Cooper Development TIF Tax Inc FinancingTO:
FROM:
MEMORANDUM
November 10, 2003
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
SUBJECT: Tax Increment Financing: Cooper Development Company
On May 6, 2002, the City Council adopted by resolution a policy to provide property tax
rebates through tax increment financing to owners of properties in the Downtown
Dubuque Urban Renewal District. The policy requires the owners to rehabilitate historic
structures according to the Secretary of Interior's Standards for the treatment of historic
properties. The City has received an application from Cooper Development Company
for rehabilitation completed on the former Cooper Wagon Works building, at the corner
of 3® and Main.
Cooper Development Company has invested over $2,000,000 in the renovation of the
Cooper Wagon Works Building at the corner of 3rd and Main. The renovation has been
approved by the State Historic Preservation Office. The Urban Renewal Plan for the
district provides that the City may use tax increment funds for special financing
activities, including loans and grants to businesses.
Economic Development Director Bill Baum is recommending City Council approval of
Cooper Development Company's application for Property Tax Rebates for seven years
for Historic Properties.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
SUBJECT:
November 10, 2003
Michael Van Miiligen, City Manager
William Baum, Economic Development Director ~/~~
Tax Increment Financing: Cooper Development Company
INTRODUCTION
This memorandum presents for City Council review and approval a Resolution
approving a Property Tax Rebate Agreement with Cooper Development Company.
BACKGROUND
The City has received an application for property tax rebates from Cooper Development
Company for rehabilitation completed on the former Cooper Wagon Works building, at
the comer of 3rd and Main. On November 3, 2003, the City Council approved a
resolution setting a date for public hearing (November 17, 2003) on the application and
a proposed Property Tax Rebate Agreement.
in 2002, the City Council adopted by resolution a policy to provide property tax rebates
through tax increment financing to owners of properties in the Downtown Dubuque
Urban Renewal District. The policy requires the owners to rehabilitate histodc structures
according to the Secretary of Interior's Standards for the treatment of histodc
properties.
DISCUSSION
The Company has invested over $2,000,000 in the renovation of the Cooper Wagon
Works building. The State Historic Preservation Officer has approved the renovation.
The Historic Preservation Commission has reviewed and is recommending approval of
the application and the Agreement.
The City of Dubuque has been asked to support the project by approving the use of tax
increment proceeds to make reimbursement to the company of a percentage of the
actual new increment of property taxes that Cooper Development Company will pay
over a seven (7) year period. At this time, the new taxes are estimated to total $16, 925
per year, however, that amount could increase based on the actual amount of property
taxes paid each year by the company due to assessment increases or tax rate
adjustments.
RECOMMENDATION
I recommend that the City Council adopt the attached Resolution approving the Cooper
Development Company application and Tax Rebate Agreement.
ACTION STEP
The action steP for the City Council is to adopt the attached Resolution.
Attachments
F:\USERS\WBaum\Historic Pres Tax Rebates\Memo to Mike on Cooper Development agreement2.doc
RESOLUTION NO. 466-03
APPROVING AN APPLICATION FOR PROPERTY TAX REBATES FOR THE
RENOVATION OF CERTAIN HISTORIC STRUCTURES APPROVING A TAX
REBATE AGREEMENT WITH COOPER DEVELOPMENT COMPANY
Whereas, the City Council, after public hearing, duly adopted an Urban Renewal
Plan (the Plan) for the Downtown Dubuque Urban Renewal District (the District); and
Whereas, said Plan provides that the City may undertake special financing
activities, including loans or grants to private developers, to meet the objectives of the
Plan and to encourage the development of the District; and
Whereas, the City Council has determined, after consultation with the City of
Dubuque Historic Preservation Commission, that the substantial renovation of the Town
Clock Building property, legally described as City Lot 78 (except for the southerly 3
inches thereof) in the City of Dubuque, Iowa has been completed in accordance with
Secretary of Interior's Standards for the treatment of Histodc properties, and that the
Cooper Development Company is qualified under Iowa Code Section 15A.1 to receive
such loan or assistance for the expansion and the renovation of the Cooper Wagon
Works Building in the District; and
Whereas, it is expected that the aggregate amount of the Tax Increment
Revenue obligations will be $93,000 more or less due to assessment increases and/or
tax rate adjustments; and
Whereas, pursuant to published notice, the City Council has held a public
hearing on the proposition of obligating Tax Increment Revenue to assist the Cooper
,,Development Company, and has considered and overruled any and all objections
thereto; and
Whereas, an application for Property Tax Rebates for Historic Structures, and a
Property Tax Rebate Agreement, both hereto attached and by this reference made a
part hereof, sets forth the terms and conditions of a Property Tax Rebate program for
the renovation of the Cooper Wagon Works Building, and the disbursement of Tax
Increment proceeds to Cooper Development Company.
