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Tax Increment Ordinance for the Emri Urban Renewal District
City of Dubuque City Council Meeting Action Items # 03. Copyrighted November 20, 2023 ITEM TITLE: Tax Increment Ordinance for the Emri Urban Renewal District SUMMARY: City Manager recommending City Council adopt the attached Tax Increment ordinance for the Emri Urban Renewal District. ORDINANCE Providing that general property taxes levied and collected each year on all property located within the Emri Economic Development District 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 Emri Economic Development District Redevelopment Project SUGGESTED Suggested Disposition: Receive and File; Motion B; Motion DISPOSITION: ATTACHMENTS: Description Type MVM Memo City Manager Memo Staff Memo Staff Memo 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 Ordinance Ordinance THE C DUj!BQTE Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Tax Increment Ordinance for the Emri Urban Renewal District DATE: November 15, 2023 Dubuque WAWca 914 ii 2007-2012.2013 2017*2019 Economic Development Director Jill Connors is recommending City Council adopt the attached Tax increment ordinance for the Emri Urban Renewal District. Adoption of the proposed tax increment ordinance is needed to establish the use of tax increment financing to the district. The District would include property adjacent to Radford Road, south of Pizza Ranch located at 2020 Radford Road in the City of Dubuque, Iowa I concur with the recommendation and respectfully request Mayor and City Council approval. Mic ael C. Van Milligen MCVM:sv Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Jill Connors, Economic Development Director Dubuque THE CITY OF All -America My nni K xvni , nz: a:u�ir, DUB E 2007-2012.2013 Masterpiece on the Mississippi 2017*2019 TO: Michael C. Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Director Economic Development Department 1300 Main Street Dubuque, Iowa 52001-4763 Office (563) 589-4393 TTY (563) 690-6678 http://www.cityofdubuque.org SUBJECT: Tax Increment Ordinance for the Emri Urban Renewal District DATE: November 13, 2023 INTRODUCTION This memorandum presents for City Council review and adoption an ordinance creating the tax increment financing district for the Emri Economic Development District. The proposed ordinance was reviewed by the City Attorney's Office and is attached hereto. The District would include property adjacent to Radford Road, south of Pizza Ranch located at 2020 Radford Road in the City of Dubuque, Iowa. BACKGROUND On November 20, 2023, the City Council approved an Urban Renewal Plan for the Emri Economic Development District. 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 housing and residential development as defined by the Iowa Code Section 403.17(12). The proposed Plan would result in the creation of mixed -income housing units near Eleanor Roosevelt Middle School and Carver Elementary. The adoption of the Tax Increment ordinance for the Emri Urban Renewal District will allow for the necessary incentives for this project to meet its debt service requirements, therefore meeting the need for additional affordable housing on Dubuque's West End. DISCUSSION Adoption of the proposed tax increment ordinance is needed to establish the use of tax increment financing to 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. RECOMMENDATION/ ACTION STEP I recommend the City Council adopt the attached Tax increment ordinance for the Emri Urban Renewal District. 2 URBAN RENEWAL PLAN Emri Economic Develoament District City of Dubuque, Iowa This Urban Renewal Plan provides for the development of the Emri Economic Development District. This plan was authorized by Resolution No. 387-23 of the City Council of the City of Dubuque, Iowa on November 20, 2023. Prepared by the Economic Development Department. Version 2023.1 TABLE OF CONTENTS A. INTRODUCTION B. JUSTIFICATION FOR THE DESIGNATION C. OBJECTIVES OF THE PLAN D. DISTRICT BOUNDARIES E. PUBLIC PURPOSE ACTIVITIES F. PUBLIC BUILDING ANALYSIS G. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS 1. LAND USE 2. PLANNING AND DESIGN CRITERIA H. LAND ACQUISITION AND DISPOSITION I. RELOCATION REQUIREMENTS J. FINANCING ACTIVITIES K. STATE AND LOCAL REQUIREMENTS L. DURATION OF APPROVED URBAN RENEWAL PLAN M. SEVERABILITY N. AMENDMENT OF APPROVED URBAN RENEWAL PLAN O. ATTACHMENTS 3 A. INTRODUCTION This URBAN RENEWAL PLAN (the "Plan") has been prepared to achieve the objectives and public purpose activities intended to stimulate, through public actions, financing, and commitments, private investment within the area known as the Radford Road Urban Renewal District (the "District"). In order to achieve this objective, the City of Dubuque (the "City") shall undertake the urban renewal actions specified in this Plan, pursuant to the powers granted to it under Chapter 403 of the Iowa Code, Urban Renewal Law, and Chapter 15A of the Iowa Code. B. JUSTIFICATION FOR THE DESIGNATION The City Council of the City of Dubuque, Iowa has determined that a need exists for affordable and mixed -income housing within the community to enhance economic development activities. The Council has declared by Resolution of Necessity No. 344-23 on October 16, 2023 that these factors have impaired