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Peru Road Urban Renewal Area -Tax Increment Financing District Ordinance Copyrighted December4, 2017 City of Dubuque Action Items # 2. ITEM TITLE: Peru Road Urban Renewal Area-Tax Increment Financing District Ordinance SUMMARY: City Manager recommending adoption of an ordinance approving the Tax Increment Financing District for the Peru Road Urban Renewal Area created primarily for economic development(commercial and industrial)and blight mitigation and redevelopment of the soon-to-be-vacated Flexsteel manufacturing facility. ORDINANCE Providing that general property taxes levied and collected each year on all property located within the Peru Road Urban Renewal Area of the City of Dubuque, County of Dubuque, State of lowa, by and for the benefit of the State of lowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and other Taxing Districts, be paid to a special fund for payment of principal and interest on loans, monies advanced to and indebtedness, including bonds issued or to be issued, incurred by said City in connection with the Urban Renewal Plan for the Peru Road Urban Renewal Area SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Motion B; Motion A ATTACHMENTS: Description Type Peru Road Urban Renewal Area Tax Increment City Manager Memo Ordinance-NNM Memo Staff Memo Staff Memo Urban Renewal Plan Supporting Documentation Attachment A- area map Supporting Documentation Attachment B1 - Ebsting Land Use Supporting Documentation Attachment B2 - Proposed Land Use Supporting Documentation Attachment C - Bonded Indebtedness Supporting Documentation Attachment D - Legal Description of Boundaries Supporting Documentation BlightAssessment Supporting Documentation Taxing Body Consultation Minutes Supporting Documentation Long Range Planning Advisory Commission Supporting Documentation Recommendation Ordinance Ordinance Suggested Nbtion Wording Supporting Documentation THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Tax Increment Ordinance for the Peru Road Urban Renewal Area DATE: November 29, 2017 Economic Development Director Maurice Jones recommends City Council adoption of an ordinance approving the tax increment financing district for the Peru Road Urban Renewal Area. The Peru Road Urban Renewal Area will be created primarily for economic development (commercial and industrial) and blight mitigation and redevelopment of the soon-to-be-vacated Flexsteel manufacturing facility. I concur with the recommendation and respectfully request Mayor and City Council approval. �� Mic ael C. Van Milligen �� MCVM:jh Attachment cc: Hilary Stubben, Flexsteel Corporate Counsel Rick Dickinson, GDDC President & CEO Jay Wickham, Dubuque County Board Chair Doug Horstmann, Dubuque Initiatives Board Chair Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Maurice Jones, Economic Development Director Dubuque Economic Development Department THE CITY OF 50 West 13t"Street All-AmericaCitY Dubuque,lowa 52001-4864 1 ' Office(563)589-4393 TTY(563)690-6678 ° http://www.cityofdubuque.org Masterpiece on the Mississippi 200,.2012•2013 TO: Michael Van Milligen, City Manager FROM: Maurice Jones, Economic Development Director SUBJECT: Tax Increment Ordinance for the Peru Road Urban Renewal Area DATE: November 27, 2017 INTRODUCTION This memorandum transmits for City Council review and adoption an ordinance approving the tax increment financing district (TIF District) for the Peru Road Urban Renewal Area (Area). The proposed ordinance was reviewed by the City Attorney's Office and the City's bond counsel and is attached to this memo. The proposed creation of this TIF District would authorize the use of tax increment financing pursuant to Section 403.9 of lowa Code. BAC KG RO U N D Before a municipality can exercise the authority conferred by Chapter 403 of the lowa Code, the "Urban Renewal Act," a Resolution of Necessity must be adopted finding that the area being considered for urban renewal area designation is either a slum, blighted, or economic development area or a combination thereof and that the rehabilitation, conservation, redevelopment, development, or a combination thereof, of the area is necessary in the interest of the public health, safety, or welfare of the residents of the city. On November 6, 2017, the City Council approved a Resolution of Necessity (Resolution 362-17) finding that the proposed Area is a mixed area for the remediation of blight and promotion of economic development (commercial and industrial) and is appropriate for urban renewal activities. DISCUSSION The TIF District will have the same geographic boundaries as the Area and allow the City of Dubuque to capture tax increment revenue from improvements made in the District in order to promote redevelopment activities in the Area. The Area will be created primarily for economic development (commercial and industrial) and blight mitigation and redevelopment of the soon-to-be-vacated Flexsteel manufacturing facility. The Plan for the Area has also been submitted to the City Council with a recommendation for approval. Assuming approval of the Plan for the Area, adoption of the proposed tax increment ordinance is needed to establish collection of tax increment from the TIF District. The ordinance authorizes the City to collect the portion of the property tax revenues in the TIF District that are generated by new development occurring within the TIF District. Under Section 403.19 of the Code of lowa, urban renewal areas may utilize the tax increment financing mechanism to finance the costs of public improvements, economic development incentives, or other urban renewal projects. Upon creation of the TIF District within the Area, by ordinance, the assessment base is frozen and the amount of tax revenue available from taxes paid on the difference between the frozen base and the increased value, if any, is segregated into a separate fund for the use by the City to pay costs of the eligible urban renewal projects. Certain increased taxes generated by any new development, above the base value, are distributed to the taxing entities, if not requested by the City, and in any event upon the expiration of the TIF District. RECOMMENDATION/ ACTION STEP I recommend that the City Council approve the ordinance attached hereto establishing the TIF District for the Peru Road Urban Renewal Area. Tax increment financing is an important tool for economic development and blight mitigation and will assist future public and private development efforts in the Area. Prepared by Jill Connors, Economic Development, 50 W. 13th St., Dubuaue, IA 52001. 563-589-4393 Return to Kevin Firnstahl, City Clerk, 50 W. 13th St., Dubuque, IA 52001, 563-589-4100 ORDINANCE NO. 45-17 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE PERU ROAD URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE URBAN RENEWAL PLAN FOR THE PERU ROAD URBAN RENEWAL AREA WHEREAS, the Urban Renewal Plan for the Peru Road Urban Renewal Area was adopted, pursuant to Resolution No. 382-17 approved on December 4, 2017 for the purpose of creating the Peru Road Urban Renewal Area (the "Area") located in the area legally described as follows: Lot 1 of Great Western Subdivision No. 1, and also including the Public Right of Way of Jackson Street abutting thereto; and Lot 2 of Great Western Subdivision No. 1; and Lot 1 of Great Western Subdivision No. 4; and Lot 2 of Great Western Subdivision No. 2; and Lot 1 of Great Western Subdivision No. 2, and also including the Public Right of Way of Jackson Street abutting thereto. Ail in the City of Dubuque, Iowa and WHEREAS, indebtedness will be incurred by the City to finance urban renewal project activities within the Area in furtherance of the objectives of the Urban Renewal Plan for the Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: a) Urban Renewal Area includes the following described properties: Lot 1 of Great Western Subdivision No. 1, and also including the Public Right of Way of Jackson Street abutting thereto; and Lot 2 of Great Western Subdivision No. 1; and Lot 1 of Great Western Subdivision No. 4; and Lot 2 of Great Western Subdivision No. 2; and Lot 1 of Great Western Subdivision No. 2, and also including the Public Right of Way of Jackson Street abutting thereto. All in the City of Dubuque, Iowa b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Peru Road Urban Renewal Area, approved by Resolution No. 382-17 on December 4, 2017 as the same may be amended from time to time. Section 2: The taxes levied on the taxable property in the Urban Renewal Area, legally described in the Preambles and Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3: That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Urban Renewal Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Dubuque certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue -2- described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. Thelaxes so determined shall be referred to herein as the "base period taxes" for such Urban Renewal Area. Section 4: That portion of the taxes each year in excess of the base period taxes determined as provided in Section 3 of this Ordinance shall be allocated to and when collected be paid into the special tax increment fund hereby established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 of the Code of Iowa and taxes for the instructional support program of a school district imposed pursuant to Section 257.19 (but in each case only to the extent required under Section 403.19(2)), taxes for the payment of bonds and interest of each taxing district, taxes imposed under Section 346.27(22) related to joint county -city buildings, and any other exceptions under Iowa Code Section 403.19 in effect as of the date this Ordinance is adopted shall be collected against all taxable property within the Urban Renewal Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the Urban Renewal Area exceeds the total assessed value of the taxable property in the Urban Renewal Area as shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7: All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to continue the division of taxes from property within the Urban Renewal Area under the provisions of Section 403.19 of the Code of Iowa. In the event that any provision of this Ordinance shall be determined to be contrary to law it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Urban Renewal Area and the territory contained therein. -3- Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 4th day of Dec�hiber 2017. ATTEST: Kevi Firr r,tityClerk Roy D. Buo ayor Read first time: December 4, 2017 PASSED AND APPROVED: December 4, 2017 PUBLISHED: December 8. 