Julien Inn Renovation Memo of UnderstandingTHE CITY OF Dubuque
---... " "
Masterpiece on the Mississippi ,
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proposed Renovation of the Julien Inn Hotel
DATE: January 16, 2008
Tony Pfohl, representing the Fischer Companies, has been working with Inn
Development and Management, LLP to consider options for the renovation of the Julien
Inn. Tony Pfohl would like to do a total remake of the hotel and its brand, including
adding a swimming pool, spa, restaurant, retail boutiques, arestaurant/bar, updated
conference and ballrooms and 127 upscale rooms/suites. This renovation would also
restore the exterior of the building to look like the original building facade. The
estimated cost of this renovation project is between $20 and $23 million.
This project is not feasible without some public assistance. The developer intends to
utilize both Federal and State Historic Tax Credits. Federal Tax Credits have been
secured, but due to the State cap on tax credits, the project did not yet receive approval
for State Tax Credits. The developer plans to reapply for the State Tax Credits again in
2008.
The Fischer Companies has identified City financial assistance as key to this project
moving forward. Economic Development Director Dave Heiar is recommending the
following incentive package:
• $600,000 low interest loan from the Downtown Rehabilitation Loan Program;
• $10,000 facade grant;
• $10,000 design grant;
• 15 year Tax Increment Financing Bond or rebate based on a minimum
assessment agreement of $11 million; and
• 3 year 100% rebate of City portion of any incremental increase in the hotel/motel
tax to be administered by the Dubuque Area Chamber of Commerce Convention
and Visitors Bureau to exclusively market the Hotel Julien.
In the past, the City had limited the use of Tax Increment Financing as an incentive to a
10 year period. I believe in this case, extending the Tax Increment Financing benefit to
a 15 year period is justified based on the size of the investment and the great benefit
this renovation will be to Downtown Dubuque.
The Fischer Companies understands that the incentives are based on the creation of 50
new full-time equivalent positions and a minimum project cost of $20 million, to be
completed by June 30, 2009.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen c
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
THE CITY OF Dubuque
DUB E
Maste iece on the Mississi i ' I ~ f
~ pp 2tq? MEMORANDUM
January 15, 2008
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Proposed Renovation of the Julien Inn Hotel
BACKGROUND
Over the past year, Tony Pfohl, representing the Fischer Companies, has been working
with Inn Development and Management, LLP (IDM) to consider options for the
renovation of the Julien Inn. The owners initially anticipated about a $4 million project to
renovate the exterior and first floor. IDM convinced the owners to consider a much
larger renovation project.
In August 2007, Aaron DeJong and I met with Mr. Pfohl and Connie Barbian of IDM to
review plans that have been developed for the Julien Inn (copies attached). The plans
propose a total remake of the hotel and its brand. At that time, the proposed renovation
costs were estimated between $12-13 million and included a swimming pool, spa,
restaurant, retail boutiques, arestaurant/bar, updated conference and ball rooms and
127 upscale rooms/suites. This renovation would also restore the exterior of the building
to look like the original building facade. The owners are working with Conlon
Construction on the building plans and structural options.
During our meeting, IDM also gave us a brochure from two other hotels their company
has recently renovated in Beloit and Wausau. Both the Beloit Inn and the Jefferson
Street Inn are luxury hotels similar to their vision for the Julien Inn.
As is true with most historic renovation projects, some public investment is required to
make the project a reality. The developer has submitted a Part 1 and a Part 2
application for historic tax credits. The Developer intends to utilize both Federal and
State Historic Tax Credits. Federal Tax credits have been secured, but due to the State
cap on tax credits, the project did not receive approval for State Tax Credits in 2007.
The developer plans to reapply in 2008.
Although historic tax credits are essentiaa to make this total rehabilitation project work,
the developer also needs City assistance.
On January 3, 2008 the Fischer Companies submitted an update on the project status
and a request for City financial assistance. The scope of the project has now increased
to $20-$23 million. Mr. Pfohl also projects that the number of jobs will go from 20 FTE's
to 77 FTE's. Without the commitment of State Historic Tax Credits, the Fischer
Companies are re-evaluating the level of renovation that should be included in this
project. The financial statements are projecting a $6 million gap. The Fisher Companies
counter proposal requests the following:
• $600,000 low interest loan
• $75,000 facade grant
• $30,000 design grant
• 15 years of TIF (Bond)
• 3 year 100% rebate of hotel/motel tax directly to Fischer Company
RECOMMENDATION
Based on the increased project cost for rehabilitation of the Hotel Julien, and the failure
of the State to fund Historic tax credits in 2007, I recommend the following incentive
package.
