GO Urban Renewal Bond Proceeds Reassignment_Parking RampTHE CITY OF Dubuque
V J.J ~ AN-AmedcaCltll
Masterpiece on the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: General Obligation Urban Renewal Bond Proceeds -New Ramp
DATE: December 15, 2009
At the City Council meeting on December 7, 2009, the City Council approved the
construction of the ramp at 10t" and Central to proceed prior to the construction of the
ramp at 5t" and Bluff. When the General Obligation Bonds were issued, the bonds were
issued to be used specifically for the location of 5t" and Bluff Street. City Bond Counsel
Bill Noth indicates that it is necessary for the City Council to approve a resolution
reassigning the use of the remaining funds for the ramp construction cost to 10t" and
Central.
Parking System Supervisor Tim Horsfield recommends City Council approval to
reassign the remaining General Obligation Urban Renewal Bond proceeds for the ramp
construction at 10t" and Central.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mich el C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Tim Horsfield, Parking System Supervisor
Dave Heiar, Economic Development Director
Parking Division Dubuque
830 Bluff Street
Dubuque, IA 52001
Phone: 563-589-4267 ~ ~ ~~~
Fax: 563-690-6675
2007
December 10, 2009
To: Michael C. Van Milligen, City Manager
From: Tim Horsfield, Parking System Supervisor
THE CTTY OF
DLTBL~ ~ E
Subject: General Obligation Urban Renewal Bond Proceeds -New Ramp
Introduction
This memo will provide information regarding the available funds for the
construction of the new parking ramp at 10th and Central.
Background
As you are aware, at the Council Meeting of December 7, 2009, the Council
approved the construction of the ramp at 10th and Central to proceed prior to the
construction of the ram at 5th and Bluff. This is contrary to our first efforts to
construct the ramp at 5 h and Bluff Street first. This has changed due to a
number of factors that were discussed at this meeting.
Back when the General Obligations Bonds were issued, the bonds were issued
to be used specifically for the location of 5th and Bluff Streets. In consultation
with William Noth, City of Dubuque's Bond Counsel, he indicates that it is
necessary for us to have the City Council approve a resolution reassigning the
use of the remaining funds for the ramp construction cost to 10th and Central.
The initial bond amount was for $ 11,175,000 and of which $ 9,310,000 was to
be used for the ramp construction and of that amount $ 240,926.16 was used for
the 5th and Bluff Street site design and testing. The remaining amount of
$ 9 069 073.84 is the amount that the resolution is reassigning to the new site of
10t and Central. The attached resolution has been reviewed by Mr. Noth and
meets all of the requirements in his opinion.
Action Requested
If you would please provide this information to the City Council and request their
approval it will reassign the funds to the new site.
cc: Dave Heiar, Economic Development Director
Jenny Larson, Budget Director
Ken Tekippe, Finance Director
RESOLUTION NO. 465-09
Whereas, the City has recently issued its $ 11,175,000 General Obligation
Urban Renewal Bonds, Series 20096 (Taxable Build America Bonds) for the purposes
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 Plans for the Greater Downtown Urban
Renewal District and the Dubuque Industrial Center West Economic Development
District, including those costs associated with the construction of a multi-story public
parking ramp located at 5th and Bluff Streets ($9,310,000), and the construction of
street, sewer, sidewalk, trail and other public infrastructure improvements within
Dubuque Industrial Center West; and
Whereas, Council has determined to proceed with the construction of a new public
parking ramp at 10th and Central Avenue, rather than at 5th and Bluff Streets, as
originally anticipated when the Series 20098 Bonds were issued, but still within the
Greater Downtown Urban Renewal District of the City, and to abandon the proposal to
construct said facility at 5th and Bluff Streets; and
Whereas, in light of the decision to build the public parking ramp at 10th and Central
Avenue rather than at 5th and Bluff Streets, as originally anticipated, it is now
considered necessary and appropriate to re-direct the use the proceeds of the Series
20096 Bonds for such purpose.
Now, Therefore, Be it resolved by the City Council of the City of Dubuque, as follows:
1. The remaining proceeds of the Series 20096 Bonds issued for the purpose of
constructing amulti-story public parking ramp located at 5th and Bluff Streets, in the
amount of $ 9,069,073.84, be and the same hereby are re-allocated to pay the costs of
construction of the new public parking ramp to be located at 10th and Central Avenue.
2. The Finance Director is authorized and directed to take such action as may be
necessary to effect and implement the foregoing reallocation of the Series 20096
Bond proceeds, and to cause the records and accounts of the City to reflect the
same.
Passed, approved and adopted this 21 s t
Atte t:
anne F. Schneider, CMC, i y Clerk
day of Decembe , 2009.
Roy D. Buol, Mayor