2017 -4- 11 u 11 V 11 V n u Doc ID 008749870005 Type GEN Kind: ORDINANCE Recorded: 12/07/2017 at 11:09:40 AM Fee Amt: $27.00 Page 1 of 5 Dubuque County Iowa John Murphy Recorder F11e2017_00015141 Prepared by Jill Connors, Economic Development. 50 W. 13th St.. Dubuaue. IA 52001. 563-589-4393 Return to Kevin Firnstahl, City Clerk, 50 W. 13th St., Dubuque, IA 52001, 563-589-4100 ORDINANCE NO. 45-17 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE PERU ROAD URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE URBAN RENEWAL PLAN FOR THE PERU ROAD URBAN RENEWAL AREA WHEREAS, the Urban Renewal Plan for the Peru Road Urban Renewal Area was adopted, pursuant to Resolution No. 382-17 approved on December 4, 2017 for the purpose of creating the Peru Road Urban Renewal Area (the "Area") located in the area legally described as follows: Lot 1 of Great Western Subdivision No. 1, and also including the Public Right of Way of Jackson Street abutting thereto; and Lot 2 of Great Western Subdivision No. 1; and Lot 1 of Great Western Subdivision No. 4; and Lot 2 of Great Western Subdivision No. 2; and Lot 1 of Great Western Subdivision No. 2, and also including the Public Right of Way of Jackson Street abutting thereto. All in the City of Dubuque, Iowa and WHEREAS, indebtedness will be incurred by the City to finance urban renewal project activities within the Area in furtherance of the objectives of the Urban Renewal Plan for the Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: a) Urban Renewal Area includes the following described properties: Lot 1 of Great Western Subdivision No. 1, and also including the Public Right of Way of Jackson Street abutting thereto; and Lot 2 of Great Western Subdivision No. 1; and Lot 1 of Great Western Subdivision No. 4; and Lot 2 of Great Western Subdivision No. 2; and Lot 1 of Great Western Subdivision No. 2, and also including the Public Right of Way of Jackson Street abutting thereto. All in the City of Dubuque, Iowa b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Peru Road Urban Renewal Area, approved by Resolution No. 382-17 on December 4, 2017 as the same may be amended from time to time. Section 2: The taxes levied on the taxable property in the Urban Renewal Area, legally described in the Preambles and Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3: That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Urban Renewal Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Dubuque certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue -2- described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. The,taxes so determined shall be referred to herein as the "base period taxes" for such Urban Renewal Area. Section 4: That portion of the taxes each year in excess of the base period taxes determined as provided in Section 3 of this Ordinance shall be allocated to and when collected be paid into the special tax increment fund hereby established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 of the Code of Iowa and taxes for the instructional support program of a school district imposed pursuant to Section 257.19 (but in each case only to the extent required under Section 403.19(2)), taxes for the payment of bonds and interest of each taxing district, taxes imposed under Section 346.27(22) related to joint county -city buildings, and any other exceptions under Iowa Code Section 403.19 in effect as of the date this Ordinance is adopted shall be collected against all taxable property within the Urban Renewal Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the Urban Renewal Area exceeds the total assessed value of the taxable property in the Urban Renewal Area as shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. Section 6: At such time as the bans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7: All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to continue the division of taxes from property within the Urban Renewal Area under the provisions of Section 403.19 of the Code of Iowa. In the event that any provision of this Ordinance shall be determined to be contrary to law it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Urban Renewal Area and the territory contained therein. -3 - Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 4th day of Decnber 2017. ATTEST: Kevii S. Firns a'Clerk Roy D. BuoIayor Read first time: December 4, 2017 PASSED AND APPROVED: December 4, 2017 PUBLISHED: December 8, 2017 -4- L,/ STATE OF IOWA CERTIFICATE of tie CITY CLERK ) SS: COUNTY OF DUBUQUE ) I, Kevin S. Firnstahl, do hereby certify that I am the duly appointed, qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in my possession or have access to the records of the proceedings of the City Council. I do further state that the hereto attached Ordinance No. 45-17 is a true and correct copy of the original. In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque, Iowa. Dated at Dubuque, Iowa, on this 5th day of December, 2017. Kevyr(' . Firnstahl, CMG, City Clerk PERU ROAD URBAN RENEWAL PLAN Peru Road Urban Renewal Area City of Dubuque, Iowa This Peru Road Urban Renewal Plan provides for the development of the Peru Road Urban Renewal Area. This Peru Road Urban Renewal Plan was authorized by Resolution 382-17 of the City Council of the City of Dubuque, Iowa on December 4, 2017. Prepared by the Economic Development Department. 1 TABLE OFCONTENTS A. INTRODUCTION .................................................................................................. 3 B. DESCRIPTION OF THE URBAN RENEWAL AREA............................................ 3 C. AREA DESIGNATION .......................................................................................... 3 D. BASE VALUE ....................................................................................................... 3 E. DEVELOPMENTPLAN/ZONING ......................................................................... 3 F. PLAN OBJECTIVES............................................................................................. 4 G. TYPES OF RENEWALACTIVITIES..................................................................... 5 H. ELIGIBLE URBAN RENEWAL PROJECT(S)....................................................... 6 I. FINANCIAL DATA ................................................................................................ 7 J. URBAN RENEWAL FINANCING.......................................................................... 8 K. PROPERTY ACQUISITION/DISPOSITION.......................................................... 9 L. RELOCATION ...................................................................................................... 9 M. STATE AND LOCAL REQUIREMENTS............................................................... 9 N. URBAN RENEWAL PLAN AMENDMENTS ......................................................... 9 O. EFFECTIVE PERIOD........................................................................................... 9 P. SEVERABILITY CLAUSE................................................................................... 