Town Cl Bldg Cottingham & B TIFMEMORANDUM
November 12, 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 through Tax Increment Financing.
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
TO:Michael Van Milligen, City Manager
FROM:William Baum, Economic Development Director
SUBJECT:Tax Increment Financing:
Town Clock Building Company/Cottingham & Butler
November 8, 2002
INTRODUCTION
This memorandum presents for City Council review and approval a Resolution
approving an application for Property Tax Rebates through Tax Increment Financing for
the 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." A public hearing has been scheduled by the City Council to be held on
November 18, 2002.
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 period. 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.
RECOMMENDATION
I recommend that the City Council adopt the attached Resolution approving the
Company's application for Property Tax Rebates for Historic Properties, and approving
the agreement with the Company. The Company has executed the agreement.
ACTION STEP
The action step for the City Council is to adopt the attached Resolution.
Attachments
F:\USERS\WBaum\Historic Pres Tax Rebates\Memo to Mike on Cbutler agreement2,doc
RESOLUTION NO. 616-02
APPROVING AN APPLICATION FOR PROPERTY TAX REBATES FOR THE
RENOVATION OF CERTAIN HISTORIC STRUCTURES APPROVING A TAX
REBATE AGREEMENT WITH TOWN CLOCK BUILDING COMPANY/
co'rI'INGHAM & 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/Cott'mngham
& Butler 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
hearing 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:
Jeanne F. Schneider, City Clerk
Terrance M. Duggan, Mayor
F:\U SERS\V~B aumX. Hist oric Pr~s Tax Rcbat~\cottbu~ tax rebate re, s2.doc
Prepared by: William J. Baum, Economic Development, 50 W. 13th St. City Hall, Dubuque, IA 52001 563-589-439,3
PROPERTY TAXREBATE AGREEMENT
THIS '~'~-~-
PROPERTY TAX REBATE AGREEMENT dated this 18th 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 Historic 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:
· Year 1: 100% rebate
· Year 2: 100% rebate
· Year 3: 100% rebate
· Year 4: 100% rebate
· Year 5: 75% rebate
· Year6: 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 during 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
Terrance M. Duggan, Mayor
Attest:. , .,
Jeanne F. Schneider, City Clerk
TOWN CLOCK BUILDING COMPANY/COTTINGHAM & BUTLER
/s/ John C. Butler
President
(City Seal)
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this 18th day of November 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.
[..s,[~. KAREN M. CHESTERMAN
=o'A-~ICOMMI$$10N NO. 108258
* .~_ ' I MY COMMISSION EXPIRES
I "//
Notary Public
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this ~-t'~ day of )q~ 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 & Buffer, 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
MEMORANDUM
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 rewew 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/Cottingnam & 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 distdct 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 headng, 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 headng 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:\USERS\WBaum~istoric Pres Tax Rebates~/~emo to Mike on Cbutler agreement.doc
RESOLUTION NO.
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 COMPANY/COTTINGHAM & 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 rehabilitatlorLof histodc 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, printed wholly in the
English language, published at least once weekly, and having general circulation 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 ~ssuance 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.
Attest:
Terrance M. Duggan, Mayor
Jeanne Schneider, City Clerk
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF
URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS AND
EXECUTION OF A PROPERTY TAX REBATE AGREEMENT RELATING
THERETO WITH TOWN CLOCK BUILDING COMPANY/COTTINGHAM &
BUTLER, AND THE HEARING ON THE ISSUANCE THEREOF.
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, Iowa,
will. hold a public heanng on the 18th day of November, 2002, at 6:30 p.m. in the Carnegie-
Stout Public Library Auditorium, 360 West 11th Street, Dubuque, Iowa, at which heating
the City Council proposes to take additional action for the issuance of Urban Renewal Tax
Increment Revenue obligations and the approval of a Property Tax Rebate Agreement
relating thereto with Town Clock Building Company/Cottingham & Butler, in order to carry
out certain of the special financing activities in the Downtown Urban Renewal District,
consisting of the funding of property tax rebates 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.
At the public hearing, the City Council shall receive oral and written objections from
any resident or property owner of said City, to the above action. After all objections have
been received and considered, the City Council will at this meeting or at any adjournment
thereof, take additional action for the issuance of such Tax Increment Revenue obligations
or will abandon the proposal. By order of the City Council said hearing and appeals
therefrom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code of Iowa.