• $600,000 low interest loan from the Downtown Rehabilitation Loan Program.
• $10,000 facade grant
• $10,000 design grant
• 15 year TIF Bond or rebate based on minimum assessment agreement of $11
million
• 3 year 100% rebate of City portion of any incremental increase in the
hotel/motel tax to be administered by Convention and Visitors Bureau of the
Chamber for exclusive use to market the Hotel Julien.
These incentives would be based on the creation of 50 new FTE's and a minimum
project cost of $20 million to be completed by June 30, 2009.
F:\USERS\DHeiar\Julien Inn\Proposed renovation of the Julien Inn memo 3.doc
MEMORANDUM OF UNDERSTANDING
Whereas, the Fischer Companies, a local developer wishes to renovate property
located at 200 Main Street (the Julien Hotel) into afirst-class hotel facility; and
Whereas, the property is located within the Greater Downtown Urban Renewal District;
and
Whereas, the City of Dubuque believes this project will be beneficial to the community;
and
Whereas, the City of Dubuque and the Fischer Companies desire to enter into further
discussions concerning revitalizing said properties, the parties propose the following:
1. The Fischer Companies (Developer), owning the building as Plastic Center Inc.,
will redevelop the property located at 200 Main Street (the Julien Hotel) into a
first-class hotel facility. The proposed renovation is estimated between $20-23
million and includes a swimming pool, spa, restaurant, retail boutiques, a
restaurant/bar, updated conference and ball rooms and 133 upscale
rooms/suites. This renovation would also restore the exterior of the building to
look like the original building fagade.
2. The property will be fully redeveloped and completed by June 30, 2009.
3. The City understands that it is the Developer's intent to utilize the following
incentives:
• Tax Credits: The Developer has applied for Federal and State Historic
Tax Credits. The Developer anticipates receiving Federal Tax Credits for
20% of the project costs. The Developer plans to reapply for State Tax
Credits for 25% of the project cost.
V ~
4. In consideration for the Developer's intentions as described in Paragraphs 1. and
2., and as an incentive for redevelopment in downtown, the City will provide the
following incentive package to the Developer:
• Tax Increment Financing Downtown Rehabilitation Loans and Grants:
Subject to a written agreement executed between the Developer and the
City, the City will provide the following;
200 Main Street (Julien Hotel)
$ 10,000 facade grant
$ 10,000 design grant
$600,000 rehabilitation loan
The first 5 years of the loan is interest only payments. Interest rate is 3%.
Principal and interest payments begin in year 6 and the principal is
amortized over 15 years. A $2,000 credit is given for every job created
within two years of the closing of the loan and maintained for a three year
period. At this time, insufficient loan funds are available in the Downtown
Rehabilitation Loan Program to fund the loan. The Developer agrees to
wait until funds are available, which is expected in FY 2016-17.
• Tax Increment Financing: Subject to City Council approval of all the
requirements of the Urban Renewal Act (Chapter 403 of the Code of
Iowa), and subject to a written agreement executed between the
Developer and the City after the requirements have been met by the City,
the City will provide a fifteen year TIF Bond or rebate of property taxes
paid by the Developer on the incremental value added to the real estate
parcel as a result of the project. The TIF bond will be based on an $11
million minimum assessment agreement.
• Hotel/Motel Tax Marketing Funds: Upon completion of the renovation
project (July 1, 2009), the City will provide 100% of the incremental
increase in its share of Hotel/Motel tax revenue for three full years, to
assist in marketing the renovated hotel. The funds will be transferred to
the Convention and Visitors Bureau to exclusively market the hotel.
5. The Developer acknowledges that in order for the City to secure such incentives,
certain requirements are imposed upon the Developer as specified in the
respective program regulations. The Developer agrees to cooperate with the
City by providing the information and documents necessary for the approval of
loans and applications for financial assistance above.
6. Notwithstanding any other provision of this Memorandum of Understanding, the
City shall have no obligation to the Developer under this Memorandum of
Understanding until and unless definitive agreements are entered into between
2
the Developer and the City, and approved by the City Council and the
Developer's appropriate officers.
Approved this 15th day of January 2008 by and between the
Fischer Companies, and the City of Dubuque, Iowa.
