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TIF Town Clock, Cottingham & BMEMORANDUM October 29, 2002 TO:The Honorable Mayor and City Council Members FROM:Michael C. Van Milligen, City Manager SUBJECT:Tax Increment Financing: Town Clock Building Company/Cottingham & Butler Economic Development Director Bill Baum recommends City Council approval of the Town Clock Building Company/Cottingham & Butler's application for Property Tax Rebates for Historic Properties, and further recommends that a public hearing be held November 18, 2002. I concur with the recommendation and respectfully request Mayor and City Council approval. ___________________ Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager William Baum, Economic Development Director CITY OF DUBUQUE, IOWA MEMORANDUM October 29, 2002 TO:Michael Van Milligen, City Manager FROM:William Baum, Economic Development Director SUBJECT:Tax Increment Financing: Town Clock Building Company/Cottingham & Butler INTRODUCTION This memorandum presents for City Council review and approval a Resolution setting a public hearing on November 18, 2002 relating to tax increment financing for Town Clock Building Company/Cottingham & Butler. BACKGROUND On May 6, 2002, the City Council adopted by resolution a policy to provide property tax rebates through tax increment financing to owners of properties in the Downtown Dubuque Urban Renewal District. The policy requires the owners to rehabilitate historic structures according to the Secretary of Interior's Standards for the treatment of historic properties. The first application received by the City is from the Town Clock Building Company/Cottingham & Butler for rehabilitation completed on the "Town Clock Building." Town Clock Building Company/Cottingham & Butler has invested over $2.9 Million in the renovation of the structure. The work has been approved by the State Historic Preservation Officer. The Urban Renewal Plan for the district provides that the City may use tax increment funds for special financing activities, including loans and grants to businesses. DISCUSSION The City of Dubuque has been asked to support the project by approving the use of tax increment proceeds to make reimbursement to the company of a percentage of the actual new increment of property taxes that Town Clock Building Company/Cottingham & Butler will pay over a seven (7) year pedod. At this time, the new taxes are estimated to total $93,850; however, that amount could increase based on the actual amount of property taxes paid each year by the company due to assessment increases or tax rate adjustments. It is proposed that following a public hearing, the City Council approve the Company's application for Property Tax Rebates for Historic Properties, and enter into a property tax rebate agreement with the company. RECOMMENDATION I recommend that the City Council adopt the attached Resolution setting a date for public hearing on the proposed use of tax increment proceeds to support this project. ACTION STEP The action step for the City Council is to adopt the attached Resolution. Attachments F:',U SERS\WBau m~-~istoric Pres Tax Rebates~emo to Mike on Cbutler agreement.doc RESOLUTION NO. 593-02 FIXING THE DATE FOR A PUBLIC HEARING ON THE ISSUANCE OF URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS AND A PROPERTY TAX REBATE AGREEMENT RELATING THERETO WITH TOWN CLOCK BUILDING COMPANYICOTTINGHAM & BUTLER AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF. Whereas, it is deemed necessary and advisable that the City of Dubuque, Iowa, should issue Urban Renewal Tax Increment Revenue obligations, as authorized by Chapter 403 of the Code of Iowa, and enter into a Property Tax Rebate Agreement relating thereto with Town Clock Building Company/Cottingham & Butler, for the purpose of carrying out a project as hereinafter described; and Whereas, before said obligation may be approved, Section 403.9 of the Code of Iowa requires that the City Clerk publish a notice of such proposed action and of the time and place of the meeting at which the City Council proposes to take action thereon and to receive oral and/or written objections from any resident or property owner of said City to such action. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City Council meet in the Auditorium of the Carnegie-Stout Public Library in Dubuque, Iowa, at 6:30 p.m. on the 18th day of November, 2002, for the purpose of taking action on the matter of the issuance of Urban Renewal Tax Increment Revenue obligations and the approved of a Property Tax Rebate Agreement relating thereto with Town Clock Building Company/Cottingham & Butler, the proceeds of which will be used to carry out certain of the special financing activities described in the Urban Renewal Plan for the Downtown Urban Renewal District, including the funding of property tax rebates for the rehabilitation of historic structures to said developer pursuant to a Property Tax Rebate Agreement entered into with Town Clock Building Company/Cottingham & Butler under the terms and conditions of said Urban Renewal Plan. It is expected that the aggregate amount of the Tax Increment Revenue obligations will be $93,850 but that amount may vary due to Property Tax Rebate increases and tax rate adjustments. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, pdnted wholly in the English language, published at least once weekly, and having general cimulation in said City. Said publication to be not less than four clear days nor more than twenty days before the date of said public headng on the issuance of said obligations. Section 3. That the notice of the proposed action to issue said obligations shall be in substantially the form attached hereto. Passed, approved and adopted this 4th day of November, 2002. Karen M. Chesterman, Deputy City Clerk Terrance M. Duggan, Mayor / Prepared by: William J. Baum, Economic Development, 50 W. 13th St. City Hall, Dubuque, IA 52001 563589-4393 PROPERTY TAX REBATE AGREEMENT THIS PROPERTY TAX REBATE AGREEMENT dated this day of November, 2002 (the "Agreement"), by and between the City of Dubuque, Iowa (the "City"), and the Town Clock Building Company/Cottingham & Butler (the "Developer"). WITNESSETH: WHEREAS, the Developer owns real property, legally described as City Lot 54 in the City of Dubuque, Iowa (the "Property"), which is located in the Downtown Dubuque Urban Renewal District (the "Project Area") which has been so designated as an urban renewal area defined by Chapter 403 of the Iowa Code (the "Urban Renewal Law"); and WHEREAS, the Developer has substantially rehabilitated the Property according to the City's Historic Property Tax Rebate Program, and has accomplished the substantial rehabilitation according to the Secretary of Interior's Standards for the Treatment of Histodc Properties, and has made application to the City for Property Tax Rebates for Historic Properties, and said application has been reviewed by the City of Dubuque Historic Preservation Commission; and WHEREAS, the City and the Developer desire to enter into an Agreement for Property Tax Rebates for the Property. NOW, THEREFORE, the parties to the Agreement, in consideration of the promises, covenants and agreements made by each other, do hereby agree as follows: 1. The actual value was assessed for the Property on January 1, 2001, is $58,850. The actual value was assessed for the Property on January 2, 2002, is $197,690. 