Resolution of Support for Workforce Housing Tax Credit Application by Farley & Loetscher, LLC Copyrighted
May 20, 2024
City of Dubuque Consent Items # 06.
City Council Meeting
ITEM TITLE: Resolution of Supportfor Workforce Housing Tax CreditApplication by
Farley& Loetscher, LLC
SUM MARY: City Manager recommending City Council adopt a resolution of support
for a Workforce Housing Tax CreditApplication to the lowa Economic
Development Department, being submitted by Farley& Loetscher, LLC
for redevelopment of property at 801 Jackson Street in Dubuque.
RESOLUTION Supporting the submission of an lowa Economic
Development Authority(I EDA)application to the Workforce Housing Tax
Credit Program by Farley& Loetscher, LLC
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
Dubuque
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution of Support for Workforce Housing Tax Credit Application by
Farley & Loetscher, LLC
DATE: May 16, 2024
Economic Development Director Jill Connors is recommending City Council adopt a
resolution of support for a Workforce Housing Tax Credit Application to the lowa
Economic Development Department, being submitted by Farley & Loetscher, LLC for
redevelopment of property at 801 Jackson Street in Dubuque.
Farley & Loetscher, LLC proposes to construct One Hundred Twenty-Six (126) multi-
family residential units and invest Thirty-Six Million Three Hundred Thousand Dollars
$36,300,000 in the construction of the units.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
�
Mic ael C. Van Milligen
MCVM:as
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
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TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Resolution of Support for Workforce Housing Tax Credit Application by
Farley & Loetscher, LLC
DATE: May 14, 2024
INTRODUCTION
This memorandum presents for City Council approval a resolution of support for a
Workforce Housing Tax Credit Application to the lowa Economic Development Department,
being submitted by Farley & Loetscher, LLC for redevelopment of property at 801 Jackson
Street in Dubuque.
BACKGROUND
The lowa Workforce Housing Tax Credit program provides tax benefits to developers to
provide housing in lowa communities, focusing especially on those projects using
abandoned, empty, or dilapidated properties. Total program benefits are limited to $1
million per project.
DISCUSSION
The City of Dubuque and Farley& Loetscher, LLC entered into a Development Agreement
dated September 5, 2023, including the issuance of Economic Development Grants and
Urban Tax Increment Revenue Obligations, as amended (the Agreement) by Resolution
No. 294-23. Farley& Loetscher, LLC proposes to construct One Hundred Twenty-Six(126)
multi-family residential units and invest Thirty-Six Million Three Hundred Thousand Dollars
$36,300,000 in the construction of the units.
The addition of the lowa Workforce Housing Tax Credit to the capital stack improves the
viability of the project, increasing the developer's ability to adequately address the shortage
of housing in the community.
RECOMMENDATION
I respectfully request City Council approval of the attached resolution supporting Farley &
Loetscher, LLC's application for lowa Workforce Housing Tax Credits for its redevelopment
project at 801 Jackson Street in Dubuque.
2
Prepared by: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563 589-4105
Return to: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563 589-4105
RESOLUTION NO. 130-24
SUPPORTING THE SUBMISSION OF AN IOWA ECONOMIC DEVELOPMENT
AUTHORITY (IEDA) APPLICATION TO THE WORKFORCE HOUSING TAX CREDIT
PROGRAM BY FARLEY & LOETSCHER, LLC
WHEREAS, the City of Dubuque (City) and Farley & Loetscher, LLC entered into a
Development Agreement dated September 5, 2023, as amended, including the issuance of
Economic Development Grants and Urban Tax Increment Revenue Obligations (the
Agreement); and
WHEREAS, Farley & Loetscher, LLC proposes to construct One Hundred Twenty -
Six (126) multi -family residential units and invest Thirty -Six Million Three Hundred
Thousand Dollars $36,300,000 in the construction of the units (the Project); and
WHEREAS, the Project will support: the City's efforts to create new housing
opportunities for a growing workforce within the community; and
WHEREAS, Farley & Loetscher, LLC has committed a significant amount of private
financing to the Project; and
WHEREAS, the Project is located in the Greater Downtown Urban Renewal Area which
has been so designated by City Council Resolution 123-67, on May 18, 1967 as a slum and
blighted area (the Project Area) defined by Iowa Code Chapter 403 (the Urban Renewal Law);
and
WHEREAS, pursuant to Iowa Code Section 403.6(1), and in conformance with the Urban
Renewal Plan for the Project Area adopted on May 18, 1967 and last amended on December
18, 2023, City has the authority to enter into contracts and agreements to implement the Urban
Renewal Plan, as amended, including the issuance of Economic Development Grants and Urban
Tax Increment Revenue Obligations ; and
WHEREAS, Farley & Loetscher, LLC's application to the Workforce Housing Tax
Credit Program, a copy of which is attached hereto and by this reference made a part
hereof, will provide necessary tax credits and other benefits which will directly contribute
to the success of the Project; and
WHEREAS, the City supports said application to the Workforce Housing Tax Credit
Program by Farley & Loetscher, LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City Council of the City of Dubuque hereby supports the
submission of an Iowa Economic Development Authority Application to the Workforce
Housing Tax Credit Program by Farley & Loetscher, LLC for necessary tax credits and other
benefits directly contributing to the success of the Project at 801 Jackson Street, Dubuque,
Iowa 52001.
Passed, approved and adopted this 20th day -of May, 2024.
W. Jones, M�yo(Pro Tern
Attest:
Adrienne N. Breitfelder, City Clerk