the sound growth of the City of Dubuque and of the area comprising the District. C. OBJECTIVES OF THE PLAN The primary objectives of the Plan are the development and redevelopment of the District, through: The creation and development of housing units and residential opportunities in the District; and 2. The creation of a safe, efficient, and attractive circulation system for both pedestrian and vehicular traffic within the District and in the public right-of- way corridor areas leading to the District; 3. The creation of financial incentives necessary to encourage private investment in the District; 4. The expansion of the existing property tax base of the District; 5. The creation of a safe, healthy, and attractive physical environment through the construction or installation of necessary infrastructure and other public improvements or actions supportive of the District; and 6. To provide reimbursement of City personnel costs and other administration and legal fees associated with the development and implementation of urban renewal projects within the District. 12 D. DISTRICT BOUNDARIES The District is located within the City of Dubuque, County of Dubuque, State of Iowa. The boundaries of the District are delineated on the Map, Attachment A, also on file at the Dubuque City Clerk's Office. The description of the boundaries of the District is attached as Attachment D to this Plan. The City reserves the right to modify the boundaries of the District at some future date. Any amendments to, or restatements of, the Plan will be completed in accordance with Chapter 403 of the Iowa Code, Urban Renewal Law. E. PUBLIC PURPOSE ACTIVITIES To meet the OBJECTIVES of this Plan, the City of Dubuque is prepared to initiate and support development and redevelopment of the District through the following PUBLIC PURPOSE ACTIVITIES: 1. Improvement, installation, construction and reconstruction of streets, utilities and other improvements and rights -of -ways 2. Use of tax increment financing, loans, grants and other appropriate financial tools in support of eligible public and private development and redevelopment efforts; a. These activities include, but are not limited to, the funding of economic development grants for qualified residential creation projects. 3. Direct assistance to businesses to incentivize private investment and/or job growth and/or to remediate blighted conditions on undeveloped and underdeveloped properties: a. These activities include, but are not limited to, property tax rebate agreements with: • St. Michael Development Group, LLC for the development of a mixed -income residential property in an amount approximately equal to $975,332 to incentivize this $14 million development. 4. Enforcement of applicable local, state and federal laws, codes and regulations. 5 5. The City expects to consider requests for additional development agreements for projects that are consistent with this Plan, in the City's sole discretion. Such additional agreements are unknown at this time but based on past history and dependent on development opportunities and climate, the City expects to consider a broad range on incentives as authorized by this Plan, including, but not limited to, land, loans, grants, tax rebates, public infrastructure assistance, and other incentives. The foregoing public purpose activities may be undertaken throughout the District and subareas where appropriate. All public purpose activities shall be conditioned upon and shall meet the restrictions and limitations placed upon the District by the Plan. F. PUBLIC BUILDING ANALYSIS There are currently no public buildings anticipated in the District. G. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS The LAND USE and PLANNING AND DESIGN CRITERIA set forth herein shall apply to any and all District properties the preservation, conservation, development and/or the redevelopment of which is assisted by the City through any of the PUBLIC PURPOSE ACTIVITIES listed above. Attachment B-1 and B-2 identify the existing and proposed land uses within the Radford Road Urban Renewal District. `��_1►1�1��9�1 The intent of this Plan is to promote the construction of an affordable and mixed - income residential property. All uses shall be regulated by the zoning district established for the property. LAND USE maps (Attachments B1 and 132) identify the existing and the proposed land uses within the District. 2. PLANNING AND DESIGN CRITERIA: The planning criteria to be used to guide the physical development of the District are those standards and guidelines contained within the City of Dubuque's Zoning Ordinance and other applicable local, state and federal codes and ordinances. H. LAND ACQUISITION AND DISPOSITION 1. Land Acquisition: The City does not intend to acquire any property within the n District. 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. 