This notice is given by order of the City Council of Dubuque, Iowa, as provided by
Sections 403.9 of the Code of Iowa, which shall govern this meeting and action taken
thereat.
Dated this 4t~ day Of November, 2002.
Jeanne Schneider
City Clerk of Dubuque, Iowa
Plarming ServSces Department
C~ty Hall
50 West 13th Street
Dubuque. Iowa 52001-4864
f563~ 5894210 office
(563) 5894221 fax
(563~ 690q5678 TDD
planning@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 property tax rebates for the property at
835 Main Street (The Town Clock Building)
Dear Mayor and City Council Members:
The City of Dubuque Historic Preservation Commission has reviewed the above-cited
request. The application and related material 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 Historic Property Tax Rebate Program. He indicated that Cottingham and
Butler have submitted all the required material. There were no public comments,
The Historic Preservation Commission discussed the request, noting that the Town
Clock Building has had a substantial rehabilitation and the property meets the
requirements of Histodc Properly Tax Rebate Program.
Recommendation
By a vote of 4 to 0, the Historic Preservation Commission recommends the City Council
approve the property at 835 Main Street (The Town Clock 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
Histodc Preservation Commission
Attachments
Service People bategzity Respomsibili~y Irmovafion Teamwork
WWW. Cb-$~SCO.COI?I
Cottingham & Butler
C&glnsurance SISCO HealthCorp SaletyManagement
September 20, 2002
William J. Bantu, Director
Economic Development Deparmaem
City Hall - Second Floor
50 West 13m Street
Dubuque IA 52001
Dear Bill
Enclosed please find 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 fred 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 modern technology that flows
through it. The urtderground passageway has proven to be an extraordinary asset as it allows
our company ro 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 opportunity to make application to the Historic Property Tax
Rebate Program. Please feel free to contact me directly at 587-5133 or via email al
marylou.baal@cb-sisco.com if you have any questions regarding our application or if we have
neglected to include information that you require.
Sincerely,
cc:
John E. Butler, President & CEO
Steven Bomfig, Treasurer
CITY OF DUBUQUE
APPLICATION FOR PROPERTY TAX REBATES
HISTORIC PROPERTIES
APPLICANT INFORMATION:
OWNER: TOVv-N CLOCK BUILDING COMPANY/COTTINGHAM & BUTLER.
ADDRESS oF OWNER 300 SECURITY BUILDING DIJ-BUQUE IA 52001
ADDRESS OF BUILDING 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
ELIGIBILITY FOR NATIONAL REGISTER
ANTICIPATED OR ACTUAL COST OF THE REHABILITATION
CURRENT ASSESSED VALUATION OF BUILD NG
ECONOMIC IMPACT OF PROJECT
WHAT DATE WI LL THE PROJECT BEGIN AND BE COMPLETED
ATTACH EVIDENCE OF AN APPROVED APPLICATION FOR CERTIFIED
· .,,-,,.-,~ ,~,~ ,l~ REHABiLiTATiON FR~OM THE STATE HiSTORiC
PRESERVATION OFFICER
DESCRIPTION OF HISTORICAL SIGNIFICANCE OF THE BUILIDING
The site's original building was constructed 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 Odeon 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 1864, 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,
killing three people. This collapse was attributed to excavation on the north side of the bu//ding. Fridolin
J. Heer, the same architect who designed the Dubuque County Courthouse, was hired to erect a three-story
brick building to be the fuundatiun 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, tn 1970 the clock was removed fi-om the building and
placed on a pedestal in a newly created pedestrian plaza one block south. The original supporting srmcrare
to hold the clock remains in tact within the Town Clock Building.
The building stands as a significant part of Dubuque's Main Street, wkich was the heart of the City. It
served as an important elemcmt of the City's late nineteenth century architectural resources and for its role
in the development of the local commercial base. For decades, the hnfldiug 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 front and back brick and stone facades, windows and storefi-ont were restored ro
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 w/th 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 times 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 sumcmre. Remaining cast iron columns at the
storefi-ont 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 finished 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
Bu/lding is listed on the National Register of Historic Places. (Attachment A)
ANTICIPATED OR ACTUAL COST OF THE REHABILITATiON
The estimated cost attributed 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.