2. The Developer agrees to operate the Property until at least the termination of this Agreement. 3. For and in consideration of the obligations being assumed by the Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Law, the City agrees, subject to the Developer being and remaining in compliance with the terms of this Agreement, to make up to seven (7) consecutive annual payments (such payments being referred to collectively as the "Property Tax Rebates (grants) for renovation of Historic Properties" to the Developer, pursuant to Section 403.9 of the Urban Renewal Law, in accordance with the following schedule: · Year1: 100%rebate · Year 2: 100% rebate · Year3: 100% rebate · Year4: 100% rebate · Year 5: 75% rebate · Year 6: 50% rebate · Year 7: 25% rebate The property tax rebate amounts shall equal the actual amount of tax increment revenues collected by the City, adjusted according to the schedule above. 4. To fund the Property Tax Rebates, the City shall certify to the County prior to December 1 of that year its request for the available Developer Tax Increments resulting from the assessments imposed by the County as of January 1 of the following year, to be collected by the City as taxes are paid dudng the following fiscal year and which shall thereafter be disbursed to the Developer on June 1 of that fiscal year. (Example: If the City so certifies prior to December 1, 2002, the Property Tax Rebate, in respect thereof would be paid to the Developer on June 1, 2004). 5. The Property Tax Rebates shall be payable from and secured solely and only by the Developer Tax Increments, which, upon receipt, shall be deposited and held in a special account created for such purpose and designated as the "Town Clock Building Company/Cottingham & Butler TIF Account" of the City. The City hereby covenants and agrees to maintain its TIF ordinance in force during the term hereof and to apply the incremental taxes collected and allocated to the Company/Cottingham & Butler TIF Account to pay the Tax Increment Rebates, as and to the extent set forth in Section 3 hereof. The Property Tax Rebates shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. The City makes no representation with respect to the amounts that may be paid to the Developer as the Property Tax Rebates in any one year, and under no circumstances shall the City in any manner be liable to the Developer so long as the City timely applies the Developer Tax Increments actually collected and held in the Company/Cottingham & Butler TIF Account (regardless of the amounts thereof) to the payment of the Property Tax Rebates to the Developer as and to the extent described in this Section. 6. The City shall be free to use any and all tax increment revenues collected in respect of other properties within the Project Area, or any available Developer Tax Increments resulting from the termination of the annual Property Tax Rebates under Section 3 hereof, for any purpose for which such tax increment revenues may lawfully be used pursuant to the provisions of the Urban Renewal Law, and the City shall have no obligations to the Developer with respect to the use thereof. 7. Neither the preambles nor provisions of this Agreement are intended to modify, nor shall they be construed as modifying, the terms of any other contract between the City and the Developer. 8. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 9. This Agreement shall be promptly recorded by the City with the Dubuque County Recorder. CITY OF DUBUQUE, IOWA By Terrance M. Duggan, Mayor Attest: Jeanne F. Schneider, City Clerk TOWN CLOCK BUILDING COMPANYICOTTINGHAM & BUTLER By President (City Seal) STATE OF IOWA ) ) ss COUNTY OF DUBUQUE ) On this __ day of 2002, before me the undersigned, a Notary Public in and for the said County and State, personally appeared Terrance M. Duggan and Jeanne Schneider to me personally known, who, being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque, Iowa, a municipal corporation executing the instrument to which this is attached; that the seal affixed hereto is the seal of said municipal corporation; that said instrument was signed and sealed on behalf of the City of Dubuque, Iowa, by authority of its City Council; and that said Mayor and City Clerk acknowledged the execution of said instrument to be the voluntary act and deed of said City, by it and by them voluntarily executed. Notary Public STATE OF IOWA ) ) ss COUNTY OF DUBUQUE ) On this day of 2002, before me the undersigned, a Notary Public in and for the State of Iowa, personally appeared John Butler, to me personally known, who, being by me duly sworn, did say that he is the President and Chief Executive Officer of Town Clock Building Company/Cottingham & Butler, the corporation executing the instrument to which this is attached and that as said President and Chief Executive Officer of Town Clock Building Company/Cottingham & Butler acknowledges the execution of said instrument to be the voluntary act and deed of said company, by it and by him, an individual, voluntarily executed. Notary Public 4 RESOLUTION NO. APPROVING AN APPLICATION FOR PROPERTY TAX REBATES FOR THE RENOVATION OF CERTAIN HISTORIC STRUCTURES APPROVING A TAX REBATE AGREEMENT WITH TOWN CLOCK BUILDING COMPANY/ COTTINGHAM & BUTLER Whereas, the City Council, after public hearing, duly adopted an Urban Renewal Plan (the Plan) for the Downtown Dubuque Urban Renewal District (the District); and Whereas, said Plan provides that the City may undertake special financing activities, including loans or grants to private developers, to meet the objectives of the Plan and to encourage the development of the District; and Whereas, the City Council has determined, after consultation with the City of Dubuque Historic Preservation Commission, that the substantial renovation of the Town Clock Building property, legally described as City Lot 54 in the City of Dubuque, Iowa has been completed in accordance with Secretary of