NOW, THEREFORE, BE iT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the application of the Cooper Development Company for
property tax rebates for the Cooper Wagon Works Building and City Lot 78 (except for
the southerly 3 inches thereof) in the City of Dubuque, Iowa, and reviewed by the City of
Dubuque Histodc Preservation Commission is hereby approved.
Section 2. That the Tax Rebate Agreement by and between the City of
Dubuque, and the Cooper Development Company attached hereto is hereby approved.
Section 3. That the Mayor and City Clerk are hereby authorized to execute, on
behalf of the City of Dubuque, Iowa, said Property Tax Rebate Agreement in
substantially the form attached hereto, but with such changes as they, with the
assistance of the Corporation Counsel, find to be appropriate, their execution thereof to
constitute this City Council's approval of said Property Tax Rebate Agreement.
Attest:
Jeanne F. Schneider, City Clerk
Passed, approved and adopted this 17th day of November 2003.
Terrance M. Duggan, Mayor
F:\USERS\WBaum\Histodc Pres Tax Rebates\cooper tax rebate res2.doc
Prepared by:. William J. Baum, Economic Development, 50 W. 13th St. City Hall, Dubuque, IA 52001 563,589-4393
PROPERTY TAX REBATE AGREEMENT
THIS PROPERTY TAX REBATE AGREEMENT dated this./~-"-day of
November, 2003 (the "Agreement"), by and between the City of Dubuque, Iowa (the
"City"), and the Cooper Development Company (the "Developer").
WITNESSETH:
WHEREAS, the Developer owns real property, legally described as Lot 78
(except for the southerly 3 inches thereof) in the City of Dubuque, Iowa (the "Property"),
which is located in the Downtown Dubuque Urban Renewal Distdct (the "Project Area")
which has bean so designated as an urban renewal area defined by Chapter 403 of the
Iowa Code (the "Urban Renewal Law"); and
WHEREAS, the Developer has substantially rehabilitated the Property according
to the City's Historic Property Tax Rebate Program, and has accomplished the
substantial rehabilitation according to the Secretary of Interior's Standards for the
Treatment of Histodc Properties, and has made application to the City for Property Tax
Rebates for Historic Properties, and said application has been reviewed by the City of
Dubuque Historic Preservation Commission; and
WHEREAS, the City and the Developer desire to enter into an Agreement for
Property Tax Rebates for the Property.
NOW, THEREFORE, the parties to the Agreement, in consideration of the
promises, covenants and agreements made by each other, do hereby agree as follows:
1. The actual value assessed for the Property on January 1, 2001, is
$178,660. The actual value was assessed for the Property on January 1, 2003. is
'. $742,850f ~
2. The Developer agrees to operate the Property until at least the termination
of this Agreement.