2. Land Disposition: Publicly held land will be sold or leased for the development of viable uses consistent with this Plan, and not for purposes of speculation. Land will be disposed of in accordance with the requirements set forth in Chapter 403 of the Iowa Code, Urban Renewal Law. Developers and redevelopers will be selected on the basis of the quality of their proposals and their ability to carry out such proposals while complying with the requirements of this Plan. Developers and redevelopers will be required by contractual agreement to observe the Land Use Requirements and Planning and Design Criteria of this Plan. The contract and other disposition documents will set forth the provisions, standards and criteria for achieving the objectives and requirements outlined in this Plan. I. RELOCATION REQUIREMENTS Relocation assistance in accordance with applicable provisions of Chapter 316 of the Iowa Code, Highway Relocation Assistance Law, will be provided in the event that an existing business or residence is displaced by publicly supported development or redevelopment activities. J. FINANCING ACTIVITIES To meet the OBJECTIVES of this Plan and to encourage the development and redevelopment of the District and private investment therein, the City of Dubuque is prepared to provide financial assistance to qualified industries, businesses and housing developers through the making of loans or grants under Chapter 15A of the Iowa Code and through the use of tax increment financing under Chapter 403 of the Iowa Code. 1. Chapter 15A Loan or Grant: The City has determined that the making of loans or grants of public funds to qualified industries, businesses and housing developers is necessary to aid in the planning, undertaking and completion of urban renewal projects authorized under this Plan within the meaning of Section 384.24(3)(q) of the Iowa Code. Accordingly, in furtherance of the objectives of this Plan, the City may determine to issue bonds or loan agreements, in reliance upon the authority of Section 384.24A, Section 384.24(3)(q), Section 403.12 (general obligation bonds) or Section 403.9 (tax increment bonds), for the purpose of making loans or grants of public funds to qualified entities located within the District. Alternatively, the City may determine to use available funds for the making of such loans or grants. In determining qualifications of recipients and whether to make any such individual loans or grants, the City shall consider one or more of the factors set forth in Section 15A.1 of the Iowa Code on a case -by -case basis. 7 2. Tax Increment Financing: The City is prepared to utilize tax increment financing, authorized under Iowa Code Section 403.19 and current City ordinance, as a means of financing eligible costs incurred to implement the Public Purpose Activities identified in Section E of this Plan. Bonds or loan agreements may be issued by the City under the authority of Section 403.9 of the Iowa Code (tax increment bonds) or Section 384.24A, Section 384.24(3)(q) and Section 403.12 (general obligation bonds). The City acknowledges that the use of tax increment revenues delays the ability of other local taxing bodies to realize immediately the direct tax benefits of new development in the District. The City believes, however, that the use of tax increment revenues to finance the public improvements and to promote private investment in the District is necessary in the public interest to achieve the OBJECTIVES of this Plan. Without the use of this special financing tool, new investment may not otherwise occur or may occur within another jurisdiction. If new development does not take place in Dubuque, property values could stagnate and the City, County and School District may receive less taxes during the duration of this Plan than they would have if this Plan were not implemented. Tax increment financing will provide a long-term payback in overall increased tax base for the City, County, and Dubuque Community School District. The initial public investment required to generate new private investment will ultimately increase the taxable value of the District well beyond its existing base value. Tax increment reimbursement may be sought for any of the eligible costs incurred by the City in connection with any of the Public Purpose Activities described in Section E of this Plan, including but not limited to the following: a. Planning and administration of the 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 District, in an amount not to exceed $50,000 annually; b. Construction of any of the public improvements, amenities and facilities described in Section E of this Plan or otherwise contemplated by the Plan within the District, including pre -development planning, environmental assessment and remediation, feasibility analysis and engineering costs; C. Acquisition, installation, maintenance and replacement of public improvements throughout the District including but not limited to streetlights, benches, landscaping, appropriate signage and rest rooms; d. Acquisition of land and/or buildings and preparation of same for sale to private developers, including any "write down" of the sale price of the land and/or n. building; e. Preservation, conservation, development or redevelopment of buildings or facilities within the District to be sold or leased to qualifying for -profit and not -for - profit organizations, developers and businesses; f. Loans or grants to qualified entities under Chapter 15A of the Iowa Code, including debt service payments on any bonds issued to finance such loans or grants, for purposes of expanding the business or activity, or other qualifying loan programs established in support of the Plan; and g. Providing