Tax Increment Ordinance for the Mount Pleasant Place Housing UrbanCity of Dubuque
City Council Meeting
Action Items # 01.
Copyrighted
August 5, 2024
ITEM TITLE: Tax Increment Ordinance for the Mount Pleasant Place Housing Urban
Renewal Area
SUMMARY: City Manager recommending City Council approval an ordinance creating
a tax increment financing district for the Mount Pleasant Place Urban
Renewal Area (Area).
ORDINANCE Providing That General Property Taxes Levied and
Collected Each Year on all Property Located Within the Mount Pleasant
Place Housing Urban Renewal Area, in 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 said Mount Pleasant Place Housing Urban Renewal
Area
SUGGESTED Suggested Disposition: Receive and File; Motion B; MotionA
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Ordinance Ordinance
Urban Renewal Plan Supporting Documentation
Attachment A - Map Supporting Documentation
Attachment B-1 Supporting Documentation
Attachment B-2 Supporting Documentation
Attachment C Supporting Documentation
Attachment D Supporting Documentation
Masterpiece on the Mississippi
Dubuque
heal
All -America City
111111
2007.2012.2013
2017*2019
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Tax Increment Ordinance for the Mount Pleasant Place Housing Urban
Renewal Area
DATE: July 30, 2024
Economic Development Director Jill Connors is recommending City Council approval an
ordinance creating a tax increment financing district for the Mount Pleasant Place Urban
Renewal Area (Area).
The proposed ordinance authorizes utilization of tax increment financing to incentivize
development efforts in the Area.
The Plan was reviewed by the Long -Range Planning Advisory Commission on July 17,
2024. The Long -Range Planning Advisory Commission has forwarded its
recommendation to the City Council affirming that the Plan is consistent with the City's
Comprehensive Plan for development.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Masterpiece on the Mississippi
Dubuque
Ail -America Illy
ti,ikx1'LCIVIC
2007*2012*2013
2017*2019
Economic Development
Department
1300 Main Street
Dubuque, Iowa 52001-4763
Office (563) 589-4393
TTY (563) 690-6678
http://www.cityofdubuque.org
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Tax Increment Ordinance for the Mount Pleasant Place Housing
Urban Renewal Area
DATE: July 29, 2024
INTRODUCTION
This memorandum transmits for City Council review and approval an ordinance creating
a tax increment financing district for the Mount Pleasant Place Urban Renewal Area
(Area). The City Attorney's Office and bond counsel have reviewed the proposed
ordinance which is attached to this memo.
The proposed ordinance authorizes utilization of tax increment financing to incentivize
development efforts in the Area.
BACKGROUND
By Resolution 220-24 adopted July 1, 2024, City Council directed City Staff to create a
Mount Pleasant Place Housing Urban Renewal Plan related to housing and residential
development. Staff has prepared the Plan for the Area per the directive of the City Council.
A consultation process was conducted with the affected taxing entities as required by
Chapter 403 of the Iowa Code. Prior to the meeting, the taxing entities were mailed copies
of the Plan and the Notice of Public Hearing. The required consultation to discuss,
question, or object to the findings in these documents was held on July 10, 2024. There
were no representatives from the taxing entities in attendance.
The Plan was reviewed by the Long -Range Planning Advisory Commission on July 17,
2024. The Long -Range Planning Advisory Commission has forwarded its
recommendation to the City Council affirming that the Plan is consistent with the City's
Comprehensive Plan for development.
The Notice of Public Hearing was published on July 19, 2024 in accordance with
publication requirements.
The proposed Urban Renewal Plan for the Area describes the specific use of tax
increment funds, reflecting the utilization of tax rebates, for the project to be undertaken
in the Area.
DISCUSSION
The primary goal of the Plan 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). This proposed Area would result in the creation of 16 single-
family, owner -occupied, LMI houses.
With the 10-year life of the Area, it is projected to generate approximately $500,000 in
increment. With all of the housing being created qualifying as LMI housing creation, all
income generated will meet the state requirement for LMI assistance.
Adoption of the ordinance is needed to establish the use of tax increment financing in the
Area. The ordinance authorizes the City to establish a special fund for capturing a portion
of the property tax revenues generated as new development occurs in the Area. All
taxable property located in the Area will continue to pay property taxes based upon the
current tax levies and assessment valuations.
RECOMMENDATION/ ACTION STEP
I recommend, following the adoption of the Urban Renewal Plan, that the City Council
approve the ordinance attached hereto for the Mount Pleasant Place Housing Urban
Renewal Area. Tax increment financing is an important tool for economic development
and has had tremendous success assisting with public and private development efforts
throughout the community.
2
Prepared by Jill Connors, Economic Development, 1300 Main St., Dubuque, IA 52001, (563) 589-4393
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100
ORDINANCE NO. 45-24
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND
COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE MOUNT
PLEASANT PLACE HOUSING URBAN RENEWAL AREA, IN 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 SAID MOUNT
PLEASANT PLACE HOUSING URBAN RENEWAL AREA
WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and
hearing as prescribed by law and pursuant to Resolution No. 250-24 passed and
approved on the 5th day of August, 2024, adopted an Urban Renewal Plan (the "Urban
Renewal Plan") for an urban renewal area known as the Mount Pleasant Place Housing
Urban Renewal Area (the "Urban Renewal Area"); and
WHEREAS, expenditures and indebtedness are anticipated to be incurred by the
City of Dubuque, Iowa in the future to finance urban renewal project activities carried out
in furtherance of the objectives of the Urban Renewal Plan and the future needs for
redevelopment within the Urban Renewal Area are such as to require the application of
the incremental tax resources of the Urban Renewal Area; and
WHEREAS, the City Council of the City of Dubuque, Iowa desires to provide for
the division of revenue from taxation in the Urban Renewal Area, as above described, in
accordance with the provisions of Section 403.19 of the Code of Iowa, as amended, and
the Urban Renewal Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. For purposes of this Ordinance, the following terms have the
following meanings:
(a) Urban Renewal Project Area shall include that area described as follows:
Lot 2 of Mount Pleasant Place; and
Lots 55, 56, 57, and 58 of Rosedale Addition; and
Lots 8, 9. 10, and 11 of the Subdivision of Lot 3 of the Subdivision of Mineral Lot No. 178;
and
Lot 12 of Lot 3 of Mineral Lot 178; and
All of the 40' street right of way lying south of Lots 55, 56, 57, and 58 of Rosedale Addition
and lying east of the right of way of Wood Street.
All in the City of Dubuque, Iowa.
(b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Mount
Pleasant Place Housing Urban Renewal Area, approved by Resolution No. 250-
24 on August 5, 2024, as the same may be amended from time to time.
Section 2. That the taxes levied on the taxable property in the Urban Renewal
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 upon the total sum of the
assessed value of the taxable property in the Urban Renewal Area, as shown on the
assessment roll as of January 1, 2026, being January 1 of the calendar year preceding
the first calendar year in which the City of Dubuque is expected to certify 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 the taxing district into
which all other property taxes are paid. The taxes so determined shall be referred to
herein as the "base period taxes" for such Urban Renewal Area.