3. For and in consideration of the obligations being assumed by the
Developer hereunder, and in furtherance of the goals and objectives of the Urban
Renewal Plan for the Project Area and the Urban Renewal Law, the City agrees, subject
to the Developer being and remaining in compliance with the terms of this Agreement, to
make up to seven (7) consecutive annual payments (such payments being referred to
collectively as the "Property Tax Rebates (grants) for renovation of Historic Properties"
to the Developer, pursuant to Section 403.9 of the Urban Renewal Law, in accordance
with the following schedule:
· Year1: 100%rebate
· Year 2: 100%rebate
· Year 3: 100% rebate
· Year4: 100% rebate
· Year 5: 75% rebate
· Year 6: 50% rebate
· Year 7: 25% rebate
The property tax rebate amounts shall equal the actual amount of tax increment
revenues collected by the City, adjusted according to the schedule above.
4. To fund the Property Tax Rebates, the City shall certify to the County pdor
to December I of that year its request for the available Developer Tax Increments
resulting from the assessments imposed by the County as of January 1 of the following
year, to be collected by the City as taxes are paid dudng the following fiscal year and
which shall thereafter be disbursed to the Developer on June 1 of that fiscal year.
(Example: If the City so certifies prior to December 1 2003, the Property Tax Rebate, in
respect thereof would be paid to the Developer on June 1, 2005).
5. The Property Tax Rebates shall be payable from and secured solely and
only by the Developer Tax Increments, which, upon receipt, shall be deposited and held
in a special account created for such purpose and designated as the "Cooper
Development Company TIF Account" of the City. The City hereby covenants and
agrees to maintain its TIF ordinance in force during the term hereof and to apply the
incremental taxes collected and allocated to the Cooper Development Company TIF
Account to pay the Tax Increment Rebates, as and to the extent set forth in Section 3
hereof. The Property Tax Rebates shall not be payable in any manner by other tax
increment revenues or by general taxation or from any other City funds. The City makes
no representation with respect to the amounts that may be paid to the Developer as the
Property Tax Rebates in any one year, and under no circumstances shall the City in any
manner be liable to the Developer so long as the City timely applies the Developer Tax
Increments actually collected and held in the Cooper Development Company TIF
Account (regardless of the amounts thereof) to the payment of the Property Tax
Rebates to the Developer as and to the extent described in this Section.
6. The City shall be free to use any and all tax increment revenues collected
n respect of other properties within the Project Area, or any available Developer Tax
Increments resulting from the termination of the annual Property Tax Rebates under
Section 3 hereof, for any purpose for which such tax increment revenues may lawfully
be used pursuant to the provisions of the Urban Renewal Law, and the City shall have
no obligations to the Developer with respect to the use thereof.
7. Neither the preambles nor provisions of this Agreement are intended to
modify, nor shall they be construed as modifying, the terms of any other contract
between the City and the Developer.
8. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties.
9. This Agreement shall be promptly recorded by the City with the Dubuc ue
County Recorder.
CITY OF DUBUQUE, IOWA
/s/ Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
COOPER DEVELOPMENT COMPANY
By: /s/ Scott A. Neuwoehner
(City Seal)
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this ??~,C day of z"~~'~,¢~''~ 20Q~'before me the undersigned, a
Notary Public in and for the said County and State, personally appeared Terrance M.
Duggan and Jeanne Schneider to me personally known, who, being by me duly sworn,
did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque,
Iowa, a municipal corporation executing the instrument to which this is attached; that the
seal affixed hereto is the seal of said municipal corporation; that said instrument was
signed and sealed on behalf of the City of Dubuque, Iowa, by authority of its City
Council; ane that said Mayor and City Clerk acknowledged the execution of said
instrument to be the voluntary act and deed of said City, by it and by them voluntarily
executed.
' ' ~' ~ Notary Public
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this ~'] day of O'~J~) ~-r 200,~, before ?.e~t~h~
Notary Public in and for the State of Iowa, personally appeared o~,, w ,, t0 me ' "--"~
personally known, who, being by me duly sworn, did say that he is the President and
Chief Executive Officer of Cooper Development Company, the corporation executing the
instrument to which this is attached and that as said President and Chief Executive
Officer of Cooper Development Company acknowledges the execution of said
instrument to be the voluntary act and deed of said company, by it and by him, an
individual, voluntarily executed.
