Dubuque Industrial Center Restated Urban Renwal PlanPlanning Services Department
City Hall
50 West 13th Street
Dubuque, IA 52001-4864
(563) 589-4210 phone
(563) 589-4221 fax
(563) 589-6678 TDD
planningQcityofdubuclue.org
THE CITY OF
DuB E
MQStel~leCe Oft tyiC MISSISS1~li
February 21, 2008
The Honorable Mayor and City Council
City of Dubuque
50 W.13th Street
Dubuque, IA 52001
RE: Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center
Economic Development District
Dear Mayor and City Council Members:
Discussion
On February 20, 2008 the Long Range Planning Advisory Commission reviewed the
proposed Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center
Economic Development District. A staff report and related materials are enclosed.
One of the roles of the Long Range Planning Advisory Commission is to review proposed
urban renewal plans and urban renewal plan amendments for consistency with the
comprehensive plan for the city.
Economic Development Director David Heiar presented the plan and explained why the
North Siegert Farm and surrounding residential properties should be added to the Urban
Renewal Plan for the Dubuque Industrial Center Economic Development District.
The Commission found the proposed amendment to the Dubuque Industrial Center
Economic Development District is consistent with the following goals and objectives of the
Dubuque Comprehensive Plan:
Economic Development
Goal 1 - To reduce unemployment, achieve economic stability, and increase the
standard of living for all citizens.
• Objective 1.3 -Facilitate access to economic incentives for quality job
creation and/or tax base enhancement.
Goal 8 - To strengthen the local tax base.
Objective 8.1 -Expand and diversify the tax base
Objective 8.2 -Attract and retain capital intensive industries for increased
property values.
Amended and Restated Dubuque Industrial Center Economic Development District
F:\Users\djohnson\Council Items\Urban Renewal & Revitalization Districts\DICEDD-N.
Siegert Farm Add
Page 2
Goal 10 -- To promote the provision of an adequate supply of vacant,
development-ready land for commercial and industrial use.
• Objective 10.1 -- Promote redevelopment of existing vacant or underutilized
properties.
• Objective 10.2 -- Evaluate potential commercial and industrial development
sites, based on the City's Future Land Use Map.
2. Land Use and Urban Design
Goal 3 - To provide sufficient opportunities for industrial development sites within
the community.
• Objective 3.1 -Promote the retention and expansion of existing, and
attraction of new, industrial development opportunities in suitable locations,
including airport environs.
3. City Fiscal
Goal 1 -- To promote the fiscal soundness and viability of City government
operations.
• Objective 1.3 -Monitor changing conditions, trends and legislation as it
impacts the City's fiscal position and promote appropriate fiscal policy and
guidelines to maintain the City's sound fiscal condition.
Recommendation
By a vote of 6 - 0, the Long Range Planning Advisory Commission recommends approval of
the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center
Economic Development District.
Respectfully submitted,
~~~~~~
Dr. Charles Winterwood, Chairperson
Long Range Planning Advisory Commission
Enclosures
cc: Michael Van Milligen, City Manager
David Heiar, Economic Development Director
THE CITY OF Dubuque
DLJB E "''~'
1 I
Masterpiece on the Mississippi
2007
TO: Long Range Planning Advisory Commission
FROM: Laura Carstens, Planning Services Manager
SUBJECT: Amended and Restated Urban Renewal Plan for the Dubuque Industrial
Center Economic Development District
DATE: February 6, 2008
Introduction
The purpose of this memorandum is to forward the Amended and Restated Urban Renewal
Plan for the Dubuque Industrial Center Economic Development District for review and
comment by the Long Range Planning Advisory Commission. The proposed amendment of
the district would add the North Siegert Farm and three residential properties into a new
Subarea C of the Dubuque Industrial Center Economic Development District.
Discussion
One of the roles of the Long Range Planning Advisory Commission is to review proposed
urban renewal plans and urban renewal plan amendments for consistency with the
comprehensive plan for the city.