THE FISCHER COMPANIES
Tony Pfohl
Attest:
CITY OF DUBUQUE
Ric W. Jones, Mayor Pro-Tem
Jeanne F. Schneider, City Clerk
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E S T A B L I S H E D I N 1 8 5 8
January 3, 2008
David Heier
Economic Development Director
City of Dubuque
50 West 13th Street
Dubuque, IA 52001-4864
RE: Hotel Julien Dubuque
Dear Dave,
® DUBUOUE OFFICE
290 MAIN STREET
DUBUQUE, IOWA 52004-0267
P.O. BOX 267
TEL. 563-583-3526, 563-583-3537
^ NEW YORK OFFICE
546 46TH AVENUE
L.I. CITY, NEW YORK 11101
TEL. 718-784-4800
Following is our response to the proposed development agreement between The City and
Plastic Center, Inc which you presented to us in November. As you'll see, there have
been some significant changes to the scope of the project since that time which will make
the new hotel an even greater asset to Dubuque than first envisioned. We intend to make
the Hotel Julien Dubuque a destination hotel which in and of itself will attract tourists to
Dubuque while offering business travelers and convention delegates a lodging option that
currently does not exist in our market.
Current Project Scope
The current Julien Inn will be completely remodeled and will re-open under its former
name, The Hotel Julien Dubuque (HJD). HJD will set a new standard for lodging in
Dubuque and will boast an indoor swimming pool, spa, restaurant, retail shops,
bar/lounge, updated conference rooms, a grand ballroom, 133 first class rooms including
20 suites and a restored facade. While those elements remain unchanged since our earlier
discussions, the scope now includes installation of a fire sprinkler system throughout the
building, roof replacement, expanded lobby renovations in an effort to more fully restore
the hotel to its earlier grandeur, and we are constructing the foundation of the swimming
pool addition in such a way as to allow us to infill the site between the hotel and our
offices at 290 Main Street in the future.
Additionally, while we had originally planned to merely upgrade the building's existing
HVAC system, our engineers suggested that it should be replaced in order to meet
today's standards for comfort and efficiency. As a result, the current plan calls for the
installation of a closed-loop geothermal system to handle all of the hotel's heating and
cooling requirements. While the added cost for this system is considerable, with the
City's increased push to become a "green city", we feel a geothermal system in a
rehabbed structure of this magnitude could be a real signature project for Dubuque.
Further, with all new energy efficient lighting, the new roof, and all new insulated glass
storefronts and windows, The Hotel Julien Dubuque will be a dramatically more efficient
and "greener" structure than it is today.
Jobs
In addition to the increased hoteUmotel tax dollars the new hotel will generate for the city
and the positive financial impact the increased occupancy/activity will have on
surrounding downtown businesses, the remodeling will also result in a significant number
of new jobs. The Julien Inn previously employed about 20 full time equivalents or FTE's.
As you can see in the attached document, our projections show that the new Hotel Julien
Dubuque will have about 77 FTE positions and many of those will be for Dubuquers who
have limited skill sets and may not have the training required for many of the other new
jobs coming to Dubuque.
Project Costs
The initial cost estimate of the project was $15-16 million dollars. Currently, our cost
projections are between $20-23 million dollars including $1.4million for the facade
restoration, $16 million on interior rehab costs and roughly $4 million for soft costs
including furniture and fixtures, design and consulting fees, etc. These construction
estimates are obviously forcing us to take a very hard look at whether or not we can
afford to proceed as planned. We are currently working on demolition of all floors so we
can refine our plans and better assess construction costs but re-construction and
improvements in all areas including the guest room floors as well as the public spaces
and the pool addition are currently on hold.
Development Package with City
In light of the increased project costs and the uncertainty of the state historic tax credits,
completion of this project is in jeopardy. As you can see from the attached Pro Forma,
there is a significant gap in our fmancial model. It is our hope that State Historic Tax
Credits will eventually fill part of that gap but City assistance with this project is also
essential for us to move forward. The following outlines the incentive package that is
necessary to make this project feasible:
1) Tax Increment Financing
We will require Tax Increment Financing from the City. We request that the City
provide a 15 year TIF Bond of property taxes based on an $11 million minimum
assessment agreement. When we met with Rick Engelken some months back, he
estimated that the new value would be in the $9 million range. In light of the
higher room count, the geothermal system and other additional improvements, we
feel an $11 million valuation is justified.
Further, based on the size and scope of the project, and the fact that we can't take
advantage of incentives the City offers to other developers such as half-priced
land for projects in the Port of Dubuque or the industrial parks, we believe the 15
year term is warranted.
