Dubuque Brewing and Malting Urban Renewal PlanTHE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-American City
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Urban Renewal Plan for the Dubuque Brewing & Malting Urban Renewal
District
DATE: August 28, 2008
Economic Development Director Dave Heiar is recommending adoption of the Urban
Renewal Plan for the Dubuque Brewing & Malting Urban Renewal District.
The Urban Renewal Plan will create a district to include property owned by Dubuque
Stamping & Manufacturing and the former H & W Building. The plan would provide
these areas access to the tools and incentives available to urban renewal district
properties, including Tax Increment Financing.
Dubuque Stamping & Manufacturing has received approval for Enterprise Zone benefits
from the Iowa Department of Economic Development. The application requires a local
commitment to the project, and the City's commitment was Tax Increment Financing on
their expansion project. This plan will allow the City to access these funds to provide
the local match.
concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Millig
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
THE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-American City
2007
August 21, 2008
TO: Michael C. Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Urban Renewal Plan for the Dubuque Brewing ~ Malting Urban
Renewal District
Introduction
The purpose of this memorandum is to forward for City Council review and approval of
Urban Renewal Plan for the Dubuque Brewing & Malting Urban Renewal District. The
proposed creation this district would include property owned by Dubuque Stamping &
Manufacturing and the former H & W Building. The Plan and Resolution adopting the
Plan are attached.
Background
On August 4, 2008, the City Council approved a Resolution of Necessity finding that the
proposed area was a blighted area and appropriate for urban renewal activities. Staff
has prepared an Urban Renewal Plan for the area as per the directive of the City
Council.
A consultation process was conducted with the affected taxing entities as required by
State Law. The required consultation with affected taxing bodies was held on August
18, 2008. No objections were received.
The Plan was reviewed by the Long Range Planning Commission on August 20, 2008.
The Long Range Planning Commission has forwarded its recommendation to the City
Council affirming that the Plan is consistent with the City's Comprehensive Plan for
development.
Discussion
The Urban Renewal Plan will create a district to include property owned by Dubuque
Stamping & Manufacturing and the former H & W Building (see Attachment A of the
Urban Renewal Plan for a map). The plan would provide these areas access to the
tools and incentives available to urban renewal district properties, including tax
increment financing.
Dubuque Stamping & Manufacturing has received approval for Enterprise Zone benefits
from the Iowa Department of Economic Development. The application requires a local
commitment to the project and the City's commitment was Tax Increment Financing on
their expansion project. This plan will allow the City to access these funds to provide
the local match.
Recommendation
I recommend that the attached resolution adopting the Urban Renewal Plan be
approved to support reinvestment efforts in the district
Action Step
The Action Step for the City Council is to review and approve the resolution to adopt the
Urban Renewal Plan for the Dubuque Brewing & Malting Urban Renewal District.
attachments
Y:\USERSWdejong\Urban Renewal\Brewing and Malting UR District\20080821 Adopt memo.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. 13th St. Dubuque, IA 52001 (563) 589-4393
RESOLUTION NO. 301-08
A RESOLUTION APPROVING THE URBAN RENEWAL PLAN FOR THE DUBUQUE
BREWING & MALTING URBAN RENEWAL DISTRICT.
Whereas, on August 4, 2008 the City Council of the City of Dubuque, Iowa
authorized the preparation of an Urban Renewal Plan (the "Plan") forthe Dubuque Brewing
& Malting Urban Renewal District (the "District"); and
Whereas, the City of Dubuque's primary objective in amending this Plan is to
provide opportunities for further redevelopment and reinvestment in the area; 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 Urban Renewal Plan for the Dubuque Brewing & Malting
Urban Renewal District, attached hereto and made reference to herein, 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 2nd day of September, 2008.
Roy D. Buol, Mayor
Attest:
Jeanne F. Schneider
City Clerk
THE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-American City
2007
Date: August 18, 2008
Time: 1:00 p.m.
Location: Conference Room I, Dubuque City Hall Annex, 1300 Main St., Dubuque, IA
52001
Urban Renewal Consultation with Tax-Affecting Bodies
Attendees: Kevin Kelleher, Dubuque Community School District, Dave Heiar, City of
Dubuque, Aaron DeJong, City of Dubuque.
Two Urban Renewal Plans were to be discussed at this consultation with the
Tax-Affecting Bodies; Amended and Restated Urban Renewal Plan for the
Greater Downtown Urban Renewal District and the Urban Renewal Plan for the
Dubuque Brewing & Malting Urban Renewal District.