the matching share for a variety of local, state and federal grants and loans. h. Any of the costs incurred in connection with any of the PUBLIC PURPOSE ACTIVITIES described in Section E of this Plan. 3. Proposed Amount of Indebtedness: At this time, the extent of improvements and new development within the District is only generally known. As such, the amount and duration for use of the tax increment revenues for public improvements and/or private development can only be estimated; however, the actual use and amount of tax increment revenues to be used by the City for District activities will be determined at the time specific development is proposed, and approved by the City Council. The estimated project costs are estimates only and will be incurred and spent over a number of years. In no event will the City's debt limit be exceeded. The City Council will consider each project proposal on a case -by -case basis to determine if it is in the City's best interest to participate before approving an urban renewal project or expense. It is further expected that such indebtedness, including interest on the same, may be financed in whole or in part with tax increment revenues from the District. Subject to the foregoing, it is estimated that the cost of the eligible urban renewal projects as described above and the outstanding indebtedness will be approximately $1,000,000. This total does not include financing costs related to debt issuance, which will be incurred over the life of the Area. The City of Dubuque's current indebtedness subject to the statutory debt limit is $106,838,281 (a list of the outstanding obligations is included in Attachment C) and the current constitutional debt limit is $259,297,290. K. STATE AND LOCAL REQUIREMENTS All provisions necessary to conform with state and local laws have been complied with by the City of Dubuque in the implementation of this Plan and its supporting documents. er L. DURATION OF APPROVED URBAN RENEWAL PLAN This Plan shall continue in effect until terminated by action of the City Council, but in no event shall terminate before the City of Dubuque has received full reimbursement from all incremental taxes for its advances and principal and interest payable on all Tax Increment Financing or general obligations issued to carry out the OBJECTIVES of the Plan. However, the use of tax increment financing revenues by the City for the public purpose activities carried out under this Plan shall be limited as deemed appropriate by the City Council and consistent with all applicable provisions of law. The DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS established, or as amended from time to time by the City of Dubuque Zoning Ordinance, shall remain in effect in perpetuity. M. SEVERABILITY In the event one or more provisions contained in this Plan shall be held for any reason to be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity, illegality, lack of authorization or unenforceability shall not affect any other provision of this Plan and this Plan shall be construed and implemented as if such provision had never been contained herein. N. AMENDMENT OF APPROVED URBAN RENEWAL PLAN This Plan may be amended from time to time to respond to development opportunities. Any such amendment shall conform to the requirements of Chapter 403 of the Iowa Code, Urban Renewal Law. Any change effecting any property or contractual right can be effectuated only in accordance with applicable state and local law. O. ATTACHMENTS The following attachments are a part of this Plan and are on file at the Dubuque City Clerk's Office: A Map B-1 Existing Land Use Map B-2 Proposed Land Use Map C List of General Obligation Debt D District Boundary Description 10 VIEW Dubuque County GIS HAEconomic Development\Urban Renewal Districts\UrbanRenewalAreas\UrbanRenewalAreas.aprx 11111zo�o M NORTHSTARDR laldR 0 0 RADFORD CT oUbugLI T61FI!�t HAEconomic Development\Urban Renewal Districts\UrbanRenewalAreas\UrbanRenewalAreas.aprx Illlb`I711W:1111 Dubuque County GIS HAEconomic Development\Urban Renewal Districts\UrbanRenewalAreas\UrbanRenewalAreas.aprx Debt Management City of Dubuque Summary of Bonded Indebtedness Description Date of Issue Average Interest Rate Year of Final Payment Amount of Issue Principal Outstanding 6/30/23 Principal Due FY 2024 Interest Due FY 2024 Principal Outstanding 6/30/24 General Obligation Bonds (Essential Corporate Purpose) Airport New Terminal Furnishings ST20 Ref 6/2/21 2.00% 2026 25,000 15,149 5,000 303 10,149 Airport Improvements Refunding 4/17/17 3.00% 2030 282,200 164,700 24,100 4,941 140,600 Airport Improv - PFC Refunding 2012C 6/2/21 2.00% 2032 1,353,033 1,130,382 113,661 22,608 1,016,721 Airport Terminal Utility Improv - PFC Refund 6/2/21 2.00% 2034 490,000 420,000 35,000 8,400 385,000 Airport New Terminal Roads/Parking ST20 4/4/16 2.79% 2036 635,927 434,503 31,652 12,269 402,851 Airport Reconstruct Taxiway Alpha - FY24 Future 4.50% 2044 132,489 - - - 132,489 Building- Conf Center Energy Improv 6/20/19 3.00% 2027 187,136 95,744 23,936 2,872 71,808 Building 18th Street Improv Sales Tax 20% 3/19/18 3.05% 2026 391,913 159,885 50,695 4,908 109,190 Building City Hall Brickwork Sales Tax 20% 6/20/19 3.00% 2027 236,448 125,649 30,660 7,194.6 94,989 Building Smart Meters Refunding 4/17/17 