2) Downtown Rehab Loans
We are requesting two $300,000 Downtown Rehabilitation Loans at a 3% rate of
interest. The loans will be interest only for the first 5 years. Principal will be
amortized over 15 years and principal and interest payments will begin in year 6.
A $2,000 credit will be given for each job created within 2 years of the project
completion and maintained for 3 years.
3) Facade Grants
Our facade restoration project is costing us over $1.3 million dollars and we feel
that the amount of the grant should be proportionate to the project. We are
requesting facade grants totaling $75,OOC~.
4) Design Grants ~,
As with the facade grant, we think it important that the design grant be
proportionate to the size and scope of th~ project. We are requesting design grants
totaling $30,000.
5) Hotel/Motel Tax Marketing Funds
We request that the City provide a portio of its share of the HoteUMotel Tax
revenue increases to assist us in market' g the new hotel. After examining our
marketing requirements and budget proj ctions for the first three years of
operation, we request the funds be given in accordance with the following
schedule:
Year 1- 10
Year 2- 1
Year 3- 1
Further, we would like those funds to be refunded directly to us. In turn, we will
then provide documentation to the CVB to show how those funds were used for
marketing The Hotel Julien Dubuque and subsequently, the City of Dubuque.
We feel, as do many other people in this city, that a renovated, high-end, historic hotel on
Main Street will have as big an impact on Dubuque and downtown as any other projects
currently underway. The new Hotel Julien Dubuque will serve as a catalyst for further
development downtown and expansion of retail throughout the area. However, with costs
coming in significantly higher than budgeted and State Historic Tax Credits currently
unavailable, the support of the City is critical to our moving forward at this time.
We recognize that we are seeking significantly more support from the City than
originally offered. In considering our request, we ask that you take into account that we
have not sought significant assistance from the City in the past and have provided critical
support to downtown Dubuque's revitalization by continuing to operate the hotel and
other properties in the area for many years and through donations from our family
foundation to local charitable organizations.
We appreciate your prompt consideration of our request as we will be holding a board
meeting in January to decide whether we can proceed with construction as originally
scheduled or put the project on hold while we work to line up other sources of financing.
We look forward to your response.
Sincerely,
~~
...-
L. Anthony Pfohl
Hotel Julien Dubuque
Management Staffing Guideline
9/20/07
New Positions Incentive Total
1 GM $ 70,000 $ 7,000 $
$ 77,000
- Administrative
$ 77,OOa
1
1 Director of Sales
Social/Wedding Coordinator $
$ 50,000
30,000 $
$ 15,000
7,500 $
$ 65,000
37,500 Sales
$ 140,00(
1 Tour Travel Manager $ 30,000 $ 7,500 $ 37,500
1
1 Assistant GM Rooms Manager
Front Office Manager/Houskeeping $
$ 40,000
34,000 $ 4,000 $
$ 44,000
34,000 Rooms
$ 78,00(
1 F&6 Outlet Supervisor $ 44,000 $ 4,400 $ 48,400 Food & Beverage
1 Chef $ 40,000 $ 4,000 $ 44,000 $ 204,400
1 Sous Chef $ 30,000 $ - $ 30,000
$ -
$ -
1 Restaurant Manager $ 30,000 $ 30,000
1 PM rest $ 27,000 $ 27,000
$ -
1 Bar Manager $ 25,000 $ 25,000
$ - $ -
$450,000 $49,400 $499,400
12 FTE Management
Need to Open
$ 264,000 $ 45,400 $ 309,400
Weekly Hourly
1,480.77 37.02
1,250.00 31.25
721.15 18.03
721.15 18.03
846.15 21.15
653.85 16.35
930.77 23.27
846.15 21.15
576.92 14.42
576.92 14.42
519.23 12.98
480.77 12.02
20 Current total Julien Inn FT
as of 9/20/07
65 Proposed Hotel Julien Dub
12 Mgmt FTE
77
Es• Line Level FTE's
9 Front Office
12 Housekeeping/Laundry
12 Restaurant