The Urban Renewal Plan Amendment for the Greater Downtown area will include
an expansion into the South Port area. The creation of an Urban Renewal Plan
for the Dubuque Brewing & Malting District will include property owned by
Dubuque Stamping & Manufacturing and the former H&W Building.
Kevin Kelleher asked for a confirmation about the elimination of the City's PPEL Tax
reimbursement requirement from the Schools. Aaron DeJong will check with the City's
budget director and respond via email as to its status. Kelleher also asked if the
expansions will have a detrimental effect on the base value for PPEL estimations. Heiar
noted the expansions will not affect the base value used to calculate PPEL revenues.
The consultation ended at 4:10 p.m.
F:\USERSWdejong\Urban Renewal\Greater Downtown UR District\2008.1 Amendment\20080818
Consultation meeting.doc
Page 1 of 1
Aaron DeJong -PPEL payments
From: Aaron DeJong
To: kkelleher@dubuque.k12.ia.us
Date: 8/18/2008 2:19 PM
Subject: PPEL payments
CC: Heiar, David; Larson, Jenny
Kevin,
I checked with Jenny Larson, the City's budget director, on your question about the PPEL
reimbursements the School pays to the City. The school is no longer required to make that payment and
we have received all the payments expected.
aaron
Aaron M. DeJong
Assistant Economic Development Director
City of Dubuque
50 W. 13th Street
Dubuque, IA 52001
(563) 589-4393
(563) 589-1733 fax
adejong a~.cityofdubuque.org
file://C:\Documents and Settings\adejong\Local Settings\Temp\XPgrpwise\48A984E4DBQ_DODBQ_P... 8/18/2008
URBAN RENEWAL PLAN
Dubuque Brewing & Malting
Urban Renewal District
City of Dubuque, Iowa
This Urban Renewal Plan provides for the development of the
Dubuque Brewing & Malting Urban Renewal District. This plan
was authorized by Resolution -_ of the City Council of the
City of Dubuque, Iowa on September 2, 2008.
Prepared by the Economic Development Department.
Version 2008.1
TABLE OF CONTENTS
A. INTRODUCTION ........................................................................................................ 3
B. JUSTIFICATION FOR THE DESIGNATION ..............................................................3
C. OBJECTIVES OF THE PLAN ....................................................................................3
D. DISTRICT BOUNDARIES ..........................................................................................4
E. PUBLIC PURPOSE ACTIVITIES ...............................................................................4
F. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS .................................5
G. LAND ACQUISITION .................................................................................................5
H. FINANCING ACTIVITIES .....:.....................................................................................6
I. STATE AND LOCAL REQUIREMENTS ......................................................................7
J. DURATION OF APPROVED URBAN RENEWAL PLAN ...........................................8
K. SEVERABILITY ..........................................................................................................8
L. AMENDMENT OF APPROVED URBAN RENEWAL PLAN .......................................8
M. ATTACHMENTS ........................................................................................................8
2
URBAN RENEWAL PLAN
Dubuque Brewing & Malting Urban Renewal District
City of Dubuque, Iowa
A. INTRODUCTION
This URBAN RENEWAL PLAN (the "Plan") has been prepared pursuant to Resolution xxx-
xx of the City Council of the City of Dubuque as adopted on September 2, 2008. Its intent
is to remove blight within the DUBUQUE BREWING & MALTING URBAN RENEWAL
DISTRICT (the "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.
B. JUSTIFICATION FOR THE DESIGNATION
The City Council of the City of Dubuque, Iowa has determined that the following
blighting conditions, as defined by Chapter 403 of the Iowa Code, Urban Renewal Law,
exist within the District:
• Undeveloped and underdeveloped land;
• A preponderance of deteriorated, dilapidated and obsolete public and
private improvements;
• A faulty lot layout in relation to the size, adequacy and usefulness of the
lots;
• Fragmented property ownership patterns;
• A lack of public utilities; and
• An inadequate street layout.
The Council has declared by Resolution of Necessity No. xxx-xx on August 4, 2008 that
these factors have substantially impaired and arrested the sound growth of the City of
Dubuque and of the area comprising the District.
C. OBJECTIVES OF THE PLAN
The primary objectives of the Plan are the development and redevelopment of the District,
through:
The conservation, restoration, renovation or rehabilitation of the historic
and architectural character of the District through the renovation and
rehabilitation of historic buildings, the use of appropriate construction
techniques, the coordinated administration of appropriate code
enforcement efforts and the maximization of all available financial and
3
technical resources;
2. The development of additional and improved parking opportunities in the
District supportive of the businesses and attractions located within its
boundaries and which accommodate the needs of its residents,
employees and visitors;
3.