3.00% 2030 45,400 26,500 3,900 795 22,600 Building Federal Building Roof Sales Tax 20 4/4/16 2.79% 2035 268,404 183,390 13,359 5,178 170,031 Building 2nd Floor Engine House #1 - FY23 Future 3.15% 2043 193,000 193,000 3,621 7,111 189,379 Civic Center Improvements - Sales Tax 20% 6/20/19 3.00% 2027 323,146 171,720 41,902 9,833 129,818 Civic Center Chair Platform Section 3 6/20/19 3.00% 2027 59,340 30,360 7,590 911 22,770 DICW Expansion - South Siegert Farm 3/19/18 3.05% 2026 239,534 97,720 30,985 3,000 66,735 DICW North Siegert Refunding 4/17/17 3.00% 2029 1,285,000 705,000 110,000 21,150 595,000 DICW Expansion Consult Refund 2012H 6/2/21 2.00% 2032 95,580 79,650 8,142 1,593 71,508 DICW Exp S Siegert Refund 2012C Taxable 6/2/21 2.00% 2032 2,498,375 2,087,250 209,875 41,745 1,877,375 DICW Exp - South Siegert Farm- Non -Tax 6/20/19 3.00% 2032 305,357 227,604 24,333 5,710 203,271 DICW Refund 2014C Taxable 6/2/21 2.00% 2034 1,145,000 990,000 80,000 19,800 910,000 DICW Webber Property - FY22 2042 5,500,000 5,500,000 - 234,513 5,500,000 DICWChavenelle Road - FY21 Non -Taxable 6/2/21 2.00% 2041 1,265,000 1,210,000 55,000 24,200 1,155,000 DICW Develop McFadden Property - FY24 Future 4.50% 2044 1,788,800 1,788,800 E911 Tower Relocation - Sales Tax 20% 6/20/19 3.00% 2027 141,869 75,389 18,396 4,317 56,993 Finance General Ledger Software 6/2/21 2.00% 2041 244,239 226,936 10,648 4,539 216,288 Finance General Ledger Software - FY22 2042 420,457 420,457 18,710 17,764 401,747 Fire Station #4 Improvements - Gaming 6/20/19 3.00% 2027 188,054 82,986 20732 4865 62,254 Recreation ST20 10 Yr Refunding 2014B 6/2/21 2.00% 2025 51,545 26,028 12,950 521 13,078 Airport ST20 10 Yr Refunding 2014B 6/2/21 2.00% 2025 28,182 14,231 7080 285 7,151 Building ST20 10 Yr Refunding 2014B 6/2/21 2.00% 2025 87,596 44,234 22,007 885 22,227 Transit ST20 10 Yr Refunding 2014B 6/2/21 2.00% 2025 11,407 5,761 2,866 115 2,895 Fire Station #2 ST20 10 yr Refund 2014B 6/2/21 2.00% 2025 91,227 46,068 22,919 921 23,149 Park Imp ST20 10 yr Refund 2014B 6/2/21 2.00% 2025 35,046 17,698 8,805 354 8,893 Fire Truck Refunding - Debt Service Levy 4/17/17 3.00% 2030 951,500 555,800 81,400 16,674 474,400 Fire Station #2 ST20 20 yr Refund 2014B 6/2/21 2.00% 2034 85,217 77,440 3398 1,549 74,042 Park Imp ST20 20 yr Refund 2014B 6/2/21 2.00% 2034 124,780 113,392 4,976 2,268 108,416 Fire Ambulance Replacement 4/17/17 3.00% 2030 230,000 140,000 20,000 4,200 120,000 Fire Structural Repairs 5&6/Quick Pump 6/20/19 3.00% 2039 448,875 448,875 - 13,466 448,875 Fire Ladder/Pumper / HVAC FY21 6/2/21 2.00% 2041 810,153 752,758 35,320 15,055 717,438 Fire Ladder/Pumper/Ambulance - FY22 2042 1,924,543 1,924,543 81,290 77,180 1,843,253 Fire HVAC Headquarters - FY23 Future 3.15% 2043 175,748 172,451 6,751 5,379 165,700 Fire Ladder/Pumper Replacement - FY24 Future 4.50% 2044 2,090,000 - - - 2,090,000 Fire Ambulance - FY24 Future 4.50% 2044 344,000 - - - 344,000 194 Debt Management Description Date of Issue Average Interest Rate Year of Final Payment Amount of Issue Principal Outstanding 6/30123 Principal Due FY 2024 Interest Due FY 2024 Principal Outstanding 6/30/24 Fire HVAC - FY24 Future 4.50% 2044 442,645 - - - 442,645 Franchise Fee Settlement Judgment Bond 4/4/2016 2.93% 2035 2,830,000 1,900,000 140,000 56,706 1,760,000 GDTIF Colts Building Renovation 6/20/19 3.00% 2039 1,575,000 1,440,000 70,000 43,200 1,370,000 GDTIF - Parks Jackson/Clock Non -Taxable 6/2/21 2.00% 2041 535,000 535,000 - 10,700 535,000 GDTIF - DT Parking Ramp 6/2/21 2.00% 2036 880,167 880,167 57,996 17,603 822,171 GDTIF Eng Dock Expansion 6/2/21 2.00% 2036 409,833 409,833 27,005 8,197 382,828 GDTIF DT Parking Ramp - FY22 2042 975,000 975,000 - 41,453 975,000 GDTIF Docks/Five Flags AC - FY22 2042 745,000 745,000 - 31,668 745,000 GDTIF Parking Ramp Major Repairs- FY23 Future 3.15% 2043 245,000 245,000 4,597 9,028 240,403 GDTIF Five Flags- FY23 Future 3.15% 2043 600,000 600,000 11,257 18,900 588,743 GDTIF Five Flags - FY24 Future 4.50% 2044 2,800,000 - - - 2,800,000 GDTIF Smart Parking - FY24 Future 4.50% 2044 1,217,500 - - - 1,217,500 GDTIF Ramp Major Maintenance - FY24 Future 4.50% 2044 270,777 - - - 270,777 GDTIF Chaplain Schmitt Island - FY24 Future 4.50% 2044 3,000,000 - - - 3,000,000 GDTIF Downtown Housing Refunding 4/17/17 3.00% 2030 2,120,000 1,300,000 160,000 41,605 1,140,000 GDTIF Millwork District Refunding 4/17/17 3.00% 2030 2,080,000 1,235,000 160,000 37,050 1,075,000 GDTIF - 7th St/2-Way Conversion 6/2/21 2.00% 2031 3,204,576 2,629,681 300,429 52,594 2,329,252 GDTIF - Intermodal 2012A Refunding 6/2/21 2.00% 2031 2,545,000 2,085,000 240,000 41,700 1,845,000 GDTIF 5th St Restroom/MFC 6/2/21 2.00% 2032 1,254,420 1,045,350 106,858 20,907 938,492 GDTIF Wash Neigh Refund Taxable 6/2/21 2.00% 2032 493,592 412,368 41,464 8,247 370,904 GDTIF 2014C Taxable Refunding 6/2/21 2.00% 2034 5,385,000 4,655,000 380,000 93,100 4,275,000 GDTIF 2014B Refunding 6/2/21 2.00% 2034 155,000 135,000 10,000 2,700 125,000 Library Improvements - Sales Tax 20% 6/20/19 3.00% 2022 39,408 20,941 5,110 1,199 15,831 Library Improvements Sales Tax 20% Ref 6/2/21 2.00% 2027 84,526 56,909 14,016 1,138 42,893 Park Improvements - Sales Tax 20% 6/20/19 3.00% 2027 47,290 25,130 6,132 1,439 18,998 Park Water System Study Refunding 4/17/17 3.00% 2030 60,000 35,100 