Interior's Standards for the treatment of Historic properties, and that the Town Clock Building Company/Cottingham & Buffer is qualified under Iowa Code Section 15A.1to receive such loan or assistance for the expansion and the renovation of the Town Clock Building in the District; and Whereas, it is expected that the aggregate amount of the Tax Increment Revenue obligations will be $93,850 more or less due to assessment increases and/or tax rate adjustments; and Whereas, pursuant to published notice, the City Council has held a public headng on the proposition of obligating Tax Increment Revenue to assist the Town Clock Building Company/Cottingham & Butler, and has considered and overruled any and all objections thereto; and Whereas, an application for Property Tax Rebates for Historic Structures, and a Property Tax Rebate Agreement, both hereto attached and by this reference made a part hereof, sets forth the terms and conditions of a Property Tax Rebate program for the renovation of the Town Clock Building, and the disbursement of Tax Increment proceeds to Town Clock Building Company/Cottingham & Butler. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the application of the Town Clock Building Company/Cottingham Butler for property tax rebates for the Town Clock Building and City Lot 54 in the City of Dubuque, Iowa, and reviewed by the City of Dubuque Historic Preservation Commission is hereby approved. Section 2. That the Tax Rebate Agreement by and between the City of Dubuque, and the Town Clock Building Company/Cottingham & Butler attached hereto is hereby approved. Section 3. That the Mayor and City Clerk are hereby authorized to execute, on behalf of the City of Dubuque, Iowa, said Property Tax Rebate Agreement in substantially the form attached hereto, but with such changes as they, with the assistance of the Corporation Counsel, find to be appropriate, their execution thereof to constitute this City Council's approval of said Property Tax Rebate Agreement. Passed, approved and adopted this 18th day of November, 2002. Attest: Termnce M. Duggan, Mayor Jeanne F. Schneider, City Clerk F :\USERS\WBaum'dCtist oric Pres Tax Rebatesk~'dbut tax re. bal~ res2.doc plmlning Services Department City Hall 50 West 13th Street Dubuque, Iowa 52~014864 (563) 589-4210 office (563) 589-4221 fox (563) 690-6678 TDD pianning@cityofdubuque.org October 21,;2002 The Honorable Mayor and City Council Members City of Dubuque City Hall-50 W. 13th Street Dubuque, IA 52001 RE: Application of Cottingham and Butler for properly tax rebates for the property at 835 Main Street (The Town Clock Building) Dear Mayor and City Council Members: The City of Dubuque Histodc Preservation Commission has reviewed the above-cited request. The application and related matedal are attached for your review. Discussion Mary Lou Baal, representative from Cottingham and Butler, was in attendance. Bill Baum, Economic Development Director, spoke in favor the request. He explained the policy for the Histedc Property Tax Rebate Program. He indicated that Cottingham and Butler have submitted all the required material. There were no public comments.. The Histedc Preservation Commission discussed the request, noting that the Town Clock Building has had a substantial rehabilitation and the property meets the requirements of Histodc Property Tax Rebate Program. Recommendation By a vote of 4 to 0, the Historic Preservation Commission recommends the City COuncil approve the properly at 835 Main Street (The Town Cock Building) for historic tax rebates. A simply majority vote is needed for the City Council to concur with the request. Respectfully submitted, Christopher J. Wand, Chairperson HLstodc Preservation Commission Attachments Service People Lntegrity Responsibility Innovat/on Teamwork www. cb-si$co.cora O/ umx Cottingham & Butler Insurance [ SISCO I HealthCorp [ Safety Management September 20, 2002 William J. Baum, Director Economic Development Department City Hall - Second Floor 50 West 13th Street Dubuque IA 52001 Dear Bill, Enclosed please fred our Application for Property Tax Rebates, Historic Properties as it relates to the Town Clock Building project. We have included the application information, a copy of our letter regarding the building being placed on the National Register, and copies of Iowa Tax Credit Certificates. As we settle into our restored and revitalized building, we are pleased to find that it is functioning beyond our expectations as commercial office space. We have the bonus of the historic feel of the building in addition to the use of all of the modem technology that flows through it. The underground passageway has proven to be an extraordinary asset as it allows our company to perform as a whole even though our buildings are on two sides of Main Street. It is also very satisfying to be located in downtown Dubuque as it also, comes alive with revitalized activity. Thank you for giving us the oppommity to make application to the Historic Property Tax Rebate Program. Please feel free to contact me directly at 587-5133 or via emall at marylou.baai@cb-sisco.com if you have any questions regarding our application or if we have neglected to include information that you require. Sincerely, Enclosures CC:John E. Butler, President & CEO Steven Bonfig, Treasurer CITY OF DUBUQUE APPLICATION FOR PROPERTY TAX REBATES HISTORIC PROPERTIES APPLICANT INFORMATION: OWNER: TOWN CLOCK BUILDING COMPANY/COTTINGHAM & BUTLER ADDRESS OF OWNER ADDRESS OF BUILDING 300 SECLrRITY BUILDING DUBUQUE IA 52001 835 MAIN STREET CONTACT PERSON MARY LOU BAAL, FACILITIES MANAGER DESCRIBE IN DETAIL THE PROPOSED OR ONGOING REHABILITATION, INCLUDING: DESCRIPTION OF THE HISTORICAL SIGNIFICANCE OF THE BUILDING DESCRIPTION OF THE REHABILITATION J ELIGIBILITY FOR NATIONAL REGISTER ANTICIPATED OR ACTUAL COST OF THE REHABILITATION CURRENT ASSESSED VALUATION OF BUILDING ECONOMIC IMPACT OF PROJECT WHAT DATE WILL THE PROJECT BEGIN AND BE COMPLETED ATTACH EVIDENCE OF AN APPROVED APPLICATION FOR CERTIFIED ~ ,~,~ ,,~L REHABILiTATiON FROi~i THE STATE HiSTORiC PRESERVATION OFFICER DESCRIPTION OF HlSTORICAL SIGNIFICANCE OF THE BUILIDING The site's original building was conslntcted in 1845 by George and Emily Wood and was occupied by the First Congregational Communicants Church. The building later became a theater known as the Odeun. It next housed a post office and concert hall before the John Bell Company, specializing in dry goods, notions and carpets (predecessor of the former J.F. Stampfer Company) made its home there. In i864, Dr. Asa Horr spearheaded the idea of a town clock for Dubuque. It was to be a replica of a clock in New Orleans. The clock was purchased in July