tax revenues generated by new development occurring within the district. All taxable property located with the tax increment district will continue to pay property taxes based upon the current tax levies and assessment valuations. Tax revenues collected in excess of the base amounts will be used to assist in financing future development projects within the district, including both public and private development. The City of Dubuque has had tremendous success with its economic development approach, receiving multiple national recognitions for job creation. RECOMMENDATION / ACTION STEP I recommend that following City Council adoption of the Urban Renewal Plan for the Twin Valley Urban Renewal Area, the City Council adopt the attached tax increment ordinance for the Twin Valley Urban Renewal Area. This Ordinance will provide for the use of tools that encourage investment and development activities in the Area and support revitalization within the Area and the community at large. 2 Prepared by Jill Connors Economic Development 1300 Main St Dubuque IA 52001 (563) 589 4393 Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13'h St., Dubuque, IA 52001, (563) 589-4100 ORDINANCE NO. 4-23 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE TWIN VALLEY URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE TWIN VALLEY URBAN RENEWAL AREA REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 35-23 adopted on February 6, 2023, adopted an Urban Renewal Plan for an urban renewal area known as the Twin Valley Urban Renewal Area (the "Project Area"), which Project Area includes the lots and parcels described in said Urban Renewal Plan; and WHEREAS, expenditures and indebtedness are anticipated to be incurred in the future to finance urban renewal project activities carried out in furtherance of the foregoing Urban Renewal Plan; and WHEREAS, the City Council desires to provide for the division of revenue from taxation in the Project Area in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Project Area shall mean that portion of the City of Dubuque, Iowa described in the Urban Renewal Plan for the Twin Valley Urban Renewal Area approved by Resolution No. 35-23 on February 6, 2023, which Project Area includes the lots and parcels located within the area now legally described as follows: Lot 2 of Southpark Addition No. 1, in the City of Dubuque Iowa; and All of the right of way of Southpark Court as shown on the Final Plat of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 2-3-3 of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 1 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 2 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 1 and Lot 2 of Gudenkauf Place, in the City of Dubuque Iowa; and All of the right of way of Twin Valley Drive lying between the southerly extension of the easterly line of Lot 1-3 of Southpark Addition No. 1 and the southerly extension of the easterly line of Lot 2 of Southpark Station No. 2, in the City of Dubuque, Iowa. All in the City of Dubuque, Dubuque County, Iowa Section 2: The taxes levied on the taxable property in the Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, -2- City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3: That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts taxing property in the Project Area upon the total sum of the assessed value of the taxable property in the Project Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Dubuque certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. The taxes so determined shall be referred herein as the "base period taxes" for such Project Area. Section 4: That portion of the taxes each year in excess of the base period taxes for the Project Area, determined as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into a special tax increment fund hereby established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Project Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Section 257.19, but only to the extent authorized in Section 403.19(2), and taxes for the payment of bonds and interest of each taxing district and any other tax levy exceptions under Section 403.19 shall be collected against all taxable property within the Project Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the Project Area exceeds the total assessed value of the taxable property in said area as shown by the assessment roll referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. -3- Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Project Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Project Area and the territory contained therein. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 6th day of February, 2023. ATTEST: Adrienne N. Breitfelder, City Clerk Read first time: FebrwAry 61 JN3 Read second time: N/A Read third time: NSA PASSED AND APPROVED: Rekru"r / 6'1 Qo 3 PUBLISHED: February 10, aOa� i;e Doc ID: 011067280005 Type: GEN Kind: ORDINANCE Recorded: 02/13/2023 at 02:40:40 PM Fee Amt: $27.00 Paqe 1 of 5 Dubuque County Iowa Karol Kennedy Recorder File2023-00001312 Preoared by Jill Connors, Economic Development,1300 Main St., Dubuque, IA 52001. (563) 589-4393 Return to Adrienne N. Breitfelder, City Clerk, 50 W. 130 St., Dubuque, IA 52001, (563) 589-4100 ORDINANCE NO.4-23 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE TWIN VALLEY URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE TWIN VALLEY URBAN RENEWAL AREA REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 35-23 adopted on February 6, 2023, adopted an Urban Renewal Plan for an urban renewal area known as the Twin Valley Urban Renewal Area (the "Project Area"), which Project Area includes the lots and parcels described in said Urban Renewal Plan; and WHEREAS, expenditures and indebtedness are anticipated to be incurred in the future to finance urban renewal project activities carried out in furtherance of the foregoing Urban Renewal Plan; and WHEREAS, the City Council desires to provide for the division of revenue from taxation in the Project Area in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. (2� DBa Economic Development 2700 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Project Area shall mean that portion of the City of Dubuque, Iowa