5,200 1,053 29,900 Park Ham House - Sales Tax 20% 4/4/16 2.79% 2035 200,668 137,108 9,988 3,871 127,120 Park Skate Park -Sales Tax 20% 6/20/19 3.00% 2027 613,524 313,896 78,474 9,417 235,422 Parking Port of Dubuque Parking Ramp 3/19/18 3.05% 2026 373,553 152,395 48,320 4,678 104,075 Parking Central Ave Ramp Refunding 4/17/17 3.00% 2030 6,380,000 3,525,000 535,000 105,750 2,990,000 Parking Iowa Street Ramp Improvements 3/19/18 2.91% 2031 45,516 30,264 3,309 908 26,955 Parking Locust Ramp Security Cameras 6/20/19 3.00% 2033 126,054 87,178 9,733 2,284 77,444 Parking Improvements Refunding 2014B 6/2/21 2.00% 2034 125,000 105,000 10,000 2,100 95,000 Parking Improvements Taxable Refund 6/2/21 2.00% 2034 220,000 190,000 15,000 3,800 175,000 Police CAD Software - Gaming Refund 6/2/21 2.00% 2030 160,000 130,000 20,000 2,600 110,000 Public Works Equip Refunding 4/17/17 3.00% 2030 392,000 228,900 33,500 6,867 195,400 Public Works Radio Replacement 3/19/18 2.91% 2028 110,000 56,338 10,732 1,690 45,606 PW Curb Ramp/Engineering Street Imp 6/2/21 2.00% 2034 885,000 770,000 60,000 15,400 710,000 Rec Improvements Sales Tax 20% 6/2/21 2.00% 2028 7,572 5,462 1,071 109 4,391 Rec Ice Center Settling Remediation/Imp Future 3.15% 2043 6,300,000 6,300,000 118,203 232,138 6,181,797 Sanitary Improvements Refunding 4/17/17 3.00% 2030 660,000 390,000 50,000 11,700 340,000 Sanitary Sewer Improvements 3/19/2018 2.91% 2031 1,030,009 684,865 74,900 20,546 609,965 Sanitary Forcemain Refunding 2012E 6/2/21 2.00% 2032 376,122 307,930 31,965 6,159 275,965 Sanitary Sewer Improvements 6/20/19 3.00% 2033 1,124,412 823,114 82733 19,414 740,381 Sanitary Sewer Improvements Refund 6/2/21 2.00% 2034 4,390,000 3,785,000 310,000 75,700 3,475,000 Sanitary Sewer Improvements 4/4/16 2.79% 2035 2,405,000 1,645,000 120,000 46,406 1,525,000 Solid Waste Collection Refunding 4/17/17 3.00% 2030 51,300 30,000 4,400 900 25,600 Solid Waste Collection 3/19/18 2.91% 2031 27,447 18,250 1,996 548 16,254 Solid Waste Collection - FY24 Future 4.50% 2044 148,000 - - - 148,000 Stormwater Refunding 4/4/16 2.91% 2028 6,270,000 1,740,000 540,000 52,200 1,200,000 Stormwater Improvements Refunding 4/17/17 3.00% 2030 2,015,000 1,165,000 165,000 34,950 1,000,000 Stormwater Improvements 3/19/18 2.91% 2031 1,714,542 1,140,017 124,661 34,200 1,015,356 Stormwater Improvements Refunding 6/2/21 2.00% 2031 1,115,424 915,319 104,571 18,306 810,748 Stormwater Improvements Refund 6/2/21 2.00% 2032 77,131 63,147 6,555 1,263 56,592 Stormwater Improvements 6/20/19 3.00% 2033 290,796 213,043 19,467 4,568 193,576 Stormwater Upper Bee Branch SRF NA 4/30/21 1.18% 2037 22,138,000 18,588,398 1,210,000 266,109 17,378,398 Streetlight Replacement Refunding - ST 4/17/2017 3.00% 2030 4,900 2,900 400 97 2,500 195 Debt Management Date Average Year of Amount Principal Principal Interest Principal Description of Interest Final of Outstanding Due Due Outstanding Issue Rate Payment Issue 6/30123 FY 2024 FY 2024 6/30/24 Street FEMA Land Buyout - Gaming 6/20/2019 3.00% 2027 64,901 33,896 8,468 1,987 25,428 Street Fiber/Sidewalk/Lights Refunding RUT 4/17/17 3.00% 2030 258,600 151,100 22,100 4,533 129,000 Street Southwest Arterial 3/19/18 2.91% 2031 771,557 513,018 56,098 15,390 456,920 Street Southwest Arterial - Refunding 2012E 6/2/21 2.00% 2032 827,747 708,825 64,968 14,177 643,857 Transit Radio Replacement - FY18 3/19/18 2.91% 2028 95,000 48,660 9,268 1,460 39,392 Transit Midtown Transfer - FY19 6/20/19 3.00% 2039 216,125 216,125 - 6,484 216,125 Transit Vehicle Replacement- FY21 6/2/21 2.00% 2041 780,609 725,307 34,032 14,506 691,275 Water System Improvements 3/19/18 2.91% 2031 1,155,930 768,591 84,045 23,058 684,546 Waterlmprov Refunding 2012E 6/2/21 2.00% 2032 369,768 302,728 31,425 6,055 271,303 Water System Improvements 6/20/19 3.00% 2033 1,323,107 968,350 97,333 22,840 871,017 Water System Improvements Refund 6/2/21 2.00% 2034 7,470,000 6,440,000 525,000 128,800 5,915,000 Water System Improvements 4/4/16 2.79% 2035 635,000 435,000 30,000 12,288 405,000 Total General Obligation Bonds 134,970,568 95,413,856 7,784,438 2,385,814.6 99,863,628 Less Annual Appropriation G.O. - (17,112,289) - - (15,902,592) Total G.O. Bonds Subject to Debt Limit 134,970,568 78,301,567 7,784,438 2,385,815 83,961,036 Tax Increment Port of Dubuque Parking Ramp 10-16-07 7.5000% 2037 23,025,000 17,080,000 730,000 1,281,000 16,350,000 Total Tax Increment Bonds 23,025,000 17,080,000 730,000 1,281,000 16,350,000 Total Tax Increment 23,025,000 17,080,000 730,000 1,281,000 16,350,000 TIF bond issue for the Port of Dubuque Parking Ramp backed by Greater Downtown TIF & a minimum assessment agreement Tax Increment Economic Development TIF Rebate Agreements Medline (DICW) 11/19/07 Simmons Pet Food (DICW) NA 12/9/20 Hodge (DICW) 4/6/20 Tri-State Quality Metals (DICW) NA 3/17/14 Roasting Solutions (DICW) NA 1/14/16 Rite Hite(DICW) Non -Appropriation 1/14/17 Hormel Foods (DICW) 4/21/08 Flexsteel (GDTIF) 4/18/11 The Rose (Lake Ridge) 9/26/11 Linseed Oil (GDTIF) Multi -Res 3/7/13 Rousselot (GDTIF) (Non -Appropriation) 1/22/13 METX - Lamar Building (GDTIF) NA 5/13/20 Marquette Hall (Non -Appropriation) 5/20/20 3 Amigos (Non -Appropriation) 4/15/19 210 Jones (Non -Appropriation) 6/19/17 Prairie Farms Dairy (Non -Appropriation) 8/6/18 Julien Hotel (GDTIF) 4/21/08 44 