of 1864 from Naylor and Company in New York for a sum of $304.00 and was placed atop the John Bell Company building. On May 12, 1872, the Town Clock building collapsed, ldlling three people. Tuls collapse was attributed to excavation on the north side of the building. Fridolin J. Heer, the same architect who designed the Dubuque County Courthouse, was hired to erect a three-story brick building to be the foundation for the new Town Clock. Howard & Company of Boston manufactured the new clock for $5,300.00, and it weighed in excess of 4200 pounds. The Spensley Building was constructed and the new clock was put in place. In 1970 the clock was removed from the building and placed on a pedestal in a newly created pedestrian plaza one block south. The original supporting structure to hold the clock remains in tact within the Town Clock Building. The building stands as a significant part of Dubuque's Main Street, which was the heart of the City. It served as an hnportant element of the City's late nineteenth century architectural resources and for its role in the development of the local commercial base. For decades, the building was the home of the Palais Royale, one of the Midwest's preeminent women's clothing and fine millinery stores. DESCRIPTION OF THE REHABILITATION The exterior, including frunt and back brick and stone facades, w/ndows and storefront were restored to replicate the original building within historic guidelines. All paint and stain was removed. Missing and severely damaged limestone was replaced. Windows that had been closed to accommodate a freight elevator in the rear of the building were reopened. Matching brick was located from local salvage yards. Matching stone was researched and located in a quarry in Stone City, Iowa. The history on that quarry dates back to the late 1850's with railroads established in 1860. Because of the perfect match to the stone on the Town Clock Building and the history of the quarry, it is believed to be the original source. Window frames were repaired and painted. Window sashes were replaced with new wood windows that replicate the detail of the original windows. Paint was removed from the metal cornice and decorative elements that were missing replicated and replaced. The storefront was reconstructed using photos of the original structure. Rmnalning cast iron columns at the storefront were used to make molds so that the new columns replicated the original ones. Interior cast iron columns are fully exposed, floor to ceiling. An area in the lower level of the building has been has been fmished as a lunch room with the original limestone exposed and left in its' natural state along with exposed floor joists to display original materials. ELIGIBILITY FOR NATIONAL REGISTER A copy of the letter form the State Historic Society of Iowa is attached to document that the Town Clock Building is listed on the National Register of Historic Places. (Attachment A) ANTICIPATED OR ACTUAL COST OF THE REHABILITATION The estimated cost attcibuted solely to the rehabilitation is $2,963,234. The estimated cost for new construction, the underground passageway, is $204,490. These costs exclude all furniture and artwork. CURRENT ASSESSED VALUATION OF BUILDING Assessed value prior to rehabilitation was $58,850. ECONOMIC IMPACT OF THE PROJECT - project will increase the tax base of the City and the County. The project: · Will provide 60 new jobs · Will add over $1,375,000 in salaries to the area · Has provided local vendors and tradesman income and job oppommities · Has restored and preserved a building that is significant to Dubuque history. · Has increased commercial office space · Has enhanced the downtown street-scape WHAT DATE WILL THE PROJECT BEGIN AND BE COMPLETED The project was started on 3/01/01 and will be substantially completed by 10/01/02. CERTIFICATION AND RELEASE OF INFORMATION I, the undersigned, as owner of the property identified above, hereby submit the following application for property tax rebates to the City of Dubuque. I certify that all information, representations, or statements provided to the City of Dubuque, in connection with this application, are true and correct in all material respects. I certify and understand that in order to receive property tax rebates under the City of Dubuque approved Historic Property Tax Rebate Program, 1 will accomplish substantial rehabilitation of said property according to the Secretary of Interior's Standards for the treatment of Historic properties. I certify that I have not, and will not apply for and/or accept any form of tax exemption allowed by state law or City ordinances. I understand this application, and subsequent agreement, is subject to the final approval of the City Council of Dubuque, Iowa, after public hearing as required by the Code of Iowa. Signature, Title John E. Butler, President & CEO Print Name and Title Date STATE H STORICAL SOCIETY OF OWA Where past meets future American Gothic House Eldon Blood Run NHL Larchwood Centennial Building Iowa City Ma=hew Edel Blacksrairh Shop Marshalltowa Abbie Gardner Cabin ~-no id~ Park Iowa H~rorical Building Des Moines Monrar~k Governor's Home Uniov. Sunday School Clermont Plum Grove Governor's Home iowa Ci,ty Tooiesboro Indla~ Mounds Woolesboro Wcsrer~ Historic Trails Cei~er Co~nciI B{ui% February 7, 2002 The Town Clock Building Company 832-825 Main Street Dubuque, IA 52004-0028 RE: The Town Clock Building, 823-825 Hain Street, Dubuque, Dubuque County Dear Friends: We ara pleased to inform you that the above named property was listed in the National Register of Historic Places effective January 24, 2002. The National Register is the Federal Government's official list of historic properties worthy of preservation. Listing in the National register provides recognition and assists in preserving our Nation's heritage. Save this documentation for your records. When applying for grants and tax credits, you will need to make a copy of this letter to provide with your applications. Keep these originals in your files and always make copies, as you need them. Listing in the National Register provides the following benefits to historic properties: Consideration in the planning for Federal, federally licensed, and federally assisted projects. Section ].06 of the National Historic Preservation Act of 1966 requires Federal agencies allow the Advisory Council on Historic Preservation an opportunity to comment on projects affecting historic properties listed in the National Register. For further information please refer to 36 CFR 800. Eligibility for Federal tax benefits. If a property is listed in the National Register certain Federal tax provisions may apply. The Tax