described in the Urban Renewal Plan for the Twin Valley Urban Renewal Area approved by Resolution No. 35-23 on February 6, 2023, which Project Area includes the lots and parcels located within the area now legally described as follows: Lot 2 of Southpark Addition No. 1, in the City of Dubuque Iowa; and All of the right of way of Southpark Court as shown on the Final Plat of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 2-3-3 of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 1 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 2 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 1 and Lot 2 of Gudenkauf Place, in the City of Dubuque Iowa; and All of the right of way of Twin Valley Drive lying between the southerly extension of the easterly line of Lot 1-3 of Southpark Addition No. 1 and the southerly extension of the easterly line of Lot 2 of Southpark Station No. 2, in the City of Dubuque, Iowa. All in the City of Dubuque, Dubuque County, Iowa Section 2: The taxes levied on the taxable property in the Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, -2- City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3: That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts taxing property in the Project Area upon the total sum of the assessed value of the taxable property in the Project Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Dubuque certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. The taxes so determined shall be referred herein as the "base period taxes" for such Project Area. Section 4: That portion of the taxes each year in excess of the base period taxes for the Project Area, determined as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into a special tax increment fund hereby established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Project Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Section 257.19, but only to the extent authorized in Section 403.19(2), and taxes for the payment of bonds and interest of each taxing district and any other tax levy exceptions under Section 403.19 shall be collected against all taxable property within the Project Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the Project Area exceeds the total assessed value of the taxable property in said area as shown by the assessment roll referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. -3- Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Project Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Project Area and the territory contained therein. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 6th day of February, 2023. ATTEST: Adrienne N. Breitfelder, City Clerk Read first time: 00)3 Read second time: N/A Read third time: I& PASSED AND APPROVED: Fekr;icVy PUBLISHED: ebt U�ry 10, )02 3 CERTIFICATE of the CITY CLERK STATE OF IOWA SS: COUNTY OF DUBUQUE ) I, Adrienne N. Breitfelder, City Clerk, do hereby certify that I am the duly appointed, qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in my possession or have access to the records of the proceedings of the City Council. I do further state that the hereto attached Ordinance No. 4-23 is a true and correct copy of the original. In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque, Iowa. Dated at Dubuque, Iowa, on this 10t' day of February, 2023. Adrienne N. Breitfelder, City Clerk Twin Valley Urban Renewal Area URBAN RENEWAL PLAN Twin Valley Urban Renewal Area City of Dubuque, Iowa Version 2023.1 This Twin Valley Urban Renewal Plan provides for the development of the Twin Valley Urban Renewal Area. This Twin Valley Urban Renewal Plan was authorized by Resolution 35-23 of the City Council of the City of Dubuque, Iowa on February 6, 2023. Prepared by the Economic Development Department. 1 TABLE OF CONTENTS A. INTRODUCTION .................................................................................................. 3 B. DESCRIPTION OF THE URBAN RENEWAL AREA............................................ 3 C. AREA DESIGNATION .......................................................................................... 3 D. BASE VALUE ....................................................................................................... 3 E. DEVELOPMENT PLAN/ZONING ......................................................................... 3 F. PLAN OBJECTIVES............................................................................................. 4 G. TYPES OF RENEWAL ACTIVITIES..................................................................... 5 H. ELIGIBLE URBAN RENEWAL PROJECT(S)....................................................... 6 I. FINANCIAL DATA................................................................................................ 7 J. URBAN RENEWAL FINANCING.......................................................................... 8 K. PROPERTY ACQUISITION/DISPOSITION.......................................................... 9 L. RELOCATION ...................................................................................................... 9 M. STATE AND LOCAL REQUIREMENTS............................................................... 9 N. URBAN RENEWAL PLAN AMENDMENTS ......................................................... 9 O. EFFECTIVE PERIOD........................................................................................... 9 P. SEVERABILITY CLAUSE................................................................................... 