Setting a Public Hearing on a Proposed First Amendment to Development Agreement with South Pointe, L.L.C.City of Dubuque
City Council Meeting
Copyrighted
June 3, 2024
Items to be set for Public Hearing #
02.
ITEM TITLE: Resolution Setting a Public Hearing on a Proposed First Amendment to
Development Agreement by and between the City of Dubuque, Iowa and
South Pointe, L.L.C. and Providing for the Issuance of Urban Renewal
Tax Increment Revenue Obligations Pursuant to the Development
Agreement
SUMMARY: City Manager recommending City Council adopt the attached resolution
setting a public hearing for June 17, 2024 on a proposed First
Amendment to the Development Agreement by and between the City of
Dubuque, Iowa and South Pointe, L.L.C., providing for the issuance of
Urban Renewal Tax Increment Revenue Obligations.
SUGGESTED
DISPOSITION:
ATTACHMENTS:
Description
MVM Memo
Staff Memo
1 st Amendment
RESOLUTION Fixing the date for a public hearing of the City Council of
the City of Dubuque, Iowa on the First Amendment to Development
Agreement by and between the City of Dubuque, Iowa and South Pointe,
L.L.C., including the proposed reimbursement of South Pointe, L.L.C.
for certain infrastructure improvements with urban renewal tax increment
revenue and providing for the publication of notice thereof
Receive and File; Adopt Resolution(s), Set Public Hearing for June 17,
2024Suggested Disposition:
Notice of Hearing
Resolution to Set Public Hearing
Type
City Manager Memo
Staff Memo
Supporting Documentation
Supporting Documentation
Resolutions
THE C
DUjIBQTE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
WAWca 914
ii
2007-2012.2013
2017*2019
SUBJECT: Resolution Setting a Public Hearing on a Proposed First Amendment to
Development Agreement by and between the City of Dubuque, Iowa and
South Pointe, L.L.C. and Providing for the Issuance of Urban Renewal Tax
Increment Revenue Obligations Pursuant to the Development Agreement
DATE: May 30, 2024
Economic Development Director Jill Connors is recommending City Council adopt the
attached resolution setting a public hearing for June 17, 2024, on a proposed First
Amendment to the Development Agreement by and between the City of Dubuque, Iowa
and South Pointe, L.L.C., providing for the issuance of Urban Renewal Tax Increment
Revenue Obligations.
The South Pointe Housing Urban Renewal Area was originally established by the City
Council on March 20, 2017. The purpose of creating the Area was to facilitate the
construction of much needed housing and residential development in the Dubuque area
market.
To incentivize the development of residential housing in the Area, the City Council
directed tax increment collected in the Area to incentivize the development and assist in
the necessary public improvements required for the creation of new housing for a period
of ten years.
The ordinance related to South Pointe is set to expire in 2029. However, due to supply
chain delays during and following the COVID-19 pandemic and subsequent economic
impacts including increased material costs and higher lending interest rates, the
development of the South Pointe and housing construction has slowed significantly,
delaying the anticipated timeframe for development of the residential housing. As this
impact was felt statewide, and there is already a critical shortage of housing, at the
request of Greater Dubuque Development Corporation President and CEO Rick
Dickinson it prompted the Iowa legislature and the Governor to pass legislation
authorizing a three-year extension of housing urban renewal areas for the areas which
were in existence prior to January 1, 2018. This would extend the timeframe for division
of revenue authorized by the City Council which would assist the Developer of South
Pointe in creating much needed housing.
Three documents must be approved in order to carry out the provision of the authorized
extension of three years of tax increment reimbursements.
1. Development Agreement — this is the agreement between the City and South
Pointe, L.L.C, providing for the TIF payments. The First Amendment to this
Development Agreement is the subject of this memorandum.
2. Urban Renewal Plan — this is the agreement among City, County, and School
District which allows the City to collect the tax increment revenue used to provide
the reimbursements committed in the Development Agreement. This document
is in the process of being modified and is intended to be brought to City Council
for approval June 17, 2024.