Reform Act of 1986 revises the historic preservation tax incentives authorized by Congress in the Tax Reform Act of :1.976, the Revenue Act of :1.978, the Tax Treatment Extension Act of 1980, the Economic recovery Tax Act of :L98~, and Tax Reform Act of :L984, and as of January 1., :1,987, provides for a 20 percent investment tax credit with a full adjustment to basis for rehabilitating historic commerdal, industrial, and rental residential buildings. The former J. 5 percent and 20 percent investment Tax Credits (TTCs) for rehabilitation of older commercial buildings are combined into a single l0 percent TTC for commercial or industrial buildings built before :L936. The Tax Treatment Extension Act of Z980 provides Federal tax deductions for charitable contributions for conservation purposes of partial interests in historically important land areas or structures. For further information, please refer to 36 CFR 67 and Treasury Regulation Sections t.48-:1.2 (Fl'Cs) and 1.].70A-14 (charitable contributions). Consideration of historic values in the decision to issue a surface coat mining permit where coal is located, in accord with the Surface Mining and Control Act of 1977. For further information, please refer to 30 CFR 700 et seq. Qualification for Federal and State grants for historic preservation when funds are available. The Town Clock Building Company February 7, 2002 Eligibility for State Tax Credits for rehabilitation. Properties listed on the National Register, eligible for listing on the National Register or Barns constructed before 1937 are eligible to apply for a 25 percent state tax credit for rehabilitation. The cost of a 24-month qualified rehabilitation project would exceed either $25,000 or 25 percent of the fair market value for a residential property or barn less the land before rehabilitation. For commercial properties, the rehabilitation project would exceed 50 percent of the assessed value of the property less the land before rehabilitation - whichever is less. The State Historic Preservation office must approve the rehabilitation work before an amount of tax credits will be reserved for your project. There are limited credits available each year, so let us know if you want the application information. It will be our pleasure to invite you to join us in our celebration of Historic Preservation Week in May of the year following listing (i.e. 2000 listings will celebrate in May 2001). During the celebration, certificates will be presented to owners of individually listed properties and to the sponsors of Historic Districts listed in the National Register of Historic Places during the previous year. The framed certificates are signed by the Deputy State Historic Preservation Officer and the Governor and display the Great Seal of Iowa. It is an important honor that a property is listed in the National Register of Historic Places and we hope you will be able to attend. You will be sent a formal invitation before the ceremony. Due to the outstanding attendance in previous years, seating will be limited and assigned. In order for us to accommodate all of the people in your group, please, RSVP by the requested date and include the total number who plan to attend. If you have questions regarding grants, please contact Cynthia Nieb at 515-281-8754 or cvnthia.nieb@dca.state.ia.us. Should you have any questions about the National Register of Historic Places, Tax Incentives or about this nomination in particular, please feel free to contact me by telephone at 515-281-4137 or by e-mail at beth.foster@dca.state.ia.us. Sincerely, Lowell Soike Deputy State Historic Preservation Officer STATE HISTORICAL SOCIETY OF IOWA Where past meets future April 3, 2002 John E. Butler TC Building Co./Cottingham & Butler 300 Security Building Dubuque, IA $2001 Re: Town Clock Building, 823-825 Main Street, Dubuque, Dubuque County Dear Mr. Butler: We have reviewed your Iowa Rehabilitation Tax Credit applications for the above referenced property. Based on the information provided in your Part 3 application, the tax credits for your rehabilitation project have been approved in the amount of $50,000 for the fiscal year 2001. We are still working on the feasibility of issuing additional credits for the extra costs. Enclosed please find a copy of your approved Part 3 application (certificate of completion) and an Iowa Tax Credit Certificate. You must make a copy of the Part 3 (certificate of completion), complete the sections of the Iowa Tax Credit Certificate pertaining to the Property Rehabilitation Tax Credit and attach these forms to your Iowa Tax Return. If you have questions about, the Iowa Tax Credit Certificate, please contact Hamilton at the Iowa Department of Revenue and Finance at 515/281-4777. Sincerely, Elizabeth Foster, Tax Incentive Programs Manager/ National Register Coordinator Western Historic Trails Center Council Bluffs IOWA HISTORICAL BUILDING 600 East Locust · Des Moines, Iowa 50319-0290 Phone: (515) 281-6412 · Fax: (515) 242-6498 or (5i5) 282-0502 wv~v uiowa.edu/~ shsi/index.htm Iowa Tax Credit Certificate Property Rehabilitation, Assistive device, Investment Credit This certificate is to be completed by a taxpayer claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment tax credit for businesses involved in the produ~ionofvalue~addedagriculturalpmducts, Town Clock Building. 823-825 ~in Taxpayer Name John E. Butler Address 300 Security Building City State Zip Code Taxpayerld~ntification No. 42-149886 Tax Period Ending 12/31/01 For The Business: Officer Name Title Date Contact Person Street, Dubuque, IA Credit Claimed ~ Property Rehabilitation [] Assistive Device [] Investment Credit-Value Added AG Property Rehabilitation Tax Credit Date of Project Completion 12/31/01 (Attach certificate of completion) Certified Amount of Tax Credit $50.000.00 Assistive Device Tax Credit Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit For Economic Development (or Cultural Affairs if claiming Property Rehabilitation Credit): Name Lowell Soike Title ; DSHPO Date 4/3/02 Signature Investment Tax Credit Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Type of Business Tax Certificate Instructions This tax credit certificate must be attached to any income tax return claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment credit for businesses involved in the production of value-added agricultural products. If the business claiming the credit is a partnership, S corporation, limited liabil/ty company, or estate or trust electing to have the income taxed directly to the individual, please attach a schedule listing each individual and the amount of credit attributable to each. A copy of this form must be attached to any tax return on which a certified credit or refund is taken. 