MEMORANDUM
October 28, 2003
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Tax Increment Financing: Cooper Development Company
On May 6, 2002, the City Council adopted by resolution a policy to provide property tax
rebates through tax increment financing to owners of properties in the Downtown
Dubuque Urban Renewal District. The policy requires the owners to rehabilitate historic
structures according to the Secretary of Interior's Standards for the treatment of historic
properties. The City has received an application from Cooper Development Company
for rehabilitation completed on the former Cooper Wagon Works building, at the corner
of 3rd and Main.
Cooper Development Company has invested over $2,000,000 in the renovation of the
Cooper Wagon Works Building at the corner of 3rd and Main. The renovation has been
approved by the State Historic Preservation Office. The Urban Renewal Plan for the
district provides that the City may use tax increment funds for special financing
activities, including loans and grants to businesses.
Economic Development Director Bill Baum is recommending City Council approval of
Cooper Development Company's application for Property Tax Rebates for seven years
for Historic Properties and that a public hearing be set for November 17, 2003.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
/
Michael C. Van MillJgen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
October 27, 2003
TO:
FROM:
SUBJECT:
Michael Van Milligen, City Manager
William Baum, Economic Development Director~~
/
Tax Increment Financing: Cooper Development Company
INTRODUCTION
This memorandum presents for City Council review and approval a Resolution setting a
public hearing on November 17, 2003 relating to tax increment financing for Cooper
Development Company.
BACKGROUND
On May 6, 2002, the City Council adopted by resolution a policy to provide property tax
rebates through tax increment financing to owners of properties in the Downtown
Dubuque Urban Renewal District. The policy requires the owners to rehabilitate historic
structures according to the Secretary of Interior's Standards for the treatment of historic
properties. The City has received an application from Cooper Development Company
for rehabilitation completed on the former Cooper Wagon Works building, at the corner
of 3~ and Main.
Cooper Development Company has invested over $2,000,000 in the renovation of the
Cooper Wagon Works building. The renovation has been approved by the State
Histodc Preservation Officer. The Urban Renewal Plan for the district provides that the
City may use tax increment funds for special financing activities, including loans and
grants to businesses.
DISCUSSION
The City of Dubuque has been asked to support the project by approving the use of tax
increment proceeds to make reimbursement to the company of a percentage of the
actual new increment of property taxes that Cooper Development Company will pay
over a seven (7) year period. At this time, the new taxes are estimated to total $16, 925
per year, however, that amount could increase based on the actual amount of property
taxes paid each year by the company due to assessment increases or tax rate
adjustments.
It is proposed that following a public headng, the City Council approve the Company's
application for Property Tax Rebates for Historic Properties, and enter into a property
tax rebate agreement with the company.
RECOMMENDATION
I recommend that the City Council adopt the attached Resolution setting a date for
public hearing on the proposed use of tax increment proceeds to support this project.
ACTION STEP
The action step for the City Council is to adopt the attached Resolution.
Attachments
F:\US ERS\WBa u m~-Iistoric Pres Tax Rebates~lerno to Mike on Cooper Development agreement.doc
RESOLUTION NO.