CUP, RENT ASSESSED VALUATION OF BUILDING
Assessed value prior to rehabilitation was $58,850.
ECONOMIC IMPACT OF THE PROJECT
This 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 veadors and lradesmart income and job opportuniIies
· Has restored and preserved a building that is significant to Dubuque history.
· Has increased coramercial office space
· Has eahanced 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 Properzy Tax Rebate Program, I will accomplish
substantial rehabilitatior, of said property according to the Secretary of Interior's
Standards for the treatment of Histodc 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.
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.
Prope Owner
Signature, Title
John g. Butler, President & CEO
Print Name and Title
Date
STATE HISTORICAL SOCIETY OF IOWA
ATTACHMENT A
Where past meets future
American Gothic House
Eldon
Blood Run NHL
Larc*qwooa
Centenal Building
Iowa City
Matthew Er[el BIacksmlsh Shop
MarshaIltown
,&bbie Gaxdner Cabin
Arnolds Park
~istoricai Building
Des Muines
Monmuk 3overnor's Home
Union Sunday School
Clermont
Plum Grove Governor5 Home
iowa Give
Tooiesboro indian Mounds
Toolesboro
"bTesrern Historic Trails Ce. nrer
£=~ncil Bluffs
February 7. 2002
The Town Clock Building Company
832-825 Main Street
Dubuque, IA 52004-0028
RE: The Town Clock Building, 823-825 Main Street, Dubu hue, Dubuoue County
Dear Friends:
We are pleased to inform fou 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 106 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 provismns may appty. The Tax Reform Act of 1986 revises the
historic preservation tax incentives authorized by Congress in the Tax Reform Act
of 1976, the Revenue Act of 1978, me Tax Treatment Extension Act, of :1980, me
Economic recovery Tax Act of 1981. and Tax Reform Act of 1984, and as of
January 1, 1987, Provides for a 20 percent investment tax credit with a full
adjustment to basis for rehabilitating historic cdmmerc!a!, industrial, aha rental
residential 2uildings. The former 15 percent and 20 percent investment Tax
Credits (1TCs) for rehabilitation of older commercial buildings are combined into a
single 10 percent :iTC for commercial or industrial buildings built before :L936. The
Tax Treatment Extension Act of 1980 orovides Federal tax deductions for
charitable contributions for conservation purposes of partial interests m historically
im 2ortant land areas or structures. For further information please refer to 36 CFR
67 and Treasury Regulation Sections :1.48-12 (ITCs) and 1.170A-14 (charitable
contributions).
Consideration of historic values in the decision to issue a surface coal mining
permit where coal is located, in accord with the Surface Mining and ConEro Act of
Z977. For further information, please refer to 30 CFR 700 et seq.
Qualification for Federal and State grants for historic oreservation 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 19:37 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 2ercent 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 !et 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 Greet 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.
tf you have questions regarding grants, please contact Cynthia Nieb at 515-28~t-8754
or cynthia.nieb@dca.state.ia.us. Should you have any questions about the National
Register of Historic Places. Tax Incentives or about this nomination in oarticular,
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
The Historical Division of the Department of Cultural Affairs
STATE HISTORICAL SOCIETY OF IOWA
Where pasv meets future
April 3, 2002
American Gothic Home
Eidon
Blood Run NHL
LarO. wood
Centennial Building
iowa
Matthew Edel Blacksmith Shop
Marshalltown
Abbie Gardner Cabin
Arn~[~ Park
Building
Des Moines
Montauk Governor's Home
Union Sunday S&oo[
Clermont Museum
Clermont
Plum Grove Governor's Home
Iowa City
Toolesboro Indian Mounds
Toolesboro
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 reviewed your Iowa Rehabilitation Tax Credit applications for the above
referenced property. Based on the information orovided 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 Jim
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
Caundt Bluffs
IOWA HISTORICAL BUILDING
600 East Locust · Des Moines. Iowa 5031%0290
515) 281-6412.Fax: 515} 242-6498 or (515) 282-0502
www. uiowa.edu/~shsl/index.htrn
Iowa Tax Credit Certificate
department of Revenue and Finaace _
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-addedagdcu~uralpmdu~s.
