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Sky Blue Housing Urban Renewal Area Tax Increment Financing Ordinance Copyrighted August 5, 2019 City of Dubuque Action Items # 4. ITEM TITLE: SkyBlue Housing Urban RenewalAreaTaxlncrement Financing (TI F) District SUMMARY: City Manager recommending approval of an ordinance creating a Tax Increment Financing Districtfor the Sky Blue Housing Urban Renewal Area. ORDINANCE Providing that general property taxes levied and collected each year on all property located within the Sky Blue Housing Urban Renewal Area, in the City of Dubuque, County of Dubuque, State of lowa, by and for the benefit of the State of lowa, City of Dubuque, County of Dubuque, Dubuque Community School District and other Taxing Districts, be paid to a special fund for payment of principal and interest on loans, monies advanced to and indebtedness, including Bonds issued or to be issued, incurred by said City in connection with said Sky Blue Housing Urban Renewal Area SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Motion B; Motion A ATTACHMENTS: Description Type Sky Blue Housing Tax Increment Ordinance-MVM City Manager Memo Memo Staff Memo Staff Memo AttachmentA- area map Supporting Documentation Attachment B1 - Existing Land Use Supporting Documentation Attachment B2 - Proposed Land Use Supporting Documentation Attachment C - Bonded I ndebtedness Supporting Documentation Attachment D - Legal Description Supporting Documentation Attachment E - Zoning Supporting Documentation Tabng Body Consultation Minutes Supporting Documentation Financial Estimates Supporting Documentation Long Range Planning &Advisory Commission Supporting Documentation Recommendation Ordi nance Ordi nance Suggested Motion Wording Supporting Documentation Dubuque THE CITY OF � uI�AaMca cih DuB E � � I � � I Maste iece on the Mississi i Zoo�•zoiz•zois YP pp zoi�*zoi9 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Tax Increment Ordinance for the Sky Blue Housing Urban Renewal Area DATE: August 1, 2019 Economic Development Director Jill Connors recommends City Council approval of an ordinance creating a tax increment financing district for the Sky Blue Housing Urban Renewal Area. The Plan was reviewed by the Long Range Planning Advisory Commission in July 2019. The Long Range Planning Advisory Commission has forwarded its recommendation to the City Council affirming that the Plan is consistent with the City's Comprehensive Plan for development. I concur with the recommendation and respectfully request Mayor and City Council approval. v Mic ael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Jill M. Connors, Economic Development Director Dubuque Economic Development Department THE CITY OF � 50 West 13th Street All•AmericaCity Dubuque,lowa 52001-4864 U� � "A°NA"�``'�`"� Office(563)589-4393 1 I I�I TTY(563)690-6678 http://www.cityofdu buq ue.org 2007*2012*2013 Masterpiece on the Mississippi 2oi�*Zoi9 TO: Michael C. Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Director SUBJECT: Tax Increment Ordinance for the Sky Blue Housing Urban Renewal Area DATE: July 28, 2019 INTRODUCTION This memorandum transmits for City Council review and approval an ordinance creating a tax increment financing district for the Sky Blue Housing Urban Renewal Area (Area). The City Attorney's Office and/or bond counsel have reviewed the proposed ordinance which is attached to this memo. The proposed ordinance authorizes utilization of tax increment financing to allow both public and private development efforts in the Area. BACKGROUND On July 1, 2019, City Council approved a Resolution of Necessity finding that the proposed Area meets the definition of an economic development area under state law, and is appropriate for urban renewal activities. Staff has prepared an Urban Renewal Plan (Plan) for the Area per the directive of the City Council. A consultation process was conducted with the affected taxing entities as required by Chapter 403 of the lowa Code. Prior to the meeting, the taxing entities were mailed copies of the Plan and the Notice of Public Hearing. The required consultation to discuss, question, or object to the findings in these documents was held on July 9, 2019. There were no representatives from the taxing entities in attendance. Minutes are attached. The Plan was reviewed by the Long Range Planning Advisory Commission in July 2019. The Long Range Planning Advisory Commission has forwarded its recommendation to the City Council affirming that the Plan is consistent with the City's Comprehensive Plan for development. The notice of public hearing was published on July 19, 2019 in accordance with publication requirements. DISCUSSION The primary goal of the Plan is to stimulate, through public involvement and commitment, private investment in new housing and residential development as defined by the lowa Code Section 403.17(12). This proposed Area would result in improved roads and utilities in the Area, as well as funding to assist with LMI family housing anywhere within the City at large. In particular, the Area would provide for utility improvements in the Area, including the addition of a water tower. With the 10-year life of the Urban Renewal Area, it is projected to generate approximately $715,000 in increment with $272,000 going to LMI affordable housing throughout the community and $442,000 going to improvements in the Area. See attached financial summary. See attached financial summaries. However, the Plan allows for a much greater contribution toward infrastructure in the event the Area would produce more increment than currently anticipated. Adoption of the ordinance is needed to establish the use of tax increment financing in the Area. The ordinance authorizes the City to establish a special fund for capturing a portion of the property tax revenues generated as new development occurs in the Area. All taxable property located in the Area will continue to pay property taxes based upon the current tax levies and assessment valuations. Tax revenues collected in excess of the base amounts will be used to assist in financing future development projects within the Area, both public and private development, will be used to provide LMI family housing assistance. Adoption of the ordinance and certification of debt within the Area prior to December 1 , 2019 will establish a base valuation in the Area as of January 1 , 2018, being the first day of the calendar year preceding the certification of debt in the Area. RECOMMENDATION/ ACTION STEP I recommend that the City Council approve the ordinance attached hereto for the Sky Blue Housing Urban Renewal Area. Tax increment financing is an important tool for economic development and will be used to assist future public and private development efforts in the Sky Blue Housing Urban Renewal Area. Attachment � . ��--�y �_� ,� 1,ti& �%' ,. " ' : � „ � e i .,a '�. ,Y� &,• �!k! ' `"4 '� �� rll � l�l �l � � • ;�- F� , - . �:.. � � � —� ,��,,: �� - E�`� .� `� '�� , r f � e� r � rl � �' � � � � 1A � � V �11 1 1 r � �. �� . �1 „� l � �� rl � 1�� t��l� �p��l �.�Ll�4�l,��l �,{,"- a� � ;� ��7 ;I rl� !� ' ��}� �S � d:'M t, . , �� ?�:F� M �� ' � ��yy � � ��V.' � T -_a� � �� .r�I/ �I.:. '�e e:�6.t :.'E4 � '.. "f , : . -.i �y �� ♦ -F � �� ` d '.�.. �� 4y q�p � A , ! � � ... ^� �� r L �A�� r � � � 5�': J Z {� g � �. ,. ¢ � :� ^ / ' �p� . .I .� � .'� / . , }..� . . _ �� n� �f dJ � „VV.,, 4 a '�l . � � � .� ' � �,1`yr "�.# < . � � a� ��c J,� 4�'^;. 9" !'�� ys �" !k "d M'F '� l B n y � `�� F . „ + , y. .' L � '� *� � �ls : Y �� 1 �rd �,� i % �"• ��:. � �� . � . � t� � o ,_� �� r � . . � :' . . � - � `; �v �,; ,�: � � "Y �. ' � ��a� '. f ; � � �, � .t�,� ' � � �y� �� a_" i. . t-. �� .�'' �a"` � � � �� ,se ` F, �Ci�r.� < , �� . i�, ,4'.. ` ip+ t; 7 s �'�n �, i � q�q�jj � - I � �I } ! —�— � _ . . � 5�k. �.�� ' ' ` � ��5.. �j 4 , .T ` �� _�-.-.T.E•�,+.w.��- --r� ~��; �� '� , as'�Y�� 9 .t�.i �•' � ,, '.Y �� '4,{ 3^ w � -( : , �' ��•�} '� '� . .: �� x - '__�'+� F . � � ; � � : ..-' . R4� �� '� ' Speaal Achievement in GIS � �-; y� x... ��"a w�# '•t � . . � ;� Y . 20t8 Award W nner jy ' � y� h �f�_7�5.. . . � . . , , F .� � _� .�,J�r � �i -�'i�'� �:.'� .. ��11 . 4., � � . '�,'� �� . �;�rll � l�l �- 1 : �;�1 �� `��' !� i`l � J �� '_>� �1 �. �1 „�'t �!J � r1 � J �li` ��' J ;��li`l ;��i`l �'i'1�l! �1;��1 - - , �� . � . � � TIF Boundary- Sky Blue . - - � � � � Single Family Multi-Family Park/Open Space �� Vacant � �� — � �` �� , , . �� 'J �` * � y - Special Achievement in GIS � � Dus� E � NORTH � Z078 Award Wlnner � , ;Y„ � �;�rll � l�l �-'�: �;�� r �� r r i �li`l � J �� '_>� �1 �. �1 „�'t �!J � r1 � J �li`� J ;��li`l ;��i`l �'i'1�l! �1;��1 � . - - ;; , , . 111�`� � � . � � � � TIF Boundary- Sky Blue - � Single-Family Residential Park/Open Space �� ' � �-;•. ��r ,` . ��P� '�. �� . -, . �� y - Special Achievement in GIS � � Dus� E � NORTH � Z078 Award Wlnner � , ;Y„ � City of Dubuque ATTACHMENT C Summary of Bonded Indebtedness Date Average Vear of Amount Principal Principal Interest Principal Description of Interest Final of Outstantling Due Due Outstantling Issue Rate Payment Issue 6/30/19 FV 2020 FV 2020 6/30/20 General Obligation Bontls IEssential Coroorate Puroosel Airport T-Hangars-Refuntletl-Sales Tax 20% 12-10-12 12193% 2020 405,365 62,000 62,000 1,086 - Airport New Terminal Furnishings-Sales Tax 20% 11-17-14 3.3000% 2026 55,000 35,000 5,000 1,050 30,000 Airport ImprovemeMs Refuntling 04-17-17 3.0000% 2030 282,200 246,900 18,800 7,407 228,100 AirportlmprovemeMs-PFC 06-28-12 3.1972% 2032 2,145,000 1,570,000 100,000 50,778 1,470,000 Airport ImprovemeMs-Sales Tax 20% 06-28-12 3.1972% 2032 90,000 30,000 10,000 685 20,000 AirporiTerminalUtilitylmprov-PFC 11-17-14 3.3000% 2034 690,000 570,000 30,000 18,356 540,000 Airport New Terminal RoatlsiParking Sales Tax 20'% 04-04-16 2.7896% 2036 635,927 552,480 28,775 14,628 523,705 Airport Runway Lighting-FV20 Future 4.0000% 2040 156,400 - - - 156,400 Airport Snow Removal Equip-FV20 Future 4.0000% 2040 230,000 - - - 230,000 America'sRiverRefuntling-GenerelFuntl 04-17-17 3.0000% 2021 1,984,100 1,029,500 508,800 30,885 520,700 America'sRiverRefuntling-GDTIF 04-17-17 3.0000% 2021 1,255,000 645,000 315,000 19,350 330,000 Builtling-CorrfCenterlmprov-SalesTax20% 06-20-19 3.0000% 2022 25,076 - 8,351 2,889 16,725 Builtling-CorrfCenterlmprov-SalesTax20% 06-28-12 2.7903% 2022 60,200 25,800 Builtling-CorrfCenterEnergylmprov-FV19 06-20-19 3.0000% 2027 187,136 187,136 22,848 5,318 164,288 Builtling18ihSireetlmprovSalesTax20% 3/19/2018 3.0464% 2026 391,913 350,967.00 44,846.00 10,640.00 306,121.00 Builtling City Hall Brickwork-Sales Tax 20% 06-20-19 3.0000% 2027 236,448 26,217.39 9,069.91 210,230.61 Builtling City Hall Brickwork-Sales Tax 20% 06-28-12 2.7903% 2027 393,000 243,000 Builtling Smart Meters Refuntling 04-17-17 3.0000% 2030 45,400 39,700 3,000 1,191 36,700 Builtling Fetlerel Builtling Roof-Sales Tax 20% 04-04-16 2.7896% 2035 268,404 233,184 12,145 6,174 221,039 CivicCenterlmprovemeMs-SalesTax20% 06-20-19 3.0000% 2027 323,146 35,830 12,396 287,316 CivicCenterlmprovemeMs-SalesTax20% 06-28-12 2.7903% 2027 550,200 340,200 Civic Center Chair Platform Section 3-FV19 06-20-19 3.0000% 2027 59,340 59,340 7,245 1,686 52,095 DICWExpansion-NonTaxable-Refuntling 04-04-16 2.9127% 2023 3,175,000 1,305,000 605,000 39,150 700,000 DICW Expansion-Soulh Siegert Farm 3/19/2018 3.0464% 2026 239,534 214,508.00 27,409.00 6,504.00 187,099.00 DICW Norih Siegert Refuntling 04-17-17 3.0000% 2029 1,285,000 1,105,000 95,000 33,150 1,010,000 DICWExpansion-Consultant 12-10-12 2.5337% 2032 151,462 115,367 7,785 2,864 107,582 DICW Expansion-Soulh Siegert Farm-Taxable 06-28-12 3.1972% 2032 3,975,000 2,915,000 190,000 94,260 2,725,000 DICWExpansion-SoulhSiegeriFarm-Nontaxable 06-20-19 3.0000% 2032 305,357 19,420 6,718 285,937 DICWExpansion-SoulhSiegeriFarm-Nontaxable 06-28-12 2.7903% 2032 425,000 315,000 DICWTaxable-LantlAcquisition 11-17-14 3.9900% 2034 1,640,000 1,305,000 70,000 46,975 1,235,000 E911TowerRelocation-SalesTax20% 06-20-19 3.0000% 2027 141,869 15,730 5,442 126,139 E911 Tower Relocation-Sales Tax 20% 06-28-12 2.7903% 2027 235,800 145,800 FireStationri4lmprovemeMs-Gaming 06-20-19 3.0000% 2027 188,054 26,946 9,322 161,108 FireStationri4lmprovemeMs-Gaming 06-28-12 2.7903% 2022 65,000 30,000 FireAmbiBuiltlingHVAGBunkerlrrigationiPark 11-17-14 3.3000% 2025 715,000 445,000 70,000 13,350 375,000 FirePumper-Gaming 06-28-12 2.7903% 2027 269,800 163,300 Fire Truck Refuntling-Debt Service Levy 04-17-17 3.0000% 2030 951,500 832,700 63,300 24,981 769,400 Fire Station#2iPark Improvemenis-Sales Tax 20% 11-17-14 3.3000% 2034 320,000 260,000 15,000 8,375 245,000 FireAmbulanceReplacemeM 04-17-17 3.0000% 2030 230,000 200,000 15,000 6,000 185,000 FireSiructurelRepairs5&6/QuickPump-FV19 06-20-19 3.0000% 2039 448,875 448,875 - 12,756 448,875 Frenchise Fee Settlement JutlgmeM Bontl 04-04-16 2.9326% 2035 2,830,000 2,445,000 135,000 67,606 2,310,000 GDTIF Main Sireet Refuntling 04-17-17 3.0000% 2021 305,000 160,000 80,000 4,800 80,000 GDTIFKepharfsBuiltling-Refuntling 04-04-16 2.9127% 2023 200,000 120,000 30,000 3,600 90,000 GDTIFLibreryRenovation-Refuntling 04-04-16 2.9127% 2023 1,275,000 760,000 180,000 22,800 580,000 GDTIF Colis Builtling Renovation-FV19 06-20-19 3.0000% 2039 1,575,000 1,575,000 - 44,756 1,575,000 GDTIF Downtown Housing Refuntling 04-17-17 3.0000% 2030 2,120,000 1,880,000 135,000 59,005 1,745,000 GDTIF Millwork Disirict Refuntling 04-17-17 3.0000% 2030 2,080,000 1,825,000 140,000 54,750 1,685,000 GDTIF7ihSireet2-WayConversion 03-15-12 2.7031% 2031 5,560,000 3,955,000 280,000 103,794 3,675,000 GDTIF Intermotlal 03-15-12 2.5444% 2031 4,380,000 3,115,000 225,000 77,812 2,890,000 GDTIF 5ih St ResiroomMlFC 12-10-12 2.5337% 2032 1,988,538 1,514,636 102,215 37,605 1,412,421 GDTIFMCIC/ADAAssist.iEcon.DevGreMs 12-10-12 1.7008% 2032 1,035,000 410,000 135,000 8,143 275,000 GDTIF Washington Neighborhootl Business Incenti� 06-28-12 3.1972% 2032 755,000 580,000 40,000 18,705 540,000 GDTIFIntermotlalMlillworkParking/CHI 11-17-14 3.9900% 2034 5,670,000 5,620,000 50,000 205,389 5,570,000 GDTIF Trensit RooHDT Loan Pool/ADA Assist 11-17-14 3.3000% 2034 190,000 180,000 10,000 5,825 170,000 LibrerylmprovemeMs-SalesTax20% 06-20-19 3.0000% 2022 39,408 4,370 1,512 35,038 LibrerylmprovemeMs-SalesTax20% 06-28-12 2.7903% 2022 65,500 40,500 LibrerylmprovemeMs 12-10-12 2.4872% 2027 173,992 110,028 12,593 2,659 97,435 Parklmprovemenis-Gaming 12-10-12 2.4872% 2022 209,050 88,800 22,200 1,804 66,600 Park Improvemenis Sales Tax 20% 12-10-12 2.4872% 2022 171,808 64,801 21,068 1,482 43,733 Parklmprovemenis-SalesTax20% 06-20-19 3.0000% 2027 47,290 5,243 1,814 42,047 Parklmprovemenis-SalesTax20% 06-28-12 2.7903% 2027 65,500 40,500 ParkWaterSystemStutlyRefuntling 04-17-17 3.0000% 2030 60,000 52,600 4,100 1,578 48,500 Park Ham House-Sales Tax 20% 04-04-16 2.7896% 2035 200,668 174,336 9,080 4,616 165,256 Date Average Vear of Amount Principal Principal Interest Principal Description of Interest Final of Outstantling Due Due Outstantling Issue Rate Payment Issue 6/30/19 FV 2020 FV 2020 6/30/20 Park Skate Park(FV 19) 6202019 3.0000% 2027 613,524 613,524.00 74,907.00 17,434.30 538,617.00 Parking Refnancetl Portions 5ih/3rtl StAA Ramps 12-10-12 12193% 2021 5,541,573 638,000 588,000 11,390 50,000 Parking Port of Dubuque Parking Ramp 3/19/2018 3.0464% 2026 373,553 334,525.00 42,745.00 10,142.00 291,780.00 Parking Cenirel Ave Ramp Refuntling 04-17-17 3.0000% 2030 6,380,000 5,510,000 475,000 165,300 5,035,000 Parking lowa Sireet Ramp Improvemenis 3/19/2018 2.9050% 2031 45,516 42,686.00 3,022.00 1,188.50 39,664.00 Parking Locust Ramp Security Cameres 6/20/2019 3.0000% 2033 126,054 9,710.14 3,35923 116,343.86 Parking Locust Ramp Security Cameres 06-28-12 2.7903% 2033 175,000 130,000 Parking Improvemenis 11-17-14 3.3000% 2034 185,000 150,000 10,000 4,787 140,000 ParkingRamplmprovemenis-Taxable 11-17-14 3.9900% 2034 305,000 255,000 15,000 9,155 240,000 PoliceSofiwareReplacement-Gaming 12-10-12 2.4872% 2022 355,950 151,200 37,800 3,071 113,400 PoliceCADSofiware-Gaming 11-17-14 3.3000% 2030 260,000 200,000 15,000 6,150 185,000 Public Works EquipmeM Sales Tax 30% 11-17-14 3.3000% 2022 305,000 135,000 45,000 4,050 90,000 Public Works Equip Refuntling 04-17-17 3.0000% 2030 392,000 343,000 26,100 10,290 316,900 PublicWorksRatlioReplacement-FV18 03-19-18 2.9077% 2028 110,000 99,268 10,732 2,656 88,536 PW Curb RampiEngineering Sireet Improv 11-17-14 3.3000% 2034 1,250,000 1,030,000 55,000 33,175 975,000 Recreationlmprovemenis-SalesTax20% 06-20-19 3.0000% 2022 4,082 1,359 470 2,723 Recreationlmprovemenis-SalesTax20% 06-28-12 2.7903% 2022 9,800 4,200 Recreationlmprovemenis-SalesTax20% 12-10-12 2.4872% 2027 14,924 9,668 1,035 234 8,633 SanitarylmprovemenisRefuntling 04-17-17 3.0000% 2030 660,000 580,000 45,000 17,400 535,000 SanitarySewerlmprovemenis 3/19/2018 2.9050% 2031 1,030,009 965,973.00 68,378.00 26,896.00 897,595.00 SanitaryForcemainRepair 12-10-12 2.4872% 2032 655,239 476,975 31,316 12,191 445,659 SanitarySewerlmprovemenis 06-20-19 3.0000% 2033 1,124,412 72,826 25,194 1,051,586 SanitarySewerlmprovemenis 06-28-12 2.7903% 2033 1,560,000 1,160,000 SanitarySewerlmprovemenis 11-17-14 3.3000% 2034 5,670,000 5,125,000 280,000 165,075 4,845,000 SanitarySewerlmprovemenis 04-04-16 2.7896% 2035 2,405,000 2,095,000 110,000 55,406 1,985,000 Solitl Waste Collection Refuntling 04-17-17 3.0000% 2030 51,300 44,900 3,400 1,347 41,500 Solitl Waste Collection 3/192018 2.9050% 2031 27,447 25,741.00 1,822.00 716.00 23,919.00 Stormwater Refuntling 04-04-16 2.9127% 2028 6,270,000 4,255,000 600,000 127,650 3,655,000 StormwaterSalesTaxRevenue -GO 05-19-14 32309% 2029 7,190,000 7,190,000 323,100 7,190,000 StormwaterlmprovemenisRefuntling 04-17-17 3.0000% 2030 2,015,000 1,760,000 140,000 52,800 1,620,000 Stormwaterlmprovemenis 3/19/2018 2.9050% 2031 1,714,542 1,607,948.00 113,821.00 44,770.00 1,494,127.00 Stormwaterlmprovemenis 03-15-12 2.7031% 2031 1,935,000 1,320,000 95,000 34,632 1,225,000 Stormwater 7ih Sireet Storm Improvemenis 12-10-12 2.4872% 2032 134,342 97,792 6,421 2,499 91,371 Stormwaterlmprovemenis 06-20-19 3.0000% 2033 290,796 19,420 6,718 271,376 Stormwaterlmprovemenis 06-28-12 2.7903% 2033 405,000 300,000 SireetlighiReplacemeniRefuntling-ST 04-17-17 3.0000% 2030 4,900 4,300 300 129 4,000 Sireet FEMA Lantl Buyoul-Gaming 06-20-19 3.0000% 2027 64,901 7,040 2,435 57,861 Sireet FEMA Lantl Buyoul-Gaming 06-28-12 2.7903% 2027 110,200 66,700 Sireet Fiber/SitlewallvLigMs Refuntling RUT 04-17-17 3.0000% 2030 258,600 226,400 17,200 6,792 209,200 SireetSouthwestArterial 3/19/2018 2.9050% 2031 771,557 723,589.00 51,220.00 20,146.00 672,369.00 Sireet Southwest Arterial-Sales Tax 30% 12-10-12 2.4872% 2032 1,280,545 941,832 56,780 23,775 885,052 TrensitRatlioReplacement-FV18 03-19-18 2.9077% 2028 95,000 85,732 9,268 2,294 76,464 TrensitMitltownTrensfer-FV19 06-20-19 3.0000% 2039 216,125 216,125 - 6,142 216,125 WaterSystemlmprovemenis 3/19/2018 2.9050% 2031 1,155,930 1,084,065.00 76,737.00 30,994.00 1,007,328.00 WaterSystemlmprovemenis 12-10-12 2.4872% 2032 644,151 468,906 30,787 11,985 438,119 WaterSystemlmprovemenis 06-20-19 3.0000% 2033 1,323,107 82,536 28,553 1,240,571 WaterSystemlmprovemenis 06-28-12 2.7903% 2033 1,840,000 1,365,000 WaterSystemlmprovemenis 11-17-14 3.3000% 2034 9,195,000 8,725,000 475,000 281,031 8,250,000 WaterSystemlmprovemenis 04-04-16 2.7896% 2035 635,000 555,000 30,000 14,688 525,000 TotalGeneralObligation8onds 123,408,339 91,845,007 7,915,000 2,841,701 84,186,407 Tax Increment Port of Dubuque Parking Ramp(GDTIF) 10-16-07 7.5000% 2037 23,025,000 19,535,000 550,000 1,465,125 18,985,000 TotalTazlncrement8onds 23,025,000 19,535,000 550,000 1,465,125 18,985,000 40Main(GDTIF) OB-06-09 2020 690,529 176,055 85,175 10,235 90,880 TotalTazlncrementNotes 690,529 176,055 85,175 10,235 90,880 TotalTazlncrement 23,715,529 19,711,055 635,175 1,475,360 19,075,880 Economic Development TIF Rebate Aqreements Vanguartl (DICW) 06-02-OB Rebate 2022 279,093 98,053 32,684 - 65,369 FaleyProperties(DICW) 02-07-11 Rebate 2022 904,638 312,507 104,169 - 208,338 Green Intlusirial Supply(DICW) OB-15-11 Rebate 2023 2,908,812 800,075 200,019 - 600,056 Tri-State Quality Metals(DICW)Non-Appropriation 03-17-14 Rebate 2026 32,510 48,785 48,785 - 48,785 Roasting Solulions(DICW)Non-Appropriation 01-14-16 Rebate 2028 33,666 39,584 39,584 - 39,584 Rite Hite(DICW)Non-Appropriation 01-14-17 Rebate 2030 24,190 - 24,190 - 144,997 HormelFootls (DICW)(100%2021/40%2026) 04-21-OB Rebate 2026 8,250,067 2,658,721 664,680 - 1,994,041 Date Average Vear of Amount Principal Principal Interest Principal Description of Interest Final of Outstantling Due Due Outstantling Issue Rate Payment Issue 6/30/19 FV 2020 FV 2020 6/30/20 StarBrewery(GDTIF) 07-17-06 Rebate 2020 1,223,307 73,030 73,030 - - Victory Cafe 756 Main SL(GDTIF) 06-21-10 Rebate 2022 87,053 16,746 5,837 - 10,909 Bowling&Beyontl Lease Buyout(GDTIF) 10-15-12 Lease Buyout 2032 1,000,000 650,000 50,000 - 600,000 Flexsteel(GDTIF) 04-18-11 Rebate 2024 2,020,572 965,929 193,186 - 772,743 The Rose(Lake Ritlge) 09-26-11 Rebate 2024 136,014 84,692 16,938 - 67,754 Linseetl Oil(GDTIF)Multi-Res 03-07-13 Rebate 2025 576,504 143,097 16,448 - 126,649 Rousselot(GDTIF)(Non-Appropriation) 01-22-13 Rebate 2025 4,931 10,787 10,787 - 10,787 Steeple Square(GDTIF)(Non-Appropriation) 01-22-13 Rebate 2030 4,504 4,504 4,504 - 4,504 JulienHotel(GDTIF) 04-21-OB Rebate 2026 3,260,286 1,442,078 206,011 - 1,236,067 44 Main(GDTIF)Multi-Res 10-18-10 Rebate 2027 446,799 166,205 23,321 - 142,884 Barker Financial(GDTIF)Multi-Res OB-16-10 Rebate 2027 297,282 80,444 13,375 - 67,069 Engine House#1(GDTIF) 06-06-11 Rebate 2027 171,166 77,527 9,691 - 67,836 253 Main SL(GDTIF)(Non-Appropriation) 04-06-15 Rebate 2027 5,798 2,921 2,921 - 2,877 Spahn antl Rose (GDTIF)(Non-Appropriation) 04-21-14 Rebate 2027 108,221 104,091 104,091 - 104,091 Frenklinlnvesiment-Multires(GDTIF) 04-04-11 Rebate 2028 437,225 217,719 30,534 - 187,185 PlasticCenterBettyJaneBlock(GDTIF) 02-07-11 Rebate 2028 148,957 46,168 7,124 - 39,044 Caretico(GDTIF)Multi-Res 03-21-11 Rebate 2028 1,499,442 926,287 115,167 - 811,120 Bonson 356 Main SL(GDTIF)Multi-Res 12-19-11 Rebate 2028 152,286 55,239 7,585 - 47,654 Roshek Builtling(GDTIF)(Non-Appropriation) 02-17-09 Rebate 2030 5,149,852 263,079 263,079 - 263,079 Novelty Iron Works(GDTIF)(Non-Approp)Multi-Res 06-17-13 Rebate 2031 33,105 141,516 141,516 - 125,666 Rockfarm Holtlings(TECH)NonAppropriation 10-07-14 Rebate 2027 42,301 37,566 37,566 37,566 TotaITlFRebates 29,238,581 9,467,350 2,446,822 - 7,826,654 GeneralFuntletlLeases Various Various On-going 194,160 155,000 155,000 Other Loans-Revenue Backetl IowaFinanceAuthorityLoan-Caretico 12-01-10 3.0000% 2030 4,500,000 3,722,825 82,922 135,000 3,639,903 TotalOtherLns-RevBacketl 4,500,000 3,722,825 82,922 135,000 3,639,903 TotalCitylntlebtetlnessSubjecttoDebtLimit 181,056,609 124,901,237 11,079,919 4,452,061 114,883,844 Revenue Bontls Parking Bricktown Parking Lot 07-21-OB 5.00% 2023 400,000 152,332 30,988 7,234 121,344 SanitaryNorihforkCatfshlmprovemenisSRF 01-13-10 325% 2031 912,000 573,000 44,000 18,622 529,000 Sanitary Water&Resource Recovery Upgretle SRF OB-18-10 325% 2039 74,285,000 60,449,000 2,488,000 1,208,980 57,961,000 Sanitary WRRC Cogeneretion&Sponsor SRF 05-17-13 2.00% 2033 3,048,000 2,257,000 141,000 45,141 2,116,000 Sanitary Kerper Boulevartl SRF Plannetl 1.43% 2036 2,420,000 1,390,000 62,461 55,600 2,717,539 Sanitary Outfall Manhole Recon SRF FV19 Plannetl 2.00% 2039 400,000 391,563 17,127 7,746 374,436 Stormwater Lower Bee Brench Restoretion SRF 10-27-10 325% 2041 7,850,000 6,429,000 205,000 208,942 6,224,000 Stormwater Lower Bee Brench SRF-Estimatetl 09-01-14 2.00% 2034 1,029,000 763,000 48,000 15,260 715,000 Stormwater Norihfork Catfsh Improv.SRF 01-13-10 325% 2031 800,000 502,000 39,000 16,315 463,000 Stormwater Sales Tax Increment Revenue Bontl 06-15-15 3.72% 2031 20,800,000 20,800,000 - 762,650 20,800,000 Stormwater Upper Bee Brench&Sponsor SRF 06-17-15 2.00% 2037 30,941,000 22,790,668 1,148,000 328,573 21,890,336 Stormwater Flootl Mitigation Project SRF Plannetl 2.00% 2038 15,300,000 4,479,042 - 255,291 13,479,042 Stormwater West 32ntl Detention Basin SRF 01-14-09 325% 2028 1,847,000 971,000 95,000 31,558 876,000 Water Roosevelt Water Tower SRF Plannetl 2.00% 2038 2,350,000 475,000 70,520 3,457,200 WaterClWAPurchase&Improvemenis 07-07-17 2.00% 2036 10,198,000 6,710,300 523,000 151,220 7,277,300 Water-CIWAConireciPurchase 12-28-16 3.00% 2022 5,000,000 3,000,000 1,000,000 90,000 2,000,000 Water-ClearWellReservoirs SRF 10-18-07 325% 2028 915,000 482,000 47,000 9,640 435,000 WaterMeterChange0ulProgremSRF 02-12-10 325% 2031 6,394,000 4,281,000 297,000 139,132 3,984,000 WaterSystemlmprovemenis&Ext. 11-04-OB 4.71% 2023 1,195,000 410,000 95,000 20,158 315,000 WaterSystemlmprovemenis&Ext. OB-16-10 3.54% 2030 5,700,000 4,085,000 235,000 151,500 3,850,000 TotalRevenue8onds 191,784,000 141,390,905 6,515,576 3,594,082 149,585,197 TotalCitylntlebtetlness 372,840,609 266,292,142 17,595,495 8,046,143 264,469,041 Statutory Debt Limit 221,512,756 227,661,474 %of Debt Limit Usetl 56.39% 50.46% Remaining Debt Capacity 96,611,519 H2,777,630 Attachment D Sky Blue Housing Urban Renewal Area Dated June 19, 2019 District Boundary Description of Proposed Subarea The Area shall include the following described properties: LOT 1 ORCHARD PARK PLACE; AND LOTS 29 THROUGH 47, INCLUSIVE, AND LOT D, ALL IN SKY BLUE ESTATES #2; AND LOTS 1 THROUGH 12, INCLUSIVE, AND LOTS 14 THROUGH 28, INCLUSIVE, ALL IN SKY BLUE ESTATES; AND LOT 1 OF SKY BLUE PLACE; AND ALL OF LENNY'S PLACE NO. 1; AND ALL OF LENNY'S PLACE NO. 2; AND ALL OF LENNY'S PLACE NO. 3; AND ALL OF LENNY'S PLACE NO. 4; AND ALL OF LENNY'S PLACE NO. 5; AND ALL OF LENNY'S PLACE NO. 6; AND ALL OF LENNY'S PLACE NO. 7; AND ALL OF LENNY'S PLACE NO. 8; AND ALL OF LENNY'S PLACE NO. 9; AND LOTS 1 THROUGH 6, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 7, INCLUSIVE, OF EAGLE VALLEY SUBDIVISON NO. 2; AND LOTS 10 THROUGH 18, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-19 AND 2-19, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-20 AND 2-20, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 21 THROUGH 27, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 13, INCLUSIVE, IN BLOCK 3 OF EAGLE VALLEY SUBDIVISION; AND LOT G OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 8, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND 2-9, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-10 AND 2-10, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND 1 Attachment D LOTS 11 THROUGH 13, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 4, INCLUSIVE, IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION; AND LOT A IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION, AND LOTS 1 THROUGH 20, INCLUSIVE, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-21 AND 2-21, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT 2 OF SWIFT PLACE; AND LOT 1-1 AND LOT 2-1 SWIFT PLACE; AND LOTS 1 THROUGH 5, INCLUSIVE, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-6 AND LOT 2-6, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-7 AND LOT 2-7, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-8 AND LOT 2-8, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND LOT 2-9, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND ALL OF THE RIGHT OF WAY AREA OF GOLDEN EAGLE DRIVE, EAGLE VALLEY DRIVE, HARPY EAGLE COURT, STELLAR EAGLE DRIVE, BALD EAGLE COURT, COBALT COURT, ZEPHYR DRIVE, AND SKY BLUE DRIVE LYING EAST OF THE EASTERLY RIGHT OF WAY LINE OF ROOSEVELT STREET. ALL IN THE CITY OF DUBUQUE, IOWA 2 �;�rll � l�l �: � � i�� '_>� �1 �. �1 „�'t �!J � rl � " li`l �' J ;��li`l ;��i`l �'i'1�l! �1;��1 � ._ ' a I fj,�s 4 . .,� _ ! r. �� '�- � � -- TIF Boundary- Sky Blue �:, �;' %� �/ � i - , � ��'� ' � �, ;,� . � , j%,i - '- ;�;' '' � - � Planned Residential (PR) ��„� �';% � i�� ,< � , � „-� �,. � /„ �� i�� ;. �� ,�/,% , . /,� . %/.'%� � � '' , � Single-Family Residential (R-1) . � , � , � � �.,'', � - i�i�i _ . %�; /� /�� ' �%„ , � � � " � . , ' �� , � „ �� / %///� � / % � � � � �� . � . - � '- / � � - � � � � , � � � � � , °�� . � .s� , � , „��, � ;, , ; %, ;, ;,-; , ;%%/, %" %; ; ,% ;" ,% "� -- � � ' ' . �{-,('� , , , . , � �� Special Achiavement in GIS �UB � E NORTH � �oia awa�a w��e� mm„a.p��, a.in.m:��o�; Dubuque Economic Development Department THE CITY OF � 50 West 13th Street All•AmericaCiry Dubuque, lowa 52001-4864 •"-`�:``�" `"`"`: Office(563)589-4393 U� � 9 � ��I TTY(563)690-6678 http://www.cityofdubuque.org 2007•2012*2013 Masterpiece on the Mississippi 2oi�*Zoi9 SKY BLUE HOUSING URBAN RENEWAL PLAN TAXING BODY CONSULTATION MINUTES Tuesday, July 9, 2019 at 10:00 a.m. City Hall, Conference Room B, 2nd Floor 50 W. 13th Street Dubuque, lowa 52001 Meeting commenced at 10:00 a.m. No representatives from Dubuque County or the Dubuque Community School District elected to attend the meeting. Meeting was adjourned 10:15 a.m. .s �1 W�-- C��,—�,'�s.�Lc�� ti�__� Jill Connors Economic Development Director, City of Dubuque City of Dubuque Housing TIF Summary- Sky Blue- 38 Market Lots TIF Revenue Public Improvements Sky Blue Sky Blue 25%to Cumulative FY Low Income Public Imp. Developer TIF 2020 $ - $ - $ - 2021 $ 2,534 $ 4,118 $ 1,029 $ 3,088 2022 $ 6,716 $ 10,912 $ 2,728 $ 11,272 2023 $ 10,982 $ 17,842 $ 4,461 $ 24,654 2024 $ 15,248 $ 24,772 $ 6,193 $ 43,233 2025 $ 19,513 $ 31,702 $ 7,926 $ 67,010 2026 $ 23,779 $ 38,632 $ 9,658 $ 95,984 2027 $ 29,466 $ 47,873 $ 11,968 $ 131,889 2028 $ 34,028 $ 55,285 $ 6,037 $ 181,136 2029 $ 38,681 $ 62,845 $ 243,981 2030 $ 43,244 $ 70,257 $ 314,237 2031 $ 47,897 $ 77,817 $ - $ 392,054 TIF Revenue $ 272,088 $ 442,054 $ 50,000 TIF Funds Committed $ 272,088 $ 442,054 Subdivision Improvements Fiber Conduit & Vaults $ 50,000 Total Subdivision Improvement $ 50,000 Public Improvements Street Improvements to Golden Eagle Dr $ 50,000 Baldwin Drive Street Extension $ 50,000 Public Park $ 230,000 Roosevelt Road Water Tower $ 62,054 Total Public Improvements $ 392,054 Totallmprovements $ 442,054 City of Dubuque Sky Blue-62 Market Lots 114 Lots already built 38.1% 61.9% Fiscal Tax revenue No. Total tax Public Year Average value generated by parcel of Lots revenue/year Base Increment Low Income Improv. Total Base-2020 $22,285,480.00 $370,619 2021 $200,000.00 $3,326.11 2 $6,652.21 $6,652.21 $2,534.49 $4,117.72 $6,652.21 2022 $220,000.00 $3,658.72 5 $17,62837 $17,62837 $6,716.41 $10,911.96 $17,62837 2023 $224,400.00 $3,731.89 8 $28,824.04 $28,824.04 $10,981.96 $17,842.08 $28,824.04 2024 $224,400.00 $3,731.89 11 $40,019.72 $40,019.72 $15,247.51 $24,772.21 $40,019.72 2025 $224,400.00 $3,731.89 14 $51,21539 $51,21539 $19,513.07 $31,70233 $51,21539 2026 $224,400.00 $3,731.89 17 $62,411.07 $62,411.07 $23,778.62 $38,632.45 $62,411.07 2027 $224,400.00 $3,731.89 21 $77,338.64 $77,338.64 $29,466.02 $47,872.62 $77,338.64 2028 $240,000.00 $3,99133 24 $89,312.62 $89,312.62 $34,028.11 $55,284.51 $89,312.62 2029 $244,800.00 $4,071.15 27 $101,526.09 $101,526.09 $38,681.44 $62,844.65 $101,526.09 2030 $240,001.02 $3,99135 30 $113,500.12 $113,500.12 $43,243.55 $70,256.58 $113,500.12 2031 $244,801.04 $4,071.17 33 $125,713.64 $125,713.64 $47,896.90 $77,816.74 $125,713.64 $714,141.92 $714,141.92 $272,088.07 $442,053.85 $714,141.92 Assumptions: 1. 2.OYo value increase assumed each year. 2. Rollback=56.9180Yo in FY20 3. Tax rate =$29.21841 per thousand 4. Full valuation of each house and lot is assumed. 5. Build-out is 4 lots per year. 6. Based on ordinance passed calendar 2019 and base set 1/1/18 Earliest Assessment 1/1/19= Increment FY21 oubuque Planning Services Department THE CITY OF � City Hall - 50 West 13'"Street u�-uurie�ciry Dubuque, IA 52001-4845 DT TR � � I I I I� (563) 589-4210 phone LJ �J (563) 589-4221 fax zoo��zoiz•zois (563) 690-6678 TDD Masterpiece on the Mississippi zov.zoi9 planninaC�citvofdubuaue.ora July 17, 2019 The Honorable Mayor and City Council City of Dubuque 50 W.13�h Street Dubuque, IA 52001 SUBJECT: Creation of the Sky Blue Housing Urban Renewal Area Plan Dear Mayor and City Council Members: Introduction The Long Range Planning Advisory Commission has reviewed the proposed Sky Blue Housing Urban Renewal Area Plan for consistency with the 2017 Imagine Dubuque Comprehensive Plan in accordance with Section 15-2-13(G) of the City Code. Discussion Jill Connors, Economic Development Coordinator, provided information on the Sky Blue Housing Urban Renewal Area District. She noted it will help the City pay for water infrastructure that will serve Sky Blue Estates and Eagle Valley Subdivision. She further explained a percentage of increment from the development will be allocated to create low and moderate housing opportunities in the City. The Commission discussed the project, and found it consistent with the Comprehensive Plan. Recommendation By a vote of 5 to 0, the Commission recommends the creation of the Sky Blue Housing Urban Renewal Area Plan, as it is consistent with the 2017 Imagine Dubuque Comprehensive Plan. Respectfully submitted, � �� John Pregler, Chairperson Long Range Planning Advisory Commission cc: Jill Connors, Economic Development Director Service People Ivteg�ity Responsibility Ivvwatiov Teamwork Prepared by Jill Connors, Economic Development, 50 W. 13th St., Dubuque, IA 52001, 563-589-4393 Return to Kevin Firnstahl, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100 ORDINANCE NO. 35-19 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE SKY BLUE HOUSING URBAN RENEWAL AREA, IN THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH SAID SKY BLUE HOUSING URBAN RENEWAL AREA WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 281-19 passed and approved on the 5th day of August 2019, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Sky Blue Housing Urban Renewal Area (the "Urban Renewal Area"); and WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Dubuque, Iowa in the future to finance urban renewal project activities carried out in furtherance of the objectives of the Urban Renewal Plan and the future needs for redevelopment within the Urban Renewal Area are such as to require the application of the incremental tax resources of the Urban Renewal Area; and WHEREAS, the City Council of the City of Dubuque, Iowa desires to provide for the division of revenue from taxation in the Urban Renewal Area, in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended, and the Urban Renewal Plan. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. For purposes of this Ordinance, the following terms have the following meanings: (a) Urban Renewal Project Area shall include that area described as follows: LOT 1 ORCHARD PARK PLACE; AND LOTS 29 THROUGH 47, INCLUSIVE, AND LOT D, ALL IN SKY BLUE ESTATES # 2; AND LOTS 1 THROUGH 12, INCLUSIVE, AND LOTS 14 THROUGH 28, INCLUSIVE, ALL IN SKY BLUE ESTATES; AND LOT 1 OF SKY BLUE PLACE; AND ALL OF LENNY'S PLACE NO. 1; AND ALL OF LENNY'S PLACE NO. 2; AND ALL OF LENNY'S PLACE NO. 3; AND ALL OF LENNY'S PLACE NO. 4; AND ALL OF LENNY'S PLACE NO. 5; AND ALL OF LENNY'S PLACE NO. 6; AND ALL OF LENNY'S PLACE NO. 7; AND ALL OF LENNY'S PLACE NO. 8; AND ALL OF LENNY'S PLACE NO. 9; AND LOTS 1 THROUGH 6, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 7, INCLUSIVE, OF EAGLE VALLEY SUBDIVISON NO. 2; AND LOTS 10 THROUGH 18, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-19 AND 2-19, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-20 AND 2-20, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND 2 LOTS 21 THROUGH 27, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 13, INCLUSIVE, IN BLOCK 3 OF EAGLE VALLEY SUBDIVISION; AND LOT G OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 8, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND 2-9, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-10 AND 2-10, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOTS 11 THROUGH 13, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 4, INCLUSIVE, IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION; AND LOT A IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION, AND LOTS 1 THROUGH 20, INCLUSIVE, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-21 AND 2-21, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT2OFSWIFTPLACE;AND LOT 1-1 AND LOT 2-1 SWIFT PLACE; AND LOTS 1 THROUGH 5, INCLUSIVE, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-6 AND LOT 2-6, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-7 AND LOT 2-7, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-8 AND LOT 2-8, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND LOT 2-9, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND ALL OF THE RIGHT OF WAY AREA OF GOLDEN EAGLE DRIVE, EAGLE VALLEY DRIVE, HARPY EAGLE COURT, STELLAR EAGLE DRIVE, BALD EAGLE COURT, 3 COBALT COURT, ZEPHYR DRIVE, AND SKY BLUE DRIVE LYING EAST OF THE EASTERLY RIGHT OF WAY LINE OF ROOSEVELT STREET. ALL IN THE CITY OF DUBUQUE, IOWA (b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Sky Blue Housing Urban Renewal Area, approved by Resolution No. 281-19 on August 5, 2019, as the same may be amended from time to time. Section 2. That the taxes levied on the taxable property in the Urban Renewal Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3. That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Urban Renewal Project Area, as shown on the assessment roll as of January 1, 2018, being January 1 of the calendar year preceding the first calendar year in which the City of Dubuque is expected to certify to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. The taxes so determined shall be referred to herein as the "base period taxes" for the Urban Renewal Project Area. Section 4. That portion of the taxes each year in excess of the base period taxes determined for- the Urban Renewal Project Area as provided in Section 3 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Dubuque, Iowa hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Dubuque, Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Iowa Code Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county -city buildings; and (iv) any other exceptions described in Section 403.19 shall be collected against all taxable property within the Urban Renewal Project Area without any limitation as hereinabove provided. 4 Section 5. Unless or until the total assessed valuation of the taxable property in the Urban Renewal Project Area exceeds the total assessed value of the taxable property in the Urban Renewal Project Area as shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes .levied and collected upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. Section 6. At such time as the loans, advances, indebtedness, bonds and interest thereon of the City of Dubuque, Iowa referred to in Section 4 hereof have been paid, all monies, thereafter received from taxes upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the division of taxes from taxable property in the Urban Renewal Project Area under the provisions of Section 403.19 of the Code of Iowa. In the event that any provision of this Ordinance shall be determined to be contrary to law it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Urban Renewal Project Area and the territory contained therein. Section 8. This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 5th day of August X019. Roy D. Buol,layor ATTEST: Kev; S. Firns ahl, Ci y Clerk Read first time: August 5, 2019 Read second time: n/a Read third time: n/a PASSED AND APPROVED: August 5, 2019 PUBLISHED: August 9, 2019 5 STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald, a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: August 09, 2019, and for which the charge is $108.81 Subscribed to efore me, a Notary Public in and for Dubuq. e '.unty, Iowa, this day of ,2 No"ry Public in and for Dubuque County, Iowa. DANA M. HUETTMAN Commission Nu -r 7•.s' My Commission Exp. LOTS 21 THROUGFI 27, pursuantto ]owa�Code INCLUSIVE''.IN BLOCK:2 Sectioli'298 2 and'taxes OF EAGLE VALLEY SUB-' for the .instructional DI\IISION AND support"program of a LOTS 1 T.qHRo 13; schoofdistrict'impdsed INCLUSIVE,;IN BLOCK 3 pursuant to Iowa Code OF;EAGLE•VALLEY SUB Section 257 19 (but in DIVISION SAND .. each case' only"-to'•the LOT G OF _EAGLE VAL- extent `required ;_under , LEY SUBDIVISION;.AND Iowa* .:Code Section LOTS ,1 TIROUGH'8, 403 19(2)), (d} taxes for INCLUSIVE, IN BLOCK 4 the paymentofbonds OF EAGLE VALLEY SUB- and,"interest of each ; DIVISION; AND taxing district; (iii) tax- LOT 1-9 AHD2 9,_ IN es imposed under, Iowa BLOCK ,4 OF : EAGLE Code:: Section,::346.27 VALLEY SUBDIVISION; (22) related to joint AND ' county -city, buildings; LOT 1 10 AND 2 t0 IN and (iv) ,any other ex - BLOCK 4 OF EAGLE ceptions described• . in VALLEY .• SUBDIVISION; Section 403 19,shall. be AND collected against,. all LOTS 11 THOUGH 13', taxable property within,' INCLUSIVE; IN BLOCK.,4 the ;Urban,;; Renewal Or EAG1:E:VALL0%SUB- Project .Area •wjthout '. DIVISION AND i any.limitation.as here • •LOTS 1 THROUGH4, Ipaboye provided INCLUSIVE,.111•01],001(,5 Section 5. Unless.,or OF`EAGLE. VALLEY SUB- until the total assessed'• DIVISIONFANDvaluation of the,;tax- VALLEY LOT A �N BLOCK 5 OF able propertyin the Ur- � EAGLE SUBDI ban , Renevdal Project VISION,• Area exceeds the total 4 SLOTS1 THROUCgH 20; assessed Value of the OFFICIAL INCLUSIVE,.taxable property in; the • PUBLICATION . OF,EAGLE. VALLEY.SUB- Urban Renewal Project ORDINANCE. DIVISION AND Area as shown: by, the NO t5-1.9 'LOT 1 21 `AND 2 21 IN assessment ' rolls!Are- ferredao in•Section-3;of this ;Ordinance;. all.;oi the . taxes. levied and collected• upon= the tax- able propertyin'.the,Ur- ban :Renewal -Project Area shall be,paid. into the -funds (for !the re- spective taxing. dis- tricts as taxesby orLfor said •taxing "districts in the same manneras all other(property taxes. AN ORDINANCEBLOCK 6.,,OF „EAGLE PROVIDING ''THAT VALLEY SUBDIVISIO{J; GENERAL PROPERTY AND i+ TAXES 'IED' D LOT 2 OF SWIFT COLLECTED ' EACHANPLACE ANI) YEAR'"ON ALL PROP ,,LOT 1 1 AND LOT 2.1 r ERT' ° w LOCATED ,wirrt PLACE AND WITHIN THE ;::'RIEKORAYF": LOTS ,1THROUGH5,BLUE HOUSINGINCLUSI}(Et,ij`i BLOCK`:7.BAN.REEWAL•0 . EAGLE _VALLEY SUBIN, •THE CITY DIVISION AND DUBUQUE, COUNTY COT 1 6 AN4;114.210, OF., DUBUQUE, STATE OF ".IOWA,r BY: _ AND VALLE CK U OF EAGLE FOR TI4E BENEFIT OF VALLEY SUBDIVISION Section 6. 'At such THE STATE OF IOWA, AND time as the loans, ad - CITY . ,OF DUBUQUE, LOT 1,7 AND LOT 2-7," vances, andetitednees, COUNTY OF ; DUBU-, IN BLOCK 7; OF EAGLE` bonds and ;interest QUE,DUBUQE V014VALLEY SUBDIVISION,• thereon of the'; City of MUNITY SliPosTORI„,'',:cp.'::,M AND Dubuque Iowa '4-it'eferred TRICT .,AOHLOT 1 8 ,,N1?..,,,;};—; LOT • to in. Section hereof TAXING;: ' IN BLOCK, 7 OF LE have: been paid,, all BE PAID , TO A :SPE- VALLEY,, SUBDIVISION, monies thereater r,6:00 CIAL FUND FOR' PAY= AND , ceived from taxes upon MENT; QF PRINCIPAL LOT 1 9'AND 1,01 -!?-9, the taxable property,in AND 'INTEREST; 'ON IN BLOCK 7 OF EAGLE the .`_Urban Renewal LOANS, MONIES AD= VALLEY SUBDIVISION Project Area, shall` be VANCED TO AND IN 'AND paid Into the funds; for DEBTEDNESS, '' IN ALL,OF THE [21,OHT i9 iLtioxrespctive taxing CLUDING BONDS IS- WAY AREA or GOLDEN districts in . the same SUED "•OR •T®' BE `IS= EAGLE DRIVE EAGLE manner,as taxes on all , . SUED, `INCURRED BY VALLEY. DRIVE HARRY other, property:= SAID' IN'"CON- EAGLE , COURT , STF, L; Section 7. •All ordi- NECTION WITH SAID LAR E'A L "DRIV,E, nances or pert, of ordi- SKY BLUE HOUSING _ BALD •EAGLE COURT, varices In conflict with URBAN RENEWAL ,COBALT COURT ZEPHYR the, provisions',of this AREA; DRIVE AND SKY BLUE Ordinance are' hereby WHEREAS, the city DRIVE ,LYING EAST OF *04-.160,2::The provi- council : of the City of Ti1E,.,EASTERLY RIGIT signs of this'Ordinanee Dubuque, 'Iowa, after ;• OF WAYi L NE OF R00 ,are intended. and shall public notice and' hear- SEVELT STREET. be construed ,so as .to mg as prescribed . by -ALL IN" THE CITY OF fully implement the di - law and pursuant to DUBUQUE, IOWA vision of ,taxes) from Resolution No 281-19 (b) -Urbah Renewal taxable property 1,n -the Oil and approved pian shall mean the: Urr Urban Renewal Project on the_ Sth day 'of •AU- bad Renewal Plan . for Area under :the provi- gust 2019 adopted an the Sky Blue Hoiasing cions of `Section 403.19 Urbain" Renewal Plan Urbap'y`Renewal Area, of the Code of- Iowa. In (the "Urban' 'Renewal approyed;by Resolution the event that'any pro- Plan") for an 'urban re No 281 19;on August 5 vision of this Ordinahce newal area known as 2019 as "the same may the Sky Blue,'Rousing shah_ on ary to shed to tie amended from time be ;contrary to+layq� it Urban Renewal'' Afea to time (the Urban Renewal Section 2 That,,the shall not affect other Area'+);'and taxes levied ort the tax provisions or apphca-' WHEREAS expendi- tion of this Ordinance tures and a debtedness able property m the;Ur, which shall d. t tarries; n ban Renewal project be construed to fully are antics ated to be escribed i' ifo§e legally d invoke thg prOisions incurred by the city of D:013M4e Iowa , t e a 2ct op, q t. t#, of Se'rof l 03ut�l the fufuf��to farfiaii'ce urbarPr'� att "tt �� Code of [0 1t reef renewal pro)ect•acYiva'Y' th ue, o Jflty , .erence Edrf e i,_ of Dl� uki a Counfy of enewal 1?roject,:Area ties carried out.in fur- Dubuque, " Dub ue f? therance of the, object- 1 D and'the terrj_tory coh Community School Dis tamed thereon. ryes of the Urb"an Re- " tract and 'all other tax • newal Plan and'the fu Section 8 This f ct,, ture `needs for re- Ing districts from 'and nonce shall.be in effect development within after the effective date .after Its final passage, I the Urban Renewal of this Ordinance shall ' approval and publica- hp divided as,• here- +;,,,, „rnr„sod h„ ; peOduil 4apuOuldlilbjS1p,locppS dNV o Jo. 1C0 NuISIA1C1Elf1S :ATI1VA 1•`l0 , pu 41A10 le3I§Aqd 111°.(Yz3,Z'IlONVOZ..:LT)143001.19 • poito.iddio46/‘ -• pou ,- • aro pi44 404 ;• aro(1) A3TIVA (1) ipu} 4daoxo: Anid J10V. 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Pinonn puu,:upjv,ipmeueli .TOZ lsti6nV 4D111/Vy gOxPl. 01-1110 U0luucpn 40 s6o.itios o Apo 1149 §!1-14r paldoPv 't Pol40aS -01 pluounJoul pee poAOJddo •passud •.:' -p6pfAoitrpopup io uop.policldp aJpt 1'nq -1010 01 ol,su g 010 Pa -IV ons: Aq u014 iPaqH k.sP ibmauau uPq.in PLR -voliond 'puu luno.iddu 'eoutuiP7Ib'tliii49 upplAn -,ivaptcloienep 'a6pSsvd 104,40. paj.j..9:141:0,CHIE,11.00pPU Out- 11.10.11 SlOPISIP4114-641. pU.V;,Opic1 Iumou -x0 19 10 pp`46141:s6n1 looqq5:6410p414.o ..oafgo. 01.0. 40 .ppInJatil .64.16ipOv1-16040i4•744uP,01.i?1 • 1Poll,bAl-Pc'culv''n Gob ° P P3 al/ • utepr-o1fi14ro10E0,,,-,-;..9`0,1116,-4. 19.00,409p11PS01D0,-q,,m66.0 1RtjtOi•pma1oor1d!oatlww4hoyppiti n00 li T•, n M1lw n lll u n iu V Doc ID: 010328500006 Type GEN Kind: ORDINANCE Recorded: 08/07/2019 at 03:34:19 PM Fee Amt: $32.00 Page 1 of 6 Dubuque County Iowa John Murphy Recorder Q Q /� Fi1e2019-00008814 Prepared by Jill Connors, Economic Development, 50 W. 13th St., Dubuque, IA 52001, 563-589-4393 Return to Kevin Firnstahl, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100 ORDINANCE NO. 35-19 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE SKY BLUE HOUSING URBAN RENEWAL AREA, IN THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH SAID SKY BLUE HOUSING URBAN RENEWAL AREA WHEREAS, the City Council of the City of Dubuque, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 281-19 passed and approved on the 5th day of August 2019, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Sky Blue Housing Urban Renewal Area (the "Urban Renewal Area"); and WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Dubuque, Iowa in the future to finance urban renewal project activities carried out in furtherance of the objectives of the Urban Renewal Plan and the future needs for redevelopment within the Urban Renewal Area are such as to require the application of the incremental tax resources of the Urban Renewal Area; and WHEREAS, the City Council of the City of Dubuque, Iowa desires to provide for the division of revenue from taxation in the Urban Renewal Area, in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended, and the Urban Renewal Plan. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: 3 ac., ECc -<, Section 1. For purposes of this Ordinance, the following terms have the following meanings: (a) Urban Renewal Project Area shall include that area described as follows: LOT 1 ORCHARD PARK PLACE; AND LOTS 29 THROUGH 47, INCLUSIVE, AND LOT D, ALL IN SKY BLUE ESTATES # 2; AND LOTS 1 THROUGH 12, INCLUSIVE, AND LOTS 14 THROUGH 28, INCLUSIVE, ALL IN SKY BLUE ESTATES; AND LOT 1 OF SKY BLUE PLACE; AND ALL OF LENNY'S PLACE NO. 1; AND ALL OF LENNY'S PLACE NO. 2; AND ALL OF LENNY'S PLACE NO. 3; AND ALL OF LENNY'S PLACE NO. 4; AND ALL OF LENNY'S PLACE NO. 5; AND ALL OF LENNY'S PLACE NO. 6; AND ALL OF LENNY'S PLACE NO. 7; AND ALL OF LENNY'S PLACE NO. 8; AND ALL OF LENNY'S PLACE NO. 9; AND LOTS 1 THROUGH 6, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 7, INCLUSIVE, OF EAGLE VALLEY SUBDIVISON NO. 2; AND LOTS 10 THROUGH 18, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-19 AND 2-19, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-20 AND 2-20, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND 2 LOTS 21 THROUGH 27, INCLUSIVE, IN BLOCK 2 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 13, INCLUSIVE, IN BLOCK 3 OF EAGLE VALLEY SUBDIVISION; AND LOT G OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 8, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND 2-9, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-10 AND 2-10, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOTS 11 THROUGH 13, INCLUSIVE, IN BLOCK 4 OF EAGLE VALLEY SUBDIVISION; AND LOTS 1 THROUGH 4, INCLUSIVE, IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION; AND LOT A IN BLOCK 5 OF EAGLE VALLEY SUBDIVISION, AND LOTS 1 THROUGH 20, INCLUSIVE, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-21 AND 2-21, IN BLOCK 6 OF EAGLE VALLEY SUBDIVISION; AND LOT 2 OF SWIFT PLACE; AND LOT 1-1 AND LOT 2-1 SWIFT PLACE; AND LOTS 1 THROUGH 5, INCLUSIVE, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-6 AND LOT 2-6, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-7 AND LOT 2-7, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-8 AND LOT 2-8, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND LOT 1-9 AND LOT 2-9, IN BLOCK 7 OF EAGLE VALLEY SUBDIVISION; AND ALL OF THE RIGHT OF WAY AREA OF GOLDEN EAGLE DRIVE, EAGLE VALLEY DRIVE, HARPY EAGLE COURT, STELLAR EAGLE DRIVE, BALD EAGLE COURT, 3 COBALT COURT, ZEPHYR DRIVE, AND SKY BLUE DRIVE LYING EAST OF THE EASTERLY RIGHT OF WAY LINE OF ROOSEVELT STREET. ALL IN THE CITY OF DUBUQUE, IOWA (b) Urban Renewal Plan shall mean the Urban Renewal Plan for the Sky Blue Housing Urban Renewal Area, approved by Resolution No. 281-19 on August 5, 2019, as the same may be amended from time to time. Section 2. That the taxes levied on the taxable property in the Urban Renewal Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 3. That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Urban Renewal Project Area, as shown on the assessment roll as of January 1, 2018, being January 1 of the calendar year preceding the first calendar year in which the City of Dubuque is expected to certify to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. The taxes so determined shall be referred to herein as the "base period taxes" for the Urban Renewal Project Area. Section 4. That portion of the taxes each year in excess of the base period taxes determined for the Urban Renewal Project Area as provided in Section 3 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Dubuque, Iowa hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Dubuque, Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter -approved physical plant and equipment levy of a school district imposed pursuant to Iowa Code Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county -city buildings; and (iv) any other exceptions described in Section 403.19 shall be collected against all taxable property within the Urban Renewal Project Area without any limitation as hereinabove provided. 4 Section 5. Unless or until the total assessed valuation of the taxable property in the Urban Renewal Project Area exceeds the total assessed value of the taxable property in the Urban Renewal Project Area as shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. Section 6. At such time as the loans, advances, indebtedness, bonds and interest thereon of the City of Dubuque, Iowa referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the division of taxes from taxable property in the Urban Renewal Project Area under the provisions of Section 403.19 of the Code of Iowa. In the event that any provision of this Ordinance shall be determined to be contrary to law it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Urban Renewal Project Area and the territory contained therein. Section 8. This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 5t" day of August 019. L/7 ,,/ Roy D. Buol,(llayor ATTEST: Key' S. Firns ahl,Ci y Clerk Read first time: August 5, 2019 Read second time: n/a Read third time: n/a PASSED AND APPROVED: August 5, 2019 PUBLISHED: August 9, 2019 CERTIFICATE of the CITY CLERK STATE OF IOWA ) SS: COUNTY OF DUBUQUE ) I, Kevin S. Fimstahl, do hereby certify that I am the duly appointed, qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in my possession or have access to the records of the proceedings of the City Council. do further state that the hereto attached Ordinance No. 35-19 is a true and correct copy of the original. In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque, Iowa. Dated at Dubuque, Iowa, on this 6th day of August, 2019. Kevi S. Firnstahl, C C, City Clerk