3. Extension Agreement — this is an additional agreement among City, County, and
School District which specifically calls out the 3-year extension approved by the
legislature. This document is scheduled to be considered by the Board of
Supervisors on June 3, 2024, by the School Board June 10, 2024, and by the
City Council June 17, 2024.
The key elements of the First Amendment to Development Agreement include the
following:
1. The park Developer was originally required to construct is now optional.
2. The amount of reimbursement for park construction costs has been increased to a
maximum $200,000 if the Developer opts to build the park.
3. Reimbursement of eligible expenses has been extended by three years and
provided at an accelerated rate subject to the consent of the County and School
District for the extension.
4. The City is no longer obligated to make improvements to portions of Rockdale
Road.
5. The City agrees to accept streets within the subdivision if/when brought to City
standards.
6. The Developer will receive 100% of the remaining yearly increment after the
deduction of the LMI Housing Assistance set -aside, not to exceed actual
expenditures for the Qualified Infrastructure Improvement Costs made after June
1, 2024.
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 b:&d 1300 Main street
All-Me1*109ft Dubuque, Iowa 52001-4763
kxv,�. awccrvar Office (563) 589-4393
DUB-1i&E 1 htt (563) w.city fd
® http://www.cityofdubuque.org
2007-2012.2013
Masterpiece on the Mississippi 2017*2019
TO: Michael Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Resolution Setting a Public Hearing on a Proposed First Amendment to
Development Agreement by and between the City of Dubuque, Iowa and
South Pointe, L.L.C. and Providing for the Issuance of Urban Renewal Tax
Increment Revenue Obligations Pursuant to the Development Agreement
DATE: May 25, 2024
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached resolution setting
a public hearing for June 17, 2024 on a proposed First Amendment to the Development
Agreement by and between the City of Dubuque, Iowa and South Pointe, L.L.C., providing
for the issuance of Urban Renewal Tax Increment Revenue Obligations.
BACKGROUND
The South Pointe Housing Urban Renewal Area (the Area) was originally established by
Resolution 101-17 by the City Council of the City of Dubuque, Iowa, on March 20, 2017.
The purpose of creating the Area was to facilitate the construction of much needed housing
and residential development in the Dubuque area market, as described in the South Pointe
Housing Urban Renewal Area Plan, and as defined by the Iowa Code §403.17(12).
To incentivize the development of residential housing in the Area, Ordinance 11-17-A was
approved by City Council for the division of revenue within the Area. This allows the City
to redirect tax increment collected in the Area to incentivize the development and assist
in the necessary public improvements required for the creation of new housing. Per Iowa
Code Section §403.19 the City of Dubuque was limited to collecting tax increment for a
period of ten years in that District.
The Development Agreement was executed to provide for reimbursements to the
Developer for eligible expenses, using tax increment revenue collected in the Area.
DISCUSSION
Ordinance 11-17-A related to South Pointe is set to expire in 2029. However, due to
supply chain delays during and following the COVID-19 pandemic and subsequent
economic impacts including increased material costs and higher lending interest rates,
the development of the South Pointe and housing construction has slowed significantly,
delaying the anticipated timeframe for development of the residential housing. As this
impact was felt statewide, and there is already a critical shortage of housing, it prompted
the Iowa legislature and the Governor to pass legislation authorizing a three-year
extension of housing urban renewal areas for the areas which were in existence prior to
January 1, 2018 (Iowa Code §403.22(5)(c)). This would extend the timeframe for division
of revenue authorized by Ordinance 11-17-A through 2032 which would assist the
Developer of South Pointe in creating much needed housing.
Three documents must be approved in order to carry out the provision of the authorized
extension of three years of tax increment reimbursements.
1. Development Agreement — this is the agreement between the City and South
Pointe, L.L.C, providing for the TIF payments. The First Amendment to this
Development Agreement is the subject of this memorandum.