10 ATTACHMENTS A. URBAN RENEWAL AREA MAP............................................................................. B. LAND USE MAPS .................................................................................................. B-1 - Existing Land Use Map.................................................................................. B-2 - Proposed Land Use Map ............................................................................... C. LIST OF GENERAL OBLIGATION DEBT .............................................................. D. LEGAL DESCRIPTION OF AREA.......................................................................... 2 A. INTRODUCTION This Urban Renewal Plan ('Plan" or "Urban Renewal Plan") for the Twin Valley Urban Renewal Area ("Area" or "Urban Renewal Area") has been developed to help local officials promote economic development in the City of Dubuque (the "City"). The primary goal of the Plan is to stimulate, through public involvement and commitment, private investment in new commercial development. In order to achieve this objective, the City intends to undertake urban renewal activities pursuant to the powers granted to it under Chapter 403 and Chapter 15A of the Code of Iowa. as amended. B. DESCRIPTION OF THE URBAN RENEWAL AREA The Urban Renewal Area is illustrated in Attachment A and described in Attachment D. The City reserves the right to modify the boundaries of the Urban Renewal Area at some future date. C. AREA DESIGNATION With the adoption of this Plan, the City designates this Urban Renewal Area as a mixed area for the promotion of economic development. The City Council has determined that a need exists for redevelopment of the Urban Renewal Area in order to enhance economic development activities. By Resolution No.35-23 adopted February 6, 2023 the City Council declared that these factors have impaired the sound growth of the Urban Renewal Area. D. BASE VALUE If the Urban Renewal Area is legally established, a Tax Increment Financing ("TIF") ordinance is adopted, and debt is certified prior to December 1, 2023, the taxable valuation within the area included in the TIF Ordinance as of January 1, 2022 will be considered the frozen "base valuation." If debt is not certified until a later date or if a TIF ordinance is not adopted until a later date, the "base value" will be the assessed value of the taxable property within the TIF ordinance area as of January 1 of the calendar year preceding the calendar year in which the City first certifies the amount of any debt on the Urban Renewal Area. E. DEVELOPMENT PLAN/ZONING 3 The City has a general plan for the physical development of the City as a whole outlined in the 2017 City of Dubuque Comprehensive Plan that was adopted by the City Council on September 18, 2017. The goals and objectives of this Plan, including the urban renewal projects, are in conformity with the City's Comprehensive Plan. In addition to the City's Comprehensive Plan, the planning criteria to be used to guide the physical development of the Urban Renewal Area are those standards and guidelines contained within the City of Dubuque's Zoning Ordinance and other applicable local, state, and federal codes and ordinances. Land use maps (Attachments B-1 and B-2) identify the existing and proposed land uses within the Urban Renewal Area. This Plan does not in any way replace or modify the City's current land use planning or zoning regulation process. The need for improved traffic, public transportation, public utilities, recreational and community facilities, or other public improvements within the Urban Renewal Area is set forth in this Plan. As the Urban Renewal Area develops, the need for public infrastructure extensions and upgrades will be evaluated and planned for by the City. F. PLAN OBJECTIVES Renewal activities are designed to provide opportunities, incentives, and sites to promote new and existing economic development (commercial). More specific objectives for the development, redevelopment, and rehabilitation within the Urban Renewal Area are as follows: 1. To achieve a diversified, well-balanced economy providing a desirable standard of living, creating job opportunities, and strengthening the tax base. 2. To plan for and provide sufficient land for commercial development in a manner that is efficient from the standpoint of providing municipal services. 3. To provide for the installation of public works and facilities including, but not limited to, water, sanitary sewer, and other public improvements, which contribute to the revitalization of the area and to the sound development of the entire City. 4. To encourage commercial growth and expansion through governmental policies which make it economically feasible to do business. 4 5. To provide a more marketable and attractive investment climate through the use of various federal, state, and local incentives. 6. To stimulate, through public action and commitment, private investment in new and existing commercial development. 7. To improve the conditions and opportunities for economic development. 8. To help develop a sound economic base that will serve as the foundation for future growth and development. 9. To enhance the community by fostering an entrepreneurial climate, diversifying the local economy, encouraging opportunities for new businesses, and supporting retention of existing businesses. 10. To provide for the matching share for a variety of local, state, and federal grants and loans. G. TYPES OF RENEWAL ACTIVITIES To meet the objectives of this Plan and to encourage orderly development of the Urban Renewal Area, the City intends to utilize the powers conferred under Chapter 403 and Chapter 15A, Code of lowa. General development activities in the Urban Renewal Area may include: 1. To undertake and carry out urban renewal projects through the execution of contracts and other instruments. 2. To arrange for or cause to be provided the construction or repair of public infrastructure including but not limited to streets, curb and gutter, street lighting, water, sanitary sewer, public utilities, or other facilities in connection with urban renewal projects. 3. To make loans, forgivable loans, grants, tax rebate payments or other types of economic development grants or incentives to private persons, local development organizations, or businesses for economic development purposes on such terms as may be determined by the City Council. 4. To borrow money and to provide security therefor. 5 5. To acquire or dispose of property. The City does not intend to acquire any property with the Urban Renewal Area. However, the City reserves the right to acquire, by negotiation or eminent domain, property rights required for the construction or reconstruction of streets and public utilities, or any other public facility or improvement. 6. To acquire property through a variety of ineans (purchase, lease, option, etc.) and to hold, clear, or prepare the property for redevelopment. 