Town Clock Buildinc. 823-825
Taxpayer Name
John E. But~er
Address
300 Security Buildinq
City State Zip Code
Dub~ue. tA 52001
Taxpayer Identification 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 SSO .ooo. o0
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 So±ke
Title '~SHPO
Date 4/3/02
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 parmerskip, S
corporation, limited 1/ability company, or estate or trust electing to have the income taxed directly to the
individual, please attach a schedule listing each individual and the mount of credit attn~outable to each.
A copy of this form must be attached to any tax return on which a certified credit
or refund is taken.
IOWA DEPARTMENT OF CULURAL AFFAIRS
STATE HISTORIC PRESERVATION OFFICE
IOWA PROPERTY REHABILITATION TAX CREDIT CERTIFICATION APPLICATON
REQUEST FOR CERTIFICATION OF COMPLETED WORK
PART 3
appropriate reviewing a~ce. A copy of this form w~I] be ~row~eQ To u~e iowa De~arl~ent of Revenue and Fineries Type or 3dnt c~early m bJack ink. The decision ct the
1. Name of Prooeru]: Town CIock Bui[dMq
Address of Preoer~ Street 523-825 Main Street
C~ Dubuque County Dubuaue State lo~a Zip5200'
Are the prope~ one me projec~ eligible; as approved Dy SHPO? X yes ~ no tf yes. date ~f PeK 1 appmva~ ~y SHPO: ~27/0~
Has ~e Pa~ 2 Reh~iii~on AoDli~fion been a~Droved by SHPO? X yes ~ no Jf yes. date of P a~ 2 approval by SHPO: ~27t01
S~-ee! 300 Securffv Buiidine
S~te owa ;~p 52001
City Dubuque
Daydme Telephone Number [563)583-7301
Sta'~ Historic Preservation Omce Use Only ~ ~ ~-~ ~.~
'Fhe SHPO has reviewed the "Reauest far Cert~cation of ~ompleted Work AooJJoatJon - Par~ 3" for the aDore-listed buJJding 2nd hms ae[e~Jned:
~at ~e ~mpleted rehabiii~on meets the Secre~a~ ofthe [ntedofs "S~ndards for ~ehabit[tation and is consistent wire the hi.eric
~ammer of the prope~ or the distd~ ~n which it is located. E~e~ive the date indicated 9e~ow [he rehabilitation ¢ ~e 'ce~ifi~ historic
~um' is hereby desJgnat~ a "ce~ mhsbilAation." A copy of this ce~fication will be provided to the Deua~merk of Revenue an~
proje~ to dateline F the work mee~ the "S[andards far Rehabilitation." ~e SHPO resales the ngn[ m make msge~ons at any time UD
to five years after comple~on of ~e rehabiJi~tion aha ia revoke ~fion. if it is de~emined that ~e mhabili~tion umje~ was not
Certified Amount of Proper~¢ Rehabilitation Tax Credit- iowa $ ~t~r 000.0(2
that the rehabilitation is not consLstent with the historic character of the properw or the dis~c~ in which it is located and that the projec~ aces
not meet the Secretary of t.j~,~n[ader's 'Standaras fo,~ehab~litatio~." A copy of this form wili ce arovioed to the Department of Revenue
and Finance. z/ / ~ f~ ./
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 encum her 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
IOWA HISTORICAL BUILDING
600 East Locust · Des Moines. Iowa 50319-0290
Phone: (515) 281-6412 Fax: 5t5) 242-6498 or (515~ 282-0502
www. u wa. edu/%hsi/index.htm
IOWA
department of Revenue and Finance
Iowa Tax Credit Certification
Property Rehabilitaffon, Assistive Device, Investment Credit
This certi~icate 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
agricuitura~ products.
Property Name: Town Clock Buildinq, 823~825 Main
-axpayer Name
~John E. Butler, TC Buildin¢l Co./Cottinqham & Butle~
[Address
300 Security Buildinq
City State
Dubuque IA
~Taxpayer Identification No.
~5.~149886
Zip Code
52001
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 FY2005 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 Histodc Preservation Officer
Date //~ ~ ~2..