2. Urban Renewal Plan — this is the agreement among City, County, and School
District which allows the City to collect the tax increment revenue used to provide
the reimbursements committed in the Development Agreement. This document is
in the process of being modified and is intended to be brought to City Council for
approval June 17, 2024.
3. Extension Agreement — this is an additional agreement among City, County, and
School District which specifically calls out the 3-year extension approved by the
legislature. This document is scheduled to be considered by the Board of
Supervisors on June 3, 2024, by the School Board June 10, 2024, and by the City
Council June 17, 2024.
The key elements of the First Amendment to Development Agreement include the
following:
1. The park Developer was originally required to construct is now optional.
2
2. The amount of reimbursement for park construction costs has been increased to a
maximum $200,000 if the Developer opts to build the park.
3. Reimbursement of eligible expenses has been extended by three years and
provided at an accelerated rate subject to the consent of the County and School
District for the extension
4. The City is no longer obligated to make improvements to portions of Rockdale Road.
5. The City agrees to accept streets within the subdivision if/when brought to City
standards.
6. The Developer will receive 100% of the remaining yearly increment after the
deduction of the LMI Housing Assistance set -aside, not to exceed actual
expenditures for the Qualified Infrastructure Improvement Costs made after June 1,
2024.
RECOMMENDATION
I recommend the City Council adopt the attached resolution setting a June 17, 2024 public
hearing on the First Amendment to Development Agreement by and between the City of
Dubuque and South Pointe, L.L.C. including the issuance of Urban Renewal Tax
Increment Revenue Obligations.
3
FIRST AMENDMENT
TO DEVELOPMENT
AGREEMENT BY AND
BETWEEN
THE CITY OF DUBUQUE, IOWA,
AND
DUBUQUE SOUTH POINTE,
L.L.C.
This First Amendment, dated for reference purposes the day of
, 2024, by and between the City of Dubuque, Iowa, a municipality
(City), established pursuant to Iowa Code and acting under authorization of Iowa Code
Chapter 489, as amended (Urban Renewal Act), and Dubuque South Pointe, L.L.C.,
an Iowa limited liability company with its principal place of business in Dubuque, Iowa
(Developer). City and Developer are hereinafter sometimes collectively referred to as
the Parties.
WHEREAS, City and Developer previously entered into that certain
Development Agreement dated June 5, 2017 (the Agreement) with respect to the
matters specified therein; and
WHEREAS, City and Developer desire to modify the Agreement as set forth
herein.
NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL TERMS AND
COVENANTS CONTAINED HEREIN, THE RECEIPT AND SUFFICIENCY OF WHICH
ARE ACKNOWLEDGED BY THE PARTIES, THE PARTIES AGREE AS FOLLOWS:
Section 1. Section 2.1.H. of the Development Agreement is amended to read
as follows:
Section 2.1.H. Developer is not required to, but has the option to, construct a City park
on the Lot shown on Exhibit A within the Development Property.
Developer Opts to Construct Park
a. Developer will dedicate said Lot shown on Exhibit A within the Development
Property to the City for purposes of a City park upon completion of the park
improvements.
b. The City will not accept dedication of the lot unless or until the park
improvements are complete unless the Developer fails to construct the park by
June 30, 2031. Acceptance of the park is subject to City Council review and
approval.
c. The naming of the park will be determined by the Park and Recreation
Commission and the City Council.
d. The lot for the park within the Development Property which will be dedicated to
the City must:
• be reviewed and approved by the Park and Recreation Commission and
the City Council
• be a minimum of/2 acre developable space
• Include dedicated street parking for persons with disabilities and provide
for access from the street parking to the park features and amenities.
e. If Developer opts to construct the public park Developer must submit a park
development plan and specifications for review and approval from the City
through City staff, the Park and Recreations Commission, and the City Council
prior to initiating construction. The park development plan and specifications
must, at a minimum, include:
• Security lighting and/or park lights
• Park Sign
• Playground equipment from a commercial company such as Miracle,
Gametime, or Landscape Structures with proper playground surfacing
meeting CPSC standards underneath
• Garbage/trash receptacles
• Park benches
• Sidewalks and accessible paths
• Trees
• Picnic table(s)
• Bike parking loops
• Parking, including accessible parking. Parking may be street parking.
