Updated "Tax Increment Financing in Dubuque" BookletCity of Dubuque
City Council
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February 2, 2026
CONSENT ITEMS # 14.
Updated "Tax Increment Financing in Dubuque" Booklet
City Manager providing a copy of the updated "Tax Increment
Financing in Dubuque' booklet.
Receive and File
1. TIF booklet - Jan 29 2026
Page 337 of 865
TAX INCREMENT
FINANCING
Creating and retaining jobs and
facilitating growth in Dubuque, Iowa
Greater Dubuque
DEVELOPMENT CORP.
THE CITY OF
DUB E
Masterpiece on the Mississippi
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"Would the last person to leave Dubuque please turn off the lights?"
Commonly repeated, residents used this dark humor to help deal with
Dubuque's dire unemployment rate which hit 23% in January 1982. High school
and college graduates left for more prosperous cities and states, taking their
talent with them.
Enter Tax Increment Financing. In 1985, the Iowa State Legislature amended
urban renewal law to allow cities to use Tax Increment Financing (TIF) for
economic development purposes. This tool simply directs the increase in
property tax generated from property improvements to the city, which can
use this increment as a financial incentive to companies that invest and create
jobs in the urban renewal area. This is how the City of Dubuque built over
1,400 acres of industrial parks, now home to 56 businessses, including 47 local
businesses that needed a place to expand.
TIF is the only meaningful local economic incentive available to Iowa cities
and Dubuque's responsible use of TIF has created a nationally -recognized
transformation. Dubuque has been ranked by Forbes, Kiplinger, the U.S.
Conference of Mayors, the National Civic League, and the Milken Institute as
one of the best cities in the United States to live, work, and play.
TIF Incentives
2010 - 2026:
$95,138,429
Leveraged Private
Investment:
$863,296,204
Employment Impact
2010 - 2026:
4,204 jobs retained
866 jobs created
Housing Creation
2010 - 2026:
1,461 units created
(Totals as of jonuary 2026)
From small, local companies to global brands, over 70 projects in our
community have benefitted from tax increment financing since 2001, including
• Advanced Data -Comm
• Andersen Window & Door
• Art's Way Manufacturing
• AY McDonald Manufacturing
• Cottingham & Butler
• Dubuque Screw Products
• Dupaco Community Credit Union
• E91 (formerly Entegee)
• FEH Design
• Geisler Brothers Company
• Giese Manufacturing
• Green Industrial Supply
• Hartig Drug
• Heartland Financial Services
• Hodge Companies
• Hormel/Progressive Processing
• ITC Midwest
• Kendall -Hunt Publishing
• Klauer Manufacturing
• Kunkel Ex Associates
• McCoy Group
• McGraw-Hill
• Medline Industries
• Nordstrom
• Prairie Farms
• Rite -Hite
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PROJECTS
• Rockfarm Holdings
• Rousselot, Inc.
• Sedgwick CMS
• Simmons Pet Food Inc.
• Spahn & Rose Lumber Co.
• Theisen's Supply
• Tri-State Industries
• Tri-State Quality Metals
• Unison Solutions
• Universal Tank
• Vanguard Industries
• Verena Street Coffee
• Woodward Communications
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D U PACO
COMMUNITY CREDIT UNION
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TIF Investment:
15 years of TIF rebates
Project Investment: �Ir`
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$38,000,000�
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Employment Impact:
40 new jobs
More QualityJobs Where
Employees Can Live, Work, and Play
Dupaco Community Credit Union is a not -for -profit
financial cooperative owned and controlled by more
than 112,000 members, most of whom live in Dubuque
and the Tri-State area. The credit union was founded in
1948 by 10 employees of the Dubuque Packing Company
Dupaco redeveloped 82,800 square feet of office space
in a five -story building on Jackson St. in Dubuque's
Historic Millwork District. The project was completed in
2022. As part of the project's development agreement,
Dupaco agreed to expand its operation in Dubuque from
150 operations employees by at least 40 new full-time
employees prior to October 1, 2023.
An additional component of the agreement is the
required collaboration between the City, Dupaco,
and other stakeholders in the area regarding the uses
of existing infrastructure and transportation needs.
Ongoing communication in the form of monthly meetings
and annual reports highlight the ability for these types of
agreements to bring the community together.
SIMMONS PET FOOD
National company chooses Dubuque and
expands within 2 years
Simmons Pet Food, Inc., a family -owned business based in Arkansas, is
the leading North American private -label and contract manufacturer of
wet pet food with three locations in the US and one in Canada. Simmons
purchased a vacant existing manufacturing facility in Dubuque in summer
2021. By summer 2022, they already expanded, introduced a second pet
food line at the location, and hired additional employees. In spring 2023,
they partnered with a local developer on a new $25.5 million warehouse
project, also supported by 10 years of TIF rebates.
The original and subsequent development agreements with Simmons
required them to provide a total of 281 jobs but, as of February 2025, they
had provided over400 new jobs in Dubuque!