42-010 (9/5/00) STATE HISTORIC PRESERVATION OFFICE Iowa Property Rehabilitation tax Credit certification Application Request for Certification of Completed Wrok fos~uctions: Upon ~mo~e~on ef ~e ~hediIi~on, ream ~[s th~ with ~presen~tive photogmohs of ~e ~mpiat~ woA (beth ~tedor an d interior views) ta the appropriate reviewing office. A copy of this form will be provided to the Iowa Deparb"nent of Revenue and Finance. Type or pdnt ctaarly in black ink. The decision OF the Sta~e Htatedc Preservation Ofce with respect to cer~tioation is made on the basis of th~ descriptions in this application form. in the event of any discrep8no!/between the ap¢ication form and other, supptsmentary matarial submitted with it (such as architectural plans, d~awings and spedfications, the applicedch form shall take orecedence t. Name of Property: Town Clock Bulidina Address ofProper~ Street 823425 Main Street City Dubuoue County Dubuoue State Iowa Zip52001 Are the properb/ snti the project eligiblel as approved bySHPO? Xyes [~ no if yes, data of PartlapprovsibySHPO: 2/27/01 Has the Pea 2 Rehabilitaffop Applicsttsn been approved by SHPO? X yes ~] no Jf yes, date of Par~ 2 approval by SHPO: 2/27/01 Dat~ on rehabilitation project: Stste Histhdc P~'ese~ation Office assigned rehabilitation 'projec~ numbe~ ~ Prelect starcng date: 3/01/01 Re~abJl~tedon work on this proper~ was comptste~ and the building placed in seMce on: 2001 Phase - 12/31/ffl F~st~matsd costa atadbutad solely to reh~biltiation of the historic structure, either in the test 2 years or since the date of SHPO Part 2 approvsi, whichever is later. $ 2t3.667:00 Estimated costs atthbated ssisiy to the rehabilitation per hoostag unit, for projects that fodude housing units ~n fe rehabiltiali©n: $ rca Estimate costs attributed to only new construction assosired with the rehabilitation, insiuding add,ess, site work, parking lots, Iandscaptag: $ n/a Owner.* (space on reverse for add,ansi owners). lherebyappiyfor cerctical~on of rehabliltation work~esedb&d ab~vetsr purposes oftheSTATE tax fooestbes. I herebyaffestthatthe taforrnatbn pro~4dedts, ta the best of my knowiedgs, SOftest, and that, [~ my opinion the completed redasilitstion meets the Seoretaw's "Standards for Rehabilitatio f and is consistent with the work described in part 2 of the Historic Presercation Cerliticatien Ap¢cedon. I also attest that I own the property described above. I understand that fsts~c~tion of factual representations in this appticatien is [Sgsi sanc~ons oF p usis hrn~e~E'~b~a law: No'ne John E Batier Si ~atu:'~ ' ~ / Organlza~on Town C~ock BWdtha ComoanvtCo~n~ham & Buffer Social Se~d~ or Taxpayer Ide~fi~on Number 42-149886 S~eet 300 Secu~ BwIdfn~ C[~ Dubuoue S~te iowa ~p 52001 De,time Telephone Number (5631583-7301 Emsil: iohn.bu~err~cb:sisco, com State Historic Preserve.on Omce Use Onty The SNPo has r~viewed the "Request for Cer~itication of Completed Work Application - Par~ 3" for the aboveqWted bwidthg and has determined: ~ thst the comptated rehabilitation meets the Secretary of the Interior's %tandards for Rehabiiitat[o~ and is consistent with the historic charaster of the property or the dJstdst in which it fs located. Effe~ive the date indicated below, the rehabi[itstbn OF the "certified histodc structure' is hereby desig nsted a "certified rehabilitation." A copy OF this cerI~c~tion wifi be provided to the Depar~mest OF Revenue and Fbance in accordance with State law. This letter of codification is to be used in csnjunc§on with appropriate Deparb-nent of Revenue end Finance regulations. Questions concemthg specific tax consequences or interpretation of the State Cods sho~d be addressed to the Department of Revenue and Finance. An authorized representative of the State Historic Preservation Offlce may inspect completed Pr°iecta t° determine if the w°rk meets the "Standards for Rehabilitation.'' The SHPO reserves the dght to make thspec~ons at any time up to tire years after comptation of the rehabilitation and to revoke cat. cation, if it J8 der~emined that the rehabilitation project was not undertaken as presented by the owner in the application form and suppo~ng documentation, or the owner, upon obtaining certification, undertook unapproved further aiWrattass as part of the rehabifitation project inconsistent with the Secretary's ' Standards for Rehabilitation." Certified Amount of Property Rehabilitation Tax Credit - Iowa that the rehabiiitagan is not consistent with the historic character of the property or the d[s~ct in which it is located and that the project does not meet the Secretary of t ntarJor's 'Standards fo ehabJlits~on." A copy of this form will be provided to the Depa~rnent of Raven ue Date zed.~e State Htstodc Preservation OfficeFFeta~hone No. [~ See Attscbmeats STATE HISTORICAL SOCIETY OF IOWA April 15, 2002 John E. Butler TC Building Co./Cottingham & Butler 300 Security Building Dubuque, IA 52001 Re: Town Clock Building, 823-825 Main Street, Dubuque, Dubuque County Dear Mr; Butler: We have good news. We have been able to encumber additional tax credits'for your project. Attached is a Certificate for the additional tax credits. Please note the fiscal year recorded on the certificate to determine when you may file it with your tax return. Following is a summary of the encumbrances for your project. Original encumbrance $50,000.00 for FY2001 Additional encumbrance $3,416.00 For FY2005 Because of the statutory cap we have spread the additional encumbrances to the next fiscal years with available tax credits. Sincerely, Elizabeth Foster, Tax Incentive Programs Manager/ National Register Coordinator Western Historic Trails Center Coundi Bluffs IOWA HISTORICAL BUILDING 600 East Locust · Des Moines, Iowa 50319-0290 Phone: (515) 281-6412 , Fax: (515) 242-6498 or (515) 282-0502 department of Revenue and Finance Iowa Tax Credit Certificate Property Rehabilitation, Assistive Device, Investment Credit This ce~ticate is to be completed by a taxpayer claiming a property rehabilitation tax credit, assistive device,tax credit for small businesses, or an investment tax credit for businesses involved in the production of value-added agricultural products. Proeerty Name: Town Clock Buildinq, 823-825 Mai Taxpayer Name John E. Butler. TC Buildinq Co./Coffinqham & Butle~ Address 300 Security Buildinq City State Zip Code Dubu0ue IA 52001 Taxpayer Identification No. 42-149886 Fax Period Ending Street, Dubuque, IA Credit Claimed ,' Property Rehabilitation [] Assistive Device [] Investment Credit-Value Added AG Property Rehabilitation Tax Credit For The Business: Officer Name Title Date Date of Project Completion 12/31/01 (Attach certificate of completion) Certified Amount of Tax Credit $3416.00 To be attached to FY2008 state tax form.