Section 4. That portion of the taxes each year in excess of the base period taxes
determined for the Urban Renewal Area as provided in Section 3 of this Ordinance shall
be allocated to and when collected be paid into a special tax increment fund of the City
of Dubuque, Iowa hereby established, to pay the principal of and interest on loans, monies
advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including
bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of
Iowa, as amended, incurred by the City of Dubuque, Iowa, to finance or refinance, in
whole or in part, urban renewal projects undertaken within the Urban Renewal Area
2
pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter -
approved physical plant and equipment levy of a school district imposed pursuant to Iowa
Code Section 298.2 and taxes for the instructional support program of a school district
imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent
required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and
interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22)
related to joint county -city buildings; and (iv) any other exceptions described in Section
403.19 shall be collected against all taxable property within the Urban Renewal Project
Area without any limitation as hereinabove provided.
Section 5. Unless or until the total assessed valuation of the taxable property in
the Urban Renewal Project Area exceeds the total assessed value of the taxable property
in the Urban Renewal Area as shown by the assessment rolls referred to in Section 3 of
this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban
Renewal Area shall be paid into the funds for the respective taxing districts as taxes by
or for said taxing districts in the same manner as all other property taxes.
Section 6. At such time as the loans, advances, indebtedness, bonds and interest
thereon of the City of Dubuque, Iowa referred to in Section 4 hereof have been paid, all
monies thereafter received from taxes upon the taxable property in the Urban Renewal
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 division of taxes from taxable property in
the Urban Renewal Area under the provisions of Section 403.19 of the Code of Iowa. 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 Urban Renewal 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 5th day of August, 2024.
Brad M. Cai. • • , Mayor
3
ATTEST:
Adrienne N. Breitfelder, City Clerk
Read first time: n U rpS 5, aO y
Read second time:
Read third time:
PASSED AND APPROVED: A,!,�9W J) ao3 L1
PUBLISHED:
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URBAN RENEWAL PLAN
Mount Pleasant Place Housing Urban Renewal
Area
City of Dubuque, Iowa
Version 2024.1
TABLE OF CONTENTS
A. INTRODUCTION
B. DESCRIPTION OF THE URBAN RENEWAL AREA
C. DISTRICT DESIGNATION
D. BASE VALUE
E. DEVELOPMENT PLAN
F. RESIDENTIAL DEVELOPMENT
G. AREA OBJECTIVES
H. TYPE OF RENEWAL ACTIVITIES
I. PROPOSED PROJECT
J. FINANCIAL DATA
K. PROPERTY ACQUISITION/DISPOSITION
L. RELOCATION
M. STATE AND LOCAL REQUIREMENTS
N. SEVERABILITY
O. URBAN RENEWAL PLAN AMENDENTS
P. EFFECTIVE PERIOD
ATTACHMENTS
A. INTRODUCTION
This Urban Renewal Plan for the Mount Pleasant Place Housing Urban Renewal
Area ("Plan" or "Urban Renewal Plan") has been developed to help local officials
promote economic development in the City of Dubuque ("City"). The primary goal
of the Plan is to stimulate, through public involvement and commitment, private
investment in new low and moderate income (LMI) housing and residential
development as defined by the Iowa Code Section 403.17(12).
In order to achieve this objective, the City intends to undertake urban renewal
activities pursuant to the powers granted to it under Chapter 403 and Chapter 15A
of the Code of Iowa, as amended.
B. DESCRIPTION OF THE URBAN RENEWAL AREA
The Mount Pleasant Place Housing Urban Renewal Area ("Area" or "Urban
Renewal Area") is illustrated in Attachments A, B-1, and B-2 and described in
Attachment D.
The City reserves the right to modify the boundaries of the Area at some future
date.
C. DISTRICT DESIGNATION
With the adoption of this Plan, the City of Dubuque designates this Urban Renewal
Area as an Economic Development — LMI Housing Area that is appropriate for the
development of housing for LMI families, as defined by Iowa Code Section
403.17(14).
D. BASE VALUE
If the Mount Pleasant Place Housing Urban Renewal Area is legally established
and debt is certified after December 1, 2025 and prior to December 1, 2026, the
taxable valuation within the Urban Renewal Area as of January 1, 2025, will be
considered the "base valuation." If debt is not certified until a later date, the "base
value" will be the assessed value of the taxable property in the Urban Renewal
Area as of January 1 of the calendar year preceding the calendar year in which the
City first certifies the amount of any debt.
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E. DEVELOPMENT PLAN
The City Council has approved a general plan for the physical development of the
City as a whole, outlined in the 2017 City of Dubuque Comprehensive Plan that
was adopted by the City Council on September 18, 2017. The goals, objectives,
and projects in this Urban Renewal Plan are consistent with the City's
Comprehensive Plan.
The Mount Pleasant Place Housing Urban Renewal Area is zoned: PR (Planned
Residential).
This Urban Renewal Plan does not in any way replace the City's current land use
planning or zoning regulation process.
For details on current and proposed land use, see attached land use maps,
Attachments B-1 and B-2.
F. RESIDENTIAL DEVELOPMENT
The City's objective in the Mount Pleasant Place Housing Urban Renewal Area is
to promote new housing for LMI families. LMI families are those whose incomes
do not exceed 80% of the median Dubuque County income. LMI families include
single person households.
G. AREA OBJECTIVES
Renewal activities are designed to provide opportunities, incentives, and sites for
new residential development for LMI families.
More specific objectives for development within the Mount Pleasant Place Housing
Urban Renewal Area are as follows:
1. To alleviate and prevent conditions of unemployment and a shortage of
housing; and to strengthen and revitalize the economy of the State of Iowa
and the City of Dubuque.
2. To stimulate through public action and commitment, private investment in
new residential development.
3. To plan for and provide sufficient land for residential development in a
manner that is efficient from the standpoint of providing municipal services.
4. To help finance the cost of a retaining wall to facilitate street construction
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and installation of curb underdrain by the Developer, installation of fiber
conduits and vaults, as well as other public improvements in support of
new housing development, including a multipurpose trail.
5. To provide a more marketable and attractive investment climate.
6. To improve the housing conditions and housing opportunities for LMI
families.
H. TYPE OF RENEWAL ACTIVITIES
To meet the objectives of this Urban Renewal Plan and to encourage the
development of the Urban Renewal Area, the City intends to utilize the powers
conferred under Chapter 403 and Chapter 15A, Code of Iowa including, but not
limited to, tax increment financing. Activities may include:
1. To undertake and carry out urban renewal projects through the
execution of contracts and other instruments.
2. To arrange for or cause to be provided the construction of public
infrastructure.
3. To finance programs which will directly benefit housing conditions and
promote the availability of housing affordable to LMI families in the
community.