The Dubuque Industrial Center Economic Development District was created on May 2,
1988. The District is an urban renewal area which allows the City of Dubuque to capture
tax increment revenue from improvements made in the Districts. The original area included
the Dubuque Industrial Center (known as Subarea A) and was expanded in 1997 to include
the Dubuque Industrial Center West, the County Farm, the Bergfeld Farm, and the North
Siegert Farm (known as Subarea B). On January 7, 2008 the Urban Renewal Plan was
amended to remove the North Siegert Farm and an area know as the rail site.
The North Siegert Farm was removed from the Urban Renewal Ptan for the Dubuque
Industrial Center Economic Development District because the North Siegert Farm only had
9 years of the 20-year limitation on the use of tax increment financing left. Consequently,
this limited the ability to recruit and expand businesses. The proposed amendment to the
Urban Renewal Plan will expand the District to include the North Siegert Farm and several
adjacent residential properties as a new Subarea C. The amendment will give the area
access to the tools and incentives available to urban renewal district properties, namely tax
increment financing. The proposed amended Urban Renewal Plan and supporting maps are
enclosed.
Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic
Development District
December 3, 2007
Page 2
The proposed amendment to the Urban Renewal Plan to include the North Siegert Farm
and adjacent residential properties is consistent with the following 2002 Dubuque
Comprehensive Plan goals and objectives:
Economic Development
Goal 1 - To reduce unemployment, achieve economic stability, and increase the
standard of living for all citizens.
• Objective 1.3 -Facilitate access to economic incentives for quality job
creation and/or tax base enhancement.
Goal 8 - To strengthen the local tax base.
• Objective 8.1 -Expand and diversify the tax base
• Objective 8.2 -Attract and retain capital intensive industries for increased
property values.
Goal 10 -- To promote the provision of an adequate supply of vacant,
development-ready land for commercial and industrial use.
Objective 10.1 -- Promote redevelopment of existing vacant or underutilized
properties.
Objective 10.2 -- Evaluate potential commercial and industrial development
sites, based on the City's Future Land Use Map.
2. Land Use and Urban Design
Goal 3 - To provide sufficient opportunities for industrial development sites within
the community.
• Objective 3.1 -Promote the retention and expansion of existing, and
attraction of new, industrial development opportunities in suitable locations,
including airport environs.
3. City Fiscal
Goal 1 -- To promote the fiscal soundness and viability of City government
operations.
• Objective 1.3 -Monitor changing conditions, trends and legislation as it
impacts the City's fiscal position and promote appropriate fiscal policy and
guidelines to maintain the City's sound fiscal condition.
Recommendation
Staff recommends the Long Range Planning Advisory Commission recommend approval of
the Amended & Restated Urban Renewal Plan for the Dubuque Industrial Center Economic
Development District to include the North Siegert Farm and adjacent residential properties,
as the proposed amendment is consistent with the 2002 Dubuque Comprehensive Plan.
Enclosures
THE CITE ~~~ Dubuque
~Z..TB E ~''~'~
"t~ ;
Masterpiece ~n the Mississip~ri ~ ;®
2007
February 5, 2008
TO: Long Range Planning Advisory Commission
FROM: David J. Heiar, Economic Development Director 'h l~"
SUBJECT: Addition of the North Siegert Farm and residential properties to the
Dubuque Industrial Center Economic Development District
Introduction
The purpose of this memorandum is to forward for LRPAC review and approval the
Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center
Economic Development District. The proposed amendment of this district would add the
North Siegert Farm and three residential properties into a new Subarea C of the
Dubuque Industrial Center Economic Development District. The Plan and Resolution
adopting the Plan are attached.
Background
The Dubuque Industrial Center Economic Development District was created on May 2,
1988. The District is an urban renewal area which allows the City of Dubuque to capture
tax increment revenue from improvements made in the District. The original area
included the Dubuque Industrial Center (known as Subarea A) and was expanded in
November 1997 to include the Dubuque Industrial Center West, the County Farm, the
Bergfeld Farm, and the North Siegert Farm (known as Subarea B). On January 7,
2008, the Urban Renewal Plan was amended to remove the North Siegert Farm and an
area known as the Rail Site.
Discussion
The proposed amendment to the Urban Renewal Plan will expand the District to include
the North Siegert Farm and several adjacent residential properties as a new Subarea C.
This amendment will give the area access to the tools and incentives available to urban
renewal district properties, namely tax increment financing.