~ Contact Person Assistive Device Tax Credit For Economic Development (or Cultural Affairs if claiming Property Rehabilitation Credit): Name Lowell Soike Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Title Deputy State Historic Preservation Officer Date A(~h,~ ~9.: ~O42~ Investment Tax Credit Date of Project Completion (Attach certiticate of completion) Certified Amount of Tax Credit Tax Certificate Instructions Type of Business This tax credit certificate must be attached to any income tax return claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment credit for businesses involved in the production of value-added agricultural products. If the business claiming the credit is a partnership, S corporation, limited liability company, or estate or trust electing to have the income taxed directly to the individual, please attach a schedule listing each individual and the amount of credit attributable to each. A copy of this form must be attached to any tax return on which a certified credit or refund is taken. 42-010 (9/5/00) The His?orical l~'vixion of the Department of Cultural Affairs STATE H!STORICAL SOCIETY OF IOW/ Where past meets future September 6, 2002 American Gothic House ~don Blood Run NZ~L Larchwood John E. Butler TC Building Co./Cottingham & Butler 300 Security Building Dubuque, IA 52001 Re: Town Clock Building, 823-[~25 Main Street, Dubuque, Dubuque County Dear Mr. Butler: We have reviewed your Iowa Rehabilitation Tax Credit applications for the above Cente,nl,1 Building referenced property. Based on the information provided in your revised Part 3 IowaCity application, the tax credits for your rehabilitation project have been approved in the amount of $450,000.00 for the state fiscal year 2003, $231,512.81 for SFY2006 and ~mtdz~w Edel Bl~cksmitA Sb_op$5,886.44 for SFY2007. Marsh~lkow'a Enclosed please find a copy of your approved Part 3 application (certificate of Abbie C-~rdner CabL~ completion) and Iowa Tax Credit Certificates. You must make a copy of the Part 3 2kmolds p~rk (certificate of completion), complete the sections of the Iowa Tax Credit Certificate pertaining to the Property Rehabilitation Tax Credit and attach these forms to the Iowa Tax Return in the year stated on the Certificates. Iove~ Historical Bui[dLug Des Moines Mo~tauk Governor's Home Uzfion Sunday School Clermont Museum Cie.maont If you have questions about the Iowa Tax Credit Certificate, please contact Jim Hamilton at the Iowa Department of Revenue and Finance at 515/281-4777. Sincerely, City. Elizabeth Foster Hill, Tax Incentive Programs Manager/ National Register Coordinator Toolesboro Indima Mounds Toolesboro Council BltffWs IOWA DEPARTMENT OF CULURAL AFFAIRS STATE HISTORIC PRESERVATION OFFICE IOWA PROPERTY REHABILITATION TAX CREDIT CERTIFICATION APPLICATION REQUEST FOR CERTIFICATION OF COMPLETED WORK PART 3 [hstructions: Upon completion of the rehabffita8on, return this fon~ with representative photographs of the comptatad work (both exterior and interior views} to the appropriate reviewing office. A copy of this torm will be provided to the Iowa Depar~nent of Revenue and F~nance. Type or print clearly in black ink. The decision of the State Histodc Preservation Office with respect to cetttiication is made on the basis of the descriptions in this application form In [he event of any discrepancy between [he appitaat[on form and other, suppiementaW matador submitted with it (such as architectural plans, drawings and spedffcaitons), the application fon~ shatl take precedence. 1, Name of Property.: TOWN CLOCk( BUILDING Address of Propetty: Street 823-825 MAIN STREET Ci~ DUBUQUE County DUBUQUE [f~ 25p52001 Are the property and the project eligible, as approved by SHPO? XF'~ yes [] no If yes, date of Par~ 1 approval by SHPO: 2/27/01 Has the Par[ 2 RehabiIitation Applicaiton been approved by SHPO? X[] yes [] no If yes, date of Part 2 approval by SHPO: 2/27/01 Data on rehabilitation project: State Historic Preservation Office assigned rehabilitation project numbe~ STC 01~SI~)04 Project star[[hg date: 3/01/01 Rehabittiaiton ,>/od< an this property was completad dud the building placed in service on: PHASE 2 ~/03102 Esit matad costa attributed sctely to rehabititaBon of the historic stiuotare, either in the last 2 years or since the date of SHPO Par[ 2 a ppruvat, whichever [s lata~ $ 2,749,597 Estimated casts a~[huted sateJy tathe rehabilitation per housing unit, for projects that [hdede housing units in the rehabilitation; $ N/A Bsitmata costs af~dbutad to only new constiuciton associated with the rehabilitation, taclud[ng addiBans, site work, parking lots, bndscaping: $204,490 Owner:. (space an reverse for add~onal owners) i hereby apply for codification of rehabilitation work described above for purposes of the STATE tax incentives. I hereby attest that the information provided is, to the best of my knowledge, correct, and that, in my opinion the completed rehabilitation meets the Secretary's "Standards for Rehabilitation' and is consistent with the work described in Part 2 of the Histadc Preservation CertificaBon Application. i aisc attest ~at I own the proper~y desctibed above, f understand that falsification of ,%ctoal representauons in his app ication s ego sa~ctlB~S or pur~ shmeffi under iowa law: Name JOHN E. BUTLER Signatare Da Organizaitan TOWN CLOCK BUILDING COMPANY/Coffingham & Buret Social Secuffiy or Taxpayer Identification N umber 42-1490886 Street 300 SECURITY BUILDING Cit~ DUBUQUE State IA Zip 52001 Day~rne Tetaphone Number 563 883-7301 Bmaii: john.bull er~ cb-staco.com__ State Historic Preservattan Office Use Only The SHPO has rev owed the "Request for Codification of Comple:ed Work Appl~cabon - Part 3" for the above-ksted building and has determined: tho[ the completed rehabiJtiation meets the Secretary of the interior's "S~andards for Rehabilitation and is consistent with the histedc character,, of the,. prope~y or the distdct~ ,, in which ii. is. located.. Effective the date indicated betow, the rehabili~tion of the "certified historic structure she, eby des gnated ,= certified rehab~ dation." A copy of this certification will be provided ~o the Department of Revenue and Finance in accordance with S~ate law. This letter of ceddf~cation is to be used in conjunction with appropriate Department of Revenue and Finance regulations. Questions concerning specific ~ax consequences or interpretation of the State Code should be addressed to the Department of Revenue and Fthance. An authodzed representative of the State Histodc Preservation O~ce may inspect completed