4. To make loans, grants, or rebates to private persons to promote
housing projects on such terms as may be determined by the City
Council.
5. To borrow money and to provide security therefor.
6. To make or have made surveys and plans necessary for the
implementation of the urban renewal program or specific urban
renewal projects.
7. To use tax increment financing for a number of objectives, including
but not limited to, achieving a more marketable and competitive land
offering price and providing for necessary physical improvements and
infrastructure.
8. To use any or all other powers granted by the Urban Renewal Act to
develop and provide for improved economic conditions for the City of
Dubuque and the State of Iowa.
Nothing herein shall be construed as a limitation on the power of the City to
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exercise any lawful power granted to the City under Chapter 15, Chapter 15A,
Chapter 403, Chapter 427B, or any other provision of the Code of Iowa in
furtherance of the objectives of this Urban Renewal Plan.
I. PROPOSED PROJECT
1. Development Agreement. This urban renewal project involves providing
incentives necessary to create new LMI housing to be developed by Habitat
for Humanity Dubuque and Jackson Counties (Developer). The City expects
to provide assistance to the Developer in the form of property tax rebates of
potential incremental taxes, under the terms of a Development Agreement
between the City and the Developer. Under the proposal, the incremental
property tax generated from the new houses constructed within the Urban
Renewal Area pursuant to Iowa Code Section 403.19 is expected to be
rebated to the Developer for a period of time to be determined by the City
Council. These rebates will not be general obligations of the City, but will be
payable solely from incremental property taxes generated by the project. The
estimated costs of this project are expected not to exceed $500,000.00.
This project is specifically to create new housing for low and moderate income
families.
J. FINANCIAL DATA
1) July 1, 2024, Statutory debt limit: $262,722,395 (see Attachment C).
2) Outstanding general obligation debt for purposes of debt limit:
$105,280,288 (see Attachment C)
3) Proposed amount of indebtedness to be incurred: A specific amount of debt
to be incurred for the urban renewal project described herein has not yet been
determined. The estimated project costs in this Plan are estimates only and will be
incurred and spent over a number of years. In no event will the City's constitutional
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 Urban Renewal Area. Subject to the
foregoing, it is estimated that the cost of the eligible urban renewal project as
described above will be approximately as follows: $500,000.00.
K. PROPERTY ACQUISITION/DISPOSITION
Other than easements and public rights -of -way, no property acquisition by the City
is anticipated at this time. However, if any property acquisition/disposition becomes
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necessary to accomplish the objectives of the Plan, urban renewal powers will be
carried out, without limitation, in accordance with the State of Iowa Urban Renewal
Law.
L. RELOCATION
The City does not expect there to be any relocation required of residents or
businesses as part of the proposed urban renewal projects; however, if any
relocation is necessary, the City will follow all applicable relocation requirements.
M. STATE AND LOCAL REQUIREMENTS
All provisions necessary to conform to State and local laws will be complied with
by the City in implementing this Urban Renewal Plan and its supporting
documents.
N. SEVERABILITY
In the event one or more provisions contained in this Urban Renewal Plan, as it
may be amended, shall be held for any reason to be invalid, illegal, unauthorized
or unenforceable in any respect, such invalidity, illegality, lack of authorization or
enforceability shall not affect any other provision of this Urban Renewal Plan, and
this Urban Renewal Plan shall be construed and implemented as if such provisions
had never been contained herein.
O. URBAN RENEWAL PLAN AMENDMENTS
This Urban Renewal Area Plan may be amended from time to time for a number of
reasons, including but not limited to, change in the area, to add or change land use
controls and regulations, to modify goals or types of renewal activities, or to amend
property acquisition and disposition provisions. The City Council may amend this
Plan pursuant to appropriate procedures under Iowa Code Chapter 403.
P. EFFECTIVE PERIOD
This Urban Renewal Plan will become effective upon its adoption by the City
Council and will remain in effect until it is repealed by the City Council.
With respect to the property included within the Mount Pleasant Place Housing
Urban Renewal Plan Area, which is also included in an ordinance which
designates that property as a tax increment area and is designated based on an
economic development finding the use of incremental property tax revenues or the
"division of revenue," as those words are used in Chapter 403 of the Code of Iowa,
is limited to twenty (20) fiscal years.
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At all times, the use of tax increment financing revenues (including the amount of
loans, advances, indebtedness or bonds which qualify for payment from the
division of revenue provided in Section 403.19 of the Code of Iowa) by the City for
activities carried out under the Mount Pleasant Place Housing Urban Renewal Plan
shall be limited as deemed appropriate by the City Council and consistent with all
applicable provisions of law.
ATTACHMENTS
A Urban Renewal District Map
B Land Use Maps
B-1 Existing Land Use