Main (GDTIF) Multi -Res 10/18/10 Barker Financial (GDTIF) Multi -Res 8/16/10 253 Main St. (GDTIF) (Non -Appropriation) 4/6/15 Spahn and Rose (GDTIF) NA 4/21/14 Franklin Investment -Multires (GDTIF) 4/4/11 Plastic Center Betty Jane Block (GDTIF) 2/7/11 Caradco (GDTIF) Multi -Res 3/21/11 Bonson 356 Main St. (GDTIF) Multi -Res 12/19/11 Roshek Building (GDTIF) NA 2/17/09 Novelty Iron Works (GDTIF) Multi -Res NA 6/17/13 Rockfarm Holdings (TECH) NA 10/7/14 Total TIF Rebates Rebate 2031 1,600,279 150,680 314,215 - 314,215 Rebate 2030 397,918 - 397,918 - 397,918 Rebate 2035 257,073 31,111 257,073 257,073 Rebate 2026 32,510 59,436 59,436 - 59,436 Rebate 2028 33,666 51,351 64,577 - 64,577 Rebate 2030 24,190 72,555 114,749 - 114,749 Rebate 2026 8,250,067 755,339 251,780 - 503,559 Rebate 2024 2,020,572 186,732 186,732 - - Rebate 2024 136,014 19,360 19,360 - - Rebate 2030 576,504 110,040 14,873 - 89,238 Rebate 2025 4,931 13,243 14,469 - 14,469 Rebate 2031 75,660 71,982 71,982 - 71,982 Rebate 2031 9,170 5,313 5,313 - 5,313 Rebate 2031 2,516 2,306 3,114 - 3,114 Rebate 2031 10,348 9,739 15,995 - 15,995 Rebate 2031 5,626 5,347 5,650 - 5,650 Rebate 2026 3,260,286 634,902 211,634 - 423,268 Rebate 2027 446,799 88,116 22,029 - 66,087 Rebate 2027 297,282 31,123 12,207 - 36,622 Rebate 2027 5,798 1,833 2,601 - 2,601 Rebate 2027 108,221 100,630 100,630 - 100,630 Rebate 2028 437,225 101,375 25,264 - 101,056 Rebate 2028 148,957 19,642 7,455 - 29,821 Rebate 2028 1,499,442 463,128 102,573 - 410,290 Rebate 2028 152,286 25,320 7,223 - 28,890 Rebate 2030 5,149,852 280,309 280,309 - 280,309 Rebate 2031 33,105 136,287 150,825 - 150,825 Rebate 2027 42,301 39,073 39,073 - 39,073 25,018,598 3,466,272 2,759,059 - 3,586,760 Bowling & Beyond Lease Buyout 10-15-12 Buyout 2032 1,000,000 450,000 50,000 - 400,000 Iowa Finance Authority Loan - Caradco 12-01-10 3.0000% 2030 4,500,000 2,760,159 219,674 81,170 2,540,485 Total Other Lns-Rev Backed 5,500,000 3,210,159 269,674 81,170 2,940,485 m, Debt Management Description Date of Issue Total City Indebtedness Subject to Debt Limit Revenue Bonds Parking Bricktown Parking Lot Sanitary Northfork Catfish Imp. SRF Sanitary WRRC Upgrade SRF Sanitary WRRC Cogeneration SRF Sanitary Kerper Boulevard & Sponsor SRF Sanitary Projects Planning - FY21 SRF Sanitary Granger Creek & Force Main P&D Sanitary Projects- FY23 (FY22 Carryovers) Sanitary Projects- FY23 Sanitary 42" Force Main WQFP Loan Sanitary Projects- FY24 Stormwater Lower Bee Branch Rest. SRF Stormwater Lower Bee Branch SRF - Est Stormwater Northfork Catfish Improv. SRF Stormwater Sales Tax Incr Rev Bond NA Stormwater Sales Tax Revenue - GO Stormwater Upper Bee Branch RR SRF Stormwater West 32nd Detention SRF Water Webber Extension - FY22 Water Projects- FY24 Water Roosevelt Water Tower SRF Water CIWA Purchase & Improvements Water- Clear Well Reservoirs SRF Water Meter Change Out Program SRF Water System Improvements & Ext. Refunding Total Revenue Bonds Less Annual Appropriation Revenue Bds Net Revenue Bonds Total City Indebtedness Statutory Debt Limit % of Debt Limit Used Remaining Debt Capacity Average Year of Amount Principal Principal Interest Principal Interest Final of Outstanding Due Due Outstanding Rate Payment Issue 6/30123 FY 2024 FY 2024 6/30/24 188,514,166 102,057,998 11,543,171 3,747,985 106,838,281 7/21/08 5.00% 2023 400,000 18,645 18,645 466 - 1/13/10 3.25% 2031 912,000 387,000 50,000 12,578 337,000 8/18/10 3.25% 2039 74,285,000 50,195,000 2,693,000 1,003,899 47,502,000 5/17/13 2.00% 2033 3,048,000 1,675,000 153,000 33,501 1,522,000 3/8/19 1.00% 2038 2,763,000 2,034,537 128,000 20,394 1,906,537 Various 2.00% 2043 1,770,000 1,770,000 37,332 41,375 1,732,668 1/7/2022 -% 2044 465,000 465,000 9,808 8,548 455,192 Future 2.00% 2042 4,243,996 4,243,996 89,513 78,020 4,154,483 Future 2.00% 2043 5,051,897 5,051,897 106,553 101,038 4,945,344 Future 1.00% 2043 1,950,000 1,950,000 88,000 12,698 1,862,000 Future 2.00% 2044 4,228,710 4,228,710 10/27/10 3.25% 2041 7,850,000 5,570,000 233,000 181,025 5,337,000 9/1/14 2.00% 2034 1,029,000 185,000 17,000 3,700 168,000 1/13/10 3.25% 2031 800,000 339,000 44,000 11,018 295,000 6/15/2015 3.72% 2031 20,800,000 18,795,000 2,070,000 701,000 16,725,000 5/19/14 3.23% 2029 7,190,000 7,075,000 1,075,000 318,500 6,000,000 6/7/19 2.00% 2040 16,382,000 14,319,000 716,000 286,380 13,603,000 1/14/09 3.25% 2028 1,847,000 573,000 107,000 18,623 466,000 1/7/22 -% 2044 1,570,000 1,570,000 33,114 28,862 1,536,886 Future 2.00% 2044 4,140,315 4,140,315 8/9/19 2.00% 2040 4,400,000 3,846,000 192,000 76,920 3,654,000 7/7/17 2.00% 2036 10,198,000 6,574,761 511,000 163,180 6,063,761 10/18/07 3.25% 2028 915,000 285,000 53,000 5,700 232,000 2/12/10 3.25% 2031 6,394,000 3,030,000 338,000 98,572 2,692,000 8/18/21 2.00% 2030 3,505,000 2,805,000 370,000 56,100 2,435,000 186,137,918 132,757,836 9,132,965 3,262,097 131,993,896 0 (16,024,000) 0 0 (13,956,032) 186,137,918 116,733,836 9,132,965 3,262,097 118,037,864 374,652,084 251,928,123 20,676,136 7,010,082 254,734,769 259,297,290 39.36 % 157,239,292 $262,722,39 40.67 % 155,884,114 197 Attachment D Emri Economic Development District Dated October 4, 2023 District Boundary Description The District shall include the following described area: Lot 2 of Pizza Ranch Place, and all that part of the Right of Way of Radford Road adjacent to said Lot 2 All in the City of Dubuque, Iowa Prepared by Jill Connors, Economic Development, 1300 Main St., Dubuque, IA 52001, (563) 589-4393 Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131h St., Dubuque, IA 52001, (563) 589-4100 ORDINANCE NO. 51-23 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE EMRI ECONOMIC DEVELOPMENT DISTRICT 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 EMRI ECONOMIC DEVELOPMENT DISTRICT 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. 