I recommend expanding the District and amending the Urban Renewal Plan to include
the North Siegert Farm and adjacent residential properties because demand for
industrial land is expected to continue at its current pace and additional land will be
needed. Also, Hormel has announced they want to construct a new manufacturing
facility on the North Siegert farm.
The North Siegert Farm expansion area will include three houses located along
Pennsylvania Avenue along with the City owned farm land. These property owners
have previously expressed an interest of selling their homes to the City. Including the
residential properties in the District would allow the City to use TIF for purchase of the
houses sometime in the future, should the City and property owners agree upon a
purchase price.
Recommendation
I recommend approval of the attached Resolution for approval of the Amended and
Restated Urban Renewal Plan for the Dubuque Industrial Center Economic
Development District.
Action Step
The Action Step for the LRPAC is to recommend approval of the attached Resolution.
attachments
F:\USERS\Adejong\Urban Renewal\Dubuque Industrial Center UR District\2008.2 DIC Urban Renewal Plan\20080205 Memo
LRPAC.doc
Prepared Bv: David Heiar ED Director City of Dubuque 50 W. 13th St. Dubuque, IA 52001 (563) 589-4393
Return To: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque, IA 52001 (563) 589-4393
RESOLUTION NO.
A RESOLUTION APPROVING THE AMENDED AND RESTATED URBAN RENEWAL
PLAN FOR THE DUBUQUE INDUSTRIAL CENTER ECONOMIC DEVELOPMENT
DISTRICT.
Whereas, on February 4, 2008 the City Council of the City of Dubuque, Iowa set a
public hearing to approve an Amended and Restated Urban Renewal Plan (the "Plan") for
the Dubuque Industrial Center Economic Development District (the "District"); and
Whereas, the City of Dubuque's primary objective in amending this Plan is to add
a Subarea C, commonly known as the North Siegert Farm and houses on Pennsylvania
Avenue; and
Whereas, the Long Range Planning Commission has reviewed the proposed
Plan and has found that said document is consistent with the Comprehensive Plan for
the development of the City of Dubuque as a whole and has transmitted its findings to
the City Council; and
Whereas, a consultation process has been undertaken with affected taxing
entities in accordance with Chapter 403 of the Code of Iowa with no written objections
or recommended changes to the Plan received; and
Whereas, the City Council, in accordance with Chapter 403 of the Code of Iowa,
has held a public hearing on the proposed amended and restated Plan after public
notice thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Amended and Restated Urban Renewal Plan for the
Dubuque Industrial Center Economic Development District, attached hereto and made
reference to herein and the addition of Subarea C, be approved.
Section 2. That the City Clerk of the City of Dubuque, Iowa is hereby authorized
and directed to file a certified copy of the Resolution in the office of the Dubuque
County Recorder.
Passed, approved and adopted this 17t" day of March, 2008.
Roy D. Buol
Mayor
Attest:
Jeanne F. Schneider
City Clerk
F:\USERS\Adejong\Urban Renewal\Dubuque Industrial Center UR District\2008.2 DIC Urban Renewal PIan120080317 Adopt Resolution.doc
AMENDED and RESTATED
URBAN RENEWAL PLAN
Dubuque Industrial Center Economic Development District
City of Dubuque, Iowa
This Amended and Restated Urban Renewal Plan provides
for the continued development of the Dubuque Industrial
Center Economic Development District, originally
established by Resolution 130-88 of the City Council of the
City of Dubuque, Iowa on May 2, 1988 and thereafter
amended and restated by Resolution 484-90 on December
17, 1990, Resolution 142-97 on April 7, 1997, Resolution
478-97 on November 17, 1997, Resolution 15-08 on January
7, 2008, and Resolution on March xxm, 2008.
Prepared by the Economic Development Department.