4.
5.
6.
The creation of financial incentives necessary to encourage private
investment and reinvestment in the District;
The creation and retention of quality employment opportunities in the
District;
The expansion of the existing property tax base of the District; and
Provision of public infrastructure improvements supportive of full
development of the District;
D. DISTRICT BOUNDARIES
The District is located within the City of Dubuque, County of Dubuque, State of Iowa.
The District shall consist of the real property legally described as follows:
Lot 1-1-4, Lot 2-1-4, Lot 2-4, Balance of Lot 4, Lot 5, Lot 2-6, Lot 2-7
and Lot 1-1-3-8 all of Mineral Lot 322 in the City of Dubuque,
Dubuque County, Iowa; and Lots A, B, C, D, 3, 4, 5, 6, 7, 8, 9, 10, 11,
12 all in Liebe's Subdivision No. 2 in the City of Dubuque, Dubuque
County, Iowa; and Lot 1-1, Lot 2-1, Lot 2, Lot 3 and Lot 4 all in Liebe's
Subdivision No. 3 in the City of Dubuque, Dubuque County, Iowa; and
also including public right-of-way abutting thereto.
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.
E. 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:
Improvement, installation, construction and reconstruction of streets, utilities
4
and other improvements and rights-of-ways;
2. Use of tax increment financing, loans, grants and other appropriate financial
tools in support of eligible public and private development and
redevelopment efforts; and
3. Enforcement of applicable local, state and federal laws, codes and
regulations.
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.
F. DEVELOPMENT AND 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.
Land Use
The intent of this Plan is to promote the development of industrial land uses and
rehabilitate historic buildings into mixed use buildings within the District. All uses
shall be regulated by the zoning district established for the property.
LAND USE maps (Attachments C1 and C2) identify the existing and the proposed
land uses within the District.
2. Planning and Design Criteria
The planning criteria to be used to guide the physical development of the District are
those standards and guidelines contained within the City of Dubuque's Zoning
Ordinance and other applicable local, state and federal codes and ordinances.
G. LAND ACQUISITION
Land Acquisition
The City does not intend to acquire any property within the District. However, the
City reserves the right to acquire, by negotiation or eminent domain, property rights
required for the construction or reconstruction of streets and public utilities, or any
other public facility or improvement.
5
H. 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 384.24(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 E of this Plan. Bonds 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).
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 new development 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
anotherjurisdiction. 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
6
District well beyond its existing base value.
Tax increment reimbursement may besought 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;
d. Loans or grants to qualified businesses under Chapter 15A of the Iowa
Code, including 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
e. Providing the matching share for a variety of local, state and federal
grants and loans.
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
public improvements and private development assistance, will not exceed
$20,000,000.
At the time of adoption of this Plan, the City of Dubuque's current general
obligation debt is $69,946,580 (a list of obligations is found as Attachment D; on
file at the Dubuque City Clerks Office) and the applicable constitutional debt limit
is $163,487,198.
I. 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.
7
J. DURATION OF APPROVED URBAN RENEWAL PLAN
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 for its advances and principal and interest payable on all Tax Increment Financing or
general obligations issued to carry out the OBJECTIVES of the Plan.
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.