APPROVING AN APPLICATION FOR PROPERTY TAX REBATES FOR THE
RENOVATION OF CERTAIN HISTORIC STRUCTURES APPROVING A TAX
REBATE AGREEMENT WITH COOPER DEVELOPMENT COMPANY
Whereas, the City Council, after public hearing, duly adopted an Urban Renewal
Plan (the Plan) for the Downtown Dubuque Urban Renewal District (the District); and
Whereas, said Plan provides that the City may undertake special financing
activities, including loans or grants to private developers, to meet the objectives of the
Plan and to encourage the development of the District; and
Whereas, the City Council has determined, after consultation with the City of
Dubuque Historic Preservation Commission, that the substantial renovation of the Town
Clock Building property, legally described as City Lot 78 (except for the southerly 3
inches thereof) in the City of Dubuque, Iowa has been completed in accordance with
Secretary of Interior's Standards for the treatment of Historic properties, and that the
Cooper Development Company is qualified under Iowa Code Section 15A. 1 to receive
such loan or assistance for the expansion and the renovation of the Cooper Wagon
Works Building in the District; and
Whereas, it is expected that the aggregate amount of the Tax Increment
Revenue obligations will be $93,000 more or less due to assessment increases and/or
tax rate adjustments; and
Whereas, pursuant to published notice, the City Council has held a public
hearing on the proposition of obligating Tax Increment Revenue to assist the Cooper
Development Company, and has considered and overruled any and all objections
thereto; and
Whereas, an application for Property Tax Rebates for Historic Structures, and a
Property Tax Rebate Agreement, both hereto attached and by this reference made a
part hereof, sets forth the terms and conditions of a Property Tax Rebate program for
the renovation of the Cooper Wagon Works Building, and the disbursement of Tax
Increment proceeds to Cooper Development Company.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the application of the Cooper Development Company for
property tax rebates for the Cooper Wagon Works Building and City Lot 78 (except for
the southerly 3 inches thereof) in the City of Dubuque, Iowa, and reviewed by the City of
Dubuque Historic Preservation Commission is hereby approved.
Section 2. That the Tax Rebate Agreement by and between the City of
Dubuque, and the Cooper Development Company attached hereto is hereby approved.
Section 3. That the Mayor and City Clerk are hereby authorized to execute, on
behalf of the City of Dubuque, Iowa, said Property Tax Rebate Agreement in
substantially the form attached hereto, but with such changes as they, with the
assistance of the Corporation Counsel, find to be appropriate, their execution thereof to
constitute this City Council's approval of said Property Tax Rebate Agreement.
Passed, approved and adopted this 17th day of November 2003.
Attest:
Terrance M. Duggan, Mayor
Jeanne F. Schneider, City Clerk
F:~USERS\VVBaum',Histodc Pres Tax Rebates~cooper tax rebate res2.doc
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF
URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS AND
EXECUTION OF A PROPERTY TAX REBATE AGREEMENT RELATING
THERETO WITH COOPER DEVELOPMENT COMPANY, AND THE
HEARING ON THE ISSUANCE THEREOF.
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, Iowa,
will hold a public hearing on the 17th day of November, 2003, at 6:30 P.m. in the Carnegie-
Stout Public Library Auditorium, 360 West 11th Street, Dubuque, Iowa, at which hearing
the City Council proposes to take additional action for the issuance of Urban Renewal Tax
Increment Revenue obligations and the approval of a Property Tax Rebate Agreement
relating thereto with Cooper Development Company, in order to carry out certain of the
special financing activities in the Downtown Urban Renewal District, consisting of the
funding of property tax rebates to said developer pursuant to a Property Tax Rebate
Agreement entered into with Cooper Development Company under the terms and
conditions of said Urban Renewal Plan. It is expected that the aggregate amount of the
Tax Increment Revenue obligations will be $93,000 but that amount may vary due to
Property Tax Rebate increases and tax rate adjustments.
At the public hearing, the City Council shall receive oral and written objections from
any resident or property owner of said City, to the above action. After all objections have
been received and considered, the City Council will at this meeting or at any adjournment
thereof, take additional action for the issuance of such Tax Increment Revenue obligations
or will abandon the proposal. By order of the City Council said headng and appeals
therefrom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code of Iowa.
This notice is given by order of the City Council of Dubuque, iowa, as provided by
Sections 403.9 of the Code of Iowa, which shall govern this meeting and action taken
thereat.
Dated this 3rd day of November 2003.
Jeanne Schneider
City Clerk of Dubuque, Iowa
F:\USERS\WBaum\Histodc Pres Tax Rebates~Resoluflon setting public hearing for Cooper Development.doc
Prepared by: William J. Baum, Economic Development, 50 W. 13th St. City Hall, Dubuque, IA 52001 563-589-4393
PROPERTY TAX REBATE AGREEMENT
THIS PROPERTY TAX REBATE AGREEMENT dated this __ day of
November, 2003 (the "Agreement"), by and between the City of Dubuque, Iowa (the
"City"), and the Cooper Development Company (the "Developer").