Version 2008.2
TABLE OF CONTENTS
A. INTRODUCTION ..................................................................................................3
B. OBJECTIVES .......................................................................................................3
C. DISTRICT BOUNDARIES ....................................................................................4
D. PUBLIC PURPOSE ACTIVITIES .........................................................................5
E. DEVELOPMENT & REDEVELOPMENT REQUIREMENTS ................................6
F. LAND ACQUISITION AND DISPOSITION ...........................................................7
G. FINANCING ACTIVITIES .....................................................................................8
H. STATE AND LOCAL REQUIREMENTS ............................................................10
I. DURATION OF APPROVED URBAN RENEWAL PLAN ..................................10
J. SEVERABILITY ..................................................................................................11
K. AMENDMENT OF APPROVED URBAN RENEWAL PLAN ..............................11
L. ATTACHMENTS .................................................................................................11
2
AMENDED and RESTATED
DUBUQUE INDUSTRIAL CENTER ECONOMIC DEVELOPMENT DISTRICT
URBAN RENEWAL PLAN
City of Dubuque, Iowa
A. INTRODUCTION
This AMENDED and RESTATED URBAN RENEWAL PLAN (the "Plan") has been
prepared to provide for the further development and redevelopment of the DUBUQUE
INDUSTRIAL CENTER ECONOMIC DEVELOPMENT DISTRICT (the "District") first
established by the City of Dubuque on May 2, 1988. Its intent is to stimulate economic
development activities within the expanded District through the commitment of public
actions as specified herein.
To achieve this objective, the City of Dubuque shall undertake the urban renewal
actions specified in this Plan, pursuant to the powers granted to it under Chapter 403 of
the Iowa Code, Urban Renewal Law.
This Plan is an amendment and restatement of the Dubuque Industrial Center
Economic Development District Urban Renewal Plan adopted by Resolution 130-88 of
the City Council of the City of Dubuque, Iowa on May 2, 1988 and subsequently
amended by Resolution 484-90 on December 17, 1990, Resolution 142-97 on April 7,
1997, Resolution 478-97 on November 17, 1997, Resolution 15-08 on January 7, 2008,
and Resolution on March xx, 2008. This Plan shall serve as a new urban
renewal plan for the District described herein.
The division of taxation authorized by Section 403.19 and the separation of incremental
taxes as defined in Section 403.19(2) have been implemented in the existing area of the
District (hereinafter referred to as "Subarea A" and "Subarea B"). Under the terms of
this Amended and Restated Plan, the tax increment mechanism shall be continued and
implemented within the revised area of the District as well. The revised District shall be
subject to the provisions of a revised ordinance of the City of Dubuque with respect to
the division of taxes levied and collected within each of Subarea A, Subarea B, and
Subarea C of the District. Incremental taxes shall continue to be determined separately
with respect to each of the Subareas comprising the District, and when collected shall
be applied, subject to such liens and priorities as may exist or be from time to time
provided, with respect to the Amended and Restated Dubuque Industrial Center
Economic Development District, as so amended.
B. OBJECTIVES
The primary objectives of the Plan are the development and redevelopment of the
3
District for economic development activities, primarily industrial park development,
through:
1. Provision of marketable industrial development sites for the purpose of
job-creating economic development activities;
2. Provision of public infrastructure improvements, including sanitary sewer,
water and stormwater detention, supportive of full development of the
District;
3. Provision of a safe, efficient and attractive circulation system;
4. Establishment of design standards which will assure cohesive and
compatible development and redevelopment of the District;
5. Provision of public amenities that provide an aesthetically appealing
environment, including open space, buffering, landscaping, water features,
signage and lighting to create a distinctive and attractive setting;
6. Creation of financial incentives necessary to encourage new and existing
businesses to invest in the District; and
7. Expansion of the property tax base of the District.
C. DISTRICT BOUNDARIES
The District is located within the City of Dubuque, County of Dubuque, State of Iowa.
The City of Dubuque believes that the objectives of the Plan can best be accomplished
by defining the real property included within the District as three separate areas so as to
distinguish the original District (Subarea A) from the subsequent expansion areas
(Subarea B and Subarea C).
Subarea A of the District shall consist of the real property legally described as follows:
All of the Dubuque Industrial Center First, Second, Third, Fourth, Fifth, Sixth,
Seventh, Eighth, Ninth, Tenth and Eleventh Additions and the adjoining public
right-of-way, all in the City of Dubuque, Dubuque County, Iowa.