10 Banquets
8 Bar
2 Maintenance
10 Kitchen
65
Historic Julien Hotel
Investment Analysis
Hard Costs $ 14,943,368
Existing Building $ 3,500,000
Soft Costs 4,636,036
Total Investment $ 23,079,404 $ 5,960,000
LTV 74.2% -
Loan Amount - 1st $ 17,119,404
Interest Rate - 1st 6.80%
Term - 1st 10 Years
P&I - 1st $ 197,011 $ 2,364,128
End Principal Balance - 1st $0
Equity $ 3,500,000
Loan Amount - 2nd $ -
Interest Rate - 2nd 0.00%
Term - 2nd 6 Years
P&I - 2nd $0.00 $ -
End Principal Balance - 2nd $0
De bt Service Debt Service
Year NOI 1st 2nd Cash Flow DSCR - 1st DSCR -Total Cash on Cash
$ (3,500,000)
2008 $ (178,000) $ 1,182,064 $ - $ (1,360,064) -0.15 (0.15) -38.9%
2009 $ 1,190,000 $ 2,364,128 $ - $ (1,174,128) 0.50 0.50 -33.5%
2010 $ 1,302,000 $ 2,364,128 $ - $ (1,062,128) 0.55 0.55 -30.3%
2011 $ 1,550,000 $ 2,364,128 $ - $ (814,128) 0.66 0.66 -23.3%
2012 $ 1,662,000 $ 2,364,128 $ - $ (702,128) 0.70 0.70 -20.1%
2013 $ 1,714,000 $ 2,364,128 $ - $ (650,128) 0.73 0.73 -18.6%
2014 $ 1,758,000 $ 2,364,128 $ - $ (606,128) 0.74 0.74 -17.3%
2015 $ 1,808,000 $ 2,364,128 $ - $ (556,128) 0.76 0.76 -15.9%
2016 $ 1,861,000 $ 2,364,128 $ - $ (503,128) 0.79 0.79 -14.4%
Historic Julien Hotel
Investment Analysis
Hard Costs $ 14,943,368
Existing Building $ 3,500,000
Soft Costs 4,636,036
Total Investment $ 23,079,404 $ 11,960,000
LTV 48.2%
Loan Amount - 1st $ 11,119,404
Interest Rate - 1st 6.80%
Term - 1st 10 Years
P&I - 1st $ 127,962 $ 1,535,550
End Principal Balance - 1st $0
Equity $ 3,500,000
Loan Amount - 2nd $ -
Interest Rate - 2nd 0.00%
Term - 2nd 6 Years
P&I - 2nd $0.00 $ -
End Principal Balance - 2nd $0
De bt Service Debt Service
Year NOI 1st 2nd Cash Flow DSCR - 1st DSCR -Total Cash on Cash
$ (3,500,000)
2008 $ (178,000) $ 767,775 $ - $ (945,775) -0.23 (0.23) -27.0%
2009 $ 1,190,000 $ 1,535,550 $ - $ (345,550) 0.77 0.77 -9.9%
2010 $ 1,302,000 $ 1,535,550 $ - $" (233,550) 0.85 0.85 -6.7%
2011 $ 1,550,000 $ 1,535,550 $ - $ 14,450 1.01 1.01 0.4%
2012 $ 1,662,000 $ 1,535,550 $ - $ 126,450 1.08 1.08 3.6%
2013 $ 1,714,000 $ 1,535,550 $ - $ 178,450 1.12 1.12 5.1%
2014 $ 1,758,000 $ 1,535,550 $ - $ 222,450 1.14 1.14 6.4%
2015 $ 1,808,000 $ 1,535,550 $ - $ 272,450 1.18 1.18 7.8%
2016 $ 1,861,000 $ 1,535,550 $ - $ 325,450 1.21 1.21 9.3%
TOTAL
Sources:
Historic Tax Credits
$
760,000
2
Federal HTC ,
State HTC $
Other Credits
TIF City of Dubuque $
GAP Funding $ 6,000,000
Paid-in Equity $ 3,500,000
Subtotal Sources of Funds $ 12,260,000
Debt Proceeds $ 11,119,404
TOTAL SOURCES OF FUNDS $ 23,379,404
USES:
Existing Building 3,500,000
Construction
Construction 14,943,368
SOft COStS
Architecture & Engineering 410,000
Technical Services 155,000
Owner Supplied Equipment 300,000
Developer Fee 1,046,036
FF&E 2,500,000
Interest Carry
000
150
Legal and other professional services ,
Equity Placement Fee
State Historical Tax Credit Placement Fee
Management Reserve Accounts
Marketing /Pre-Opening 225,000
Working Capital
Operations Reserve Fund 150,000
TOTAL USES OF FUNDS $ 23 379,404
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December 20, 2007
John Gronen and Paul Butler
Gronen Restoration
1086 Main Street
Dubuque,lA 52001
Dear Mr. Gronen and Mr. Butler,
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 environmen#, 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,
f
Michael C. Van Milligen
City Manager
w~rBiCe t'pnhle Into;;ritg Rus}+un~~ihilill' Innocafiun ~li~;unwcv6
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GreaterDubuque
December 21, 2007
John Gronen
President
Gronen Properties
1056 Main Street
Dubuque, IA 52001
Dear John:
Greater Dubuque Development is pleased to extend this letter to Gronen Properties and Fischer
Companies complimenting you on your partnership in pursuit of the revitalization of the Julien Hotel as
well as other Fischer properties in the 900 block of Main Street in Dubuque.