• Seeding grass for the play space
• Compliance with the Americans with Disabilities Act regulations as
reviewed and approved by the City's ADA consultant RAC or another
independent ADA consultant organization, including the path from
accessible street parking to the park features.
The City will provide information on the specifications required for specific park
amenities such as park lights, park sign, garbage/trash receptacles, park
benches, and bike parking loops to maintain conformity and facilitate maintenance
of such amenities throughout the City of Dubuque's park system.
f. Developer must maintain general liability insurance on the park lot and
appurtenances as well as property coverage on the playground equipment until
the park is accepted by City. Proof of insurance shall be submitted to the City.
g. Developer shall submit to the City Clerk securities (form of Letter of Credit or
Bond) in the amount of 110% of the total park project cost estimate. After the
two (2) year bonding period, the park lot, infrastructure, and appurtenances shall
be dedicated to the City.
Developer Opts Not to Construct Park or Fails to Construct Park by June 30, 2031
a. If Developer opts not to or fails to construct the park by June 30, 2031, the
City will accept dedication of the park lot shown on Exhibit A in the location
with frontage to South Pointe Drive and directly bordering the subdivision
detention basin.
b. The City will budget for and construct a park as city capital budget funding is
available.
c. However, the City shall have no obligation to construct a park on said Lot
and it may remain a public green space.
Developer may use and allow residents to use the park access on South Pointe Drive
upon the execution of a Usage, Maintenance, and Hold Harmless and Indemnification
Agreement for the benefit of the City.
Section 2. Section 3.1 of the Development Agreement is amended to read as
follows:
Section 3.1 Park Construction. City will reimburse Developer for the creation
of a park within the Development Property for actual costs up to two -hundred
thousand dollars ($200,000).
Section 3. Section 3.8 of the Development Agreement is amended to read as
follows:
Section 3.8 Reserved.
Section 4. Section 3.11 of the Development Agreement is amended to read as
follows:
Section 3.11 Additional Public Improvements. The City may, in its sole discretion,
evaluate the possibility of additional public improvement projects within the existing, or
an expanded, urban renewal area. The City hereby finds that the Qualified
Infrastructure Improvement Costs are desirable within the existing, or expanded, urban
renewal area and added to the Development Agreement.
Section 5. Section 3.12 of the Development Agreement is amended to read as
follows:
Section 3.12 Economic Development Grants.
A. For and in consideration of Developer's obligations hereunder, and in
furtherance of the goals and objectives of the urban renewal plan for the Project Area
and the Urban Renewal Law, City agrees, subject to Developer being and remaining in
compliance with the terms of this Agreement, to reimburse Developer for the actual
cost of development activities as tax increment is generated by all phases of the South
Pointe Housing Renewal Area and in accordance with the annual allocation in Sections
3.12(B) and 3.12(C), as follows:
a. Fiber Optic Installation within development:
b. McNamer/Woodward Water & Sewer Utility
Easement(s) Acquisition Reimbursement:
C. Waller/Leonard Sewer Utility Easement(s)
Acquisition Reimbursement
d. McNamer Woodward Water/Sewer Service
Installation Reimbursement:
e. Tower Drive Emergency Access Reimbursement
for Easement Acquisition and Improvements
f. Park: Reimbursement for Design, Construction,
and Installation if Developer opts to construct:
Up to $223,560
Up to $25,085
Up to $52,056
Up to $200,000
Up to $120,000
Up to $200,000
(a. Through f. are hereby referred to as the "Specified Development Activities")
g. Qualified Costs of the following Infrastructure Improvements ("Qualified
Infrastructure Improvement Costs"), excluding the above Specified
Development Activities:
The principal structures, works, component parts and accessories of any of
the following:
1) Sanitary, storm and combined sewers.
2) Drainage conduits, channels, and levees.