Subarea B of the District shall consist of the real property legally described as follows:
• Lots 1, 3, 4, 1 of 5, 6 and H of Dubuque Industrial Center West; and
• Lots 1, 2, 3, 4, 5, 6, 7, 8, and C of Dubuque Industrial Center West 2nd Addition;
and
• Lots 1, 2, 3, 4, B, and C of Dubuque Industrial Center West 4th Addition; and
• Lots 1 of 1, 1 of 2, 2 of 2, 1 of 3, 2 of 3, 1 of 5, A, C, and D of Dubuque Industrial
Center West 5th Addition; and
4
• Lots 1, 2, and A of Dubuque Industrial Center West 6th Addition; and
• Lots 1, 1 of 2, and 2 of 2 of Dubuque Industrial Center West 7th Addition; and
• Lot 2 of 1 of the Southwest Quarter of the Southwest Quarter and Lot 2 of 1 of
the Southeast Quarter of the Southwest Quarter all in Section 30, Township 89
North, Range 2 East, 5th Principal Meridian;
• and all that part of a 100-foot-wide strip of the Chicago Central Pacific Railroad
right-of-way lying in the SE 1/4 of Section 30, the SE 1/4 of the SW 1/4 of Section
30, the NW 1/4 of Section 31, and the NE 1/4 of Section 31 all in T89N, R2E, of
the 5th P.M. Dubuque County, Iowa, the centerline of which is more particularly
described as follows: beginning at a point of intersection with the easterly line of
the SE 1/4 of Section 30, T89N, R2E, of the 5th P.M., thence southwesterly
along the centerline of said railroad 2,700 feet, more or less a point of
intersection with the westerly line of the SE 1/4 of said Section 30; thence
southwesterly continuing along said centerline 845 feet, more or less, to a point
where the railroad right-of-way widens to 200 feet, said point being the terminus
of this description; and
• all that part of a 100-foot-wide strip of the Chicago Central .Pacific Railroad right-
of-way lying in the Balance of Lot 1 of 1 of the Southwest Quarter of the
Southwest Quarter in Section 29, Township 89 North, Range 2 East, 5th Principal
Meridian; and
• any adjoining public street right-of-way all in the City of Dubuque, Dubuque
County, Iowa.
Subarea C of the District shall consist of the real property legally described as follows:
Lot 1-1 NW 1/4-NE 1/4; Lot 2 of E 10 acres NE 1/4-NW 1/4; Lot 2-1 NW 1/4-NE
1/4; Lot 2 NW 1/4-NE 1/4; Lot 1 E 1/4 NE 1/4-NW 1/4; W 3/4 NE 1/4-NW 1/4; Lot
2-1 SE 1/4-NW 1/4; Lot 1-1 SE 1/4-NW 1/4; and the SW 1/4-NE 1/4 all in Section
30, Township 89 North, Range 2 East, 5th Principal Meridian; and any adjoining
public street right-of-way in the City of Dubuque, Dubuque County.
The boundaries of the District are delineated on the URBAN RENEWAL DISTRICT map
(Attachment A).
The City of Dubuque reserves the right to modify the boundaries of the District at some
future date. Any amendments to the Plan will be completed in accordance with Chapter
403 of the Iowa Code, Urban Renewal Law.
D. PUBLIC PURPOSE ACTIVITIES
To meet the OBJECTIVES of this Plan, the City of Dubuque is prepared to initiate and
support development and redevelopment of the District through, among other things,
the following PUBLIC PURPOSE ACTIVITIES:
1. Acquisition of property for public improvements and private development;
5
2. Demolition and removal of buildings and improvements not compatible
with or necessary for industrial park development and all site preparation
and grading required in connection with such development;
3. Improvement, installation, construction and reconstruction of streets,
utilities and other improvements and rights-of-ways including but not
limited to the relocation of overhead utility lines, street lights, construction
of railroad spur tracks, appropriate landscaping and buffers, open space
and signage;
4. Disposition of any property acquired in the District, including sale, initial
leasing or retention by the City itself, at its fair value;
5. Preparation of property for development and redevelopment purposes
including but not limited to activities such as appraisals and architectural
and engineering studies;
6. Use of tax increment financing, loans, grants and other appropriate
financial tools in support of eligible public and private development and
redevelopment efforts;
7. Enforcement of applicable local, state and federal laws, codes and
regulations;
8. Enforcement of established design standards in furtherance of quality
development;
9. Development and implementation of a marketing program for the purpose
of promoting the purchase and development of industrial sites by private
developers;
10. Coordination and cooperation with the improvement of Seippel Road as it
affects Subarea B's accessibility to U.S. Highway 20.