B-2 Proposed Land Use
C List of General Obligation Debt
D Legal Descriptions
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Debt Management
City of Dubuque
Summary of Bonded Indebtedness
Description
Date Average Year of Amount Principal Principal Interest Principal
of Interest Final of Outstanding Due Due Outstanding
Issue Rate Payment Issue 6/30/24 FY 2025 FY 2025 6/30/25
General Obligation Bonds
(Essential Corporate Purpose)
Airport New Terminal Furnishings ST20% 6/2/21 2.00% 2026 25,000 10,149 5,049 203 5,100
Airport Improvements Refunding ST20% 4/17/17 3.00% 2030 282,200 140,600 24,800 4,218 115,800
Airport Improv - PFC Refunding 6/2/21 2.00% 2032 1,353,033 1,016,721 118,332 20,334 898,389
Airport Improv - Sales Tax 20% Ref 6/2/21 2.00% 2032 10,000
Airport Terminal Utility Improv - PFC Ref 6/2/21 2.00% 2034 490,000 385,000 35,000 7,700 350,000
Airport New Terminal Roads ST20% 4/4/16 2.79% 2036 635,927 402,851 31,652 11,636 371,199
Airport Recon Taxiway Alpha - FY24 ST20% Future 4.50% 2044 132,489 132,489 2,158 5,480 130,331
Airport Improvements - FY25 ST20% Future 4.50% 2045 500,386 500,386
Building- Conf Center Energy ST20% 6/20/19 3.00% 2027 187,136 71,808 23,936 2,154 47,872
Building 18th Street Improv Sales Tax 20% 3/19/18 3.05% 2026 391,913 109,190 52,645 3,386 56,545
Building City Hall Brickwork Sales Tax 20% 6/20/19 3.00% 2027 236,448 94,989 30,660 6,274.8 64,329
Building Smart Meters Refunding ST20% 4/17/17 3.00% 2030 45,400 22,600 4,000 678 18,600
Building Federal Bldg Roof Sales Tax 20% 4/4/16 2.79% 2035 268,404 170,031
13,359 4,911 156,672
Building 2nd Floor Engine House 1 - ST20% 8/1/23 4.70% 2043 207,113 207,113 6,821 9,902 200,292
Civic Center Improvements - Sales Tax 20% 6/20/19 3.00% 2027 323,146 129,818 41,902 8,576 87,916
Civic Center Chair Platform S3 ST20% 6/20/19 3.00% 2027 59,340 22,770 7,590 683 15,180
DICW Expansion - South Siegert Farm 3/19/18 3.05% 2026 239,534 66,735 32,176 2,070 34,559
DICW North Siegert Refunding 4/17/17 3.00% 2029 1,285,000 595,000 115,000 17,850 480,000
DICW Expansion Consult Refund 2012H 6/2/21 2.00% 2032 95,580 71,508 8,142 1,430 63,366
DICW Exp S Siegert Ref Taxable 6/2/21 2.00% 2032 2,498,375 1,877,375 218,500 37,548 1,658,875
DICW Exp South Siegert Farm Non -tax 6/20/19 3.00% 2032 305,357 203,271 24,333 4,980 178,938
DICW Refund 2014C Taxable 6/2/21 2.00% 2034 1,145,000 910,000 85,000 18,200 825,000
DICW Webber Property 6/29/22 4.07% 2042 5,500,000 5,500,000 95,000 234,513 5,405,000
DICWChavenelle Road - FY21 Non -Taxable 6/2/21 2.00% 2041 1,265,000 1,155,000 60,000 23,100 1,095,000
DICW Develop McFadden Property - FY24 Future 4.50% 2044 1,788,800 1,788,800 29,131 73,990 1,759,669
DICW Development of McFadden - FY25 Future 4.50% 2045 2,274,963 - 2,274,963
E911 Tower Relocation - Sales Tax 20% 6/20/19 3.00% 2027 141,869 56,993 18396 3765 38,597
Finance General Ledger Software ST20% 6/2/21 2.00% 2041 244,239 216,288 10,648 4,326 205,640
Finance General Ledger Software ST20% 6/29/22 4.07% 2042 420,457 401,747 18710 17016 383,037
Fire Station #4 Improvements - Gaming 6/20/19 3.00% 2027 188,054 62,254 20,732 4,243 41,522
Recreation ST20% 10 Yr Refunding 2014B 6/2/21 2.00% 2025 51,545 13,078 13,078 262
Airport ST20% 10 Yr Refunding 2014B 6/2/21 2.00% 2025 28,182 7,151 7,151 143
Building ST20% 10 Yr Refunding 2014B 6/2/21 2.00% 2025 87,596 22,227 22,227 445
Transit ST20% 10 Yr Refunding 2014E 6/2/21 2.00% 2025 11,407 2,895 2,895 58
Fire Station #2 ST20% 10 yr Refund 2014B 6/2/21 2.00% 2025 91,227 23,149 23149 463
Park Imp ST20% 10 yr Refund 2014B 6/2/21 2.00% 2025 35,046 8,893 8,893 178
Fire Truck Refunding - Debt Service Levy 4/17/17 3.00% 2030 951,500 474,400 83,700 14,232 390,700
Fire Station #2 ST20% 20 yr Refund 2014B 6/2/21 2.00% 2034 85,217 74,042 5,096 1,481 68,946
Park Imp ST20 20% yr Refund 2014B 6/2/21 2.00% 2034 124,780 108,416 7,462 2,168 100,954
Fire Ambulance Replacement ST20% 4/17/17 3.00% 2030 230,000 120,000 20,000 3,600 100,000
Fire Structural Repairs 5&6 ST20% 6/20/19 3.00% 2039 448,875 448,875 13,466 448,875
Fire Ladder/Pumper / HVAC ST20% 6/2/21 2.00% 2041 810,153 717,438 35,320 14,349 682,118
Fire Ladder/Pumper/Ambulance ST20% 6/29/22 4.07% 2042 1,924,543 1,843,253 81,290 73,928 1,761,963
217
Debt Management
Description
Date Average Year of Amount Principal Principal Interest Principal
of Interest Final of Outstanding Due Due Outstanding
Issue Rate Payment Issue 6/30/24 FY 2025 FY 2025 6/30/25
Fire HVAC Headquarters Sales Tax 20% 8/1/23 4.70% 2043 188,576 188,576
6,211 9,016 182,365
Fire Ladder/Pumper Replac ST20%
Future 4.50% 2044 2,090,000 2,090,000 34,036 86,449 2,055,964
Fire Ambulance - FY24 ST20% Future 4.50% 2044 344,000 344,000 5,602 14,229 338,398
Fire HVAC - FY24 ST20% Future 4.50% 2044 442,645 442,645 7,209 18,309 435,436
Fire Equip Replacement - FY25 ST20% Future 4.50% 2045 969,342 969,342
Fire Station Improvements - FY25 ST20% Future 4.50% 2045 1,320,900 1,320,900
Fire Training Burn Tower Imp FY25 ST20% Future 4.50% 2045 466,676 466,676
Franchise Fee Settlement Levy 4/4/16 2.93% 2035 2,830,000 1,760,000 145,000 53,906 1,615,000
GDTIF Colts Building Renovation 6/20/19 3.00% 2039 1,575,000 1,370,000 75,000 41,100 1,295,000
GDTIF - Parks Jackson/Clock Non -Taxable 6/2/21 2.00% 2041 535,000 535,000 - 10,700 535,000
GDTIF - DT Parking Ramp - FY21 6/2/21 2.00% 2036 880,167 822,171 61,407 16,443 760,764
GDTIF Eng Dock Expansion - FY21 6/2/21 2.00% 2036 409,833 382,828 28,593 7,657 354,235
GDTIF DT Parking Ramp - FY22 6/29/22 4.07% 2042 975,000 975,000 40,000 41,453 935,000
GDTIF Docks/Five Flags AC - FY22 6/29/22 4.07% 2042 745,000 745,000 30,000 31,668 715,000
GDTIF Central/Parking Ramp/Five Flags 8/1/23 4.70% 2043 1,080,000 1,080,000 35,000 51,683 1,045,000