3) Street grading, paving, graveling, macadamizing, curbing,
guttering, and surfacing with oil, oil and gravel or chloride.
4) Street lighting fixtures, connections and facilities.
5) Sewage pumping stations, and disposal and treatment plants.
6) Underground gas, water, heating, sewer and electrical
connections located in streets for private property.
7) Sidewalks and pedestrian underpasses or overpasses.
8) Drives and driveway approaches located within the public right-of-
way.
9) Waterworks, water mains and extensions.
10) Plazas, arcades and malls.
11) Parking facilities.
12) Removal of diseased or dead trees from any public place, publicly
owned right-of-way or private property.
13) Traffic -control devices, fixtures, connections, and facilities.
"Qualified Infrastructure Improvement Costs means the costs and expenses incurred
by Developer necessary to construct the Infrastructure Improvements initiated after
June 1, 2024, including interest during construction and for not more than six months
thereafter, costs for acquisition of right of way, easements, landscaping, grading,
drainage, paving, underground utility connections for private property located in the
streets, engineering, architectural, plans and specifications, labor, materials, supplies,
equipment use and rental, delivery charges, overhead, mobilization, and legal
expenses related to those improvements. To be Qualified Infrastructure Improvement
Costs, they must be incurred by Developer with respect to those Infrastructure
Improvements that are dedicated to and accepted by the City."
B. Grants, related to the Specified Development Activities of the Project, not to
exceed a total of Eight Hundred Twenty Thousand Seven Hundred One Dollars
($820,701) during the term of the agreement, for development activities will be made
as follows:
City shall certify to the County prior to December 1 of each year, commencing
December 1, 2018, its request for the available Developer Tax Increments
resulting from the assessments imposed by the County as of January 1 of that
year, to be collected by City as taxes are paid during the following fiscal year
and which shall thereafter be disbursed to Developer on November 1 and May 1
of that fiscal year.
November 1, 2019: 25% of the remaining yearly increment after the deduction
of the set -aside per Iowa Code §403.22 for low or moderate income families
including single person households, earning no more than eighty percent of the
higher of the median family income of the county or the statewide
nonmetropolitan area as determined by the latest United States Department of
Housing and Urban Development, Section 8 income guidelines (LMI Housing
Assistance), but not to exceed the actual expenditures by Developer for
Development Activities.
May 1, 2020: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2020: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2021: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2021: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2022: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2022: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2023: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2023: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2024: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2024: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2025: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2025: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2026: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2026: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2027: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2027: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2028: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2028: 25% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2029: 25% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
C. Grants, related to Qualified Infrastructure Improvement Costs of the Project, not
to exceed the total of the Qualified Infrastructure Improvement Costs, during the term of
the agreement, for development activities will be made as follows:
May 1, 2024: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2024: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2025: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2025: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2026: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2026: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2027: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2027: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2028: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2028: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2029: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
Subject to and conditional upon: (i) the amendment of Iowa Code Section 403.22
pursuant to Senate File 2442 and (ii) the City receiving approval of the governing
bodies of all other affected taxing districts to extend the division of revenue
under Iowa Code Section 403.19 for three (3) years to adequately fund the
project, then, in addition to the grants provided under the schedules set forth
above, the City agrees to continue to provide grants for development activities,
related to the Specified Development Activities of the Project, that in combination
with the grants provided under subsection B of Section 3.12, above, shall not
exceed a total of Eight Hundred Twenty Thousand Seven Hundred One Dollars
($820,701) during the term of the agreement, and for the Qualified Infrastructure
Improvement Costs of the Project, that in combination with the grants provided
under subsection C of Section 3.12, above, shall not exceed the actual
expenditures for the Qualified Infrastructure Improvement Costs, during the term
of the agreement, as follows:
November 1, 2029: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2030: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2030: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2031: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
November 1, 2031: 100% of the remaining yearly increment after the deduction
of the LMI Housing Assistance set -aside, but not to exceed the actual
expenditures by Developer for Development Activities.