10 ATTACHMENTS A. URBAN RENEWAL AREA MAP............................................................................. B. LAND USE MAPS .................................................................................................. B-1 - Existing Land Use Map.................................................................................. B-2 - Proposed Land Use Map ............................................................................... C. LIST OF GENERAL OBLIGATION DEBT .............................................................. D. LEGAL DESCRIPTION OF AREA.......................................................................... 2 A. INTRODUCTION This Peru Road Urban Renewal Plan ("Plan" or"Urban Renewal Plan") for the Peru Road Urban Renewal Area ("Area" or"Urban Renewal Area") has been developed to help local officials promote economic development and remediate blight in the City of Dubuque (the "City"). The primary goal of the Plan is to stimulate, through public involvement and commitment, private investment in new commercial and industrial development and blight remediation. In order to achieve this objective, the City intends to undertake urban renewal activities pursuant to the powers granted to it under Chapter 403 and Chapter 15A of the Code of lowa, as amended. B. DESCRIPTION OF THE URBAN RENEWAL AREA The Urban Renewal Area is illustrated in Attachment A and described in Attachment D. The City reserves the right to modify the boundaries of the Urban Renewal Area at some future date. C. AREA DESIGNATION With the adoption of this Plan, the City designates this Urban Renewal Area as a mixed area for the remediation of blight and promotion of economic development (commercial and industrial). The City Council has determined that a need exists for redevelopment of the Urban Renewal Area in order to eliminate blight and enhance economic development activities. By Resolution No. 362-17 adopted November 6, 2017, the City Council declared that these factors have impaired the sound growth of the Urban Renewal Area. D. BASE VALUE If the Urban Renewal Area is legally established, a Tax Increment Financing ("TIF") ordinance is adopted and debt is certified priorto December 1 , 2018, the taxable valuation within the area included in the TIF Ordinance as of January 1 , 2017 will be considered the frozen "base valuation." If debt is not certified until a later date or if a TIF ordinance is not adopted until later, the "base value" will be the assessed value of the taxable property within the TIF ordinance area as of January 1 of the calendar year preceding the calendaryear in which the City first certifies the amount of any debt on the Urban Renewal Area. E. DEVELOPMENT PLAN/ZONING The City has a general plan for the physical development of the City as a whole outlined in the 2017 City of Dubuque Comprehensive Plan that was adopted by the City Council on September 18, 2017. The goals and objectives of this Plan, including the urban 3 renewal projects, are in conformity with the City's Comprehensive Plan. In addition to the City's Comprehensive Plan, the planning criteria to be used to guide the physical development of the Urban Renewal Area are those standards and guidelines contained within the City of Dubuque's Zoning Ordinance and other applicable local, state and federal codes and ordinances. Land use maps (Attachments B-1 and B-2) identify the existing and proposed land uses with the Urban Renewal Area. This Plan does not in any way replace or modify the City's current land use planning or zoning regulation process. The need for improved traffic, public transportation, public utilities, recreational and community facilities, or other public improvements within the Urban Renewal Area is set forth in this Plan, as amended. As the Urban Renewal Area develops, the need for public infrastructure extensions and upgrades will be evaluated and planned for by the City. F. PLAN OBJECTIVES Renewal activities are designed to provide opportunities, incentives, and sites to promote new and existing economic development (commercial and industrial) and to promote blight remediation. More specific objectives for the development, redevelopment and rehabilitation within the Urban Renewal Area are as follows: 1 . To achieve a diversified, well-balanced economy providing a desirable standard of living, creating job opportunities, and strengthening the tax base. 2. To plan for and provide sufficient land for commercial and industrial development in a mannerthat is efficient from the standpoint of providing municipal seroices. 3. To provide for the installation of public works and facilities including, but not limited to, water, sanitary sewer and other public improvements, which contribute to the revitalization of the area and to the sound development of the entire City. 4. To eliminate blighting influences and promote revitalization. 5. To encourage commercial and industrial growth and expansion through governmental policies which make it economically feasible to do business. 6. To provide a more marketable and attractive investment climate through the use of various federal, state and local incentives. 7. To stimulate, through public action and commitment, private investment in new and existing commercial and/or industrial development. 8. To improve the conditions and opportunities for economic development (commercial and industrial) and blight remediation. 4 9. To help develop a sound economic base that will serve as the foundation for future growth and development. 10. To enhance the community by fostering an entrepreneurial climate, diversifying the local economy, encouraging opportunities for new businesses, and supporting retention of existing businesses. 11 . To provide for the matching share for a variety of local, state and federal grants and loans. 12. The deconstruction/demolition of a century old manufacturing facility in the Urban Renewal Area. G. TYPES OF RENEWAL ACTIVITIES To meet the objectives of this Plan and to encourage orderly development of the Urban Renewal Area, the City intends to utilize the powers conferred under Chapter 403 and Chapter 15A, Code of lowa. General development activities in the Urban Renewal Area may include: 1 . To undertake and carry out urban renewal projects through the execution of contracts and other instruments. 2. To arrange for or cause to be provided the construction or repair of public infrastructure including but not limited to streets, curb and gutter, street lighting, water, sanitary sewer, public utilities or other facilities in connection with urban renewal projects. 3. To finance programs that will directly benefit blight remediation. 4. To make loans, forgivable loans, grants, tax rebate payments or other types of economic development grants or incentives to private persons, local development organizations, or businesses for economic development purposes on such terms as may be determined by the City Council. 5. To borrow money and to provide security therefor. 6. To acquire or dispose of property. The City does not intend to acquire any property with the Urban Renewal Area. 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. 7. To provide for the construction of specific site improvements such as grading and site preparation activities, access roads and parking, fencing, utility connections, and related activities. 5 8. To acquire property through a variety of ineans (purchase, lease, option, etc.) and to hold, clear, or prepare the property for redevelopment. 9. To undertake the demolition and clearance of existing development. 10. To make or have made surveys and plans necessary for the implementation of this Plan or specific urban renewal projects. 11 . To use any or all other powers granted by the Urban Renewal Act to remediate blight, develop and provide for improved economic conditions for the City. Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any other provision of the Code of lowa in furtherance of the objectives of this Plan. H. ELIGIBLE URBAN RENEWAL PROJECT(S) 1 . Public Improvements Estimated Urban Renewal Project Estimated Cost to be Description Time Period reimbursed by Rationale tax increment financin Deconstruction/demolition 2017 - 2021 $0 Deconstruction/demolition of a century-old (The City of this facility will remove manufacturing facility does not one or more deteriorating campus generally known expect to use structures, rectify as the Flexsteel site. tax increment potentially unsafe revenues for conditions including this project.) possible environmental remediation, and clean up deteriorating site improvements. It is also expected that the remediation efforts will prepare the site for future commercial and/or industrial economic develo ment activities. Modification of 2019 - 2022 $2,500,000 Review of old stormwater stormwater pump station pump station, and re lacement or u rade 6 as needed for new site lan. Bike/hike trail 2020 — 2023 $300,000 Addition of trail access modifications and parking, as needed for new site lan. Total Not to exceed $2,800,000 Note: It may be that the above costs will be reduced by the application of state and/or federal grants or programs; cost-sharing agreements with other entities; or other available sources of funds. 2. Tax Rebate or other Development Aqreements a. Development Agreements: The City expects to consider requests for Development Agreements for projects that are consistent with this Plan, in the City's sole discretion. Such Development Agreements are unknown at this time, but based on past history, and dependent on development opportunities and climate, the City expects to consider a broad range of incentives as authorized by this Plan, including but not limited to land, loans, grants, tax rebates, infrastructure assistance and other incentives. The costs of such Development Agreements will not exceed $3,500,000. 