pr°jects th determine if the w°rk meets the "Standards f°r Rehabilitation." The SHPO rosen/es the right to make thspections at any time up to five years after completion of the rehabilitation and to revoke ceCdfication, if it is dertemined that the rehabilitation project was not undertaken as presented by the owner in the application form and support ng documentation, or the owner, upon obtaining certificotion, undertook unapproved further alterations as part of the rehabilitation project inconsistent with the Secreta~'s" Standards for Rehabilitation." Certified Amount of Property Rehabilitation Tax Credit - owe $ k0~ ~. ~<~,~'t, ~' ~-~ [] hat the rahab litadon's not consistent w~th he historic character of the property or the district th which it is located and that the project does not meet the Secretary of the thtedor's "S~andards for Rehabilitation." A copy of this form will be provided to the Department of Revenue &':-':.U'L., '-~L? ,"-: ~. ~ ?, :, _ IOWA deparbnent of Revenue and Finance Iowa Tax Credit Certificate Property Rehabilitation, Assistive Device, Investment Credit This certificate is to be completed by a taxpayer claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment tax credit for businesses involved in the production of value-added agricultural products. Property Name: Town Clock Buildinq, 823-825 Main Street, Taxpayer Name Address City State Zip Code Taxpayer Identification No. Fax Period Ending Dubuque, Dubuque Coun~ Credit Claimed X Property Rehabilitation [] Assistive Device [] Investment Credit-Value Added AG Property Rehabilitation Tax Credit For The Business: Date of Project Completion June 3, 2002 Officer Name (Attach certificate of completion) Title Certified Amount of Tax Credit $231,512.8t Date To be attached to SFY2006 state tax forms Contact Person Assistive Device Tax Credit For Economic Development (or Cultural Affairs if claiming Property Rehabilitation Credit): Name Lowell Soike Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Title Deputy State Historic Preservation Officer Date Investment Tax Credit Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Tax Certificate Instructions Type of Business This tax credit certificate must be attached to any income tax return claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment credit for businesses involyed in the production of value-added agricultural products, if the business claiming the credit is a partnersh p, S corporation, limited liability company, or estate or trust e!ecting to have the income taxed directly to the individual, p ease attach a scheduie listing each individual and the amount of credit attributable to each. A copy of this form must be attached to any tax return on which a certified credit or refund is taken. 424/ IOWA department of Revenue and Finance Iowa Tax Credit Certificate. Property Rehabilitation, Assistive Device, Investment Credit This certificate is to be completed by a taxpayer claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment tax credit for businesses involved in the production of value-added agricultural products. Property Name: Town Clock Buildinq, 823-825 Main Taxpayer Name ~,ddress City State Zip Code Taxpayer Identification No. Tax Period Ending Street, Oubuque, Dubuque County Credit Claimed X Property Rehabilitation [] Assistive Device [] Investment Credit-Value Added AG Property Rehabilitation Tax Credit For The Business: Officer Name Title Date Contact Person Date of Project Completion Juhe 3, 2002 (Attach certificate of completion) Certified Amount of Tax Credit $5,886.44 To be attached to SFY2007 state tax forms Assistive Device Tax Credit For Economic Development (or Cultural Affairs if claiming Property Rehabilitation Credit): Name Lowell Soike Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Title Deputy State Historic Preservation Officer Date ~"~~~ /._¢, ,¢.0~2..0 S~gnature ~ [~ ~1 . ~M~ Investment Tax Credit Date of Project Completion (Attach certificate of completion) Cer[ified Amount of Tax Credit Tax Certificate Instructions Type of Business This tax credit certificate must be attached to any income tax return claiming a proped:y rehabilitation tax credit, assistive device tax credit for small businesses, or an investment credit for businesses involved in the production of value-added agricultural products, tfthe business claiming the credit is a partnersh p, S corporation, limited liability company, or estate or trust electing to have the income taxed directly to the individual, please attach a schedule ii'ting each individual and the amount of credit attributable to each. A copy of this form must be attached to any tax return on which a certified credit or refund is taken. 42-010 (~)/5./00) IOWA de~armaent of Revenue and Finance Iowa Tax Credit Certificate Property Rehabilitation, Assistive Device, Investment Credit This certificate is to be completed by a taxpayer claiming a property rehabilitation tax credit, assistive device tax credit for small businesses, or an investment tax credit for businesses involved in the production of value-added agricultural products. Property Name: Town Clock Buildinq, 8~3-825 Main Streel Faxpayer Name Address City State Zip Code Taxpayer identification No. Tax Period Ending Dubuque, Dubuque County Credit Claimed X Property Rehabilitation [] Assistive Device [] Investment Credit-Value Added AG Property Rehabilitation Tax Credit For The Business: Date of Project Completion June 3, 2002 Officer Name (Attach certificate of completion) Title Certified Amount of Tax Credit $450.000.00 Date To be attached to SFY2003 state tax forms Contact Person Assistive Device Tax Credit For Economic Development (or Cultural Affairs if claiming Property Rehabilitation Credit): Name Lowell Soike Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Title Deputy State Historic Preservation Officer Date ~(¢~ ~, ,.~oO~ Investment Tax Credit Date of Project Completion (Attach certificate of completion) Certified Amount of Tax Credit Tax Certificate Instructions Type of Business This tax credit certificate must be attached to any income tax return claiming a prop6rty rehabilitation tax credit, assistive device tax credit for small businesses, or an investment credit for businesses involved in the production of value-added agricultural products. If the business claiming the credit is a partnership, S coCporation, limited liability company, or estate or trust electing to have the income taxed directly to the individual, please attach a schedule listing each individual and the amount of credit attributable to each. A copy of this form must be attached to any tax return on which a certified credit or refund is taken. 424) I 0 (tV5/00)