GO Urbran Renwal Bonds Greater Downtown Urban Renewal District $6mTHE CITY OF DUbUgU@
~T T~ ~ All-America City
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Masterpiece on the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$6,000,000 General Obligation Urban Renewal Bonds for Greater
Downtown Urban Renewal District
DATE: December 1, 2009
Finance Director Ken TeKippe recommends the City Council approve the suggested
proceedings for the public hearing on the issuance of General Obligation Bonds
prepared by Bond Counsel and adopt a resolution entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $6,000,000
General Obligation Bonds." The proceeds of the Bonds will be used to pay costs
associated with the planning, undertaking and carrying out of urban renewal project
activities under the authority of Chapter 403 of the Code of Iowa and the Amended and
Restated Urban Renewal Plan for the Greater Downtown Urban Renewal District,
including those costs associated with the construction of street, stormwater, sanitary
sewer, water, fiber optic, parking and other public improvements in the Historic Millwork
District and the funding of grants, loans and other financial assistance to private
developers to assist in rehabilitation of existing buildings and construction of housing
development projects in the Historic Millwork District. The Historic Millwork District is
part of the Greater Downtown Urban Renewal District. Although the City will be selling
General Obligation Bonds to support the projects, repayment of the debt will be from the
tax increment revenues generated within the Greater Downtown Urban Renewal
District.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CTTY OP DUbUgUe
~T T~ L, ~ M-Amer~caCiiy
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Masterpiece on the Mississippi
2-007
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director l~' ~`"`~~ ~~-~'~
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$6,000,000 General Obligation Urban Renewal Bonds for Greater
Downtown Urban Renewal District
DATE: December 3, 2009
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of General Obligation Bonds prepared by our Bond Counsel
and to present a resolution for City Council to adopt entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $6,000,000
General Obligation Bonds." The proceeds of the Bonds will be used to pay costs of
aiding in the planning, undertaking and carrying out of urban renewal project activities
under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated
Urban Renewal Plan for the Greater Downtown Urban Renewal District, including those
costs associated with the construction of street, storm water, sanitary sewer, water, fiber
optic, parking and other public improvements in the Historic Millwork District and the
funding of grants, loans and other financial assistance to private developers to assist in
rehabilitation of existing buildings and construction of housing development projects in
the Historic Millwork District. The Historic Millwork District.is part of the Grea#er
Downtown Urban Renewal District. Although we will be selling General Obligation
Bonds to support the projects, repayment of the debt will be from the tax- increment
revenues generated within the Greater Downtown Urban Renewal District. A letter from
attorney William Noth detailing information on the bond hearing is enclosed.
The borrowing is subject to the "reverse referendum" procedures, under which petitions
may be filed prior to the hearing asking that the particular bond proposal be submitted to
:an_election. The proceer~ings have been prepared on the basis that no objections or
petitions calling for an election on the Bond proposal will be filed with the City Clerk. If
there are objections, we will need to summarize them. The Mayor will then declare the
hearing on the issuance of said Bonds to be closed. Immediately following, and
assuming no such petitions have been filed, a resolution is to be introduced.and
adopted entitled "Resolution Instituting Proceedings to Take Additiona! Action for the
Issuance of Not to Exceed $6,000,000 General Obligation Bonds."
In the event the Council decides to abandon the proposal to issue said Bonds, then the
form of resolution included in said proceedings should not be adopted. to this event, a
motion needs to be adopted to the effect that such Bond proposal is abandoned.
Section 384.25 of the Code of Iowa provides that any resident or property owner of the
City may appeal the decision to take additional action to issue the Bonds, to the District
Court of a county in which any part of the City is located, within 15 days after sucfi
additional action is taken, but that the additional action is final and conclusive ~rnless the
court finds that the Council exceeded its authority.
The action step~for City Council is to hold the public hearing and approve the resolu#ion
instituting proceedings to take additional action.
KT/j~
Enclosures
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Jeanne Schneider, City Cle~~k
AH[~~RS ~COON~Y, P.~.
100 COURT AVENUE, SUITE 600
DES MOINES, IOWA 50309-2231
PHONE: 515-243-7611
FAX:515-243-2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
wnoth~ahlerslaw.com
November 16, 2009
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
Direct Dial:
(51 51246-033 2
RE: Not to exceed $6,000,000 General Obligation Urban Renewal Bonds
Dear Mr. TeKippe:
With this letter I am enclosing suggested proceedings to be acted upon by the City
Council on the date fixed for the hearing on the proposed issuance of the above General
Obligation Urban Renewal Bonds.
- This proposal is subject to the "reverse referendum" procedures, under which
petitions inay be filed prior to the hearing asking that the bond proposal be submitted to
an election.
The proceedings assume that no petition has been received calling for an election
on the proposed action of the Council to issue bonds for the purposes described. At the
hearing, the Council should receive any oral or written objections to the proposal under
consideration. If no petition has been filed with respect to the proposal, and the Council
decides not to abandon the proposal to issue bonds for the purposes described, the
Council then should proceed to adopt the resolution that follows, instituting proceedings
to take additional action for the issuance of the bonds under consideration.
In the event the Council decides to abandon the proposal to issue the bonds, then
the form of resolution should not be adopted. We.would suggest that, in this event, a
motion merely be adopted to the effect that the bond proposal is abandoned.
WI$HARD & GAILY- 1868; GUERNSEY & GAILY- 1893: GAILY & STIPP - 1901: STIPP, PERRY. BANNISTER & STARt111GER- 1914; BANNISTER, CARPENTER,
AHLERS & GOONEY - 1950: AHLERS, GOONEY. DORWEILER, ALLBEE, HAYNIE & SMITH - 19~4:.AHLERS, GOONEY. DORWEILER. HAYNIE. SMITH &ALLBEE, P.C. - 1990
November 16, 2009
Page 2.