3. Planning, engineering fees (for urban renewal plans), attorney fees, other related costs to support urban renewal projects and planning. Pro�ect Date Estimated Cost Fees and costs Undetermined Not to exceed $50,000 4. Planning and administration of this Plan consistent with the provisions of Section 403.6 and Section 403.12 including, but not limited to, staffing and personnel related expenses such as salary incurred by the economic development, engineering, water, and planning departments and other City personnel related to and supporting economic development and urban renewal projects within the Urban Renewal Area, in an amount not to exceed $50,000 annually. I. FINANCIAL DATA 1 . Current constitutional debt limit: $207,174,109 2. Current outstandin eneral obli ation debt: $143,800,280 3. Proposed amount of indebtedness to be incurred: A specific $6,400,000 amount of debt to be incurred for the Eligible Urban Renewal This total does Projects has not yet been determined. This document is for not include planning purposes only. The estimated project costs in this financing costs Plan are estimates only and will be incurred and spent over related to debt a number of years. In no event will the City's constitutional issuance, which debt limit be exceeded. The Cit Council will consider each will be incurred 7 project proposal on a case-by-case basis to determine if it is over the life of in the City's best interest to participate before approving an the Urban urban renewal project or expense. It is further expected that Renewal Area. such indebtedness, including interest on the same, may be financed in whole or in part with tax increment revenues from the Urban Renewal Area. Subject to the foregoing, it is estimated that the cost of the Eligible Urban Renewal Projects as described above will be approximately as stated in the next column: J. URBAN RENEWAL FINANCING The City intends to utilize various financing tools such as those described below to successfully undertake the proposed urban renewal actions. The City has the statutory authority to use a variety of tools to finance physical improvements within the Urban Renewal Area. These include: 1 . Tax Increment Financing Under Section 403.19 of the lowa Code, urban renewal areas may utilize the tax increment financing mechanism to finance the costs of public improvements or economic development incentives associated with redevelopment projects. Upon creation of a tax increment district within the Urban Renewal Area, by ordinance, the assessment base is frozen and the amount of tax revenue available from taxes paid on the difference between the frozen base and the increased value, if any, is segregated into a separate fund for the use by the City to pay costs of the eligible urban renewal projects. The increased taxes generated by any new development, above the base value, are distributed to the taxing entities, if not requested by the City. 2. General Obligation Bonds Under Division III of Chapter 384 and Chapter 403 of the lowa Code, the City has the authority to issue and sell general obligation bonds for specified essential and general corporate purposes, including the acquisition and construction of certain public improvements within the Urban Renewal Area or incentives for development consistent with this Plan. Such bonds are payable from the levy of unlimited ad valorem taxes on all the taxable property within the City. It may be the City will elect to abate some or all of the debt service on these bonds with incremental taxes from this Urban Renewal Area. The City may also determine to use tax increment financing to provide incentives such as cash grants, loans, tax rebates or other incentives to developers in connection with urban renewal projects for commercial or industrial development, blight remediation, redevelopment, or other urban renewal projects. In addition, the City may determine to issue general obligation bonds, tax increment revenue bonds or such other obligations, or loan agreements for the purpose of making loans or grants of public funds to private businesses located in the Urban Renewal Area. Alternatively, the City may determine to a use available funds for making such loans or grants for urban renewal projects. In any event, the City may determine to use tax increment financing to reimburse the City for any obligations or advances. Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any other provision of the Code of lowa in furtherance of the objectives of this Plan. K. PROPERTY ACQUISITION/DISPOSITION If property acquisition/disposition by the City becomes necessary to accomplish the objectives of this Plan, such acquisition/disposition will be carried out, without limitation, in accordance with the Code of lowa. L. RELOCATION The City does not expect there to be any relocation required as part of the eligible urban renewal projects; however, if any relocation is necessary, the City will follow all applicable relocation requirements. M. STATE AND LOCAL REQUIREMENTS All provisions necessary to conform to state and local laws will be complied with by the City and developers in implementing this Plan and its supporting documents. N. URBAN RENEWAL PLAN AMENDMENTS This Plan may be amended from time to time for a variety of reasons, including but not limited to, change in the area, to add or change land use controls and regulations, to modify goals or types of renewal activities, to add or change urban renewal projects, or to amend property acquisition and disposition provisions. The City Council may amend this Plan in accordance with applicable state law. O. EFFECTIVE PERIOD This Plan will become effective upon its adoption by the City Council and will remain in effect as a Plan until it is repealed by the City Council. There is no statutory limitation on the collection oftax increment in this Urban Renewal Area because it is a mixed economic development and blight area. At all times, the use of tax increment financing revenues (including the amount of loans, advances, indebtedness or bonds which qualify for payment from the division of revenue provided in Section 403.19 of the Code of lowa) by the City for activities carried out under the Urban Renewal Area shall be limited as deemed appropriate by the City Council and consistent with all applicable provisions of law. The division of revenues shall continue on the Urban Renewal Area, forthe maximum period allowed by law. 9 P. 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Q '#. �lrr .� y4 Iy � , '« - "�'r . g[ '# y •. � y1� n�q. .,.. � :: � '-� i .' +.r 4 � � t h � \£ . � �a ,t' ° � `@ b � � i'�� • � ..'r�� -� `-}�,� . � ; i PeruRoadURD ♦. . .k, ��i ^ �`" ;.'' y` \ �4�, � . � � � i� , Proposed Land Use , � � .t;�,� �x1�i s�`"'� ._< a sryr,. y ��"k�l� S �f {5, �` . ��` .. �,� ' � 4�./J ..ay'` �i `;.:�. i _ .,l ��L ��' ."T"{��"`..� �1 �� ' s, . Heavylndustrial � .�-.. *' � � �, �Yrp ; •€d�, �� - � � � �� ./� � �1 �; . ` ,� ' �, .r �..��. �;�y�y^� . .,�n+. r� . ,+t �"aCi� 4vT { �•'4r �� ¢ �'bP ' �� ' \4�,• `�� •.,��,Pc �. . � � �1 � � ' Park �°' �` � � � � ��i ' � 's� ?r! E '��li : '�^ 1 . . � ' E e . > f�� ' , t ,�.:♦ y . ... ,. I 1E : P Y� Public Open Space f � �p ,- ( � � ��- - - �'-' R. a . .� . ._- � � � y �,c, S' � NORTH � , � � � ff ..� � ��E�� < `�sae� .. -�` �e� � �L , �,�� DUBi3E�UE I�� .r ' :1i . �'� � - ., �� Q. �� l`'i � - A' ��' a� l9n f �y-[e ort fhe Miss�ss pp� I �f ,:4 '' `-� -�a � �� 1 _ _, ..�Ic,'"c.-�"�i �'. �_, v _, . . 1�`i .Ja�..i.� ��a ��A.'° � _ � R\� �R`�:.�i:_._��+a� v�� + City of Dubuque ATTACHMENT C Summaryof Bontletl Intleb[etlness Date Average V�r of Amount Principal Principal Interezt Principal Description of IrRerest Final of Outstantling Due Due Outstantling Issue Rate PaymerR Issue 6/30/17 FV2018 FV2018 6/30/18 General Obligation Bontls �Essential Corporate Purposel Airport T-Hangars-Refuntletl-Sales Tax 20% 12-10-12 12193% 2020 405,365 172,000 50,000 2,556 122,000 Airport New Terminal Furnishings-Sales Tar 20% 11-17-14 3.3000% 2026 55,000 45,000 5,000 1,350 40,000 Airport ImprwemeMs Refuntling 04-17-17 3.0000% 2030 282,200 282,200 17,200 9,501 265,000 AirportlmprwemeMs-PFC 06-28-12 3.1972% 2032 2,145,000 1,770,000 100,000 54,778 1,670,000 Airport ImprwemeMs-Sales Tar 20% 06-28-12 3.1972% 2032 90,000 50,000 10,000 1,085 40,000 AirporiTerminalUtilitylmprw-PFC 11-17-14 3.3000% 2034 690,000 630,000 30,000 20,156 600,000 Airport New Terminal RoatlsiParking Sales Tax 20 04-04-16 2.7896% 2036 635,927 610,030 28,775 15,779 581,255 GFAmerica'sRiverRefuntling 0417-17 3.0000% 2021 1,984,100 1,984,100 465,500 66,798 1,518,600 America'sRiverRefuntling-GDTIF 0417-17 3.0000% 2021 1,255,000 1,255,000 295,000 42,252 960,000 Builtling-CorrfCenterlmprov-SalesTax20% 06-28-12 2.7903% 2022 60,200 43,000 8,600 1,290 34,400 Builtling 18ih Sireet Imprw Sales Tax 20% OB-01-11 3.5863% 2026 620,041 425,058 40,946 15,604 384,112 Builtling City Hall Brickwnrk-Sales Tax 20% 06-28-12 2.7903% 2027 393,000 295,500 25,500 8,865 270,000 Builtling Smart Meters Refuntling 04-17-17 3.0000% 2030 45,400 45,400 2,800 1,228 42,600 Builtling Fetlerel Builtling ROM-Sales Tax 20% 04-04-16 2.7896% 2035 268,404 257,474 12,145 6,660 245,329 Civic CeMer Improvemenis-Sales Tax 20% 06-28-12 2.7903% 2027 550,200 413,700 35,700 12,411 378,000 DICW Expansion-Tarable 11-04-OB 5.5369% 2018 2,465,000 430,000 430,000 23,650 - DICWExpansion-NonTaxable-Refuntling 04-04-16 2.9127% 2023 3,175,000 2,470,000 575,000 68,350 1,895,000 DICW Expansion-Soulh Siegert Farm OB-01-11 3.5863% 2026 378,965 259,795 25,026 9,538 234,769 DICW Norih Siegert Refuntling 04-17-17 3.0000% 2029 1,285,000 1,285,000 90,000 43,262 1,195,000 DICWExpansion-ConsutlaM 12-10-12 