7. To make or have made surveys and plans necessary for the implementation of this Plan or specific urban renewal projects. 8. To use any or all other powers granted by the Urban Renewal Act to develop and provide for improved economic conditions for the City. Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any other provision of the Code of lowa in furtherance of the objectives of this Plan. H. ELIGIBLE URBAN RENEWAL PROJECT(S) 1. Public Improvements Estimated Cost Urban Renewal Estimated to be Project Description Time Period reimbursed by Rationale tax increment financing Resurface asphalt 2025-2026 $43,079.60 Road resurfacing required to pavement overlay support economic from of Southpark development projects. Court from Twin Valley Drive to the Facility, including installation of sidewalks 6 Complete 2025-2026 $562,216.04 Road resurFacing required to reconstruction, with support economic curb and gutter, of development projects the existing asphalt concrete portion of Twin Valley Drive from the intersection with Highway 151 to SouthPark Court, including installation of sidewalks (along approximately 425 feet of roadway from Southpark Court to the east). Total Not to exceed $605,300 Note: It may be that the above costs will be reduced by the application of state and/or federal grants or programs; cost-sharing agreements with other entities; or other available sources of funds. 2. Tax Rebate or other Development Aqreements a. Development Agreements: The City expects to consider requests for Development Agreements for projects that are consistent with this Plan, in the City's sole discretion. Only one such Development Agreement is known at this time, but based on past history, and dependent on development opportunities and climate, the City expects to consider a broad range of incentives as authorized by this Plan, including but not limited to land, loans, grants, tax rebates, infrastructure assistance and other incentives. The costs of such Development Agreements will not exceed $3,500,000. 3. Planning, engineering fees (for urban renewal plans), attorney fees, other related costs to support urban renewal projects and planning. Project Date Estimated Cost Fees and costs Undetermined Not to exceed $50,000 4. Planning and administration of this Plan consistent with the provisions of Section 403.6 and Section 403.12 including, but not limited to, staffing and personnel related � expenses such as salary incurred by the economic development, engineering, water, and planning departments and other City personnel related to and supporting economic development and urban renewal projects within the Urban Renewal Area, in an amount not to exceed $50,000 annually. I. FINANCIAL DATA 1. Current constitutional debt limit: $259,297,290 2. Current outstanding general obligation debt: $75,827,582 3. Proposed amount of indebtedness to be incurred: A specific $3,583,508 amount of debt to be incurred for the Eligible Urban Renewal This total does Projects has not yet been determined. This document is for not include planning purposes only. The estimated project costs in this financing costs Plan are estimates only and will be incurred and spent over related to debt a number of years. In no event will the City's constitutional issuance, which debt limit be exceeded. The City Council will consider each will be incurred project proposal on a case-by-case basis to determine if it is over the life of in the City's best interest to participate before approving an the Urban urban renewal project or expense. It is further expected that Renewal Area. such indebtedness, including interest on the same, may be financed in whole or in part with tax increment revenues from the Urban Renewal Area. Subject to the foregoing, it is estimated that the cost of the Eligible Urban Renewal Projects as described above will be approximately as stated in the next column: J. URBAN RENEWAL FINANCING The City intends to utilize various financing tools such as those described below to successfully undertake the proposed urban renewal actions. The City has the statutory authority to use a variety of tools to finance physical improvements within the Urban Renewal Area. These include: 1. Tax Increment Financing Under Section 403.19 of the lowa Code, urban renewal areas may utilize the tax increment financing mechanism to finance the costs of public improvements or economic development incentives associated with redevelopment projects. Upon creation of a tax increment district within the Urban Renewal Area, by ordinance, the assessment base is frozen and the amount of tax revenue available from taxes paid on the difference between 8 the frozen base and the increased value, if any, is segregated into a separate fund for the use by the City to pay costs of the eligible urban renewal projects. The increased taxes generated by any new development, above the base value, are distributed to the taxing entities, if not requested by the City. 2. General Obligation Bonds Under Division III of Chapter 384 and Chapter 403 of the lowa Code, the City has the authority to issue and sell general obligation bonds for specified essential and general corporate purposes, including the acquisition and construction of certain public improvements within the Urban Renewal Area or incentives for development consistent with this Plan. Such bonds are payable from the levy of unlimited ad valorem taxes on all the taxable property within the City. It may be the City will elect to abate some or all of the debt service on these bonds with incremental taxes from this Urban Renewal Area. The City may also determine to use tax increment financing to provide incentives such as cash grants, loans, tax rebates or other incentives to developers in connection with urban renewal projects for commercial redevelopment, or other urban renewal projects. In addition, the City may determine to issue general obligation bonds, tax increment revenue bonds or such other obligations, or loan agreements for the purpose of making loans or grants of public funds to private businesses located in the Urban Renewal Area. Alternatively, the City may determine to use available funds for making such loans or grants for urban renewal projects. In any event, the City may determine to use tax increment financing to reimburse the City for any obligations or advances. Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any other provision of the Code of lowa in furtherance of the objectives of this Plan. K. PROPERTY ACQUISITION/DISPOSITION If property acquisition/disposition by the City becomes necessary to accomplish the objectives of this Plan, such acquisition/disposition will be carried out, without limitation, in accordance with the Code of lowa. L. RELOCATION 9 The City does not expect there to be any relocation required as part of the eligible urban renewal projects; however, if any relocation is necessary, the City will follow all applicable relocation requirements. M. STATE AND LOCAL REQUIREMENTS All provisions necessary to conform to state and local laws will be complied with by the City and developers in implementing this Plan and its supporting documents. N. URBAN RENEWAL PLAN AMENDMENTS This Plan may be amended from time to time for a variety of reasons, including but not limited to, change in the area, to add or change land use controls and regulations, to modify goals or types of renewal activities, to add or change urban renewal projects, or to amend property acquisition and disposition provisions. The City Council may amend this Plan in accordance with applicable state law. O. EFFECTIVE PERIOD This Plan will become effective upon its adoption by the City Council and will remain in effect as a Plan until it is repealed by the City Council but not to exceed twenty years from the calendar year following the calendar year in which the municipality first certifies to the county auditor the amount of any loans, advances, indebtedness, or bonds which qualify for payment from the division of revenue provided in section 403.19. At all times, the use of tax increment financing revenues (including the amount of loans, advances, indebtedness, or bonds which qualify for payment from the division of revenue provided in Section 403.19 of the Code of lowa) by the City for activities carried out under the Urban Renewal Area shall be limited as deemed appropriate by the City Council and consistent with all applicable provisions of law. The division of revenues shall continue on the Urban Renewal Area, for the maximum period allowed by law. P. SEVERABILITY CLAUSE If any part of the Plan is determined to be invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the validity of the previously adopted Plan as a whole, or any part of the Plan not determined to be invalid or unconstitutional. 10 City of Dubuque Summary of Bonded Indebtedness Date Average Year of Amount Principal Principal Interest Principal Description of Interest Final of Outstanding Due Due Outstanding Issue Rate Payment Issue 6/30121 FY 2022 FY 2022 6I30/22 General Obligation Bonds (Essential Corporate Purpose) Airport New Terminal Furnishings ST20 Refund 2014B 6/2/2021 2.0000% 2026 25,000 25,000 4,901 499 20,099 Airport Improvements Refunding 4/17/2017 3.0000% 2030 282,200 208,900 21,400 6,267 187,500 Airportlmprov-PFCRefunding2012C 6/2/2021 2.0000% 2032 1,353,033 1,353,033 110,547 26,985 1,242,486 Airport Improv-Sales Tax 20%Refunding 2012C 6/2/2021 2.0000% 2032 10,000 10,000 10,000 200 - Airport Terminal Utility Improv-PFC Refund 2014B 6/2/2021 2.0000% 2034 490,000 490,000 35,000 9,773 455,000 Airport New Terminal Roads/Parking Sales Tax 20% 4/4/2016 2.7896% 2036 635,927 494,930 28,775 13,477 466,155 Building-Conf Center Improv-Sales Tax 20% 6/20/2019 3.0000% 2022 25,076 8,368 8,368 2,482 (0) Building-Conf Center Energy Improv-FY19 6/20/2019 3.0000% 2027 187,136 141,440 22,848 4,243 118,592 Building 18th Street Improv Sales Tax 20% 3/19/2018 3.0464% 2026 391,913 259,325.00 48,745.00 7,890.00 210,580.00 Building City Hall Brickwork-Sales Tax 20% 6/20/2019 3.0000% 2027 236,448 182,533 27,729.73 8,226.49 154,804 Building Smart Meters Refunding 4/17/2017 3.0000% 2030 45,400 33,600 3,400 1,008 30,200 BuildingFederalBuildingRoof-SalesTax20% 4/4/2016 2.7896% 2035 268,404 208,894 12,145 5,688 196,749 Civic Center Improvements-Sales Tax 20% 6/20/2019 3.0000% 2027 323,146 249,463 37,897 11,243 211,565 Civic Center Chair Platform Section 3-FY19 6/20/2019 3.0000% 2027 59,340 44,850 7,245 1,346 37,605 DICW Expansion-NonTaxable-Refunding 4/4/2016 2.9127% 2023 3,175,000 75,000 40,000 2,250 35,000 DICW Expansion-South Siegert Farm 3/19/2018 3.0464% 2026 239,534 158,498.00 29,793.00 4,822.00 128,705.00 DICW North Siegert Refunding 4/17/2017 3.0000% 2029 1,285,000 910,000 100,000 27,300 810,000 DICW Expansion Consult Refund 2012H 6/2/2021 2.0000% 2032 95,580 95,580 7,788 1,906 87,792 DICW Exp S Siegert Refundin 2012C Taxable 6/2/2021 2.0000% 2032 2,498,375 2,498,375 204,125 49,829 2,294,250 DICW Expansion-South Siegert Farm-Non-taxable 6/20/2019 3.0000% 2032 305,357 266,500 19,459 5,773 247,041 DICWRefund2014CTaxable 6/2/2021 2.0000% 2034 1,145,000 1,145,000 75,000 22,836 1,070,000 DICWChavenelleRoad-FY21 Non-Taxable 6/2/2021 2.0000% 2041 1,265,000 1,265,000 - 25,230 1,265,000 E911 Tower Relocation-Sales Tax 20% 6/20/2019 3.0000% 2027 141,869 109,520 16,638 4,936 92,882 Finance General Ledger Software-FY21 6/2/2021 2.0000% 2041 244,239 244,239 6,655 4,871 237,584 Fire Station#4 Improvements-Gaming 6/20/2019 3.0000% 2027 188,054 134,140 30,454 9,035 103,686 Recreation ST20 10 Yr Refunding 20146 6/2/2021 2.0000% 2025 51,545 51,545 12,695 1,029 38,850 Airport ST20 10 Yr Refunding 2014B 6/2/2021 2.0000% 2025 28,182 28,182 6,941 563 21,241 Building ST20 10 Yr Refunding 2014B 6/2/2021 2.0000% 2025 87,596 87,596 21,573 1,750 66,023 Transit ST20 10 Yr Refunding 2014B 6/2/2021 2.0000% 2025 11,407 11,407 2,809 228 8,598 Fire Station#2 ST20 10 yr Refund 2014B 6/2/2021 2.0000% 2025 91,227 91,227 22,467 1,822 68J60 Park Imp ST20 10 yr Refund 2014B 6/2/2021 2.0000% 2025 35,046 35,046 8,631 700 26,415 Fire Truck Refunding-Debt Service Levy 4/17/2017 3.0000% 2030 951,500 704,600 72,100 21,138 632,500 Fire Station#2 ST20 20 yr Refund 20146 6/2/2021 2.0000% 2034 85,217 85,217 4,051 1,696 81,166 Park Imp ST20 20 yr Refund 20146 6/2/2021 2.0000% 2034 124,780 124,780 5,932 2,483 118,848 Fire Ambulance Replacement 4/17/2017 3.0000% 2030 230,000 170,000 15,000 5,100 155,000 