If~a petition has been received with respect to the proposal and if the Council
decides not to abandon the proposal to issue said bonds for that purpose, a for>n of
resolution should be introduced and adopted to adjourn the matter to permit preparation
of the resolution to cell an election.
Please see that we are advised immediately if a petition is filed bearing signatures
of a sufficient number of eligible electors.
Also enclosed is ate extra copy of the proceedings to be filled in as the original and
returned to us for our transcript of the action taken. If you have any questions pertaining
to the proceedings enclosed or this letter, please do not hesitate to either write or call.
Very truly yours,
William J. Noth
WJN:dc
encl.
cc: Jenny Larson (w/encl.)
Barry Lindahl (w/encl.)
Tionna Pooler (w/encl.)
DCORNELU 634528.1 /MSWord\10422.067
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, Iowa.
Date of Meeting: December 7, 2009.
Time of Meeting: 6:30 o'clock P.M.
Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque,
Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for the
meeting is as follows:
Not to exceed $6,000,000 General Obligation Urban Renewal Bonds.
Public hearing on the issuance.
Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional 11 page(s) attached hereto.
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of the governmental body.
~~
ty Clerk, City of Dubuque, Iowa
December 8, 2009
The City Council of the City of Dubuque, Iowa, met in regular session, in the
Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on
the above date. There were present Mayor Roy D. Buol, in the chair, and the following
named Council Members:
Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David
Resnick, Dirk Voetberg
Absent: None
****~**
-1-
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not to exceed $6,000,000 General Obligation
Urban Renewal Bonds, in order to provide funds to pay costs of aiding in the planning,
undertaking and carrying out of urban renewal project activities under the authority of
Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for
the Greater Downtown Urban Renewal Area, including those costs associated with the
construction of street, stormwater, sanitary sewer, water, fiber optic, parking and other
public improvements in the Historic Millwork District; and the funding of grants, loans
and other financial assistance to private developers to assist in rehabilitation of existing
buildings and construction of housing development projects in the Millwork District, and
that notice had been published as provided by Section 403.12 and Section 384.25 of the
Code of Iowa of the proposal to issue the Bonds and the right to petition for an election.
The Mayor then asked the Clerk whether any petition had been filed in the Clerk's office,
as contemplated in Section 384.26 of the City Code of Iowa, and the Clerk reported that
no such petition had been filed, requesting that the question of issuing the Bonds be
submitted to the qualified electors of the City.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of said Bonds. The Clerk advised the
Mayor and the Council that no written objections had been filed. The Mayor then called
for oral objections to the issuance of said Bonds and none were made. Whereupon, the
Mayor declared the time for receiving oral and written objections to be closed.
(Attach here a summary of objections received or made, if any)
-2-
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Jones introduced and delivered to the Clerk the
Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS
TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED
$6,000,000 GENERAL OBLIGATION URBAN RENEWAL BONDS", and moved:
X that the Resolution be adopted.
^ to ADJOURN and defer action on the Resolution and the proposal
to institute proceedings for the issuance of bonds to the meeting to
beheld at o'clock .M., on the day
of , 2009, at this place.
Council Member Voetberg seconded the motion. The roll was called and the vote
was,
Braig, Buol, Connors; Jones, Lynch, Resnick,
AYES: Voetberg
NAYS: None
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION N0.459-09
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $6,000,000 GENERAL OBLIGATION
URBAN RENEWAL BONDS
WHEREAS, pursuant to notice published as required by law, this Council has held
a public meeting and hearing upon the proposal to institute proceedings for the issuance
of not to exceed $6,000,000 General Obligation Urban Renewal Bonds, for the purpose
of paying costs of aiding in the planning, undertaking and carrying out of urban renewal
project activities under the authority of Chapter 403 of the Code of Iowa and the
Amended and Restated Urban Renewal Plan for the Greater Downtown Urban Renewal
Area, including those costs associated with the construction of street, stormwater,
-3-
sanitary sewer, water, fiber optic, parking and other public improvements in the Historic
Millwork District, and the funding of grants, loans and other financial assistance to
private developers to assist in rehabilitation of existing buildings and construction of
housing development projects in the~Millwork District, and no petition was filed calling
for a referendum thereon. The following action is now considered to be in the best
interests of the City and residents thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and take additional
action for the sale and issuance in the manner required by law of not to exceed
$6,000,000 General Obligation Urban Renewal Bonds, for the foregoing purposes. .
Section 2. This Resolution shall serve as a declaration of official intent under
Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such
intent. It is reasonably expected that the general fund moneys maybe advanced from
time to time for capital expenditures which are to be paid from the proceeds of the above
Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds
not later than eighteen months after the initial: payment of the capital expenditures or
eighteen months after the property is placed in service. Such advancements shall not
exceed the amount authorized in this Resolution unless the same are for preliminary
expenditures or unless another declaration of intention is adopted.
PASSED AND APPROVED this 7~' day of December, 2009.
ATTEST:
ty Clerk
-4-
CERTIFICATE
STATE OF IOWA - )
SS
COUNTY OF DCTBLTQUE )
I, the undersigned City Clerk of the City of Dubuque, Iowa, do hereby certify that
attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete~copy of the
action taken by the Council with respect to the matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of the agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by law and
with members of the public present in attendance; I further certify that the individuals
named therein were on the date thereof duly and lawfully possessed of their respective
.City offices as indicated therein,- that no Council vacancy existed except as may be stated
in the proceedings, and.that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right
of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of the City hereto affixed this ~~ day of
2009.
~~~-
ity Clerk, City of Dubuque, Iowa
(SEAL)
DCORNELU 634526.1 /MSWord\10422.067