New Market Tax Credits _Gronen_ButlerCity Manager's Office
50 West 13th Street
Dubuque, Iowa 52001-4564
(563) 589-4110 phone
(563) 589-4149 fax
ctymgrQcityofdubuque.org
December 20, 2007
John Gronen and Paul Butler
Gronen Restoration
1086 Main Street
Dubuque, IA 52001
Dear Mr. Gronen and Mr. Butler,
THE CITY OF ~~1
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Redeveloping historic properties in downtown areas can be an expensive venture. Building new
at the outskirts of town can be a less expensive option, but the City of Dubuque believes there
are many benefits to revitalizing the downtown area. Two projects in downtown Dubuque; the
Julien Hotel, and the 900 block of Main Street, are two projects which will spur economic
development in our lowest-income census tract, encourage additional revitalization, utilize
existing resources to prohibit the destruction of the environment, and create a historical
destination where citizens and visitors can live, work, and play.
The Julien Hotel is one of Dubuque's signature buildings which has a very strong visual
presence in the community. The owners are focused to redevelop it into the premier lodging
destination in the region, like it once was when it was constructed. The project will create over
50 new jobs for the City's most distressed census tract. A significant gap exists for funding this
project and New Market Tax Credits will make this significant project move forward.
The 900 block of Main Street rests between two core areas of the central business district. The
current property owner sees the potential to redevelop the properties and to create a connection
for citizens, workers, and visitors between the two areas. This project will help its low-income
neighborhood realize the benefits of redeveloping their properties. This will help spur additional
revitalization in the area.
The City of Dubuque is committed to revitalizing the downtown area and these two projects are
catalyst projects to continue the long-term process of transforming the area. The City has been
a partner in discovering financing mechanisms for these projects and is excited for the
possibility of making downtown Dubuque a greater place to live, work, and play.
Sincerely,
Michael C. Van Milligen
City Manager
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