2.5337% 2032 151,462 130,229 7,431 3,162 122,798 DICW Expansion-Soulh Siegert Farm-Tarable 06-28-12 3.1972% 2032 3,975,000 3,280,000 180,000 101,560 3,100,000 DICW Expansion-Soulh Siegert Farm-Nontaxab 06-28-12 2.7903% 2032 425,000 355,000 20,000 10,962 335,000 DICWTaxable-LantlAcquisition 11-17-14 3.9900% 2034 1,640,000 1,460,000 90,000 51,625 1,370,000 E911 Tower Relocation-Sales Tax 20% 06-28-12 2.7903% 2027 235,800 177,300 15,300 5,319 162,000 FireStationri4lmprovemenis-Gaming 06-28-12 2.7903% 2022 65,000 45,000 5,000 1,350 40,000 FireAmbiBuiltlingHVAGBunkerlrrigatiorvPark 11-17-14 3.3000% 2025 715,000 585,000 70,000 17,550 515,000 FirePumper-Gaming 06-28-12 2.7903% 2027 269,800 198,800 17,750 5,964 181,050 Fire Truck Refuntling-Debt Service Levy 04-17-17 3.0000% 2030 951,500 951,500 57,900 32,034 893,600 FireStation#2iParklmprwemeMs-SalesTar20' 11-17-14 3.3000% 2034 320,000 290,000 15,000 9,275 275,000 FireAmbulanceReplacemeM 04-17-17 3.0000% 2030 230,000 230,000 15,000 7,743 215,000 Frenchise Fee SettlemeM JutlgmeM Bontl 04-04-16 2.9326% 2035 2,830,000 2,710,000 130,000 72,906 2,580,000 GDTIF Main Sireet Refuntling 0417-17 3.0000% 2021 305,000 305,000 75,000 10,268 230,000 GDTIFKepharfsBuiltling-Refuntling 0404-16 2.9127% 2023 200,000 175,000 25,000 5,000 150,000 GDTIFLibreryRenovation-Refuntling 0404-16 2.9127% 2023 1,275,000 1,105,000 170,000 31,450 935,000 GDTIF DowMown Housing Refuntling 0417-17 3.0000% 2030 2,120,000 2,120,000 115,000 74,297 2,005,000 GDTIF Millwnrk Disirict Refuntling 04-17-17 3.0000% 2030 2,080,000 2,080,000 120,000 70,027 1,960,000 GDTIF7ihSireet2-WayCorrversion 03-15-12 2.7031% 2031 5,560,000 4,505,000 275,000 114,794 4,230,000 GDTIFIntermotlal 03-15-12 2.5444% 2031 4,380,000 3,550,000 215,000 86,512 3,335,000 GDTIF5ihSiResiroomMlFC 12-10-12 2.5337% 2032 1,988,538 1,709,772 97,568 41,508 1,612,204 GDTIFMCIC/ADAAssist.iEcon.DevGreMs 12-10-12 1.7008% 2032 1,035,000 665,000 125,000 11,746 540,000 GDTIF Washington Neighborhootl Business Incent 06-28-12 3.1972% 2032 755,000 650,000 35,000 20,105 615,000 GDTIFIntermotlalMlilM�orkParking/CHI 11-17-14 3.9900% 2034 5,670,000 5,670,000 - 206,889 5,670,000 GDTIF Trensit RooHDT Loan Pool/ADA Assist 11-17-14 3.3000% 2034 190,000 190,000 6,125 190,000 LibrerylmprovemeMs-SalesTax20% 06-28-12 2.7903% 2022 65,500 49,250 4,250 1,478 45,000 LibrerylmprovemeMs 12-10-12 2.4872% 2027 173,992 134,300 11,986 3,266 122,314 Parklmprovemenis-Gaming 12-10-12 2.4872% 2022 209,050 129,500 20,350 2,618 109,150 Park Improvemenis Sales Tax 20% 12-10-12 2.4872% 2022 171,808 105,406 20,051 2,498 85,355 Parklmprovemenis-SalesTax20% 06-28-12 2.7903% 2027 65,500 49,250 4,250 1,478 45,000 Park Water System Stutly Refuntling 04-17-17 3.0000% 2030 60,000 60,000 3,600 2,020 56,400 Park Ham House-Sales Tax 20% 04-04-16 2.7896% 2035 200,668 192,496 9,080 4,979 183,416 Parking Refnancetl Portions 5ih/3rtl SYAA Ramps 12-10-12 12193% 2021 5,541,573 2,068,000 715,000 30,338 1,353,000 Parking Port of Dubuque Parking Ramp OB-01-11 3.5863% 2026 590,994 405,149 39,028 14,874 366,121 Parking CeMrel Ave Ramp Refuntling 0417-17 3.0000% 2030 6,380,000 6,380,000 415,000 214,793 5,965,000 ParkinglowaSireetRamplmprovemeMs OB-01-11 3.3045% 2031 60,720 47,914 2,734 1,642 45,180 ParkingLocusiRampSecurityCameres 06-28-12 2.7903% 2033 175,000 150,000 10,000 4,613 140,000 Parking Improvemenis 11-17-14 3.3000% 2034 185,000 170,000 10,000 5,387 160,000 ParkingRamplmprovemenis-Tarable 11-17-14 3.9900% 2034 305,000 285,000 15,000 10,055 270,000 PoliceSofiwareReplacement-Gaming 12-10-12 2.4872% 2022 355,950 220,500 34,650 4,457 185,850 Police CAD Sofiware-Gaming 11-17-14 3.3000% 2030 260,000 230,000 15,000 7,050 215,000 Public Works Equipment Sales Tax 30% 11-17-14 3.3000% 2022 305,000 225,000 45,000 6,750 180,000 Public Works Equip Refuntling 04-17-17 3.0000% 2030 392,000 392,000 23,900 13,197 368,100 PublicWorksRatlioReplacement-FV18 Fulure 3.3000% 2038 200,000 - 3,695 6,067 196,305 PW Curb RampiEngineering Sireet Improv 11-17-14 3.3000% 2034 1,250,000 1,140,000 55,000 36,475 1,085,000 Recreation Improvemenis-Sales Tax 20% 06-28-12 2.7903% 2022 9,800 7,000 1,400 210 5,600 Recreation Improvemenis-Sales Tax 20% 12-10-12 2.4872% 2027 14,924 11,663 985 284 10,678 SanitarylmprovemenisRefuntling 04-17-17 3.0000% 2030 660,000 660,000 35,000 22,220 625,000 Date Average V�r of Amount Principal Principal Interezt Principal Description of IrRerest Final of Outstantling Due Due Outstantling Issue Rate PaymerR Issue 6/30/17 FV2018 FV2018 6/30/18 SanitarySewerlmprwemeMs OB-01-11 3.3045% 2031 1,374,068 1,084,277 61,866 37,148 1,022,411 SanitaryForcemainRepair 12-10-12 2.4872% 2032 655,239 538,403 30,112 13,419 508,291 SanitarySewerlmprwemeMs 06-28-12 2.7903% 2033 1,560,000 1,300,000 70,000 40,144 1,230,000 SanitarySewerlmprwemeMs 11-17-14 3.3000% 2034 5,670,000 5,670,000 270,000 181,425 5,400,000 SanitarySewerlmprwemeMs 04-04-16 2.7896% 2035 2,405,000 2,310,000 105,000 59,706 2,205,000 SolitlWasteC011ectionRefuntling 04-17-17 3.0000% 2030 51,300 51,300 3,100 1,727 48,200 SolitlWasteCollection OB-01-11 3.3045% 2031 36,615 28,892 1,648 990 27,244 Stormwater Refuntling 04-04-16 2.9127% 2028 6,270,000 5,410,000 570,000 156,600 4,840,000 StormwaterSalesTaxRevenue -GO 05-19-14 32309% 2029 7,190,000 7,190,000 323,100 7,190,000 StormwaterlmprovemeMSRefuntling 04-17-17 3.0000% 2030 2,015,000 2,015,000 120,000 67,838 1,895,000 StormwaterlmprovemeMs OB-01-11 3.3045% 2031 2,287,260 1,804,877 102,981 61,836 1,701,896 StormwaterlmprovemeMs 03-15-12 2.7031% 2031 1,935,000 1,505,000 90,000 38,332 1,415,000 Stormwater7ihSireetStormlmprovemenis 12-10-12 2.4872% 2032 134,342 110,387 6,174 2,751 104,213 StormwaterlmprovemeMs 06-28-12 2.7903% 2033 405,000 340,000 20,000 10,500 320,000 SireetligM ReplacemeM Refuntling-ST 04-17-17 3.0000% 2030 4,900 4,900 300 165 4,600 Sireet FEMA Lantl Buyoul-Gaming 06-28-12 2.7903% 2027 110,200 81,200 7,250 2,436 73,950 Sireet Fiber/SitlewallvLigMs Refuntling RUT 04-17-17 3.0000% 2030 258,600 258,600 15,700 8,706 242,900 Sireet SoulFrwest Arterial OB-01-11 3.3045% 2031 1,029,285 812,209 46,342 27,826 765,867 Sireet SoulFrwest Arterial-Sales Tax 30% 12-10-12 2.4872% 2032 1,280,545 1,055,549 56,090 25,713 999,459 TechnologyPark Grenger/AirportUtilities 12-10-12 2.5337% 2018 245,000 60,000 60,000 1,200 - TechnologyParkAirportUtilityEa1ension 06-28-12 2.7903% 2018 945,000 200,000 200,000 6,000 - WaterSystemlmprovemenis OB-01-11 3.3045% 2031 1,542,052 1,216,831 69,429 41,690 1,147,402 WaterSystemlmprovemenis 12-10-12 2.4872% 2032 644,151 529,295 29,602 13,192 499,693 WaterSystemlmprovemenis 06-28-12 2.7903% 2033 1,840,000 1,530,000 80,000 47,250 1,450,000 WaterSystemlmprovemenis 11-17-14 3.3000% 2034 9,195,000 9,195,000 - 295,131 9,195,000 WaterSystemlmprovemenis 04-04-16 2.7896% 2035 635,000 615,000 30,000 15,888 585,000 TotalGeneralObligationBonds 121,501,938 103,890,006 7,663,694 3,280,745 96,426,312 Tax IncremerR Port of Dubuque Parking Ramp(GDTIF) 10-16-07 7.5000% 2037 23,025,000 20,520,000 475,000 1,539,000 20,045,000 TotalTazlncreneMBonds 23,025,000 20,520,000 475,000 1,539,000 20,045,000 Lower Main Development,LLC TIF Note 06-30-04 8.00% 2016 182,000 - - - - Theisen Supply,Inc.TIF Note(DICIM 11-22-06 825% 2018 812,278 118,363 118,363 6,962 - 40 Main(GDTIF) OB-06-09 2020 690,529 330,647 74,766 20,644 255,881 TotalTa:IncrementNotes 1,684,807 449,010 193,129 27,606 255,881 TotalTazlncrement 24,709,807 20,969,010 668,129 1,566,606 20,300,881 Tax IncremerR Econortic Development TIF Rebate Aqrcements TM Logistics(Walter)(DICIM 05-16-11 Rebate 2018 194,562 45,108 45,108 - - P&LVeMures (DICW) 10-30-06 Rebate 2018 170,471 26,286 26,286 - - Metlline (DICIM 11-19-07 Rebate 2018 1,600,279 174,742 174,742 - TheisenSupplyll(DICIM 02-20-12 Rebate 2018 78,348 36,761 36,761 - - Aris Way (DICIM OB-06-07 Rebate 2018 271,432 45,748 45,748 - - Kentlall HUM (DICW) 04-02-07 Rebate 2018 1,329,202 141,953 141,953 - - SpiegelSpec (DICIM 09-15-OB Rebate 2018 1,003,205 216,078 216,078 - - Vanguartl (DICIM 06-02-OB Rebate 2018 279,093 33,026 33,026 - - Giese Properties II (DICW) 07-17-06 Rebate 2019 41,261 8,964 4,482 - 4,482 DubuqueScrew (DICW) 06-19-06 Rebate 2019 345,516 77,624 38,812 - 38,812 FaleyProperties(DICIM 02-07-11 Rebate 2022 904,638 513,624 102,724 - 410,900 Green Intlusirial Supply(DICIM OB-15-11 Rebate 2023 2,908,812 1,260,378 210,063 - 1,050,315 Tri-State Quality Metals(DICIM NonAppropriation 03-17-14 Rebate 2026 32,510 32,510 36,753 - 36,753 HormelFootls (DICIM(100%2021/40%2026) 04-21-OB Rebate 2026 8,250,067 4,188,266 698,044 - 3,490,222 MCGrewHillll(GDTIF) 06-19-06 Rebate 2018 4,009,319 445,357 445,357 - - Morrison BrMhers(GDTI� 10-06-OB Rebate 2018 162,866 20,919 20,919 - - Hartig(GDTI�60% 09-21-06 Rebate 2019 100,119 16,415 8,208 - 8,207 C&BSecurity(GDTIF) 07-20-07 Rebate 2019 356,976 59,813 29,906 - 29,907 StarBrewery(GDTI� 07-17-06 Rebate 2020 1,223,307 221,290 73,763 - 147,527 Victory Cafe 756 Main SY.