Minutes Enterprise Zone Commission 8 11 08ENTERPRISE ZONE COMMISSION
City of Dubuque, Iowa
MINUTES
DATE: August 11, 2008
TIME: 4:00 P.M.
PLACE: Conference Room B, City Hall
50 West 13th Street, Dubuque, Iowa 52001
COMMISSION: Present: Rick Stein, Dan LoBianco, Kelley Deutmeyer, Doug Buswell,
Mike Van Milligen, and Wendy Mihm-Herold
Absent: Dave Baker, Dan White, and Doug Stillings
STAFF: David Heiar, Aaron DeJong
OTHERS: Michael Knight, Tim Greenfield, Lynn Greenfield
CALL TO ORDER
Chairperson Stein called the meeting to order at 4:01 p.m. Staff certified that the
meeting was being held in compliance with the Iowa Open Meetings Law.
MINUTES
LoBianco moved and Deutmeyer seconded a motion to approve the minutes of June 2,
2008. Motion passed unanimously.
APPLICATIONS
Housing EZ Benefits for Lofts (a7 Cathedral Square
Staff person Aaron DeJong gave an overview of the project being considered by
Michael Knight with the Lofts @ Cathedral Square project.
The project involves the renovation of the St. Raphael schoolhouse into 25 market rate
apartments. All of the units will be less than 1,200 square feet. The total budget for the
renovation is estimated at $4,012,500 equating out to $160,500 per unit.
The project is also planning to utilize Federal and State Historic Tax Credits. This
would require the project to be done to ensure saving the historic character of the
building.
The estimated Enterprise Zone benefits are as follows:
• Investment Tax Credit = $350,000
• Sales Tax Rebate = $37,500
Michael Knight spoke to the commission about the project. The building currently has
drop ceilings in all floors because it was previously converted into office space. He
plans to remove the drop ceilings, expand the elevator to the 4th floor and bring back
the wood floors in all the units. He wants to bring the building back to its former glory.
A motion was made by Buswell, seconded by Deutmeyer, to approve the resolution
approving an application for Enterprise Zone benefits to Lofts @ Cathedral Square.
Aye: Stein, LoBianco, Deutmeyer, Buswell, Van Milligen, Mihm-Herold
Nay: None
Motion Approved 6-0.
Housing EZ Benefits for Lofts Cad Cathedral Square
Staff person Aaron DeJong gave an overview of the project being considered by
Greenfield Development, LLC 197 Main Street.
The project involves the renovation of the top two floors of the 3 story building into four
market rate apartments. All of the units will be 1,500 square feet and is planned for
each unit to have 3 bedrooms. The total budget for the renovation is estimated at
$600, 000.
The estimated Enterprise Zone benefits are as follows:
• Investment Tax Credit = $56,000
• Sales Tax Rebate = $20,000
Tim Greenfield spoke to the commission about the project. The building used to be the
Dubuque Glass building until they moved out to Cedar Cross Road. Tim has seen that
the downtown has improved greatly and feels better housing options are needed to
fulfill demand. The units will be first class spaces with wood floors, granite countertops,
exposed brick walls where available and a passenger elevator will be installed in the
building.
A motion was made by LoBianco, seconded by Buswell, to approve the resolution
approving an application for Enterprise Zone benefits to 197 Main Street.
Aye: Stein, LoBianco, Deutmeyer, Buswell, Van Milligen, Mihm-Herold
Nay: None
Motion Approved 6-0.
ITEMS FROM COMMISSION
ITEMS FROM THE PUBLIC
ITEMS FROM STAFF
ADJOURNMENT
Meeting was adjourned by Chairperson Stein at 4:33 p.m.
Submitted by Aaron M. DeJong, Staff
F:\USERS\Adejong\Enterprise ZoneWlinutes\20080811 EZ Meeting lofts & 197 Main.doc