387-23 adopted on November 20, 2023, adopted an Urban Renewal Plan for an urban renewal area known as the Emh Economic Development District (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 Emri Economic Development District approved by Resolution No. 387-23 on November 20, 2023, which Project Area includes the lots and parcels located within the area now legally described as follows: Lot 2 of Pizza Ranch Place, and all that part of the Right of Way of Radford Road adjacent to said Lot 2 All in the City of Dubuque, 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 -2- 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 20th day of November, 2023. -3- ATTEST: Adrienne N. Breitfelder, City Clerk Read first time: o �er�,.�je� Do, -),Oa3 Read second time: Read third time: PASSED AND APPROVED: Novcrnkpr DOI ao3 PUBLISHED: Novo-rnkC-r Adrienne Breitfelder From: Adrienne Breitfelder Sent: Wednesday, November 22, 2023 3:48 PM To: Kevin Dragotto Subject: City of Dubuque Urban Renewal Plan for the Emri Urban Renewal District Attachments: Resolution Adopting the Proposed Urban Renewal Plan for the Emri Urban Renewal District_Hearing.pdf Hello Kevin, Attached is a certified copy of City of Dubuque Resolution No. 387-23 Approving the Amended and Restated Urban Renewal Plan for the Emri Economic Development District. Thank you, Adrienne Adrienne Breitfelder, CMC (she/her) THE Ctu OF City Clerk I City of Dubuque D �City Hall 150 W. 13th Street Dubuque, Iowa 52001 0: 563-589-4121 1 C: 563-581-6473 Masterpiece on the Mississippi © © o ® o Prepared By: Jill Connors, ED City of Dubuque 50 W. 1311 St. Dubuque, 1A 52001 (563) 589-4393 Return To: Adrienne N. Breitfelder, City Clerk City of Dubuque 50 W. 131h St, Dubuque, IA 52001 (563) 589-4121 RESOLUTION NO. 387-23 APPROVING THE AMENDED AND RESTATED URBAN RENEWAL PLAN FOR THE EMRI ECONOMIC DEVELOPMENT DISTRICT Whereas, by Resolution 344-23 on October 16, 2023, the City Council of the City of Dubuque, Iowa authorized the preparation of an Urban Renewal Plan for the Emri Economic Development District (the "District"); and Whereas, the City of Dubuque's primary objective for the Urban Renewal Plan is to provide opportunities which will further economic development purposes and objectives; and Whereas, a consultation process has been undertaken with affected taxing entities in accordance with Chapter 403 of the Code of Iowa with no written objections or recommended changes to the Urban Renewal Plan received; and Whereas, the City Council, in accordance with Chapter 403 of the Code of Iowa, has held a public hearing on the proposed Urban Renewal Plan. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Urban Renewal Plan for the Emri Economic Development District, on file in the City Clerk's Office and made reference to herein, is hereby approved. Section 2. That the City Clerk of the City of Dubuque, Iowa is hereby authorized and directed to file a certified copy of this Resolution in the office of the Dubuque County Auditor. Passed, approved and adopted this 20t" day of November, 2023. M. .• Mayor Attest:n 4", �` Adrienne N. Breitfelder City Clerk 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. 1 do further state that the hereto attached Resolution No. 387-23 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 22nd day of November, 2023. 1 n F Adrienne N. Breitfelder, City Clerk 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: 11/24/2023 and for which the charge is 86.94 7 Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this 27th day of November, 2023 Notary is in and for Dubuque County, Iowa. Q,%AL es JANET K. PAPE oP a� , Commission Number 199659 My Commission Expires tow.. 12/11 /2025 Ad text : CITY OF DUBUQUE OFFICIAL PUBLICATION ORDINANCE NO. 51-23 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE EMRI ECONOMIC DEVELOPMENT DISTRICT 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 EMRI ECONOMIC DEVELOPMENT DISTRICT 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. 387-23 adopted on November 20, 2023, adopted an Urban Renewal Plan for an urban renewal area known as the Emri Economic Development District (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 Emri Economic Development District approved by Resolution No. 387-23 on November 20, 2023, which Project Area includes the lots and parcels located within the area now legally described as follows: Lot 2 of Pizza Ranch Place, and all that part of the Right of Way of Radford Road adjacent to said Lot 2 All in the City of Dubuque, 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. /s/Brad M. Cavanagh, Mayor Attest: /s/Adrienne N. Breitfelder, City Clerk Published officially in the Telegraph Herald newspaper on the 24th day of November, 2023. /s/Adrienne N. Breitfelder, CMC, City Clerk It 11/24