GDTIF Smart Parking - FY24 Future 4.50% 2044 1,217,500 1,217,500 19,827 50,359 1,197,673
GDTIF Ramp Major Maintenance - FY24 Future 4.50% 2044 270,777 270,777 4,410 11,200 266,367
GDTIF Iowa Amphitheater - FY24 Future 4.50% 2044 3,000,000 3,000,000 105,455 122,794 2,894,545
GDTIF Iowa Amphitheater - FY25 Future 4.50% 2045 285,000 - 285,000
GDTIF ABC Supply Building - FY25 Future 4.50% 2045 457,000 457,000
GDTIF Smart Parking - FY25 Future 4.50% 2045 1,957,000 1,957,000
GDTIF Ramp Major Maintenance - FY25 Future 4.50% 2045 6,053,000 6,053,000
GDTIF Federal Building Renovation - FY25 Future 4.50% 2045 533,000 - 533,000
GDTIF Downtown Housing Refunding 4/17/17 3.00% 2030 2,120,000 1,140,000 170,000 36,805 970,000
GDTIF Millwork District Refunding 4/17/17 3.00% 2030 2,080,000 1,075,000 165,000 32,250 910,000
GDTIF - 7th St/2-Way Conversion Ref 6/2/21 2.00% 2031 3,204,576 2,329,252 307,847 46,585 2,021,405
GDTIF - Intermodal 2012A Refunding 6/2/21 2.00% 2031 2,545,000 1,845,000 240,000 36,900 1,605,000
GDTIF 5th St Restroom/MFC 2012H Ref 6/2/21 2.00% 2032 1,254,420 938,492 106,858 18,770 831,634
GDTIF Wash Neigh Refunding Taxable 6/2/21 2.00% 2032 493,592 370,904 43,168 7,418 327,736
GDTIF 2014C Taxable Refunding 6/2/21 2.00% 2034 5,385,000 4,275,000 390,000 85,500 3,885,000
GDTIF 2014B Refunding 6/2/21 2.00% 2034 155,000 125,000 10,000 2,500 115,000
Library Improvements - Sales Tax 20% 6/20/19 3.00% 2022 39,408 15,831 5,110 1,046 10,721
Library Improv Sales Tax 20% Ref 2012E 6/2/21 2.00% 2027 84,526 42,893 14,156 858 28,737
Park Improvements - Sales Tax 20% 6/20/19 3.00% 2027 47,290 18,998 6,132 1,255 12,866
Park Water System Study Ref ST20% 4/17/17 3.00% 2030 60,000 29,900 5,300 738 24,600
Park Ham House - Sales Tax 20% 4/4/16 2.79% 2035 200,668 127,120 9,988 3,672 117,132
Park Skate Park ST20% 6/20/19 3.00% 2027 613,524 235,422 78,474 7,063 156,948
Parking Port of Dubuque Parking Ramp 3/19/18 3.05% 2026 373,553 104,075 50,179 3,228 53,896
Parking Central Ave Ramp Refunding 4/17/17 3.00% 2030 6,380,000 2,990,000 560,000 89,700 2,430,000
Parking Iowa Street Ramp Improvements 3/19/18 2.91% 2031 45,516 26,955 3,453 809 23,502
Parking Locust Ramp Security Cameras 6/20/19 3.00% 2033 126,054 77,444 9,733 1,992 67,711
Parking Improvements Refunding 2014E 6/2/2021 2.00% 2034 125,000 95,000 10,000 1,900 85,000
Parking Improv Taxable Refunding 2014C 6/2/21 2.00% 2034 220,000 175,000 15,000 3,500 160,000
Police CAD Software - Gaming Ref 6/2/21 2.00% 2030 160,000 110,000 20000 2,200 90,000
Public Works Equip Ref RUT 4/17/17 3.00% 2030 392,000 195,400 34,500 5,862 160,900
Public Works Radio Replacement ST20% 3/19/18 2.91% 2028 110,000 45,606 10,732 1,368 34,874
PW Curb Ramp/Eng St Improv Ref ST30% 6/2/21 2.00% 2034 885,000 710,000 65,000 14,200 645,000
Rec Imp Sales Tax 20% Refunding 2012E 6/2/21 2.00% 2028 7,572 4,391 1,082 88 3,309
Rec Ice Center Settling Sales Tax 20% 8/1/23 4.70% 2043 4,614,310 4,614,310 151,968 220,619 4,462,342
Sanitary Improvements Refunding 4/17/17 3.00% 2030 660,000 340,000 50,000 10,200 290,000
Sanitary Sewer Improvements 3/19/18 2.91% 2031 1,030,009 609,965 78,146 18,300 531,819
Sanitary Forcemain Refunding 2012E 6/2/21 2.00% 2032 376,122 275,965 33,031 5,519 242,934
Sanitary Sewer Improvements 6/20/19 3.00% 2033 1,124,412 740,381 82,733 16,932 657,648
Sanitary Sewer Imp Refunding 2014B 6/2/21 2.00% 2034 4,390,000 3,475,000 315,000 69,500 3,160,000
Sanitary Sewer Improvements 4/4/16 2.79% 2035 2,405,000 1,525,000 120,000 44,006 1,405,000
Solid Waste Collection Refunding 4/17/17 3.00% 2030 51,300 25,600 4,500 768 21,100
Solid Waste Collection 3/19/2018 2.91% 2031 27,447 16,254 2,082 488 14,172
218
Debt Management
Description
Date Average Year of Amount Principal Principal Interest Principal
of Interest Final of Outstanding Due Due Outstanding
Issue Rate Payment Issue 6/30/24 FY 2025 FY 2025 6/30/25
Solid Waste Collection - FY24
Future 4.50% 2044 148,000 148,000 2,410 6,122 145,590
Solid Waste Collection - FY25 Future 4.50% 2045 873,700 - - - 873,700
Stormwater Refunding 4/4/16 2.91% 2028 6,270,000 1,200,000 440,000 36,000 760,000
Stormwater Improvements Refunding 4/17/17 3.00% 2030 2,015,000 1,000,000 165,000 30,000 835,000
Stormwater Improvements 3/19/18 2.91% 2031 1,714,542 1,015,356 130,081 30,460 885,275
Stormwater Improv Refunding 2012B 6/2/21 2.00% 2031 1,115,424 810,748 107,153 16,215 703,595
Stormwater Improv Refunding 2012E 6/2/21 2.00% 2032 77,131 56,592 6,774 1,132 49,818
Stormwater Improvements 6/20/19 3.00% 2033 290,796 193,576 19,467 3,984 174,110
Stormwater Upper Bee Branch SRF GO NA 4/30/21 1.18% 2037 22,138,000 17,378,398 1,227,000 248,806 16,151,398
Streetlight Replacement Refunding - ST 4/17/17 3.00% 2030 4,900 2,500 400 75 2,100
Street FEMA Land Buyout - Gaming 6/20/19 3.00% 2027 64,901 25,428 8,468 1,733 16,960
Street Fiber/Sidewalk/Lights Refunding RUT 4/17/17 3.00% 2030 258,600 129,000 22,800 3,870 106,200
Street Southwest Arterial 3/19/18 2.91% 2031 771,557 456,920 58,537 13,708 398,383
Street Southwest Arterial - Refunding 2012E 6/2/21 2.00% 2032 827,747 643,857 67,486 12,877 576,371
Transit Radio Replacement ST20% 3/19/18 2.91% 2028 95,000 39,392 9,268 1,182 30,124
Transit Midtown Transfer ST20% 6/20/19 3.00% 2039 216,125 216,125 6,484 216,125
Transit Vehicle Replacement ST20% 6/2/21 2.00% 2041 780,609 691,275 34,032 13,826 657,243
Water System Improvements 3/19/18 2.91% 2031 1,155,930 684,546 87,700 20,536 596,846
Water Improv Refunding 2012E 6/2/21 2.00% 2032 369,768 271,303 32,473 5,426 238,830
Water System Improvements 6/20/19 3.00% 2033 1,323,107 871,017 97,333 19,920 773,684
Water System Improv Refunding 2014B 6/2/21 2.00% 2034 7,470,000 5,915,000 535,000 118,300 5,380,000