(GDTI� 06-21-10 Rebate 2022 87,053 28,996 5,799 - 23,197 Bow7ing&Beyontl Lease Buyout(GDTIF) 10-15-12 Lease Buyoul 2032 1,000,000 750,000 50,000 - 700,000 Flexsteel(GDTIF) 04-18-11 Rebate 2024 2,020,572 1,420,181 202,883 - 1,217,298 The Rose(GDTI� 09-26-11 Rebate 2024 136,014 97,392 13,913 - 83,479 Linseetl Oil(GDTIF)Mutlires 03-07-13 Rebate 2025 576,504 155,878 19,485 - 136,393 Rousselot(GDTIF)(Non-Appropriation) 01-22-13 Rebate 2025 4,931 5,052 5,052 - 5,052 JulienHMel(GDTIF) 04-21-OB Rebate 2026 3,260,286 1,942,605 215,845 - 1,726,760 44 Main(GDTIF) 10-18-10 Rebate 2027 446,799 255,329 25,533 - 229,796 Date Average V�r of Amount Principal Principal Interezt Principal Description of IrRerest Final of Outstantling Due Due Outstantling Issue Rate PaymerR Issue 6/30/17 FV2018 FV2018 6/30/18 73 CHS Forwartls Cooper Wagon(GDTIF) OB-16-10 Rebate 2027 297,282 152,540 15,254 - 137,286 Engine House#1(GDTIF) 06-06-11 Rebate 2027 171,166 100,660 10,066 - 90,594 253 Main SL(GDTIF)(Non-Appropriation) 04-06-15 Rebate 2027 5,798 - 1,370 - 1,370 Frenklin Irrvesiment-Multires(GDTI� 04-04-11 Rebate 2028 437,225 298,628 35,853 - 262,775 Nottingham Properties Multires(GDTI� 03-15-11 Rebate 2028 82,219 81,906 7,446 - 74,460 Plastic Center Betty Jane Block(GDTIF) 02-07-11 Rebate 2028 148,957 120,516 10,956 - 109,560 Caretico(GDTIF)Multi-Res 03-21-11 Rebate 2028 1,499,442 1,179,321 107,211 - 1,072,110 Bonson 356 Main SL(GDTIF)Multi-Res 12-19-11 Rebate 2028 152,286 118,745 10,795 - 107,950 Roshek Builtling(GDTIF)(NonAppropriation) 02-17-09 Rebate 2030 5,149,852 270,913 270,913 - 270,913 Noveltylron Works(GDTI�(NonApprop)MUItFRe 06-17-13 Rebate 2031 33,105 109,000 109,000 - 109,000 Kunkel Bountls(TECF� 06-19-06 Rebate 2018 485,462 57,294 57,294 - - L&J Properties (TECH) 06-18-07 Rebate 2018 324,518 35,895 35,895 - - Conlon Johnson (TECH) 10-18-10 Rebate 2019 953,129 257,606 128,803 - 128,803 SirekaJohnson (TECH) 01-01-07 Rebate 2019 189,613 43,748 21,874 - 18,908 Rockfarm Holtlings(TECH)NonAppropriation 10.07-14 Rebate 2027 42,301 - 39,357 - 39,357 TotaITlFRebates 40,766,497 15,047,067 3,789,330 - 11,762,186 GeneralFuntletlLeases Various Various On-going 194,160 155,000 155,000 Other Loans-Revenue Backetl IowaFinanceAulhorityLoan-Caretico 12-01-10 3.0000% 2030 4,500,000 3,739,197 - 135,000 3,739,197 TotalOthuLns-RevBacketl 4,500,000 3,739,197 135,000 3,739,197 TotalCitylntlebtetlnessSubjecttoDebtLimit 191,672,402 143,800,280 12,121,153 4,982,351 132,383,576 Revenue Bontls Parking Bricktown Parking Lot 07-21-OB 5.00% 2023 400,000 209,901 28,074 10,148 181,827 SanitaryNoriMorkCatfshlmprovemeMSSRF 01-13-10 325% 2031 912,000 657,000 41,000 21,352 616,000 Sanitary Water&Resource Recovery Upgretle SR OB-18-10 325% 2039 74,285,000 65,279,000 2,391,000 1,305,579 62,888,000 Sanitary WRRC Cogeneretion SRF OS17-13 2.00% 2033 3,048,000 2,531,000 136,000 50,621 2,395,000 Sanitary Kerper Boulevartl SRF Plannetl 2.00% 2036 3,500,000 - 86,461 32,267 3,413,539 Stormwater Lower Bee Brench Restoretion SRF 10-27-10 325% 2041 7,850,000 6,819,000 192,000 221,617 6,627,000 Stormwater Lower Bee Brench SRF-Estimatetl 09-01-14 2.00% 2034 1,029,000 856,000 46,000 17,120 810,000 Stormwater NoriMork Catfsh Imprw.SRF 01-13-10 325% 2031 800,000 576,000 36,000 18,720 540,000 Stormwater Sales Tax IncremeM Revenue Bontl 06-15-15 3.72% 2031 20,800,000 20,800,000 - 762,650 20,800,000 Stormwater Upper Bee Brench SRF 06-17-15 2.00% 2037 29,441,000 25,517,821 472,800 509,047 23,160,000 Stormwater Flootl Mitigation Project SRF Plannetl 2.00% 2038 11,500,000 - 70,513 3,835,658 Stormwater West 32ntl DeteMion Basin SRF 01-14-09 325% 2028 1,847,000 1,152,000 89,000 37,440 1,063,000 WaterClWAPurchase&ImprwemeMs 07-07-17 2.00% 2036 10,198,000 1,000 66,483 5,663,990 Water-CIWACOMreciPurchase 12-28-16 3.00% 2022 5,000,000 5,000,000 1,000,000 142,603 4,000,000 Water-ClearWellReservoirs SRF 10-18-07 325% 2028 915,000 571,000 44,000 18,558 527,000 Water Meter Change Oul Progrem SRF 02-12-10 325% 2031 6,394,000 4,848,000 279,000 157,560 4,569,000 WaterSystemlmprovemenis&Ext. 11-04-OB 4.71% 2023 1,195,000 590,000 90,000 28,528 500,000 WaterSystemlmprovemenis&Ext. OB-16-10 3.54% 2030 5,700,000 4,525,000 215,000 164,700 4,310,000 TotalRevenue8onds 184,814,000 139,931,722 5,147,335 3,635,506 145,900,014 TotalCitylntleMetlness 376,486,402 283,732,002 17,268,488 8,617,857 278,283,590 Statutory Debt Limit 207,174,109 209,048,707 %of Debt Limit Usetl 69.41% 63.33% Rerreining Debt Capacity 63,373,829 76,665,131 Attachment D Peru Road Urban Renewal District October 25, 2017 District Boundary Description Peru Road Urban Renewal District shall include the following described properties: Lot 1 of Great Western Subdivision No. 1 , and also including the Public Right of Way of Jackson Street abutting thereto; and Lot 2 of Great Western Subdivision No. 1 ; and Lot 1 of Great Western Subdivision No. 4; and Lot 2 of Great Western Subdivision No. 2; and Lot 1 of Great Western Subdivision No. 2, and also including the Public Right of Way of Jackson Street abutting thereto. All in the City of Dubuque, lowa 1 Blight Assessment — November 2017 City of Dubuque, lowa Study Area. This summary presents an assessment of blight conditions in the City of Dubuque, lowa. The area evaluated included property within the proposed Peru Road Urban Renewal Area of the City. The purpose of this evaluation is to determine whether blight exists in the Urban Renewal Area. The proposed Plan is intended to authorize projects that will mitigate blight and/or promote economic development in the Urban Renewal Area. The City is establishing this Urban Renewal Area to assist in redevelopment efforts of the Flexsteel manufacturing facility at the corner of 32"d and Jackson Streets (Jackson Facility) which will close in the near future due to aging structural condition, high renovation costs, irregular and antiquated design, and in some cases unattractive appearance. This Urban Renewal Area will allow the City to promote economic development and remediate blight conditions, including providing resources and assistance in the development or redevelopment of a large tract of land for commercial and/or industrial uses. Executive Summarv. This Plan designates the Urban Renewal Area as appropriate for economic development (commercial and industrial) and blight remediation. This blight assessment determines that blight exists in the Urban Renewal Area. Windshield Survey. Steve Sampson Brown conducted a windshield survey on June 23, 2017 of the entire Urban Renewal Area. Results were as follows: 1 . Urban Renewal Area. Land uses are primarily commercial and industrial. A. The east side of the area was observed to have a significant level of deterioration of building elements. The general condition of many of the buildings indicated disrepair and a lack of investment. Lot layout in some cases appears to lack planning, provides poor provisions for vehicular traffic, and hinders traffic flow. Site conditions appear to suffer from a lack of general maintenance and deterioration of parking surfaces. B. The Jackson Facility property is currently being evaluated to determine the impact of contamination from the current and former operations. The current company has manufactured furniture at the property since 1936. Prior operations included a battery factory and others. The City has partnered with the current property owner, Dubuque Initiatives, the County, and the State of lowa's Economic Development Authority to find solutions for environmental mitigation and redevelopment of the property. Due to the anticipated extent of the contamination encountered, the exact boundaries of the expected contamination have not been defined. Additional testing will be necessary. C. Dubuque Initiatives will soon own the approximately forty-three- acre site currently occupied by Flexsteel. Greater Dubuque Development Corp. officials report that marketing of this site to prospective companies has been difficult. Once industrial prospects learn of the soil contamination in the area, they have all declined to consider any site development plans at this location. County Assessor Data. Assessed valuation data relating to commercial/industrial properties located in the Urban Renewal Area was reviewed using reports from the Dubuque County Assessor website. According to the data, the assessed valuations of most properties in the Urban Renewal Area have been stagnant for the last ten-year period. Conversations with Rick Engelken at the Assessor's office reveal that his office completed a county-wide re-evaluation in 2014 and then re-valued some properties that same year. Mr. Engelken mentioned that property values in this area have "been flat, either decreasing or remaining stagnant recently." The Urban Renewal Area includes several conditions which contribute to blighting influences: A. Most buildings are 80-100 years old. Structures are obsolete, not conducive to current day business needs, and limit development potential. B. Although located near convenient traffic patterns, many of these structures would be difficult to market due to. C. Many structures are dilapidated, in need of maintenance, neglected. D. The large structure that dominates the Urban Renewal Area is the current Flexsteel manufacturing facility. This structure was built approximately 120 years ago and was previously used as a battery factory, but will soon be empty due to the company relocating elsewhere in the community. The building is deteriorated with crumbling structural materials in various stages of decay. Site deterioration was also noted. Neglect is evident. This property is an economic liability to the City not only due to visual blight but also due to its