Fire Structural Repairs 5&6/Quick Pump-FY19 6/20/2019 3.0000% 2039 448,875 448,875 13,466 448,875 Fire Ladder/Pumper/HVAC FY21 6/2/2021 2.0000% 2041 810,153 810,153 22,075 16,158 788,078 Fire Ladder&Pumper-FY22 Future 3.1500% 2042 1,582,154 - - 8,329 1,582,154 Franchise Fee Settlement Judgment Bond 4/4/2016 2.9326% 2035 2,830,000 2,175,000 135,000 62,206 2,040,000 GDTIF Kephart's Building-Refunding 4/4/2016 2.9127% 2023 200,000 60,000 30,000 1,800 30,000 GDTIF Library Renovation-Refunding 4/4/2016 2.9127% 2023 1,275,000 395,000 195,000 11,850 200,000 GDTIFCoItsBuildingRenovation 6/20/2019 3.0000% 2039 1,575,000 1,575,000 65,000 47,250 1,510,000 GDTIF-Parks Jackson/Clock Non-Taxable-FY21 6/2/2021 2.0000% 2041 535,000 535,000 - 10,670 535,000 GDTIF-DT Parking Ramp-FY21 6/2/2021 2.0000% 2036 880,167 880,167 17,554 8SQ167 GDTIF Eng Dock Expansion-FY21 6/2/2021 2.0000% 2036 409,833 409,833 - 8,174 409,833 GDTIF DT Parking Ramp-FY22 Future 3.1500% 2042 4,050,000 - 21,321 4,050,000 GDTIF Docks/Prop Acquisition-FY22 Future 3.1500% 2042 1,300,000 6,844 1,300,000 GDTIF Downtown Housing Refunding 4/17/2017 3.0000% 2030 2,120,000 1,605,000 150,000 5Q755 1,455,000 GDTIF Millwork District Refunding 4/17/2017 3.0000% 2030 2,080,000 1,540,000 150,000 46,200 1,390,000 GDTIF-7th SU2-Way Conversion 2012B Refunding 6/2/2021 2.0000% 2031 3,204,576 3,204,576 285,593 63,913 2,918,983 GDTIF-Intermodal 2012A Refunding 6/2/2021 2.0000% 2031 2,545,000 2,545,000 225,000 50,759 2,320,000 GDTIF 5th St Restroom/MFC 2012H Refunding 6/2/2021 2.0000% 2032 1,254,420 1,254,420 102,212 25,019 1,152,208 GDTIF MCIC/ADA ED Refunding 2012F 6/2/2021 2.0000% 2031 140,000 140,000 140,000 2,792 - GDTIF Wash Neigh Refunding 2012C Taxable 6/2/2021 2.0000% 2032 493,592 493,592 40,328 9,544 453,264 GDTIF 2014C Taxable Refunding 6/2/2021 2.0000% 2034 5,385,000 5,385,000 360,000 107,401 5,025,000 GDTIF 2014B Refunding 6/2/2021 2.0000% 2034 155,000 155,000 10,000 3,091 145,000 Library Improvements-Sales Tax 20% 6/20/2019 3.0000% 2022 39,408 30,422 4,622 1,371 25,501 Library Improvemenls Sales Tax 20%Ref 2012E 6/2/2021 2.0000% 2027 84,526 84,526 13,740 1,685 70,786 Park Improvements-Gaming Refunding 2012E 6/2/2021 2.0000% 2022 44,400 44,400 22,200 8S7 22,200 Date Average Yearof Amount Principal Principal Interest Principal Description of Interest Final of Outstanding Due Due Outstanding Issue Rate Payment Issue 6/30121 FY 2022 FY 2022 6I30/22 Park Improvements Sales Tax 20%Refunding 2012E 6/2/2021 2.0000% 2022 22,136 22,136 22,136 442 - Park Improvements-Sales Tax 20% 6/20/2019 3.0000% 2027 47,290 36,507 5,546 1,645 30,961 ParkWaterSystemStudyRefunding 4/17/2017 3.0000% 2030 60,000 44,400 4,500 1,332 39,900 Park Ham House-Sales Tax 20% 4/4/2016 2.7896% 2035 200,668 156,176 9,080 4,253 147,096 Park Skate Park(FY 19) 6/20/2019 3.0000% 2027 613,524 463,710.00 74,907.00 13,911.30 388,803.00 Parking Port of Dubuque Parking Ramp 3/19/2018 3.0464% 2026 373,553 247,177.00 46,462.00 7,522.00 200,715.00 Parking Central Ave Ramp Refunding 4/17/2017 3.0000% 2030 6,380,000 4,550,000 505,000 136,500 4,045,000 Parking lowa Street Ramp Improvements 3/19/2018 2.9050% 2031 45,516 36,594.00 3,117.00 1,066.68 33,477.00 Parking Locust Ramp Security Cameras 6/20/2019 3.0000% 2033 126,054 106,626 9,729.73 2,886.49 96,896 Parking Improvements Refunding 2014B 6/2/2021 2.0000% 2034 125,000 125,000 10,000 2,493 115,000 Parking Improvements Taxable Refunding 2014C 6/2/2021 2.0000% 2034 220,000 220,000 15,000 4,388 205,000 Police Software Replacement-Refunding 2012E 6/2/2021 2.0000% 2032 75,600 75,600 37,800 1,510 37,800 Police CAD Software-Gaming Refunding 2014B 6/2/2021 2.0000% 2030 160,000 160,000 15,000 3,191 145,000 Public Works Equipment ST30 Refund 2014B 6/2/2021 2.0000% 2022 45,000 45,000 45,000 899 - Public Works Equip Refunding 4/17/2017 3.0000% 2030 392,000 290,200 29,700 8,706 260,500 Public Works Radio Replacement-FY18 3/19/2018 2.9077% 2028 110,000 77,802 10,732 2,227 67,070 PW Curb Ramp/Engineering Street Improv Ref 2014B 6/2/2021 2.0000% 2034 885,000 885,000 55,000 17,650 830,000 Recreation Improvements-Sales Tax 20% 6/20/2019 3.0000% 2022 4,082 1,362 1,362 404 (0) RecreationlmprovementsST2010yrrefund2014B 6/2/2021 2.0000% 2025 51,545 51,545 12,695 1,029 38,850 Rec Improvements Sales Tax 20%Refunding 2012E 6/2/2021 2.0000% 2028 7,572 7,572 1,050 151 6,522 Sanitary Improvements Refunding 4/17/2017 3.0000% 2030 660,000 490,000 50,000 14,700 440,000 SanitarySewerlmprovements 3/19/2018 2.9050% 2031 1,030,009 828,132.00 70,548.00 24,138.00 757,584.00 Sanitary Forcemain Refunding 2012E 6/2/2021 2.0000% 2032 376,122 376,122 34,096 7,501 342,026 SanitarySewerlmprovements 6/20/2019 3.0000% 2033 1,124,412 978,699 77,838 23,092 900,861 Sanitary Sewer Improvements Refunding 2014B 6/2/2021 2.0000% 2034 4,390,000 4,390,000 300,000 87,556 4,090,000 SanitarySewerlmprovements 4/4/2016 2.7896% 2035 2,405,000 1,875,000 115,000 51,006 1,760,000 Solid Waste Collection Refunding 4/17/2017 3.0000% 2030 51,300 38,000 3,900 1,140 34,100 Solid Waste Collection 3/19/2018 2.9050% 2031 27,447 22,068.00 1,880.00 644.00 20,188.00 Solid Waste Collection-FY22 Future 3.1500% 2042 175,000 921 175,000 StormwaterRefunding 4/4/2016 2.9127% 2028 6,270,000 3,040,000 640,000 91,200 2,400,000 StormwaterSalesTaxRevenue -GO 5/19/2014 32309% 2029 7,190,000 7,190,000 323,100 7,190,000 Stormwater Improvements Refunding 4/17/2017 3.0000% 2030 2,015,000 1,475,000 155,000 44,250 1,320,000 Stormwaterlmprovements 3/19/2018 2.9050% 2031 1,714,542 1,378,499.00 117,434.00 4Q180.00 1,261,065.00 Stormwater Improvements Refunding 2012B 6/2/2021 2.0000% 2031 1,115,424 1,115,424 99,407 22,247 1,016,017 Stormwater Improvements Refunding 2012E 6/2/2021 2.0000% 2032 77,131 77,131 6,992 1,538 70,139 Stormwater Improvements 6/20/2019 3.0000% 2033 290,796 251,939 19,459 5,773 232,480 Stormwater Upper Bee Branch&Sponsor SRF GO 4/30/2021 2.0000% 2037 20,426,262 20,426,262 1,176,000 298,469 19,781,398 Streetlight Replacement Refunding-ST 4/17/2017 3.0000% 2030 4,900 3,700 400 111 3,300 Street FEMA Land Buyout-Gaming 6/20/2019 3.0000% 2027 64,901 50,815 8,465 2,511 42,351 Street FibedSidewalk/Lights Refunding RUT 4/17/2017 3.0000% 2030 258,600 191,600 19,600 5,748 172,000 