Water System Improvements 4/4/16 2.79% 2035 635,000 405,000 30,000 11,688 375,000
Total General Obligation Bonds 146,447,786 95,787,605 8,292,237 2,615,789 103,186,336
Less Annual Appropriation G.O. - (15,902,592) - (14,675,138)
Total G.O. Bonds Subject to Debt Limit 146,447,786 79,885,013 8,292,237 2,615,789 88,511,198
Tax Increment
Port of Dubuque Parking Ramp
Total Tax Increment Bonds
Total Tax Increment
10-16-07 7.5000% 2037 23,025,000 16,350,000 785,000 1,226,250 15,565,000
23,025,000 16,350,000 785,000 1,226,250 15,565,000
23,025,000 16,350,000 785,000 1,226,250 15,565,000
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 Rebate 2031 1,600,279 416,629 416,629
Simmons Pet Food (DICW) 12/9/20 Rebate 2030 397,918 436,111 436,111
Hodge (DICW) 4/6/20 Rebate 2035 257,073 543,368 543,368
Green Industrial Supply (DICW) 8/15/11 Rebate 2023 105,391 105,391 105,391
Tri-State Quality Metals (DICW) NA 3/17/14 Rebate 2026 32,510 59,436 73,975
Roasting Solutions (DICW) NA 1/14/16 Rebate 2028 33,666 64,577 68,924
Rite Hite(DICW) Non -Appropriation 1/14/17 Rebate 2030 24,190 114,749 143,654
Hormel Foods (DICW) 4/21/08 Rebate 2026 8,250,067 543,830 271,915
Linseed Oil (GDTIF) Multi -Res 3/7/13 Rebate 2030 576,504 103,644 17,274
Rousselot (GDTIF) (Non -Appropriation) 1/22/13 Rebate 2025 4,931 21,484 21,484
METX - Lamar Building (GDTIF) NA 5/13/20 Rebate 2031 75,660 182,914 182,914
Marquette Hall (Non -Appropriation) 5/20/19 Rebate 2031 9,170 4,863 4,863
3 Amigos (Non -Appropriation) 4/15/19 Rebate 2031 2,516 7,055 7,055
210 Jones (Non -Appropriation) 6/19/17 Rebate 2031 10,348 21,295 21,295
Prairie Farms Dairy (Non -Appropriation) 3/18/19 Rebate 2031 5,626 9,586 9,586
Julien Hotel (GDTIF) 4/21/08 Rebate 2026 3,260,286 533,958 266,979
44 Main (GDTIF) Multi -Res 10/18/10 Rebate 2027 446,799 245,856 81,952
Barker Financial (GDTIF) Multi -Res 8/16/10 Rebate 2027 297,282 41,460 13,820
253 Main St. (GDTIF) (Non -Appropriation) 4/6/15 Rebate 2027 5,798 2,601 3,094
Spahn and Rose (GDTIF) NA 4/21/14 Rebate 2027 108,221 124,882 124,882
Franklin Investment -Multires (GDTIF) 4/4/11 Rebate 2028 437,225 85,120 21,280
Plastic Center Betty Jane Block (GDTIF) 2/7/11 Rebate 2028 148,957 26,884 6,721
Caradco (GDTIF) Multi -Res 3/21/11 Rebate 2028 1,499,442 537,072 134,268
Bonson 356 Main St. (GDTIF) Multi -Res 12/19/11 Rebate 2028 152,286 39,332 9,833
416,629
436,111
543,368
105,391
73,975
68,924
143,654
271,915
86,370
182,914
4,863
7,055
21,295
9,586
266,979
163,904
27,640
3,094
124,882
63,840
20,163
402,804
29,499
219
Debt Management
Description
Date Average Year of Amount Principal Principal Interest Principal
of Interest Final of Outstanding Due Due Outstanding
Issue Rate Payment Issue 6/30/24 FY 2025 FY 2025 6/30/25
Roshek Building (GDTIF) NA 2/17/09 Rebate 2030 5,149,852 280,309 280,309 515,175
Novelty Iron Works (GDTIF) (Non-Approp) 6/17/13 Rebate 2031 33,105 204,402 204,402 204,402
Gardens of Dubuque (RADFORD) 9/28/20 Rebate 2038 1,391,310 1,298,556 92,754 1,205,802
Rockfarm Holdings (TECH) NA 10/7/14 Rebate 2027 42,301 49,426 49,426 49,426
Total TIF Rebates 24,358,713 6,104,790 3,614,158 5,449,660
Bowling & Beyond Lease Buyout
Iowa Finance Authority Loan - Caradco
Total Other Lns-Rev Backed
10-15-12 Buyout 2032
12-01-10 3.0000% 2030
1,000,000 400,000
4,500,000 2,540,485
5,500,000 2,940,485
50,000
226,314
276,314
- 350,000
74,530 2,314,171
74,530 2,664,171
Total City Indebtedness Subject to Debt Limit 199,331,499 105,280,288 12,967,709 3,916,569 112,190,029
Revenue Bonds
Sanitary Northfork Catfish Imp SRF 1/13/10 3.25% 2031 912,000 337,000 52,000 10,953 285,000
Sanitary W&RRC Upgrade SRF 8/18/10 3.25% 2039 74,285,000 47,502,000 2,747,000 950,039 44,755,000
Sanitary WRRC Cogeneration SRF 5/17/13 2.00% 2033 3,048,000 1,522,000 156,000 30,440 1,366,000
Sanitary Kerper Boulevard & Sponsor SRF 3/8/19 1.00% 2038 2,763,000 1,906,537 129,000 19,114 1,777,537
Sanitary Projects Planning - FY21 SRF Various 2.00% 2043 1,770,000 1,732,668 75,788 34,276 1,656,880
Sanitary Granger Creek & Force Main Plan 1/7/2022 -% 2044 465,000 455,192 19,910 9,005 435,282
Sanitary 42" Force Main WQFP Loan 3/3/2023 1.00% 2043 1,950,000 1,862,000 89,000 18,620 1,773,000
Sanitary Projects- FY24 (FY23 Carryovers) Future 2.68% 2044 11,290,109 11,290,109 456,443 274,920 10,833,666
Sanitary Projects- FY24 Future 2.68% 2044 4,228,710 4,228,710 170,961 102,971 4,057,749
Sanitary Projects- FY25 Future 2.68% 2045 17,683,900 17,683,900
Stormwater Lower Bee Branch Rest SRF 10/27/10 3.25% 2041 7,850,000 5,337,000 240,000 173,452 5,097,000
Stormwater Lower Bee Branch SRF 9/1/14 2.00% 2034 1,029,000 168,000 17,000 3,360 151,000
Stormwater Northfork Catfish Improv. SRF 1/13/10 3.25% 2031 800,000 295,000 45,000 9,588 250,000
Stormwater Sales Tax Increment Rev NA 6/15/15 3.72% 2031 20,800,000 16,725,000 2,150,000 618,968 14,575,000
Stormwater Sales Tax Revenue - GO 5/19/2014 3.23% 2029 7,190,000 6,000,000 1,125,000 275,500 4,875,000
Stormwater Upper Bee Branch RR SRF 6/7/19 2.00% 2040 16,382,000 13,603,000 730,000 272,060 12,873,000
Stormwater West 32nd Detention SRF 1/14/09 3.25% 2028 1,847,000 466,000 111,000 15,145 355,000
Water Webber Extension - FY22 1/7/22 -% 2044 1,570,000 1,536,886 67,224 30,403 1,469,662
Water Projects- FY24 (FY23 Carryovers) Future 2.68% 2044 1,633,646 1,633,646 66,046 39,780 1,567,600
Water Projects- FY24 Future 2.68% 2044 4,140,315 4,140,315 167,387 100,819 3,972,928
Water Projects- FY25 Future 2.68% 2045 4,686,377 - - - 4,686,377
Water Roosevelt Water Tower SRF 8/9/19 2.00% 2040 4,400,000 3,654,000 196,000 73,080 3,458,000
Water CIWA Purchase & Improvements 7/7/17 2.00% 2036 8,613,761 6,063,761 521,000 152,960 5,542,761
Water- Clear Well Reservoirs SRF 10/18/07 3.25% 2028 915,000 232,000 55,000 4,640 177,000