WITNESSETH:
WHEREAS, the Developer owns real property, legally described as Lot 78
(except for the southerly 3 inches thereof) in the City of Dubuque, Iowa (the
"Property"), which is located in the Downtown Dubuque Urban Renewal District (the
"Project Area") which has been so designated as an urban renewal area defined by
Chapter 403 of the Iowa Code (the "Urban Renewal Law"); and
WHEREAS, the Developer has substantially rehabilitated the Property according
to the City's Historic Property Tax Rebate Program, and has accomplished the
substantial rehabilitation according to the Secretary of Interior's Standards for the
Treatment of Historic Properties, and has made application to the City for Property Tax
Rebates for Historic Properties, and said application has been reviewed by the City of
Dubuque Historic Preservation Commission; and
WHEREAS, the City and the Developer desire to enter into an Agreement for
Property Tax Rebates for the Property.
NOW, THEREFORE, the parties to the Agreement, in consideration of the
promises, covenants and agreements made by each other, do hereby agree as follows:
1. The actual value assessed for the Property on January 1, 2001, is
$178,660. The actual value was assessed for the Property on January 1, 2003, is
$742,850.
2. The Developer agrees to operate the Property until at least the
termination of this Agreement.
3. For and in consideration of the obligations being assumed by the
Developer hereunder, and in furtherance of the goals and objectives of the Urban
Renewal Plan for the Project Area and the Urban Renewal Law, the City agrees,
subject to the Developer being and remaining in compliance with the terms of this
Agreement, to make up to seven (7) consecutive annual payments (such payments
being referred to collectively as the "Property Tax Rebates (grants) for renovation of
Historic Properties" to the Developer, pursuant to Section 403.9 of the Urban Renewal
Law, in accordance with the following schedule:
· Year 1: 100% rebate
· Year2: 100% rebate
· Year 3: 100% rebate
· Year 4: 100% rebate
· Year 5: 75% rebate
· Year 6: 50% rebate
· Year 7: 25% rebate
The property tax rebate amounts shall equal the actual amount of tax increment
revenues collected by the City, adjusted according to the schedule above.
4. To fund the Property Tax Rebates, the City shall certify to the County prior
to December 1 .of that year its request for the available Developer Tax Increments
resulting from the assessments imposed by the County as of January 1 of the following
year, to be collected by the City as taxes are paid during the following fiscal year and
which shall thereafter be disbursed to the Developer on June 1 of that fiscal year.
(Example: If the City so certifies prior to December 1,2003, the Property Tax Rebate,
in respect thereof would be paid to the Developer on June 1, 2005).
5. The Property Tax Rebates shall be payable from and secured solely and
only by the Developer Tax Increments, which, upon receipt, shall be deposited and held
in a special account created for such purpose and designated as the "Cooper
Development Company TIF Account" of the City. The City hereby covenants and
agrees to maintain its TIF ordinance in fome during the term hereof and to apply the
incremental taxes collected and allocated to the Cooper Development Company TIF
Account to pay the Tax Increment Rebates, as and to the extent set forth in Section 3
hereof. The Property Tax Rebates shall not be payable in any manner by other tax
increment revenues or by general taxation or from any other City funds. The City
makes no representation with respect to the amounts that may be paid to the Developer
as the Property Tax Rebates in any one year, and under no circumstances shall the
City in any manner be liable to the Developer so long as the City timely applies the
Developer Tax Increments actually collected and held in the Cooper Development
Company TIF Account (regardless of the amounts thereof) to the payment of the
Property Tax Rebates to the Developer as and to the extent described in this Section.
6. The City shall be free to use any and all tax increment revenues collected
in respect of other properties within the Project Area, or any available Developer Tax
Increments resulting from the termination of the annual Property Tax Rebates under
Section 3 hereof, for any purpose for which such tax increment revenues may lawfully
be used pursuant to the provisions of the Urban Renewal Law, and the City shall have
no obligations to the Developer with respect to the use thereof.