Public purpose activities are limited to those areas delineated on the PUBLIC
PURPOSE ACTIVITY AREA map (Attachment B).
All public purpose activities shall be conditioned upon and shall meet the restrictions
and limitations placed upon the District by the Plan.
E. DEVELOPMENT & REDEVELOPMENT REQUIREMENTS
The LAND USE and PLANNING AND DESIGN CRITERIA set forth herein shall apply to
any and all District properties the development and/or the redevelopment of which is
assisted by the City through any of the PUBLIC PURPOSE ACTIVITIES listed above.
6
Land Use
Subarea A, Subarea B, and Subarea C shall continue to be developed under the
regulations of the existing Dubuque Industrial Center Planned Industrial
District. The allowed uses provide for a mix of commercial and industrial
land use activities within a quality industrial park setting.
LAND USE maps (Attachments C1 and C2) identify the existing and the
proposed land uses within Subarea A, Subarea B, and Subarea C.
2. Planning and Design Criteria
The planning criteria to be used to guide the physical development of Subarea A,
Subarea B, and Subarea C are those standards and guidelines contained within
the City of Dubuque's Zoning Ordinance and other applicable local, state and
federal codes and ordinances.
a. Subarea A development will continue to be additionally governed by the
Conditions of Development and Operation Documents of the Dubuque
Industrial Center Planned Industrial District as amended from time to time.
b. Subarea B and C will develop under a PI Planned Industrial District
ordinance as required by Section 3-5.5 of the City of Dubuque Zoning
Ordinance. Development within Subarea B will follow the Planned Unit
Development regulations which require a conceptual development plan
and specific design and performance standards to be approved by
ordinance.
F. LAND ACQUISITION AND DISPOSITION
The City of Dubuque is prepared to acquire and dispose of property in support of the
development and redevelopment of the District within the parameters set forth below.
Land Acquisition
All necessary land acquisitions have been completed in Subareas A and B of the
District. The City may acquire additional property in Subarea C in the future.
2. Land Disposition
Publicly held land will be sold for the development of viable uses consistent with
this Plan and not for purposes of speculation.
Land will be disposed of in accordance with the requirements set forth in Chapter
7
403 of the Iowa Code, Urban Renewal Law. Developers will be selected on the
basis of the quality of their proposals and their ability to carry out such proposals
white complying with the requirements of this Plan.
Developers will be required by contractual agreement to observe the Land Use
Requirements and Planning and Design Criteria of this Plan. The contract and
other disposition documents will set forth the provisions, standards and criteria
for achieving the objectives and requirements outlined in this Plan.
3. Relocation Requirements
No relocation is anticipated at this time.
G. FINANCING ACTIVITIES
To meet the OBJECTIVES of this Plan and to encourage the development of the District
and private investment therein, the City of Dubuque is prepared to provide financial
assistance to qualified industries and businesses through the making of loans or grants
under Chapter 15A of the Iowa Code and through the use of tax increment financing
under Chapter 403 of the Iowa Code.
Chapter 15A Loan or Grant
The City of Dubuque has determined that the making of loans or grants of public
funds to qualified industries and businesses is necessary to aid in the planning,
undertaking and completion of urban renewal projects authorized under this Plan
within the meaning of Section 38424(3)(q) of the Iowa Code. Accordingly, in
furtherance of the objectives of this Plan, the City of Dubuque may determine to
issue bonds or loan agreements, in reliance upon the authority of Section
384.24A, Section 384.24(3)(q), Section 403.12 (general obligation bonds) or
Section 403.9 (tax increment bonds), for the purpose of making loans or grants of
public funds to qualified businesses. Alternatively, the City may determine to use
available funds for the making of such loans or grants. In determining
qualifications of recipients and whether to make any such individual loans or
grants, the City of Dubuque shall consider one or more of the factors set forth in
Section 15A.1 of the Iowa Code on a case-by-case basis.