May 1, 2032: 100% of the remaining yearly increment after the deduction of the
LMI Housing Assistance set -aside, but not to exceed the actual expenditures by
Developer for Development Activities.
D. The foregoing grants described in subsections B and C of Section 3.12 will be
made pursuant to Iowa Code §403.19 of the Urban Renewal Law, in amounts equal to
the actual amount of tax increment revenues collected by City under Iowa Code
§403.19 (without regard to any averaging that may otherwise be utilized under Iowa
Code §403.19 and excluding any interest that may accrue thereon prior to payment to
Developer) during the preceding six (6) month period in respect of the Property and
improvements constructed by Developer (the Developer Tax Increments). Developer
recognizes and agrees that the Economic Development Grants shall be paid solely and
only from the incremental taxes collected by City in respect to the Property and
improvements, which does not include property taxes collected for the payment of
bonds and interest of each taxing district, and taxes for the regular and voter -approved
physical plant and equipment levy, instructional support levy, and any other portion
required to be excluded by Iowa law, and thus such incremental taxes will not include all
amounts paid by Developer as regular property taxes.
Section 6. Section 7.3 of the Development Agreement is amended to read as
follows:
7.3 Termination Date.
a. This Agreement and the rights and obligations of the parties hereunder shall
terminate on June 30, 2032 (the Termination Date) subject to and conditional upon:
(i) the amendment of Iowa Code Section 403.22 pursuant to Senate File
2442 and
(ii) the City receiving approval of the governing bodies of all other affected
taxing districts to extend the division of revenue under Iowa Code
Section 403.19.
b. In the event the City the City does not receive the approval of the governing
bodies of the other affected taxing districts to extend the division of revenue under Iowa
Code Section 403.19 then the original termination date of June 30, 2029, will remain in
effect.
Section 7. The City will accept dedication of the private streets referenced in
Sections 2.2 and 3.9 of the Development Agreement upon proof said streets were
constructed to city standards to be confirmed by the City Manager or the City Manager's
designee. If the private streets were not built to city standards the City will accept
dedication of the private streets after they are brought up to city standards.
Section 8 . All other terms of the Development Agreement, as amended,
shall remain in full force and effect.
CITY OF DUBUQUE, IOWA DUBU 1 SOUTH P NTE, L.
By: B
Brad M. Cavanagh, Mayorwt
Its p A
ATTEST:
Adrienne N. Breitfelder, City Clerk
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CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the Dubuque City Council will conduct a public
hearing on the 17t" day of June, 2024, at 6:30 p.m., in the Historic Federal Building, 350
W. 6t" Street, 2nd floor, Dubuque, Iowa, at which meeting the City Council proposes to
take action to approve a First Amendment to Development Agreement between the City
of Dubuque, Iowa and South Pointe, L.L.C., a copy of which is now on file at the Office of
the City Clerk, City Hall, 50 W 13th Street, Dubuque, Iowa, providing for the issuance of
reimbursements for certain infrastructure improvements to be constructed on and within
Development Property (Urban Renewal Tax Increment Revenue Obligations) described
therein in order to carry out the purposes and objectives of the Urban Renewal Plan for
the South Pointe Housing Urban Renewal Area, consisting of the funding of tax increment
reimbursements for South Pointe, L.L.C., under the terms and conditions of the Urban
Renewal Plan for the South Pointe Housing Urban Renewal Area. The aggregate amount
of the Urban Renewal Tax Increment Revenue Obligations cannot be determined at the
present time but is not expected to exceed $1,600,000 but will not to exceed the actual
reimbursement of qualified expenses.
At the meeting, the City Council will receive oral and written comments from any resident
or property owner of said City to the above action. The official agenda will be posted the
Friday before the meeting and will contain public input options. The City Council agenda
can be accessed at https://cityofdubuque.novusagenda.com/AgendaPublic/ or by
contacting the City Clerk's Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Written comments regarding the above public hearings may be submitted to the City
Clerk's Office via email at ctyclerk@cityofdubuque.org or by mail to City Clerk's Office,
City Hall, 50 W. 13t" St., Dubuque, IA 52001, before said time of public hearing. At said
time and place of public hearings the City Council will receive any written comments.