Signature
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 involved in the production of
value-added agricultural products. If the business claiming the credit is a partnership, S corooration, limited liability
company, or estate or u'us[ electing ro have the income taxed directly to [ne individual, please attach a schedule listing
eac~ 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',
.~7oe H~storic~l Division of the Deflarzment of Czd~ral 'A.~airs
STATE HISTORICAl, SOCIETY OF
IOWA
September 6, 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
Blood Run INrHL
Larchwood
Centenni~i Building
iowa City
Dear Mr. Butler:
We have reviewed your Iowa Rehabilitation Tax Credit applications for the above
referenced property. Based on the information provided in your revised Part 3
application, the tax credits for your rehabilitation project have geen approved in the
amount of $450,000.00 for the state fiscal year 2003. $231,5:L2.81 for SFY2006 and
Enclosed please find a copy of your approved Part 3 application (certificate of
completion) and Iowa Tax Credit Certificates. 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 the
Iowa Tax Return in the year stated on the Certificates.
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,
Elizabeth Foster Hill, Tax Incentive Programs Manager/
National Register Coordinator
IOWA DEPARTMENT OF CULURAL AFFAIRS . .
STATE HISTORIC PRESERVATION OFFICE
IOWA PROPERTY REHABILITATION TAX CREDIT CERTIFICATION APPLICATION
REQUEST FOR CERTIFICATION OF COMPLETED WORK
PART 3
appropriate reviewing Office. A copy of this form wili be provided to ~he iowa DeDaCament of Revenue and Finance. Type or pdnt clead.~ ~n mac~ ~nK. The dens,on of [ne
1. Name of Property.: TOWN CLOCK BUILDING
Address of Propem~ Street 823~25 MAiN STREET
City DUBUQUE County DUBUQUE iA Zip52001
Are the urope~¢ and the uro~ect eligibIe, as approves o, SHPO? XE] yes []
State Historic Preservation Office Use Onty
The SHPO nas rewewee me "Request tot Certification ~f Comoleted Work Aodlication - Par~ 3" for the above-listed building aha nas determined:
mat me completed rehaDtiftadon meets The Secre~ry of the intedoCs "Standards for Rehabiiitstion and is cons~s~en~ w~n the historic
cnarecter of the droperzy or file district in which it is loc~eQ. Effective me cate mdica~eo oelow, the rehabilitation of the "oecdtieo historic
structure" is nereoy ~eslgnateo a "certified rehabilitation." A ~oy of this codification wilt be provided to the DeuaAment of Revenue and
Finance m accordance with S~ate law. This letter of certification is to be used in conjunct[on w~th appropriate Deoar[ment CT Revenue and
Finance regulations. Questions concerning sDedflc tax conseeuences or mterpretattan of the State Code shored De addressee [o the
Department of Revenue an~ Finance. An authodzed representative of the State Historic Preservation Of~ce may inspect com~31eted
projects to determine if the WOrK mee~s ~ne "Standards for Rehabilitation." The SHPO reserves the dgnt to make insdections at any time uo
to five years after comoletion of the rehabiJitatJor ano m revoke certificedor, if it is dettemined mat t~e rehabilitation uro}ec~ was not
uneer~aKen as presented by the owner in the aDDIIO~tiOd fOiTJ3 an~ supporting documentation, or me owner. UDOB obtaining certification.
unoer[ook unaooreved further alterations as part of the rehabilitation prefect inconsistent with the Secretary's" Stsndards for Rehabilitaaon.=
Certified Amount of Proper~y Rehabilitation Tax Credit - iowa $ k0,~. ~. , o~ ~
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 Street.
Taxpayer Name
Address
City State Zip Code
Taxpayer Identification No.
Tax 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 Comoletion June 3 2002
Officer Name
(Attach certificate of completion)
Title
Certified Amount of Tax Credit $231.512.81
Date
To be attached to SFY2006 state tax forms
Contact Person
Assistive Device Tax Credit
For Economic Development {or Cultural Affairs
~f claiming Property Rehabilitation Credit):
Name Lowell Soike
Date of Project Completion
(Attach certificate of completion)
Certified Amount of Tax Credit
Title Deputy State His~odc Preservation Officer
Date .-~,~') ~, = 00,,~
Signature /.~'-~)~ ~,/~
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 attachea [o any ncome tax return claiming a proper~y rehabilitation tax credit.
assistive device tax credit for small businesses, ar an investment credit for businesses involved in the oroduct~on of
value-added agncultural prooucrs. If the 3usiness claiming the credit is a ~artnershio. S corooration, limited liability
coral}any, or estate or trust electing [o nave the income taxed directly to the individuah please at~acn a scneduie 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.