Street Southwest Arterial 3/19/2018 2.9050% 2031 771,557 620,336.00 52,846.00 18,082.00 567,490.00 Street Southwest Arterial-Refunding 2012E 6/2/2021 2.0000% 2032 827,747 827,747 48,467 16,504 779,280 Transit Radio Replacement-FY18 3/19/2018 2.9077% 2028 95,000 67,196 9,268 1,923 57,928 TransitMidtownTransfer-FY19 6/20/2019 3.0000% 2039 216,125 216,125 6,484 216,125 Transit Vehicle Replacement-FY21 6/2/2021 2.0000% 2041 780,609 780,609 21,270 15,569 759,339 WaterSystemlmprovements 3/19/2018 2.9050% 2031 1,155,930 929,373.00 79,173.00 27,090.00 850,200.00 Water Improv Refunding 2012E 6/2/2021 2.0000% 2032 369,768 369,768 33,520 7,374 336,248 WaterSystemlmprovements 6/20/2019 3.0000% 2033 1,323,107 1,153,106 92,432 27,422 1,060,674 Water System Improvements Refunding 2014B 6/2/2021 2.0000% 2034 7,470,000 7,470,000 510,000 148,985 6,960,000 WaterSystemlmprovements 4/4/2016 2.7896% 2035 635,000 495,000 30,000 13,488 465,000 Total General Obligation Bonds 123,310,864 100,502,810 7,715,694 2,424,919 100,422,407 Tax Increment Port of Dubuque Parking Ramp(GDTIF) 10/16/2007 7.5000% 2037 23,025,000 18,395,000 635,000 1,379,625 17,760,000 Total TaxlncrementBonds 23,025,000 18,395,000 635,000 1,379,625 17,760,000 40 Main(GDTIF) 8/6/2009 2020 690,529 46,030 46,030 2,855 - Total Tax Increment Nofes 690,529 46,030 46,030 2,855 - Total Taxlncrement 23,715,529 18,441,030 681,030 1,382,480 17,760,000 Tax Increment Economic Development TIF Rebate Apreements Medline (DICW) 11/19/2007 Rebate 2019 1,600,279 - 150,680 - 150,680 Hodge(DICW) 4/6/2020 Rebate 2035 32,795 32,795 31,111 - 31,111 FaleyProperties(DICW) 2/7/2011 Rebate 2022 904,638 101,121 101,121 - - Date Average Year of Amount Principal Principal Interest Principal Description of Interest Final of Outstanding Due Due Outstanding Issue Rate Payment Issue 6/30121 FY 2022 FY 2022 6I30/22 GreenlndustrialSupply(DICW) 8/15/2011 Rebate 2023 2,908,812 337,462 168,731 - 168,731 Tri-State Quality Metals(DICW)Non-Appropriation 3/17/2014 Rebate 2026 32,510 59,452 59,452 - 59,452 Roasting Solutions(DICW)Non-Appropriation 1/14/2016 Rebate 2028 33,666 51,351 51,351 - 51,351 Rite Hite(DICW)Non-Appropriation 1/14/2017 Rebate 2030 24,190 72,555 76,210 - 72,555 HormelFoods (DICW)(100%2021/40%2026) 4/21/2008 Rebate 2026 8,250,067 3,168,920 633,784 - 2,535,136 Victory Cafe 756 Main SL(GDTIF) 6/21/2010 Rebate 2022 87,053 6,341 6,341 - - Flexsteel(GDTIF) 4/18/2011 Rebate 2024 2,020,572 563,862 187,954 - 375,908 The Rose(Lake Ridge) 9/26/2011 Rebate 2024 136,014 53,445 17,815 - 35,630 Linseed Oil(GDTIF)Multi-Res 3/7/2013 Rebate 2030 576,504 146,720 18,340 - 128,380 Rousselot(GDTIF)(Non-Appropriation) 1/22/2013 Rebate 2025 4,931 13,243 13,243 - 13,243 METX-Lamar Building(GDTIF)(Non-Appropriation) 10/12/2017 Rebate 2031 75,660 71,982 71,982 - 71,982 Marquette Hall(Non-Appropriation) 5/20/2019 Rebate 2031 9,170 8,690 8,690 - 8,690 3 Amigos(Non-Appropriation) 4/15/2019 Rebate 2031 2,516 2,306 2,306 - 2,306 210 Jones(Non-Appropriation) 6/19/2017 Rebate 2031 10,348 9,739 9,739 - 9,739 Dimensional Brewing (Non-Appropriation) 8/6/2018 Rebate 2023 10,678 10,055 10,055 - 10,055 Prairie Farms Dairy(Non-Appropriation) 3/18/2019 Rebate 2031 5,626 5,347 5,347 - 5,347 Julien Hotel(GDTIF) 4/21/2008 Rebate 2026 3,260,286 1,065,385 213,077 - 852,308 44 Main(GDTIF)Multi-Res 10/18/2010 Rebate 2027 446,799 147,378 24,563 - 122,815 Barker Financial(GDTIF)Multi-Res 8/16/2010 Rebate 2027 297,282 56,487 15,525 - 40,962 253 Main St.(GDTIF)(Non-Appropriation) 4/6/2015 Rebate 2027 5,798 3,226 3,226 - 2,223 Spahn and Rose (GDTIF)(Non-Appropriation) 4/21/2014 Rebate 2027 108,221 101,325 101,325 - 101,325 Franklin Investment-Multires(GDTIF) 4/4/2011 Rebate 2028 437,225 156,760 31,405 - 125,355 Plastic Center Betty Jane Block(GDTIF) 2/7/2011 Rebate 2028 148,957 33,003 8,268 24,735 Caradco(GDTIF)Mutti-Res 3/21/2011 Rebate 2028 1,499,442 677,024 114,116 - 562,908 Bonson 356 Main St.(GDTIF)Multi-Res 12/19/2011 Rebate 2028 152,286 39,549 8,320 - 31,229 Roshek Building(GDTIF)(Non-Appropriation) 2/17/2009 Rebate 2030 5,149,852 282,250 282,250 - 252,250 Novelty Iron Works(GDTIF)(Non-Approp)Multi-Res 6/17/2013 Rebate 2031 33,105 165,397 165,397 - 156,208 Smokestack(GDTIF)(Non-Approp) 6/17/2018 Rebate 2022 1,623 746 746 - - Rockfarm Holdings(TECH)Non-Appropriation 10/7/2014 Rebate 2027 42,301 39,184 39,184 - 39,184 TotaITlFRebates 28,309,206 7,483,100 2,631,654 - 6,071,798 General Funded Leases Various Various On-going 194,160 155,000 100,000 Other Loans-Revenue Backed Bowling&Beyond Lease Buyout(GDTIF) 10/15/2012 Lease Buyout 2032 1,000,000 550,000 50,000 - 500,000 lowa Finance Authority Loan-Caradco 12/1/2010 3.0000% 2030 4,500,000 3,198,363 224,974 93,958 2,973,389 TotalOtherLns-RevBacked 5,500,000 3,748,363 274,974 93,958 3,473,389 TotalCitylndebtedness Subjectto DebtLimit 181,029,759 111,334,110 11,306,352 3,901,356 109,522,364 Revenue Bonds Parking Bricktown Parking Lo[ 7/21/2008 5.00% 2023 40Q000 88,787 34,205 4,017 54,582 Sanitary Northfork Calfish Improvemen[s SRF 1/13/2010 3.25% 2031 912,000 483,000 47,000 15,697 436,000 Sanitary Wa[er&Resource Recovery Upgrade SRF 8/1S/2010 325% 2039 74,285,000 55,423,000 2,588,000 1,108,459 52,835,000 SanitaryWRRCCogenerationSRF 5/17/2013 2.00% 2033 3,048,000 1,972,000 147,000 39,440 1,825,000 Sanitary Kerper Boulevard&Sponsor SRF 3/S/2019 1.00% 2038 2,763,000 2,285,537 125,000 22,905 2,275,907 Sanitary Projects Planning-FY21 SRF Future 2.0000% 2043 1,480,000 14,482 - - 1,480,000 SanitaryProjects-FY22 Future 2.0000% 2042 1,231,000 1,231,000 SanitaryProjects-FY22 Future 2.0000% 2042 5,170,303 - 17,282 5,170,303 Stormwater Lower Bee Branch Res[oration SRF 10/27/2010 325% 2041 7,85Q000 6,013,000 218,000 195,422 5,795,000 Stormwater Lower Bee Branch SRF-Es[ima[ed 9/1/2014 2.00% 2034 1,029,000 217,000 16,000 4,340 201,000 Stormwater Northfork Catfish Improv.SRF 1/13/2010 325% 2031 800,000 423,000 41,000 13,748 382,000 Stormwater Sales Tax Increment Revenue Bond 6/15/2015 3.72% 2031 20,800,000 20,800,000 - 762,650 20,800,000 Stormwater Upper Bee Branch RR SRF 6/7/2019 2.00% 2040 16,382,000 12,154,573 688,000 305,951 15,020,000 Stormwater West32nd De[ention Basin SRF 1/14/2009 325% 2028 1,847,000 778,000 101,000 25,285 677,000 