Copies of supporting documents for the public hearings are on file in the City Clerk's
Office and may be viewed Monday through Friday between 8:00 a.m. and 5:00 p.m.
Individuals with limited English proficiency, vision, hearing, or speech impairments
requiring special assistance should contact the City Clerk's Office at (563) 589-4100, TDD
(563) 690-6678, ctyclerk@cityofdubuque.org as soon as feasible. Deaf or hard -of -hearing
individuals can use Relay Iowa by dialing 711 or (800) 735-2942.
Published by order of the City Council given on the 3rd day of June, 2024.
Adrienne N. Breitfelder, City Clerk
Prepared by/Return to: Jill Connors, Economic Development. 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 166-24
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA ON THE FIRST AMENDMENT TO DEVELOPMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE, IOWA AND SOUTH
POINTE, L.L.C., INCLUDING THE PROPOSED REIMBURSEMENT OF SOUTH
POINTE, L.L.C. FOR CERTAIN INFRASTRUCTURE IMPROVEMENTS WITH URBAN
RENEWAL TAX INCREMENT REVENUE AND PROVIDING FOR THE PUBLICATION
OF NOTICE THEREOF
WHEREAS, the City of Dubuque and South Pointe, L.L.C. have entered into a
Development Agreement for the development of property located in the South Pointe
Housing Urban Renewal Area (the Development Property); and
WHEREAS, the City Council has tentatively determined that it would be in the best
interests of the City to approve the First Amendment to the Development Agreement with
South Pointe, L.L.C.; and
WHEREAS, it is deemed necessary and advisable that City should authorize
Urban Renewal Tax Increment Revenue obligations, as provided by Iowa Code Chapter
403, pursuant to the First Amendment to the Development Agreement; and
WHEREAS, before said obligations may be approved, Iowa Code Chapter 403
requires that the City Clerk publish a notice of the proposal and of the time and place of
the meeting at which the City Council proposes to take action thereon and at which
meeting the City Council shall receive oral and/or written objections from any resident or
property owner of said City to such proposed action.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. The City Clerk is hereby authorized and directed to cause a notice to
be published as prescribed by Iowa Code Section 403.9 of a public hearing on the City's
intent to authorize Urban Renewal Tax Increment Revenue obligations pursuant to the First
Amendment to Development Agreement, to be held on the 17th day of June, 2024, at 6.30
o'clock p.m. The official agenda will be posted on Friday, June 14, 2024 and will contain
listening, viewing, and public input options. The City Council agenda may be accessed at
https:Ilcityofdubuque.novusagenda.com/AgendaPublic/ or by contacting the City Clerk's
Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Section 2. The City Council will meet at said time and place for the purpose of
taking action on the matter of authorizing Urban Renewal Tax Increment Revenue
obligations and the execution of the First Amendment to Development Agreement relating
thereto with South Pointe, L.L.C., the proceeds of which obligations will be used to carry
out certain of the special financing activities described in the Urban Renewal Plan for the
South Pointe Housing Urban Renewal Area, consisting of the funding of reimbursements
to South Pointe, L.L.C. for certain infrastructure improvements to be constructed on and
within Development Property pursuant to the First Amendment to the Development
Agreement. It is expected that the aggregate amount of the Tax Increment Revenue
obligations to be issued will be approximately $1,600,000 but not to exceed the actual
reimbursement of qualified expenses.
Section 3. The Clerk is hereby directed to cause at least one publication to be
made of a notice of said meeting, in a newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in said City, said
publication to be not less than four days nor more than twenty days before the date of
said meeting on the issuance of said obligations.
Section 4. That the notice of the proposed action to issue said obligations shall
be in substantially the form attached hereto.
Passed, approved and adopted this V day of June, 2024.
Brad M. Cav h, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk