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General Obligation Urban Renewal Bonds $2.5 MTHE CITY OF DLTB E Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members Dubuque AN-AmerlcaCi41 .,' .~ 2007 FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $2,500,000 General Obligation Urban Renewal Bonds for Greater Downtown Urban Renewal District DATE: December 15, 2009 Budget Director Jennifer Larson recommends that a public hearing be set for January 4, 2010 on the proposition of selling not to exceed $2,500,000 in General Obligation Urban Renewal Bonds. The proceeds will be used 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 District, including those costs associated for the purposes of and used to pay costs of providing grants, loans and other forms of financial assistance to private developers to assist in the rehabilitation of existing buildings and the construction of housing development projects located throughout the Greater Downtown Urban Renewal Area. Although the City is 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 Jennifer Larson, Budget Director Kenneth J. TeKippe, Finance Director THE CITY OF Dubuque ~~~ ~ AA-an~icaCi~ r Masterpiece an the Mississippi 2007 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director AIL SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $2,500,000 General Obligation Urban Renewal Bonds for Greater Downtown Urban Renewal District DATE: December 15, 2009 The purpose of this memorandum is to recommend the setting of a public hearing on the proposal to issue General Obligation Urban Renewal Bonds, the proceeds which will be used 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 District, including those costs associated for the purposes of and used to pay costs of providing grants, loans and other forms of financial assistance to private developers to assist in the rehabilitation of existing buildings and the construction of housing development projects located throughout the Greater Downtown Urban Renewal Area. The City Council previously held a public hearing and, by Resolution No. 459-09 approved on December 7, 2009, resolved to take additional action for the issuance of General Obligation Urban Renewal Bonds, to the amount of $6,000,000, as authorized by Sections 403.12 and 384.24(3)(q), of the Code of Iowa. Of this amount, $3,500,000 was intended for costs associated with the construction of street, stormwater, sanitary sewer, water, fiber optic, parking and other public improvements in the Historic Millwork Districts. The remaining amount of $2,500,000 was intended for 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 Greater Downtown Urban Renewal Area. However, Resolution No. 459-09 referred only to the Millwork District, rather than the larger area of the Greater Downtown Urban Renewal Area. The City has been advised by William Noth, Bond Counsel, to hold another public hearing on the $2,500,000 to clarify that these bond proceeds could be used throughout the entire Greater Downtown Urban Renewal Area. This $2,500,000 of Urban Renewal Bonds therefore is not in addition to the $6,000,000 of General Obligation Urban Renewal previously approved for additional action by Resolution No. 459-09. 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 requested action step for City Council is to adopt the attached resolution fixing the date of January 4, 2010 for a public hearing on the proposition of selling not to exceed $2,500,000 in General Obligation Urban Renewal Bonds of Dubuque, Iowa and providing for publication of notice. JML Enclosures cc: Barry Lindahl, City Attorney Ken TeKippe, Finance Director Jeanne Schneider, City Clerk AHLERS ~COONEY, P.C. 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 December 11, 2009 Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: Not to exceed $2,500,000 General Obligation Urban Renewal Bonds Dear Mr. TeKippe: Direct Dial: (515)246-0332 We have now prepared and are enclosing suggested proceedings to be acted upon by the Council in fixing the date of a meeting on the proposition to issue the above mentioned Bonds and ordering publication of a notice of hearing consistent with the provisions of Code Sections 403.12 and 384.24(3)(q). The proposed Bonds are referred to in the proceedings as being part of, and not in addition to, the not to exceed $6,000,000 General Obligation Urban Renewal Bonds, additional action for the issuance of which was taken by the City Council under Resolution No. 459-09 approved on December 7, 2009. Notice of the meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than ten clear days before the date of said public meeting on the issuance of said Bonds. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. Also enclosed is an extra copy of the proceedings to be filled in as the original and certified back to this office, together with publisher's affidavit of publication of notice of hearing. We are also enclosing an extra copy of the notice of hearing to be delivered to the newspaper for publication purposes. A certificate to attest the proceedings is also enclosed. WISHARD Sr GAILY - i 1i88: GUERNSEY & GAILY - 1893; GAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER, AHLERS & GOONEY - 1950; AHLERS, GOONEY, DORWEILER, ALLBEE, HAYNIE 8i SMITH - 1974; AHLERS, GOONEY, DORWEILER, HAYNIE, SMITH &ALLBEE, P.C. - 1990 December 11, 2009 Page 2 We will prepare and forward to you in the near future, suggested procedure to be acted upon on the date of hearing. If you have any questions pertaining to the proceedings enclosed or the above instructions, please do not hesitate to either write or call. Very truly yours, William J. Noth WJN:dc encl. cc: Jenny Larson (w/encl.) Jeanne Schneider (w/encl.) WNOTH/ 640081.1 /MSWord (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 21, 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 $2,500,000 General Obligation Urban Renewal Bonds. Resolution fixing date for a meeting on the proposition to issue. Such additional matters as are set forth on the additional 9 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. ity Clerk, City of Dubuque, Iowa December 22, 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- Council Member Dirk Voetberg introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION URBAN RENEWAL BONDS (FOR URBAN RENEWAL PURPOSES) OF THE CITY OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member Joyce Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION N0. 476-09 RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION URBAN RENEWAL BONDS (FOR URBAN RENEWAL PURPOSES) OF THE CITY OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, this Council previously has held a public hearing and, by Resolution No. 459-09 approved on December 7, 2009, resolved to take additional action for the issuance of General Obligation Urban Renewal Bonds, to the amount of not to exceed $6,000,000, as authorized by Sections 403.12 and 384.24(3)(q), of the Code of Iowa, for the purpose of providing 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 WHEREAS, it is now deemed necessary and advisable that up to $2,500,000 of such Bonds be designated for the purposes of and used to pay costs of providing grants, -2- loans and other forms of financial assistance to private developers to assist in the rehabilitation of existing buildings and the construction of housing development projects located throughout the Greater Downtown Urban Renewal Area; and WHEREAS, before the Bonds may be issued for such purposes, it is necessary to comply with the provisions of the Code, and to publish a notice of the proposal to issue such Bonds and of the time and place of the meeting at which the Council proposes to take action for the issuance of the Bonds and to receive oral and/or written objections from any resident or property owner of the City to such action, and the right to petition for an election thereon. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council meet in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the 4th day of January, 2010, for the purpose of taking action on the matter of the issuance of not to exceed $2,500,000 General Obligation Urban Renewal Bonds, for urban renewal purposes of the City, the proceeds of which Bonds will be used 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 funding of grants, loans and other forms of financial assistance to private developers to assist in the rehabilitation of existing buildings and the construction of housing development projects located throughout the Greater Downtown Urban Renewal Area. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City, the publication to be not less than ten clear days before the date of the public meeting on the issuance of the Bonds. Section 3. The notice of the proposed action to issue the Bonds shall be in substantially the following form: -3- NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION URBAN RENEWAL BONDS (FOR URBAN RENEWAL PURPOSES) OF THE CITY, AND THE HEARING ON THE ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of Dubuque, Iowa, will hold a public hearing on the 4~' day of January, 2010, at 6:30 o'clock P.M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the issuance of not to exceed $2,500,000 General Obligation Urban Renewal Bonds, for urban renewal purposes of said City, 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 funding of grants, loans and other forms of financial assistance to private developers to assist in the rehabilitation of existing buildings and the construction of housing development projects located throughout the Greater Downtown Urban Renewal Area. The Bonds to be issued for such purposes shall be part of, and not in addition to, the not to exceed $6,000,000 General Obligation Urban Renewal Bonds, additional action for the issuance of which was taken by the City Council under Resolution No. 459-09 approved on December 7, 2009. At any time before the date of the meeting, a petition, asking that the question of issuing such Bonds be submitted to the legal voters of the City, may be filed with the Clerk of the City in the manner provided by Section 362.4 of the Code of Iowa, pursuant to the provisions of Sections 384.24(3)(q) and 384.26 of the Code of Iowa. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the issuance of Bonds or will abandon the proposal to issue Bonds. This notice is given by order of the City Council of the City of Dubuque, Iowa, as provided by Sections 403.12 and 384.24(3)(q) of the City Code of Iowa. -4- Dated this 23rd day of December, 2009. City Clerk, City of Dubuque, Iowa (End of Notice) -5- PASSED AND APPROVED this 21st day of December, 2009. ATTEST: ~/ ity Clerk -6- CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) 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. WI SS my hand and the seal of the City hereto affixed this "~ ~ day of 2009. ity Clerk, City of Dubuque, Iowa (SEAL) WNOTH/640044.1 /MSWord -0-