K. 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.
L. 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.
M. ATTACHMENTS
A Urban Renewal District Map
B Public Purpose Activity Area Map
C-1 Existing Land Use Map
C-2 Proposed Land Use Map
D List of General Obligations
8
Dubuque Brewing & Malting
Urban Renewal District
Version 2008.1
Dubuque Brewing & Malting
Urban Renewal District
Version 2008.1
Public Purposed Activity Area
Dubuque Brewing & Malting
Urban Renewal District
Version 2008.1
Current Land Use Map
Dubuque Brewing & Malting
Urban Renewal District
Version 2008.1
Future Land Use Map
Attachment D
City of Dubuque
Adopted Summary of Bonded Indebtedness -Fiscal Year 2008-2009
Description
General Obligation Bonds
(Essential Corporate Purpose/
1 Fifth Street Ramp
2 Third Street Ramp !Airport T-Hangers
3 America's River Project
3 America's River Project
4 Main Street
5 Water Main and Water Tower
6 Stormwater Improvements
6 Stormwater Improvements
7 DICW Expansion-Taxable
7 DICW Expansion-Non Taxable
8 Refinanced Portions of 5th/3rd St Ramps
9 Parking Ramp Improvements
6 Stormwater Improvements
8 Refinanced Portions of 5th/3rd St Ramps
13 Sewer System Improvements & Ext.
14 Port of Dubuque Parking Ramp
6 Stormwater Improvements
10 Stormwater Improvements
15 Main Street Streetscape
15 Kephart's Building
16 Fire Station Land from Dbq Initiative
17 Libarary Renovation
Total General Obligation Bonds
Date Net Amount Principal Principal Interest Principal Year of
of Interest of Outstanding Due Due Outstanding Final
Issue Rate Issue 7/1/08 FY 2009 FY 2009 6/30/09 Payment
06-01-00 5.8000% 360,000 125,000 125,000 7,250 - 2009
11-01-00 5.1250% 3,690,000 285,000 285,000 161,950 - 2009
12-27-O1 4.6892% 9,500,000 7,815,000 490,000 357,681 7,325,000 2021
01-09-02 4.7251% 2,860,000 2,205,000 125,000 102,233 2,080,000 2021
03-26-02 4.7348% 1,000,000 780,000 45,000 36,136 735,000 2021
12-O1-02 3.8187% 3,105,000 1,600,000 155,000 62,618 1,445,000 2017
09-15-03 4.2750% 2,110,000 1,680,000 85,000 69,348 1,595,000 2023
04-18-05 4.2421% 1,750,000 1,555,000 75,000 62,810 1,480,000 2024
04-18-05 4.9392% 2,995,000 2,355,000 240,000 113,430 2,115,000 2016
04-18-05 4.1240% 4,270,000 3,955,000 120,000 158,138 3,835,000 2021
05-02-06 3.9857% 3,525,000 3,525,000 - 139,098 3,525,000 2020
05-02-06 4.0257% 910,000 825,000 50,000 32,568 775,000 2021
05-02-06 4.0665% 2,900,000 2,705,000 110,000 108,338 2,595,000 2025
12-01-07 3.6731% 2,965,000 2,965,000 - 111,188 2,965,000 2017
12-01-07 3.6596% 1,055,000 1,055,000 100,000 42,100 955,000 2017
10-16-07 7.50% 23,025,000 23,025,000 - 1,079,297 23,025,000 2037
Planned* 4.5000% 3,902,395 3,902,395 18,686 14,358 3,883,709 2028
Planned* 3.2500% 5,983,594 5,983,594 182,762 217,124 5,800,832 2028
Planned* 4.5000% 301,995 301,995 15,498 12,630 286,497 2024
Planned* 4.5000% 253,596 253,596 13,014 10,606 240,582 2024
Planned* 5.0000% 650,000 650,000 52,815 32,185 597,185 2019
Planned* 4.5000% 2,400,000 2,400,000 123,164 97,804 2,276,836 2024
79,511,580 69,946,580 2,410,939 3,028,890 67,535,641
NOTES:
1 G.O issue for 5th St. ramp backed by parking revenue (Refinanced in FY 2006, leaving only unrefunded portion outstanding).
2 Combination G.O issue of $5.6M for the 3rd St. parking ramp backed by Greater Downtown TIF revenue and $665,000 for Airport hangers backed by
hanger rents (Refinanced in FY 2006, leaving only unrefunded portion outstanding).
3 G.O issues for America's River Project Port of Dubuque improvements backed by gaming revenue from DRA lease and DRA taxes and Greater
Downtown TIF revenue .
4 G.O issue for Main Street project backed by Greater Downtown TIF revenue.
5 G.O issue for water main and water tower backed by water revenue.
*6 G.O issues for Stormwater improvements backed by stormwater revenue.
7 G.O Urban Renewal issues for Dubuque Industrial Center West (DICW) expansion backed by DICW TIF revenues.
8 G.O issue refunding bonds. Refinanced portions of the June 2000 and November 2000 bond issues.
9 G.O issue for Iowa St. Ramp Major Ramp Improvements backed by Greater Downtown TIF revenue in FY 09 and FY 10, then parking user fees.
*10 G.O State Revolving Loan Fund issue for Stormwater improvements backed by stormwater revenue and gaming revenue from DRA lease and DRA
taxes.
13 G.O. issue for Sewer system improvements & extensions backed by sewer revenue
14 TIF bond issue for the Port of Dububuque Parking Ramp backed by Greater Downtown TIF & a minimum assessment agreement
*15 TIF bond issue for the Main Street Streetscape project from 9th to 14th St/Kephart's Bldg Renovation backed by Greater Downtown TIF.
*16 G.O. loan from Dubuque Initiatives for development costs of land off the NW Arterial for Fire Station Expansion/Relocation backed by
gaming revenue from DRA lease.
*17 G.O Urban Renewal issue for Library renovation backed by Greater Downtown TIF revenues.