Water Meter Change Out Program SRF 2/12/10 3.25% 2031 6,394,000 2,692,000 349,000 87,587 2,343,000
Water System Improv & Ext. Refunding 8/18/21 2.00% 2030 3,505,000 2,435,000 380,000 48,700 2,055,000
Total Revenue Bonds 210,151,818 135,817,824 10,115,759 3,356,380 148,072,342
Less Annual Appropriation Revenue Bds - (13,956,032) - - (11,803,968)
Net Revenue Bonds 210,151,818 121,861,792 10,115,759 3,356,380 136,268,374
Total City Indebtedness 409,483,317 257,000,704 23,083,468 7,272,949 274,937,509
Statutory Debt Limit 262,722,395 $321,926,12
% of Debt Limit Used 40.07 % 34.85
Remaining Debt Capacity 157,442,107 209,736,091.4
220
Attachment D
Mount Pleasant Place Housing Urban Renewal
Area
Dated June 25, 2024
District Boundary Description
The District shall include the following described area:
Lot 2 of Mount Pleasant Place; and
Lots 55, 56, 57, and 58 of Rosedale Addition; and
Lots 8, 9. 10, and 11 of the Subdivision of Lot 3 of the Subdivision of Mineral Lot
No. 178; and
Lot 12 of Lot 3 of Mineral Lot 178; and
All of the 40' street right of way lying south of Lots 55, 56, 57, and 58 of Rosedale
Addition and lying east of the right of way of Wood Street.
All in the City of Dubuque, Iowa.
1
1111111I 111111 III IIIII IIIII III 1 Hill 1111111111 IIIII IIIII IIIII IIIII 1111
Doc ID 011253870005 Type GEN
Kind: ORDINANCE
Recorded: 08/09/2024 at 02:11:21 PM
Fee Amt: $27.00 Page 1 of 5
Dubuque County Iowa
Karol Kennedy Recorder
File2024-00007333
Prepared by Jill Connors. Economic Development 1300 Main St., Dubuque IA 52001. (563) 589-4393
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13'^ St., Dubuque, IA 52001, (563) 589-4100
ORDINANCE NO. 45-24
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND
COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE MOUNT
PLEASANT PLACE HOUSING URBAN RENEWAL AREA, IN 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 SAID MOUNT
PLEASANT PLACE HOUSING URBAN RENEWAL AREA
WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and
hearing as prescribed by law and pursuant to Resolution No. 250-24 passed and
approved on the 5th day of August, 2024, adopted an Urban Renewal Plan (the "Urban
Renewal Plan") for an urban renewal area known as the Mount Pleasant Place Housing
Urban Renewal Area (the "Urban Renewal Area"); and
WHEREAS, expenditures and indebtedness are anticipated to be incurred by the
City of Dubuque, Iowa in the future to finance urban renewal project activities carried out
in furtherance of the objectives of the Urban Renewal Plan and the future needs for
redevelopment within the Urban Renewal Area are such as to require the application of
the incremental tax resources of the Urban Renewal Area; and
WHEREAS, the City Council of the City of Dubuque, Iowa desires to provide for
the division of revenue from taxation in the Urban Renewal Area, as above described, in
accordance with the provisions of Section 403.19 of the Code of Iowa, as amended, and
the Urban Renewal Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. For purposes of this Ordinance, the following terms have the
following meanings:
a°
Dtb vk -1/4/ rrt« D veLp - (le 23
(a) Urban Renewal Project Area shall include that area described as follows:
Lot 2 of Mount Pleasant Place; and
Lots 55, 56, 57, and 58 of Rosedale Addition; and
Lots 8, 9. 10, and 11 of the Subdivision of Lot 3 of the Subdivision of Mineral Lot No. 178;
and
Lot 12 of Lot 3 of Mineral Lot 178; and
All of the 40' street right of way lying south of Lots 55, 56, 57, and 58 of Rosedale Addition
and lying east of the right of way of Wood Street.
All in the City of Dubuque, Iowa.
(b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Mount
Pleasant Place Housing Urban Renewal Area, approved by Resolution No. 250-
24 on August 5, 2024, as the same may be amended from time to time.
Section 2. That the taxes levied on the taxable property in the Urban Renewal
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 upon the total sum of the
assessed value of the taxable property in the Urban Renewal Area, as shown on the
assessment roll as of January 1, 2026, being January 1 of the calendar year preceding
the first calendar year in which the City of Dubuque is expected to certify 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 the taxing district into
which all other property taxes are paid. The taxes so determined shall be referred to
herein as the "base period taxes" for such Urban Renewal Area.
Section 4. That portion of the taxes each year in excess of the base period taxes
determined for the Urban Renewal Area as provided in Section 3 of this Ordinance shall
be allocated to and when collected be paid into a special tax increment fund of the City
of Dubuque, Iowa hereby established, to pay the principal of and interest on loans, monies
advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including
bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of
Iowa, as amended, incurred by the City of Dubuque, Iowa, to finance or refinance, in
whole or in part, urban renewal projects undertaken within the Urban Renewal Area
2
pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter -
approved physical plant and equipment levy of a school district imposed pursuant to Iowa
Code Section 298.2 and taxes for the instructional support program of a school district
imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent
required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and
interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22)
related to joint county -city buildings; and (iv) any other exceptions described in Section
403.19 shall be collected against all taxable property within the Urban Renewal Project
Area without any limitation as hereinabove provided.