TIF Investment:
10 years of TIF rebates
Project Investment:
$71,000,000
Employment Impact:
441 new jobs
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Expansion Afterjust Four Years in Dubuque
Progressive Processing, LLC, a subsidiary of Hormel
Foods Corporation, has a processing plant located in the
Dubuque Industrial Center West. In 2014, the company
expanded operations at its Dubuque location, moving
the production of its bacon topping products and Spam
line to the facility.
The original project, completed in 2014, created 91 new
jobs and had a capital investment of $34.4 million in new
HORMEL
/PROGRESSIVE PROCESSING
TIF Investment:
5 years of TIF rebates
Project Investment:
$123,400,000
Employment Impact:
381 new jobs
equipment and building improvements. This expansion
followed Progressive Processing's 2010 investment of
$89 million to construct the new facility at the site and
create 196 jobs. An additional $13 million investment in
machinery and building improvements in 2019 allowed
Hormel to increase production capacity and add two
additional product lines to this facility, as well as another
58 new jobs. Today, Progressive Processing reports 381
jobs at its Dubuque facility.
TRI-STATE
QUALITY METALS
TIF Investment:
10 years of TIF rebates
Project Investment:
$5,150,000
Employment Impact:
10 new employees
Fabricator Finds New Home for Growth
Tri-State Quality Metals, LLC is a locally owned sheet metal fabrication manufacturer formed in 2010 in Peosta, Iowa.
The company performs laser cutting of sheet metal, as well as plasma cutting, bending, drilling, tapping, sawing, and
welding to create customized parts. Tri-State Quality Metals also provides services including plating, machining,
sheering, and painting that are outsourced to other area manufacturers. The company has grown from a local customer
base to one that is regional, serving manufacturers in eastern Iowa, northwestern Illinois, and southwestern Wisconsin.
The largest customer, Rite -Hite, sells products to worldwide markets. In addition, Tri-State Quality Metals produces
parts for companies that ultimately sell to international manufacturers such as John Deere, Caterpillar, and Volvo.
In 2014, the Tri-State Quality Metals constructed a new $3.4 million, 44,000 square -foot production facility in the
Dubuque Industrial Center South. The expansion allowed the company to add 10 new employees, bringing its total
number of employees to 23. In 2023, the Tri-State Quality Metals constructed a $1.75 million, 31,500 square -foot
expansion to their facility. This expansion did not require additional TIF but was made possible by the original TIF
support.
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ROASTING SOLUTIONS
/VERENA STREET COFFEE
TIF Investment:
10 years of TIF rebates
Project Investment:
$10,200,000
Employment Impact:
20 new jobs
New Facility Meets Needs of Coffee Roaster's Growing Market
Roasting Solutions/Verena Street Coffee opened their
new state -of -the art production facility and national
headquarters in the Dubuque Industrial Center South
in 2016. The locally owned 34,000 square -foot facility
is nearly five times larger than its previous facility.
Roasting Solutions invested over $10.2 million on the
project which created 10 new jobs.
RITE
H ITE
ALWAYS LOOKING AHEAD
Roasting Solutions is a privately -held, family -owned
organization founded in 2010. The company roasts and
packages its coffees at its Dubuque facility. Verena
Street coffee can currently be found in over 750
grocery stores, club stores, warehouse stores, and mass
merchandisers in Iowa, Illinois, Wisconsin, Minnesota,
Nebraska, surrounding areas, and online.
RITE-H ITE
TIF Investment:
10 years of TIF rebates
Project Investment:
$8,900,000
Employment Impact:
138 new jobs
Project Creates Operational Efficiencies for Manufacturer
Rite -Hite manufactures doors, seals and shelters, barrier systems, and other aftermarket products at its Dubuque
production facility at 4343 Chavenelle Drive in the Dubuque Industrial Center. The company is a longtime Dubuque
corporate citizen of and employs 270 at its Dubuque location where it completed an $8.9 million expansion project in
2017 to add 138,000 square feet of manufacturing space and 24 new employees.
In addition to the new production space, the project included a partial remodel of offices, and approximately
$420,000 for new machinery and equipment. The project improved productivity and operational efficiencies and
expanded research and development capabilities. Today, Rite Hite employs 407 employees at its expanded facility.
Page"
THEISEN SUPPLY INC.
Family -Owned Company
Invests in Distribution Center
A local company whose owner is very generous with
non-profit agencies across the state was looking to
expand for the second time in a five-year period. A
consultant advised Theisen Supply to relocate its
proposed distribution center outside of Dubuque,
closer to a major US interstate highway. Jim Theisen,
then president and CEO, credited programs like TIF
with helping make the decision to stay in Dubuque.
The $2.8 million investment is located in Dubuque's
Industrial Center West —helping the company
maintain 48 full-time positions and create 32
additional positions to date.
The 160,000 square -foot distribution center supplies
Theisen's 22 stores in Iowa and two in Wisconsin —up
from 15 stores in 2007. The extra space allows the
company to maximize its buying potential and offer
the lowest prices and best selection of products to
their loyal customers ... a definite win for Iowans!