decreasing taxable valuation. E. Most new commercial development in the last several years has located on the west or south parts of the community, particularly those areas adjacent to Highways 61 , 151 , and 20. Flexsteel is leaving the area to relocate to the southwest side of the community. Their decision to relocate was the result of the need for modern, efficient space and the fact that it was more cost-effective to construct new buildings and parking facilities on undeveloped, open property rather than to have to demolish old buildings or to renovate aging structures to suit business needs of today. These examples of migration from the center out confirm the difficulties facing City officials in their attempts to revitalize the area. Interpretations and Conclusions. For purposes of this evaluation, the definition of blight in the Code of lowa Section 403.17(5) was utilized. "Blighted area means an area of a municipality within which the local governing body of the municipality determines that the presence of a substantial number of slum, deteriorated, or deteriorating structures; defective or inadequate street layout; faulty lot layout in relation to size, adequacy, accessibility or usefulness; insanitary or unsafe conditions; deterioration of site or other improvements; diversity of ownership, tax or special assessment delinquency exceeding the fair value of the land; defective or unusual conditions of title; or the existence of conditions which endanger life or property by fire and other causes; or any combination of these factors; substantially impairs or arrests the sound growth of a municipality, retards the provision of housing accommodations, or constitutes an economic or social liability and is a menace to the public health, safety, or welfare in its present condition and use." It should be noted that a comprehensive planning approach normally involves considering a targeted area in its entirety, not as separable, individual parts. As a result, blight conditions need not be evident throughout the entire Urban Renewal Area being evaluated. The fact that some individual properties or blocks are free from blight and buildings are maintained in good condition does not negate the finding of blight. The blight finding is not only just related to the physical conditions of the Urban Renewal Area, but includes consequences where the surroundings become undesirable and negatively influenced. The presence of these undesirable conditions results in a negative impact on the Urban Renewal Area as a whole. It should also be noted that blight remediation often involves a two-step process. Step one being demolition or removal of a blighted structure or condition and step two being construction of replacement buildings or reuse of a property once freed from the blighted condition. Both steps are often needed to result in significant and successful blight mitigation. Both steps are being performed in conjunction with several private and public sector partners. Findings from the windshield survey described above, existing property conditions, a lack of replacement buildings being constructed to replace dilapidated structures, and evidence of potential soil contamination in the Urban Renewal Area collectively support the conclusion that blight exists in the Urban Renewal Area. Accordingly, these and other blight factors and conditions by themselves, and in combination, substantially impair or arrest the sound growth of the City, constitute an economic or social liability and/or are a menace to the public health, safety or welfare in their present condition and use. Cumulatively, the factors reviewed as part of this assessment are sufficient to confirm a finding of blight in Urban Renewal Area. This conclusion verifies the substantial needs within the Urban Renewal Area where concentrated efforts are needed in order to undertake blight remediation efforts. Peru Road Urban Renewal Area — Current Conditions �r — � +� . , I . � :� �/ ,, !� �� _ � - - � � _ � �. �� 9 !� �� `� " � , � � � , � — — `� -.�.'��;,'°� � <^,�,. , _ � � - � ; � _ y ..:�y�r„-.w � �.._, W'�i:`'d.o. '�k - �� i � � � �}: �� ,, i "�T M* !'��` f i Y Y\il.�,� �k . � .� .�¢'. � h j�� } .�, :: r! e a � 'Y 4 °,"� T � +� .1 Z� WSqa i S: t � . � �� y,i'ry, ' - t 3`; .. '� '. ' ; � X� .�� r �� .m � ...5.. _ .._ . . . •r^�h�'R.�ufm...'.'� �.. ..e .. . 4`��q�'�.. _ � . li , IIIIIIIIIII� I l( I`II � l�ia� '�" II�II I : � �I,. ,r,, i iYll�l�� i I� —� � '�*��—^��— a�— � � �� ,.,y�_ � � � � I�� — � i � � � M , �.., � I f�T� — � ` � �"�,�— � _ �� Iliil � � . = . , - � r .�� 9 � ., - � .M„ �,,m� ��.� , � ,� , �, � � � ` ' .�� > � .�: �.�_ -�.� � � �°�� . , , �,.: , �� : � � � � r �� - , t �++ �' � / �� _�� . I� �,� ��j` c�. . ... . � � �� 'wa I i . �. w � �y� � � _ � �\. �� R . � �� .,� " _ � {' � . .� M �� . 1 I ; �p t �a, L .:a ' d f '- � ' y' _ I� , i- �u4�� . . �� 1 ii � _ 'L .��' l:. � � ! . �� _��y � j II�E • 1II /V �c.�tYR r..4 i � 1. � '�� i^ ��-�- n� _ .°. i � :.� 1 � .,. „ . :.. :�� .. n y=. . .. _ � - � � � �,,y�,. —s�,y ��-�� > - - i; �= �` . i ' � '• - _ � � l .�_ ;� � �� " �' � , �� -� �� . �1 -i `, �� ; �� ; � �� , � < � ' � � � � � _ � �� < -� ��, ,, � ,�. '� . �� t�� _� � r �_ ' d� 1� <., _ . • � i � � ' S � ' � y , � I � �� ' � :y - �l.i � 3 ,�� 1 —_ —�� _ '— i � . ' .. �.aA � _ I ^s" ' �1 � _' _- � ;��"�. -� ' � _ - - l ,, ,..� � �� , - � . � _ . _ ��,.� _ _ � � � � � �� , � ��, ,�a, �� ` _, . _ � i�� _ i. 1G4 �'_ W � � E ,�- � �+ � �,�,�.,� � : - �."'� IVIINUTES j ; CONSULTATION WITH AFFECTED TAXING BODIES for the URBAN. RlENEWAL i PLAN for the Peru Road Urban Renewal Area � ; � Wednesday, November 14, 2017 at 10:15 a.m. City Hall, Conference Room B, Second Floor ' 50 W. 13t" �treet � Dubuque, lowa 52001 ' Meeting commenced 10:15 a.m. ' No representatives from Dubuque County, the Dubuque Community School District, or ' Northeast lowa Community College elected to attend the meeting. Meeting was adjourned 10:30 a.m. ,�4�1 �M--� r ..�� Jill M. Connors Economic DeveJopment Project Coordinator, City of Dubuque , � I i I i Dubuque Plamivig Serviccs Deparhne�it THE CtTY OF � City Hall-50 West 13'��Strcet uH��.mmcm Dubuque,IA 52001-4840 u$ "�'� i I I f'� (563)589-4210 phone (563)589-4221 fax Masterpiece on the Mississippi �°°' �°'� (ses)e�o-ee�s T�D �0�3 �o�> plannine�citvo fdubuque.org November 29, 2017 The Honorable Mayor and City Council City of Dubuque 50 W.13'h Street Dubuque, lA 52001 RE: Creation of Peru Road Urban Renewal Area Dear Mayor and City Council Members: Introduction The Long Range Planning Advisory Commission has reviewed the proposed creation of the Peru Road Urban Renewal Area. Discussion Economic Development Project Coordinator Jill Connors reviewed that the City is establishing this Urban Renewal Area to assist in redevelopment efforts of the Flexsteel manufacturing facility at the corner of 32"d and Jackson Streets, which will close in the near future. She explained this Urban Renewal Area meets the definition of a blighted area due to structural conditions and potential environmental remediation due to past industrial uses. She added that this Urban Renewal Area will allow the City to address conditions of blight and promote economic redevelopment in the North End. She noted the Urban Renewal Area is in general conformance with the Comprehensive Plan, which promotes the creation of job opportunities throughout the community. Planning Services Staff noted that the role of the Commission is to make a recommendation to the City Council as to the Urban Renewal Area's consistency with the Comprehensive Plan. Commissioners discussed the proposal and felt it was appropriate, as it would facilitate economic redevelopment of a brownfield site through environmental remediation. Recommendation By a vote of 4 to 0, the Long Range Planning Advisory Commission recommends approval of the Peru Road Urban Renewal Area as it is consistent with the Comprehensive Plan. Respectfully submitted, �i� 7�r�'�l�e Chad Darter, Chairperson Pro-Tem Long Range Planning Advisory Commission cc: Maurice Jones, Economic Development Director Service People Integrity Responsibility ImiovaHon Teamwork Kevin Firnstahl From:Kevin Firnstahl Sent:Tuesday, December 05, 2017 1:02 PM To:denise.dolan@dubuquecounty.us Cc:Cynthia Kramer; Jill Connors; Mary Habel Subject:City of Dubuque Peru Road Urban Renewal Area Plan Attachments:Peru Road Urban Renwal Area 12 4 17.pdf Denise, Attached is a copy of the Urban Renewal Plan for the Peru Road Urban Renewal Area with Resolution. I will certify a hardcopy with color pages to your office today or tomorrow. Please contact me if you have questions or difficulty with the attachment. Thank you. Kevin S. Firnstahl, City Clerk City of Dubuque th 50 W. 13 Street Dubuque, IA 52001 563-589-4100 kfirnsta@cityofdubuque.org 1 Kevin Firnstahl From:Denise Dolan <Denise.Dolan@dubuquecounty.us> Sent:Monday, December 11, 2017 3:31 PM To:Jill Connors; Maurice Jones; Kevin Firnstahl Cc:Mike Van Milligen; Jenny Larson Subject:Peru Road urban renewal area I was out of the office last Thursday when Kevin delivered two urban renewal plans. One was an amended and restated plan for the Greater Downtown UR district. The other was a new plan for the Peru Road UR district, and Ordinance No. 45-17 accompanied it. I contacted Jenny about the Peru Road