Section 5. Unless or until the total assessed valuation of the taxable property in
the Urban Renewal Project Area exceeds the total assessed value of the taxable property
in the Urban Renewal Area as shown by the assessment rolls referred to in Section 3 of
this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban
Renewal Area shall be paid into the funds for the respective taxing districts as taxes by
or for said taxing districts in the same manner as all other property taxes.
Section 6. At such time as the loans, advances, indebtedness, bonds and interest
thereon of the City of Dubuque, Iowa referred to in Section 4 hereof have been paid, all
monies thereafter received from taxes upon the taxable property in the Urban Renewal
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 division of taxes from taxable property in
the Urban Renewal Area under the provisions of Section 403.19 of the Code of Iowa. 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 Urban Renewal 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 5th day of August, 2024.
Brad M. Cafr • : • , Mayor
3
ATTEST:
Le,g4ZI
Adrienne N. Breitfelder, CityClerk
Read first time: AU3u s I 51 aO
�'
Read second time:
Read third time:
PASSED AND APPROVED: AU9USf 5, d oa
PUBLISHED: jU9 WS4 I, coal.-.1
4
STATE OF IOWA
CERTIFICATE of t`►,e CITY CLERK
)
) SS:
COUNTY OF DUBUQUE )
I, Adrienne N. Breitfelder, City Clerk, do hereby certify that I am the duly appointed,
qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such
City Clerk, I have in my possession or have access to the records of the proceedings of the
City Council. I do further state that the hereto attached Ordinance No. 45-24 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 9 day of August 2024.
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:
08/09/2024
and for which the charge is 100.58
Subscribed to before me, a Notary Pub11 in and for
Dubuque County, Iowa,
this 9th day of August, 2024
Notary Publ
tiP
a
in and for Dubuque County, Iowa.
+ow*
JANET K. PAPE
Commission Number 199659
My Commission Expires
12/ 1112025
Ad text :
CITY OF DUBUQUE
OFFICIAL PUBLICATION
ORDINANCE NO. 45-24
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED
AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE
MOUNT PLEASANT PLACE HOUSING URBAN RENEWAL AREA, IN 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 SAID MOUNT PLEASANT PLACE HOUSING URBAN
RENEWAL AREA
WHEREAS, the City Council of the City of Dubuque, Iowa,
after public notice and hearing as prescribed by law and
pursuant to Resolution No. 250-24 passed and approved on the
5th day of August, 2024, adopted an Urban Renewal Plan (the
"Urban Renewal Plan") for an urban renewal area known as the
Mount Pleasant Place Housing Urban Renewal Area (the "Urban
Renewal Area"); and
WHEREAS, expenditures and indebtedness are anticipated to be
incurred by the City of Dubuque, Iowa in the future to finance
urban renewal project activities carried out in furtherance of
the objectives of the Urban Renewal Plan and the future needs
for redevelopment within the Urban Renewal Area are such as to
require the application of the incremental tax resources of
the Urban Renewal Area; and
WHEREAS, the City Council of the City of Dubuque, Iowa
desires to provide for the division of revenue from taxation
in the Urban Renewal Area, as above described, in accordance
with the provisions of Section 403.19 of the Code of Iowa, as
amended, and the Urban Renewal Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. "For purposes of this Ordinance, the following
terms have the following meanings:
(a)"Urban Renewal Project Area shall include that area
described as follows:
Lot 2 of Mount Pleasant Place; and
Lots 55, 56, 57, and 58 of Rosedale Addition; and
Lots 8, 9. 10, and 11 of the Subdivision of Lot 3 of the
Subdivision of Mineral Lot No. 178; and
Lot 12 of Lot 3 of Mineral Lot 178; and
All of the 40' street right of way lying south of Lots 55,
56, 57, and 58 of Rosedale Addition and lying east of the
right of way of Wood Street.
All in the City of Dubuque, Iowa.
(b)"Urban Renewal Plan shall mean the Urban Renewal Plan for
the Mount Pleasant Place Housing Urban Renewal Area, approved
by Resolution No. 250-24 on August 5, 2024, as the same may be
amended from time to time.
Section 2. That the taxes levied on the taxable property in
the Urban Renewal 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 upon the total sum of the
assessed value of the taxable property in the Urban Renewal
Area, as shown on the assessment roll as of January 1, 2026,
being January 1 of the calendar year preceding the first
calendar year in which the City of Dubuque is expected to
certify 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 the taxing district into which all
other property taxes are paid. The taxes so determined shall
be referred to herein as the "base period taxes" for such
Urban Renewal Area.
Section 4. That portion of the taxes each year in excess of
the base period taxes determined for the Urban Renewal Area as
provided in Section 3 of this Ordinance shall be allocated to
and when collected be paid into a special tax increment fund
of the City of Dubuque, Iowa hereby established, to pay the
principal of and interest on loans, monies advanced to,
indebtedness, whether funded, refunded, assumed or otherwise,
including bonds or obligations issued under the authority of
Section 403.9 or 403.12 of the Code of Iowa, as amended,
incurred by the City of Dubuque, Iowa, to finance or
refinance, in whole or in part, urban renewal projects
undertaken within the Urban Renewal Area pursuant to the Urban
Renewal Plan, except that (i) taxes for the regular and
voter -approved physical plant and equipment levy of a school
district imposed pursuant to Iowa Code Section 298.2 and taxes
for the instructional support program of a school district
imposed pursuant to Iowa Code Section 257.19 (but in each case
only to the extent required under Iowa Code Section
403.19(2)); (ii) taxes for the payment of bonds and interest
of each taxing district; (iii) taxes imposed under Iowa Code
Section 346.27(22) related to joint county -city buildings; and
(iv) any other exceptions described in Section 403.19 shall be
collected against all taxable property within the Urban
Renewal Project Area without any limitation as hereinabove
provided.
Section 5. Unless or until the total assessed valuation of
the taxable property in the Urban Renewal Project Area exceeds
the total assessed value of the taxable property in the Urban
Renewal Area as shown by the assessment rolls referred to in
Section 3 of this Ordinance, all of the taxes levied and
collected upon the taxable property in the Urban Renewal Area
shall be paid into the funds for the respective taxing
districts as taxes by or for said taxing districts in the same
manner as all other property taxes.
Section 6. At such time as the loans, advances,
indebtedness, bonds and interest thereon of the City of
Dubuque, Iowa referred to in Section 4 hereof have been paid,
all monies thereafter received from taxes upon the taxable
property in the Urban Renewal 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 division of
taxes from taxable property in the Urban Renewal Area under
the provisions of Section 403.19 of the Code of Iowa. 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 Urban Renewal 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 5th day of August, 2024.
/s/Brad M. Cavanagh, Mayor
Attest: /s✓ Adrienne N. Breitfelder, City Clerk
Published officially in the Telegraph Herald newspaper on
the 9th day of August, 2024.
/s/Adrienne N. Breitfelder,
CMC, City Clerk
It 8/9