7. Neither the preambles nor provisions of this Agreement are intended to
modify, nor shall they be construed as modifying, the terms of any other contract
between the City and the Developer.
8. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties.
9. This Agreement shall be promptly recorded by the City with the Dubuque
County Recorder.
CITY OF DUBUQUE, IOWA
By
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
COOPER DEVELOPMENT COMPANY
By.
President
(City Seal)
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this __ day of 2002, before me the undersigned, a
Notary Public in and for the said County and State, personally appeared Terrance M.
Duggan and Jeanne Schneider to me personally known, who, being by me duly sworn,
did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque,
Iowa, a municipal corporation executing the instrument to which this is attached; that
the seal affixed hereto is the seal of said municipal corporation; that said instrument
was signed and sealed on behalf of the City of Dubuque, Iowa, by authority of its City
Council; and that said Mayor and City Clerk acknowledged the execution of said
instrument to be the voluntary act and deed of said City, by it and by them voluntarily
executed.
Notary Public
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this __ day of 2002, before me the undersigned, a
Notary Public in and for the State of Iowa, personally appeared , to me
personally known, who, being by me duly sworn, did say that he is the President and
Chief Executive Officer of Cooper Development Company, the corporation executing
the instrument to which this is attached and that as said President and Chief Executive
Officer of Cooper Development Company acknowledges the execution of said
instrument to be the voluntary act and deed of said company, by it and by him, an
individual, voluntarily executed.
Notary Public
4
plauning Services Department
City H~
50 West 13th Street
Dubuque, Iowa 52001-4864
(563) 589-4210 office
(563) 589-4221 f~x
(563) 690-6678 TDD
planning@cityo fdubuque.org
October 17, 2003
The Honomble Mayorand City Council Membem
City of Dubuque
City HalI-50W. 13~ Street
Dubuque, lA 52001
RE: Application of Cooper Development Company LLC for property tax rebates for the.
property at 299 Main Street (Cooper Wagon Works Building).
Dear Mayor and City Council Members:
The City of Dubuque Historic Preservation Commission has reviewed the above-cited request.
The application and related matedal are attached for your review.
Discussion
Greg Phrem, representative of the Cooper Development Company LLC, was in attendance.
Bill Baum, Economic Development Director, spoke in favor of the request. He explained the
policy for the Historic Property Tax Rebate Program. He indicated that the Cooper
Development Company LLC has submitted the required material to qualify for the tax rebates.
Mr. Phrem noted work on the fourth floor will begin soon.
There were no public comments.
The Historic Preservation Commission discussed the request, noting that the Cooper Wagon
Works Building has had a substantial rehabilitation and the property meets the requirements of
Histodc Property Tax Rebate Program.
Recommendation
By a vote of 5 to 0, the Historic Preservation Commission recommends the City Council
approve the property at 299 Main Street (The Cooper Wagon Works Building) for property tax
rebates because the property meets the definition of a historic property and the work complies
with the Secretary of the Interior's Standards for Rehabilitation.
A simple majority vote is needed for the City Council to concur with the request.
Respectfully submitted,
Christopher J. Wand, Chairperson
Historic Preservation Commission
cc: Bill Baum, Economic Development Director
Attachments
Service People lntegri~- Respoi ~ibility Irulovation Teamwork
CITY OF DUBUQUE, IOWA
MEMORANDUM
October 1, 2003
TO:
FROM:
Historic Preservation Commission
· Wally Wernimont, Assistant Planner
SUBJECT: Historic Property Tax Rebate Program for
Cooper Development Program
The Histodc Property Tax Rebate Program was developed to encourage
property owners to preserve, rehabilitate, restore, and reconstruct historic
properties in the City's Downtown Urban Renewal District. The program
provides eight years of tax rebates on the new taxable valuation added to the
assessment roles.