42-111 ,,
IOWA
dermrtment of Revenue and Finance
Iowa Tax Credit Certificat,,.
Property Rehabilitation, Assistive Device, Investment Credit
This certificate is to be completed by a taxpayer claiming a property rehabilitation tax creoit, assistive device tax
credit for small businesses, or an investment tax credit for 3usinesses involved in the production of value~added
agricultural products.
Property Name: Town Clock Buildina, 823~825 Main Street. ~ubuque. Dubuaue County
Faxpayer Name t
Address
3ity State Zip Code
l'axpayer identification No.
C'ax Period Ending
Credit Claimed
X Property Rehabilitation
[] Assistive Device
[] Investment Credit-Value Added AG
Property Rehabilitation Tax Credit
For The 3usiness:
Date of Project Completion June 3, 2002
Officer Name
(Attach certificate of completion)
Title
Certified Amount of Tax Credit $5,886 44
Date
To be attached to SFY2007 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 2f completion)
Certifiec Amount of'Fax Credit
Title Deputy State Historic Preservation Officer
investment Tax Credit
Date of Project Completion
(Attach certificate of completion)
Certified Amount of Tax Credit
Tax Certificate Instructions
-ype of Business
.,This tax credit certJficam must be attached to any income tax return claiming a property rehabilitation tax crect.
assistive device rex c '
red t ,or sma businesses, or an qvestmen~ credit for businesses involved in rne oroduction of
value-added agncultural products, tithe business ctaimmg the credit ~s a partnersmp, S coroorabon, limited liability
company, or estate or trust e!ecting to nave the income taxed directly to the individuah p~ease 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 mx return on which a certified credit or refund is taken.
iOWA
Department of finance Iowa Tax Credit Certificate
Property Rehabilitation, Assistive Device, Investment Credit
This certificate is to be completed by a taxpayer claiming a propero/rehabilitation tax credit, assfstive device tax
credit for small businesses, or an invesb*nent tax credit for businesses involved in the production of value-added
agricultural products.
Property Name: Town Clock Buildinq, 823-825 Main Street, Dubu_que, Dub_uque County
Taxpayer Name Credit Claimed
Address
City State Zip Code
Taxpayer Identification No.
ax Period Ending
X Property Rehabilitation
[] Assistive Device
[] Investment Credit-Value Added AG
Property Rehabilitation Tax Credit
For The Business:
Officer Name
Title
Date
Date of Project Completion June 3, 2002
(Attach certificate of completion)
Certified Amount of Tax Credit $450,000.00
To be at'~ached to SFY2003 state tax forms
Contact Person
For Economic Develooment (or Cultural Affairs
if claiming Property Rehabilitation Credit):
Name Lowell Soike
Assistive Device Tax Credit
Date of Project Completion
(Attach certificate of completion)
Certified Amount of Tax Credit
Title DeDut~ State Historic Preservation Officer
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 3roper~ rehabilitation ~ax credit.
ass~stive device tax credit for small businesses, or an investment credit for businesses InVOlVed in the production of
value-added agricultural oroouc:s. If the business ciaiming the credit is a parmersm~. S cor~orazlon timited liability
company or esza~e or trust eiecting zo have the income taxed directly to the individual, please attach a scheduie listing
each individual aha 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 ~s taken.
Prepared by: William J. Baum, Economic Development, 50 W. 13~ St. City Hall, Dubuque, IA 52001 563-589-4393
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/Cottingnam & Butler (the "Developer").
WlTNESSETH:
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 Histodc 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 consideratio~ 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
· Year 3: 100% rebate
· Year 4: 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 pdor
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 during 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 cimumstances
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
~n 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
Terranco 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 afro(ed 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
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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 pdvate 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 Histodc 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
& Butler is qualified under Iowa Code Section 15A. lto 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
hearing 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 bythe 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:
Terrance M. Duggan, Mayor
Jeanne F. Schneider, City Clerk
Prepared by: William J. Baum, Economic Development, 50 W. 13th St. City Hall, Dubuque, IA 52001 563-589-4393
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 Historic 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
· Year2: 100% rebate
· Year3: 100% rebate
· Year 4: 100% rebate
· Year 5: 75% rebate
· Year6: 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 during 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.
2
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 COMPANY/COTTINGHAM & BUTLER
President
3
(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 ,N,,.,~-~-,,~. 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