Wa[er Roosevelt Wa[er Tower SRF S/9/2019 2.00% 2040 4,400,000 4,214,000 185,000 84,381 4,034,000 Wa[erCIWAPurchase&Improvements 7/7/2017 2.00% 2036 10,198,000 6,546,761 501,000 172,920 7,075,761 Water-CIWAContractPurchase 12/28/2016 3.00% 2022 5,000,000 1,000,000 1,000,000 30,000 - Water-ClearWellReservoirs SRF 10/18/2007 325% 2028 915,000 387,000 50,000 7,739 337,000 Date Average Year of Amount Principal Principal Interest Principal Description of Interest Final of Outstanding Due Due Outstanding Issue Rate Payment Issue 6/30121 FY 2022 FY 2022 6I30/22 Water Meter Change Out Program SRF 2/12/2010 325% 2031 6,394,000 3,674,000 317,000 119,502 3,357,000 WaterSystem Improvements&Ext 11/4/2008 4.71% 2023 1,195,000 215,000 105,000 10,698 110,000 Water System Improvements&Ext 8/16/2010 3.54% 2030 5,700,000 3,610,000 250,000 137,250 3,360,000 TotalRevenueBonds 171,799,303 120,299,140 6,413,205 3,077,686 126,456,553 TotalCitylndebtedness 352,829,062 250,585,043 17,719,557 6,979,042 254,284,147 Statutory Debt Limit 239,298,248 241,616,084 %of Debt Limit Used 46.53% 45.33% Remaining Debt Capacity 127,964,138 732,093,720 Attachment D Twin Valley Urban Renewal Area Dated December 15, 2022 District Boundary Description The District shall include the following described area: Lot 2 of Southpark Addition No. 1, in the City of Dubuque lowa; and All of the right of way of Southpark Court as shown on the Final Plat of Southpark Addition No. 1, in the City of Dubuque lowa; and Lot 2-3-3 of Southpark Addition No. 1, in the City of Dubuque lowa; and Lot 1 of Southpark Addition No. 2, in the City of Dubuque lowa; and Lot 2 of Southpark Addition No. 2, in the City of Dubuque lowa; and Lot 1 and Lot 2 of Gudenkauf Place, in the City of Dubuque lowa; and All of the right of way of Twin Valley Drive lying between the southerly extension of the easterly line of Lot 1-3 of Southpark Addition No. 1 and the southerly extension of the easterly line of Lot 2 of Southpark Station No. 2, in the City of Dubuque, lowa. STATE OF IOWA SS: DUBUQUE COUNTY CERTIFICATE OF PUBLICATION I, Kathy Goetzinger, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald, a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: 02/10/2023 and for which the charge is 93.62 Su, scribed to befoe me, a Notary Public in a for Dubuque County, Iowa, this loth day of February, 2023 Notary 'ublic in and for Dubuqu8 County, Iowa. �PIMAL a JANET K. PAPE a° -� y Commission Number 199859 ,rasa`; My Commission Expires 12/11/2025 /OW.. Ad text : CITY OF DUBUQUE OFFICIAL PUBLICATION ORDINANCE NO. 4-23 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE TWIN VALLEY URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE TWIN VALLEY URBAN RENEWAL AREA REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 35-23 adopted on February 6, 2023, adopted an Urban Renewal Plan for an urban renewal area known as the Twin Valley Urban Renewal Area (the Project Area), which Project Area includes the lots and parcels described in said Urban Renewal Plan; and WHEREAS, expenditures and indebtedness are anticipated to be incurred in the future to finance urban renewal project activities carried out in furtherance of the foregoing Urban Renewal Plan; and WHEREAS, the City Council desires to provide for the division of revenue from taxation in the Project Area in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Project Area shall mean that portion of the City of Dubuque, Iowa described in the Urban Renewal Plan for the Twin Valley Urban Renewal Area approved by Resolution No. 35-23 on February 6, 2023, which Project Area includes the lots and parcels located within the area now legally described as follows: Lot 2 of Southpark Addition No. 1, in the City of Dubuque Iowa; and All of the right of way of Southpark Court as shown on the Final Plat of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 2-3-3 of Southpark Addition No. 1, in the City of Dubuque Iowa; and Lot 1 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 2 of Southpark Addition No. 2, in the City of Dubuque Iowa; and Lot 1 and Lot 2 of Gudenkauf Place, in the City of Dubuque Iowa; and All of the right of way of Twin Valley Drive lying between the southerly extension of the easterly line of Lot 1-3 of Southpark Addition No. 1 and the southerly extension of the easterly line of Lot 2 of Southpark Station No. 2, in the City of Dubuque, Iowa. All in the City of Dubuque, Dubuque County, Iowa Section 2: The taxes levied on the taxable property in the Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3: That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts taxing property in the Project Area upon the total sum of the assessed value of the taxable property in the Project Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Dubuque certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. The taxes so determined shall be referred herein as the "base period taxes" for such Project Area. Section 4: That portion of the taxes each year in excess of the base period taxes for the Project Area, determined as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into a special tax increment fund hereby established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Project Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Section 257.19, but only to the extent authorized in Section 403.19(2), and taxes for the payment of bonds and interest of each taxing district and any other tax levy exceptions under Section 403.19 shall be collected against all taxable property within the Project Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the Project Area exceeds the total assessed value of the taxable property in said area as shown by the assessment roll referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7: All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Project Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Project Area and the territory contained therein. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 6th day of February, 2023. /s/Brad M. Cavanagh, Mayor Attest: /s/Adrienne N. Breitfelder, City Clerk Published officially in the Telegraph Herald newspaper on the loth day of February, 2023. /s/Adrienne N. Breitfelder, City Clerk lt2/10