You can count us in as one of your advocates in support of any applications for assistance you submit to
help finance and achieve your plans.
This multi-million dollar investment in what was once one of the more blighted areas of our community
is a perfect complement to our work and the work of others to make Greater Dubuque a "Destination
for Opportunity."
The Port of Dubuque has become an international showcase, both the "place to see" for visitors and the
"place to be" for new and expanding businesses looking for modern facilities for their employees, with
all the amenities nearby. The Port of Dubuque has become a "gateway to the Mississippi." The Julien
Inn stands as a sentinel at the "land gateway" to the Port of Dubuque, connecting this riverfront
development to the rest of our community: Main Street north and south, the "Warehouse District" and
beyond. It is one of the most prominent buildings people see when they approach Dubuque via the
Julien Dubuque Bridge and the Mississippi River itself.
Thus, your reinvestment in this property and others in the area will enhance the working environment of
downtown Dubuque and the level of hospitality offered to our many visitors. Your sensitivity to the
historic nature of these buildings will also guarantee that both residents and visitors are greeted with
appealing and welcoming images in the "vestibule" of Greater Dubuque.
Thank you for initiating and moving these projects forward. Feel free to call one me and our staff for
anything you need that we can provide to ensure the success of your efforts.
Sincerely,
. ~1
Rick Dickinson
Executive Director and COO
300 Main Street, Suite 120, Dubuque, Iowa 52001
www.greatordubuque.org
e-mail gddc@greaterdubuque.org
phone 563.557.9049
fax 563.557.1059
D U 6 U Q U
...
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MAiN
December 19, 3007
STREET
1 0 9 9 MAIN S T R E E T o u a u a u E IOWA 5 2 0 0 1• s l 2+
1 5 0 7 1 5 0 0- J i 0 0 1 5 0 7 1 5 0 0- q 6+ 5• F A% • W W W. O V 8 0 0 0 E M A I N S T R£ E 7. O R G
John Gronen & Paul Butler
Gronen Restoration
1056 Main
Dubuque, Towa 53001
Gentlemen,
Dubuque Main Street, a downtown development corporation, salutes and endorses the Fischer Company's
important effort to complete tivo crucial projects in downtown Dubuque.
The multi-million dollar rehabilitation of the Julien Inn (hotel) marks the return to glory of Dubuque's only
remaining major historic hotel. One of the strongest contributing buildings in Dubuque's most historic Old
Main District, the work to be completed on the Julien will result in fire structure becoming the cornerstone
of the rebirth of preservation in our city's central business district. A liistorie option to overnight stays, with
quality quarters, will bring both wow and luster to the architecture of Iowa's oldest community.
The 900 Block Revitalization Project consists of three buildings on Main Street, including first floor
commercial space, with residential units above, the prototypical downtown building layouts.
Tlie storefronts reluming to occupant-friendly, attractive space will add so much to now one of tha saddest
blocks ill our central commerce area. The fresh, multiple-bedroom, market-rate apartments will be crucial
for the mix of opport<mities for the 3,000 white-collar workers within four blocks of these structures.
This project represents what we find to be tlse most difficult type of financing gap to close, single storefront
buildings. The diverse architectural styles of these structures blend and compliment this gateway to our
Upper Main District. This pilot project is also expected to demonstrate the importance of public and private
partnerships in trying to make these "smaller" developments work.
There is no question; these two Fischer Company undertakings will be catalysts to growing our hospitality
and residential options in our city center. Likewise, the historic preservation impact the completion of these
two projects will have on downtown Dubuque is hard to overemphasize.
Should anyone need further details on our endorsement of the Fischer Company's projects, please call Dan
at (563) 588-X4400.
Sinc rely,
Daniel L. LoBianco
Executive Director
A MAIN S T R E E T IOWA A F F S L I A T E