Attnchment D
City of Dubuque
Adopted Summary of Bonded Indebtedness -Fiscal Year 2008-2009
Date Net Amount Principal Principal Interest Principal Year of
Description of Interest of Outstanding Due Due Outstanding Final
Issue Rate Issue 7!1/08 FY 2009 FY 2009 6!30109 Payment
Revenue Bonds
11 Parking - 5th Street Ramp 04-01-98 4.69% 2,515,000 490,000 240,000 23,155 250,000 2010
12 Water- Clear Well Reservoirs 10-01-07 3.25% 1,037,000 1,037,000 39,000 32,324 1,037,000 2028
12 Water System Improvements & Ext. Planned* 3.25% 2,519,800 2,519,800 - - 2,519,800 2029
12 Water Meter Replacements Planned* 4.50% 432,625 432,625 15,207 18,067 432,625 2029
13 Sewer System Improvements & Ext. Planned* 3.25% 3,061,050 3,061,050 - - 3,061,050 2029
Total Revenue Bonds 9,565,475 7,540,475 294,207 73,546 7,300,475
Tax Increment
Advanced Data Comm Properties 03-19-99 6.0% 900,000 279,221 113,003 15,083 166,218 2011
Cartegraph (Horizon/Ducarte,LLC) 12-01-99 8.8% 360,000 112,631 49,139 8,861 63,492 2011
Eagle Window (Otto A, LLC) 02-15-00 9.1% 3,168,538 1,610,871 350,431 138,855 1,260,440 2012
Vessel Systems 12-30-03 8.0% 140,000 108,825 12,139 8,469 96,686 2015
Adams Company G.O TIF 02-13-04 4.07% 500,000 318,182 45,455 12,950 272,727 2015
Total Tax lncrement Bonds 5,068,538 2,429,730 570,167 184,218 1,859,563
Lower Main Development, LLC TIF Note 06-30-04 8.00% 182,000 155,460 14,548 12,152 140,912 2016
Theisen Supply, Inc. TIF Note 11-22-06 8.25% 812,000 806,040 54,605 65,395 751,435 2018
Total Tax lncrement Notes 994,000 961,500 69,153 77,547 892,347
Total Tax lncrement 6,062,538 3,391,230 639,320 261,765 2,751,910
Other Loans -Revenue Backed
Water Line To Site B 07-01-97 Internal Loan 597,945 254,383 45,580 13,991 208,803 2012
Total Other Lns-Rev Backed 597,945 254,383 45,580 13,991 208,803
Total City Indebtedness 95,737,538 81,132,668 3,390,046 3,378,192 77,796,829
NOTES:
11 Revenue Bond issue for 5th Street Parking Ramp backed by parking user fees.
*12 Revenue Bond State Revolving Loan Fund issue for Water system improvements and extensions, including Clear Well Reservoirs rehabilitat ion
program, backed by water revenue (borrowing not planned until calendar year 2007 , therefore first debt service payment will be FY 2008).
*13 Revenue Bond State Revolving Loan Fund issue for Sewer system improvements & extensions backed by sewer revenue.
THE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-Amerian City
2007
Planning Services Department
City Hall
50 West 13~ Street
Dubuque, IA 52001-4864
(563) 589-4210 phone
(563) 589-4221 fax
(563) 589-6678 TDD
planning@cityofdubuque.org
August 25, 2008
The Honorable Mayor and City Council
City of Dubuque
50 W.13th Street
Dubuque, IA 52001
RE: Urban Renewal Plan for the Dubuque Brewing & Malting Urban Renewal District
Dear Mayor and City Council Members:
The Long Range Advisory Commission has reviewed the above-cited request.
Discussion
Planning Services Manager Laura Carstens reviewed the role of the Long Range
Planning Advisory Commission is to review new and amended urban renewal plans for
consistency with the Comprehensive Plan. Staff noted this plan amendment supports
goals in the Comprehensive Plan's Land Use and Economic Development Elements.
Economic Development Director David Heiar reviewed the amendment creates an
urban renewal district to include Dubuque Stamp and the former Dubuque Brewing &
Malting complex. He noted that Dubuque Stamp plans to expand, and there have been
inquiries about reuse of the former brewery complex.
Recommendation:
By a vote of 5 - 0, the Long Range Planning Advisory Commission recommends
approval of the Urban Renewal Plan for the Dubuque Brewing & Malting Urban
Renewal District as being in conformance with the Comprehensive Plan.
Respectfully submitted,
Dr. Charles Winterwood, Chairperson
Long Range Planning Advisory Commission
cc: David Heiar, Economic Development Director