district inquiring when debt would be certified as it effects the timing of setting the base values. She said she didn’t expect I’d see a debt certification until FY20, and mentioned it is her understanding that it is a housing area and would not be part of another area. I forwarded the documents to my GIS staff, who informed me that the legal description for the Peru Road district is also included in the amended Greater Downtown district. The description is for the current Flexsteel property, not a housing area. I am confused about the property being included in two UR districts. And am also unsure how to administer it. Also, I’m not finding an ordinance attached to the amended Greater Downtown UR plan. Please advise. Denise M. Dolan Dubuque County Auditor 720 Central Avenue Dubuque, IA 52001 563.589.4456 th As of April 15, my new e-mail address will be denise.dolan@dubuquecounty.us 1 STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: December 08, 2017, and for which the charge is $81.17. Subscribed to before me, a Notary Public in nd for Dubuque County, Iowa, this AeV, day o 0010 'c.P-tJ , 20 /7 Notary Public in and for Dubuque County, Iowa. MARY K WESTERMEYER Commission Number 154885 My Commission Exp. Feb. 1, 2020 western i.rociivision roue or Iowa. in :the No. 2, and also event that. any pro - including the •Public vision •of this , Ordi- Right. of Way , -of ; nance shall be deter-. Jackson ---,•Street abut,; rnirted,te be contrarit9,1,,,": ting'therefeAt • • itglaw'Wshall not: affectipi All in '.,the City of : other •• provisions or , Dubuque, Iowa • application of this b) • Urban Renewal ; Ordinance which , shall Plan i,shall mean the at all ,times be con - Urban Renewal Plan for strued to fully invoke thd-Perti Road' yrban.1 • the previsions of Sec - Renewal • • Area; pp, tion 403,19 of the Code preyed by Resolution of Iowa with reference No: 382-17" on Deem- ' to the Urban Renewal ; ber 4, 2017 as thesame Area and the territory maybe amended, fromcontain'ed therein. ; • ' Section 8: This Ordi- SeCtifOn 2: The taxes n•ance'Shalibein effeat •l leyie,d, on 'the -taxable afterite-final'Pessagei property Witbe1Jrban . apOreval • publ,P Renewal ;Area;"' cationt• as proVidect: •deseribed • in the law. , • , •-• •-; Preambles and Section , PassedandapiprOved 1 hereof; by and for the day ' 'Of benefit of the State of DeceibOer 2017. Iowa, City of Dubuque, -/S/Rey D. Buell, Mayor • County of Dubuque, Attest: /s/KeVin'S:. Dubuque Community Firnstahl, City Clerk School District, and all Read first time: ',other • taxing districts • DeCember. 4, 2017 •fromand after the Passed and appreVed: •effective • date of ' this Decernber 4, 2017 ' ,Ordinance • shall ; be Published: December 8, divided as hereinafter ••1 2017, ' in • this , Ordinance ; it 12/8 , • ' - • provided. Section' 3: That per- 'Alorr-eflthe takes Which WerilitibeVredticed by the rate at which the tail is levied each year ,by. or for eachof the: taxing, :districts upon the • total ' sum of the •asseSsed., value of the taxable property, in the Urban Renewal Area, as shown on the assess- ment roll as of January Fmf the calendar year preceding " the first calendar year in which the City of Dubuque Certifies to, the County Auditor the amount of leans, advances, In- debtedness, er, bonds payable from . the division ofprOperty tax teverure "" described hreinshalI-be !:"allo• • dated 'Ad" and when Collected :he paid into the, fund : the respective taxing as taxes iy or for the taking district into which. all Other pro- ; petty taxes are paid. The taxes so deter-, inined'Shall be referred Ito herein as the "base • period taxes" for such. OFFICIAL • . PUBLICATION citirmaticENO. 45-17 • - PROVIDING ,' THAT ....GENERAL . PROPERTY; TAXES' 4Evigq AND CO,LLECTEACH • yEARON • 'ALL PROPERTY LOCATED WITHIN THE PERU, Pi HOP . -URBAN - ARE- ' NEWAL AREA OF THE CITY: OF DUBUQUE, I '.00(INTY OF . DUBU- QUE, STATE OF IOWA, I BY AND FOR THE I BENEFIT OF • THE. STATE OF IOWA, CITY OF, DIJBUQU,E,,COUN,, Ty OF DUBUQUE, I.,DUBUQUE „COMMUN- ITY .SCHOOI, DIS- TRICT, AND OTHER TAXING DISTRICTS BE PAID •TO A SPECIAL FUND FOR • PAYMENT 'OF PRIN- CIPAL AND INTEREST Urban Renewal Area, Section 4: That portion of the taxes each -year in excess of the bate period taxei• cleterinined as pre= vided in ,SeCtion 3 of - this Ordinance shall be allocated to and when‘ collected' bd Paid into •the .special tax in - add -lent fund hereby established by the City', of Dubuque to pay the principal of and interest • on Mans, monies adVaneed to, or indebtedness, Whether retilicled; -as Snined, °OthertiviSe; ineicid,ing'IS:OndS" iSti(dd , Under '„antiterity of Sectieri , 03,9 of Section 493,12 of the. Code of loWa; incuitai by the City Of DUbuim,, loWa to: finance' or refinance, in whoie Or rapt Herald • Teleg ON LOANS, MONIES ,ADVANCED TO AND. +.INDEBTEDNESS;'' <IN CLUDING ••,«_BONDS, ISSUED BB', TO.' BE; ISSUED, ' INCURRED BY SMD ;! CITY IN CONNECTIONF` r WriTIM. THE • URB41i-:,' RE NEWAL 'PLAN','FOR; THE" ,PERU'''ROi4D° 'URBAN ""RENEWAL R1W EREAS `tlje Urban , for": tlie. ;Perri{ .,Road,:'•'`;Urhhan, Renewaf, Area''° was adopted,-, 'purs'uant ,to. Re'sojution LNe:.,382=17 ':appreyedl oh December 4; 2017, forthe, purpose -.of creating -.±the •Peru ' Road' Urban'Renewal. • .Area.:,...(the, : „Area''): located in the 'area' legally' described as , : follows: • • ' Lot 1 of ' Great, I Western^:,;.Subdivision' N6 1; y :and- _also ncluiiing': the Pubiip, Right;';`.';,tifs r:Way ;.yof. Jackson��Street;z.;abut?, ? ting:thereto; "" "Lot"':20f :Great;'• Western Subdivision` ' No, 1; and Lot •1 of.;Great Western.: Subdivision' Western, , t - Lot - 2", of.- 'Great Western . , Subdivision Not2; and Lot%,1 of;:Great Western" : : Subdivision No. - 2, and • also . including ,the Public Right;":a of :,.War,. of; Jackson = Street`•.abut- ting thereto:' : , All,;.in:,the, City . of ' l_,DubUtiue; loWa -''. - • = ,and)'r'','•z.: WHEREAS;?indebted-,; ' ness ,will be' incurred ' by th'e'Citytte-finance ,. urban renewal .project activities' ' within ' the . 'Area:in'Iurtherance of the.,objectives .of -<the Urban'Renewaj Plan for the Area; and:- „,, nd -..; WHER,EAS., the .fol- iowing';, .enactment is . ` necessary''to-accom-' l, --Mist .;the , objectives described in: ;,the premises:• '-NOW,-THEREFORE; BE'' IT., BY.THE . CITY COUNCIL`OF THE”. DUBUQUE, IOWA, THAT; Section 1i For'pur-' posessr: of nance;- the..:following terms' shall "'have'the following meanings: a) Urban Renewal., Area includes'"'' the following described properties: Lot 1 "of , Gf'eat Western ` Subdivisiiin ; • and,., :also uicluding the,' Public 1;40 -It Jackson' Street 'abut-' ting thereto; and ' .- Lot-,; 2' of Great! N%esterw 'subdivision . No. 1; and'_ . ;:- . Lot -1 `'of Great • Western Subdivision = N.o..4; and, • •,Lot '2 of Great j Western Subdivision No. 2; and Lot 1 • of Great Western Subdivision No. 2, and also including: -the -.Public ,- Right, of: - Way •of "Jackson ;, Strreet"'abut£ raphHerald.com in part,.brban renewal projects undertaken within;; the Urban Renewal Area pursuant to the. Urban. ReheWar! Plan,• except, that taxes for the. regular and voter -a proved phy sical ,plant and .equip- ment.levy of, a school district 'imposed pur-' suant.to Section 298.2 ' of the :Code of.Iowa,' and' .;taxes „_for';`fhe ' instructional supe in program of .a school.; district imposed pur- suant to Section 257.19 (but in each case only., to the extent required. under Section 403.19(2)),: taxes. for the payment of bonds and interest Of each taxing , distrlct,• 'taxes imposed 'under Section 346.27(22) related to joint county=city build- ings, and any other exceptions' under Iowa, Code Section 403.19 in effect as 'of the date this Ordinance is adopted ::shall be collected `against all - takable property within the •Urbain"„Renewal Area ' without ` any limitation as herein above provided:• Section 5: Unless 'dr .until -the total assessed "valuation of .the tax- able property in the Urban .Renewal Area. exceeds • the!- total assessed value of 'the taxable;'property,tn, the Urbah'Renewal. AYea,as shown'_b the: assess- , ment..rolls referred to int Section;=3T of:, this Ord dance .,``ali,;;'of ;;the;. taxes;':',:levled:'', ,.and: collected. "'upon' the. taxableproperty' in,the Urban. Renewal`- Area,• shall, be ;paid,: into the, funds':`.for; the respec- tive taxing districts, as taxes by or„feri;the taxing districts in • the same • manne'r 'as gall other property taxes::, _. 'Section 6: At such' .time as the loans, monies advanced, hoods and, .interest i thereon and ndebted-.. ness of the City of Dubuque referred to in Section 4 hereof ;have been paid, all monies, thereafter-. received ffom'jtaxes:- upon_ the taxable'property inthe 1 Urban •„Renewal Area shall, be paid: into the fonds for the', respec-. tive'taxing district's in thesame manner as taxes • 'on all , other Section"•' 7: 'All nances or ; 'parts of. ordinances'- in -,Conflict j with "the' provisions of this 0`rdinance are hereby: repealed;. 'The' provisions+�'=of 'E this i OTdinahce• are :intend- e r and • shall ; . be. construed': so •as: to:I continue the'division of taxes from property within the Urban Renewal 'Area under the' "provisions of Section 403.19 of ,the. Code of Iowa. In'the event that any pro vision•of,. this Ordi- nance shall be deter rninectto be'contra3ytd;`;