2. Tax Increment Financing
The City of Dubuque is prepared to utilize tax increment financing as a means of
financing eligible costs incurred to implement the Public Purpose Activities
identified in Part D of this Plan. Bonds, tax rebate agreements and\or loan
agreements may be issued by the City under the authority of Section 403.9 of the
Iowa Code (tax increment bonds) or Section 384.24A, Section 384.24(3)(q) and
Section 403.12 (general obligation bonds).
8
The City acknowledges that the use of tax increment revenues delays the ability
of other local taxing bodies to realize immediately the direct tax benefits of new
development in the District. The City believes, however, that the use of tax
increment revenues to finance the development of new industrial land and to
promote private investment in the District is necessary in the public interest to
achieve the OBJECTIVES of this Plan. Without the use of this special financing
tool, new investment may not otherwise occur or may occur within another
jurisdiction. If new development does not take place in Dubuque, property values
could stagnate and the City, County and School District may receive less taxes
during the duration of this Plan than they would have if this Plan were not
implemented.
Tax increment financing will provide along-term payback in overall increased tax
base for the City, County and School District. The initial public investment
required to generate new private investment will ultimately increase the taxable
value of the District well beyond its existing base value.
Tax increment reimbursement may be sought for, among other things, the
following costs to the extent they are incurred by the City:
a. Planning and administration of the Plan;
b. Construction of public infrastructure improvements and facilities within the
District;
c. Acquisition, installation, maintenance and replacement of public
investments throughout the District including but not limited to street lights,
landscaping and buffers, signage and appropriate amenities;
d. Acquisition of land and/or buildings and preparation of same for sale or
lease to private developers, including any "write down" of the sale price of
the land and/or building;
e. Preservation, conservation, development or redevelopment of buildings or
facilities within the District to be sold or leased to qualified businesses;
Loans or grants to qualified businesses under Chapter 15A of the Iowa
Code, including tax rebate payments, debt service payments on any
bonds issued to finance such loans or grants, for purposes of expanding
the business or activity, or other qualifying loan programs established in
support of the Plan; and
g. Providing the matching share for a variety of local, state and federal grants
and loans.
9
3. Proposed Amount of Indebtedness
At this time, the extent of improvements and new development within the District
is only generally known. As such, the amount and duration for use of the tax
increment revenues for public improvements and/or private development can
only be estimated; however, the actual use and amount of tax increment
revenues to be used by the City for District activities will be determined at the
time specific development is proposed.
It is anticipated that the maximum amount of indebtedness which will qualify for
tax increment revenue reimbursement during the duration of this Plan, including
acquisition, public improvements and private development assistance, will not
exceed $25, 000, 000.
At the time of adoption of this Plan, the City of Dubuque's current general
obligation debt is $ 49,045,655 (a list of obligations is found as Attachment D)
and the applicable constitutional debt limit is $148,824,003.
H. STATE AND LOCAL REQUIREMENTS
All provisions necessary to conform with state and local laws have been complied with
by the City of Dubuque in the implementation of this Plan and its supporting documents.
I. DURATION OF APPROVED URBAN RENEWAL PLAN
Subarea A
This Plan shall continue in effect until terminated by action of the City Council,
but in no event before the City of Dubuque has received full reimbursement from
all incremental taxes of its advances and principal and interest payable on all Tax
Increment Financing or general obligations issued fo carry out the OBJECTIVES
of the Plan.
2. Subarea B
This Plan shall continue in effect until terminated by the City Council; provided,
however, that the collection of tax increment revenues from properties located in
Subarea B shall be limited to twenty (20) years from the calendar year following
the calendar year in which the City first certifies to the County Auditor the amount
of any loans, advances, indebtedness or bonds which qualify for payment from
the division of tax increment revenue provided for in Section 403.19 (tax
increment financing) of the Iowa Code.
3. Subarea C
This Plan shall continue in effect until terminated by the City Council; provided,
however, that the collection of tax increment revenues from properties located in
10
Subarea C shall be limited to twenty (20) years from the calendar year following
the calendar year in which the City first certifies to the County Auditor the amount
of any loans, advances, indebtedness or bonds which qualify for payment from
the division of tax increment revenue provided for in Section 403.19 (tax
increment financing) of the Iowa Code.
The DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS established, or as
amended from time to time by the City of Dubuque Zoning Ordinance, shall remain in
effect in perpetuity.
J. SEVERABILITY
In the event one or more provisions contained in this Plan shall be held for any reason
to be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity,
illegality, unauthorization or unenforceability shall not affect any other provision of this
Plan and this Urban Renewal Plan shall be construed and implemented as if such
provision had never been contained herein.
K. AMENDMENT OF APPROVED URBAN RENEWAL PLAN
This Plan may be amended from time to time to respond to development opportunities.
Any such amendment shall conform to the requirements of Chapter 403 of the Iowa
Code. Any change effecting any property or contractual right can be effectuated only in
accordance with applicable state and local law.
L. ATTACHMENTS
A Urban Renewal District Map
B Public Purpose Activity Area Map
C Land Use Maps
C1 Existing Land Use
C2 Proposed Land Use
D List of General Obligations
11
Attachment D
City of Dubuque
Adopted Summary of Bonded Indebtedness -Fiscal Year 2007-2008
Date Net Amount Principal Principal Interest Principal Year of
Description of Interest of Outstanding Due Due Outstanding Final
Issue Rate Issue 7/1/07 FY 2008 FY 2008 6/30/08 Payment
General Obligation Bonds
(Essential Coroorate Puroosel
1 Fifth Street Ramp 06-01-00 5.8000% 360,000 245,000 120,000 14,210 125,000 2009
2 Third Street Ramp /Airport T-Hangers 11-01-00 5.1250% 3,690,000 3,435,000 3,150,000 176,044 285,000 2017
3 America's River Project 12-27-01 4.6892% 9,500,000 8,240,000 425,000 374,681 7,815,000 2021
3 America's River Project 01-09-02 4.7251% 2,860,000 2,335,000 130,000 107,433 2,205,000 2021
4 Main Street 03-26-02 4.7348% 1,000,000 825,000 45,000 37,935 780,000 2021
5 Water Main and Water Tower 12-01-02 3.8187% 3,105,000 1,750,000 150,000 67,493 1,600,000 2017
6 Stormwater Improvements 09-15-03 4.2750% 2,110,000 1,765,000 85,000 72,068 1,680,000 2023
6 Stormwaterlmprovements 04-18-05 4.2421% 1,750,000 1,625,000 70,000 64,910 1,555,000 2024
7 DICW Expansion-Taxable 04-18-05 4.9392% 2,995,000 2,585,000 230,000 123,205 2,355,000 2016
7 DICW Expansion-Non Taxable 04-18-05 4.1240% 4,270,000 4,070,000 115,000 161,645 3,955,000 2021
8 Refinanced Portions of 5th/3rd St Ramps 05-02-06 3.9857% 3,525,000 3,525,000 - 139,098 3,525,000 2020
9 Parking Ramp Improvements 05-02-06 4.0257% 910,000 870,000 45,000 34,165 825,000 2021
6 Stormwater Improvements 05-02-06 4.0665% 2,900,000 2,810,000 105,000 112,328 2,705,000 2025
8 Refinanced Portions of 5th/3rd St Ramps 12-01-07 3.6731 % 2,965,000 2,965,000 - 55,594 2,965,000 2017
13 Sewer System Improvements & Ext. 12-01-07 3.6596% 1,055,906 1,055,906 - 18,591 1,055,906 2017
10 Stormwater Improvements Planned* 3.2500% 1,900,000 1,900,000 90,000 66,569 1,900,000 2028
6 Stormwater Improvements Planned* 4.5000% 1,350,000 1,350,000 57,000 46,832 1,350,000 2028
10 Stormwater Improvements Planned* 3.2500% 6,494,749 6,494,749 225,000 192,539 6,494,749 2028
14 Libarary Renovation Planned* 4.5000% 1,200,000 1,200,000 - - 1,200,000 2023
Total General Obligation Bonds 53,940,655 49,045,655 5,042,000 1,865,340 44,375,655