TIF Investment:
5 years of TIF rebates
Project Investment:
$4,800,000
Employment Impact:
117 jobs
GREEN INDUSTRIAL SUPPLY
Dubuque -Based Supplier
Expands Local Footprint
In 2022, Green Industrial Supply, Inc. announced
plans to expand its operations including the
construction of a 97,000 sq. ft. building addition.
Originally founded in 1971, Green Industrial Supply,
Inc. is locally owned and headquartered in Dubuque
and offers services such as competitive parts
sourcing, quality inspection, knitting, assembly, and
packaging.
The company's use of innovative technology allows
customers the opportunity to lower overhead costs
and make better use of human and capital resources.
Green Industrial Supply's expansion projects included
a capital investment of approximately $7.8 million
dollars, the retention of 61 full time positions, and the
creation of 10 new full-time positions.
TIF Investment:
10 years of TIF rebates
Project Investment:
$7,800,000
Employment Impact:
10 new jobs
Page 343 of 865
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ROSHEK BUILDING
History Meets High Tech
From a posh department store built in the 1930s, to
a tired office building that had suffered from "urban '
renewal" in the 1970s, the Roshek Building was given
new life in 2009 in the form of a $40 million historic
rehabilitation. The 250,000 square -foot, LEED Platinum
rehab project now houses offices for Cottingham & Butler,
UMB Bank, RSM, Community Foundation of Greater
Dubuque, and other local firms —with retail on the first floor
catering to the needs of the building's employees.
The rehabilitation of this downtown icon has enabled local
businesses to expand their downtown employment base
while maintaining 1,144 jobs.
TIF Investment:
10 years of TIF rebates
Project Investment:
$40,000,000
Employment Impact:
32 new jobs
KU N KEL &t ASSOCIATES
Making Iowa Competitive
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Project Accolades
• Excellence in Economic Development in Historic
Preservation -Led Strategies Award - Iowa Economic
Development Authority
• Excellence in Economic Development Award in the
Category of Public -Private Partnerships - International
Economic Development Council
• J. Timothy Anderson Award - National Housing &
Rehabilitation Association
• National Preservation Honor Award - National Trust for
Historic Preservation
• Platinum LEED Certification - Leadership in Energy and
Environmental Design Core and Shell Platinum - U.S.
Green Building Council
• Best Development Award - 1000 Friends of Iowa
• Outstanding Total Building Rehabilitation Award -
Dubuque Main Street
• Best Total Building Rehabilitation Award - Main Street
Iowa
• Preservation Award - Dubuque County Historical Society
Locally owned Kunkel a Associates announced plans to relocate from
Wisconsin to Dubuque in 2006. The company provides insurance consulting,
commercial and personal insurance, employee benefits, claim consulting,
and patient advocate services. The company invested $1.8 million and built a
10,000 square -foot office complex in the Dubuque Technology Park, initially
bringing 24 newjobs to Iowa. The facility also serves as the company's
corporate headquarters.
In 2015, Kunkel & Associates expanded its operation and invested over
$2.5 million to double their office space to 20,000 square feet. Along with
the expansion, the company hired 16 new employees. The most recentjob
reporting showed Kunkel & Associates bringing their total employment to 76.
TIF Investment:
10 years of TIF rebates
Project Investment:
$1,800,000
Employment Impact:
76 new job:
HOW IT WORKS
When a TIF district is created, a "base" valuation of the property value is established.
The base valuation accounts for assessed values prior to the TIF designation. The
tax revenue from this base value remains with all taxing authorities. Increases in the
assessed value over time over and above the base are called the "increment." The TIF
authority (in this case, the City of Dubuque) may access the tax revenue generated by
the increment, to fulfill the designated purpose of the district.
TIF is typically used by cities to fund public improvement projects or private project -
based financial assistance, in conjunction with developing or redeveloping different
parts of a city. This may include upgrading areas of the city suffering from slum and
blight, helping residential development efforts, and enhancing economic development
activities. Depending on the size of the project, cities may use the annual increment to
provide project funding or may need to incur debt to finance an improvement, such as
installing infrastructure.
$1,000
1 7/ i
$100
TODAY TIME END OFTIF
TIF FOR DUBUQUE HOUSING CREATION: 2010-2025
$34.5 million in TIF spread across 60 projects
leveraged $326 million in private investments to
create nearly 1,500 housing units within the city.
Projects are located throughout the community and range in size from 2
units to 201 units, with individual TIF grants ranging from $15,000 to nearly
$7 million.
Multiple housing studies have shown Dubuque needs thousands of additional
housing units to address the need. Housing TIF has been a critical tool to
support private housing creation of all types to address the housing gap.
By state law, when TIF is used for housing development, approximately 38
percent of the future tax increment revenues from the project must be used
to provide housing assistance to low- and moderate -income families whose
incomes are no greater than 80 percent of the median income anywhere in
the city. This is starter housing for Dubuque's current and future workforce,
and our most vulnerable residents, the elderly and disabled.
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CONTACT US City of Dubuque Economic Development www.cityofdubuque.org/econdev
ED009-01262026
563-589-4393
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