On April 18, 2003, the Historic Preservation Commission reviewed the policy for
tax rebates for downtown historic buildings. The HPC recommended the City
Council approve the proposed policy for tax rebates for downtown historic
buildings.
In May 2002, the City Council approved the policy for providing tax rebates for
historic structures in the Downtown Urban Renewal Areas. One of the
requirements of the program is that prior to City Council action on the proposed
tax rebate, the HPC shall review the application and provide comments and
recommendations to the Council.
The Cooper Development Company L.L.C is applying for property tax rebates for
work done to the Cooper Wagon Works building.
Attached for your reference is information on the Histodc Property Tax Rebate
Program.
Attachments
Economic Development Department
City 14all - Second Floor
50 West 13th Street
Dubuque, Iowa 52001-4864
(563) 589-4,393 office
(563) 589-1733 fax
'September 24, 2003
MEMORANDUM
From: Bill Baum, Economic Development Director/~~~
To: Historic Preservation Commission
Subject: Application of Cooper Development Company, LLC for Property Tax Rebates:
Historic Properties
As you are aware, the City Council has approved a policy for providing tax rebates for
historic structures in the Downtown Urban Renewal Areas.
An application has been received from Cooper Development Company. The City
Council will be setting a date for public hearing on a proposed Historical Tax Rebate
Agreement at the October 20 meeting. The adopted policy provides that pdor to City
Council action on the agreement, the application must be reviewed by the Commission
for comments and recommendations.
Enclosed you will find a copy of the application from Cooper Development Company.
Please review, and provide your comments to me at your earliest convenience.
Sexvice People Integrity Respor~bili[~¢ Innovation Teamwork
CITY OF DUBUQUE
APPLICATION FOR PROPERTY TAX REBATES
HISTORIC PROPERTIES
APPLICANT INFORMATION:
ADDRESS OF OWNER
ADDRESS OF BUILDING
CONTACT PERSON
DESCRIBE IN DETAIL THE PROPOSED OR ONGOING REHABILITATION,
INCLUDING:
DESCRIPTION OF THE HISTORICAL SIGNIFICANCE OF THE
BUILDING '/,,
DESCRIPTION OF THE REHABILITATION
ELIGIBILITY FOR NATIONAL REGISTER
ANTICIPATED OR ACTUAL COST OF THE REHABILITATION
CURRENT ASSESSED VALUATION OF BUILDING
ECONOMIC iMPACT OF PROJECT
WHAT DATE WILL THE PROJECT BEGIN AND BE COMPLETED
ATTACH EVIDENCE OF AN APPROVED APPLICATION FOR CERTIFIED
SUBSTANTIAL REHABILITATION FROM THE STATE HISTORIC
PRESERVATION OFFICER ~
CERTIFICATION AND RELEASE OF INFORMATION
I, the undersigned, as owner of the property identified above, hereby submit the
following application for property tax rebates to the City of Dubuque. I certify that all
information, representations, or statements provided to the City of Dubuque, in
connection with this application, are true and correct in all material respects.
I certify and understand that in order to receive property tax rebates under the City of
Dubuque approved Historic Property Tax Rebate Program, I will accomplish
substantial rehabilitation of said property according to the Secretary of Interior's
Standards for the treatment of Historic properties.
I certify that I have not, and will not apply for and/or accept any form of tax
exemption allowed by state law or City ordinances,
I understand this application, and subsequent agreement, is subject to the final
approval of the City Council of Dubuque, Iowa, after public hearing as required by
the Code of Iowa~
P/~Owner .
Print Name and Title
Date
Description of Historical Significance
The Cooper Wagon Works
299 Main Street, Dubuque
October 4, 2002
This building is one of the Dominant slructures in the Old Main Historic DistricL This
district is one of the few areas in Dubuque which has been identified as being of
sufficient architectural significance to be considered as a historic district. This was the
area where commercial development of Dubuque began in earnest in the early 1840's.
The building itself is the predominant building in the district, due to its location,
d'maensions, and design, as well as materials and workmanship it displays.
The Building is also of nation significance. It was purchased in the early 1860's by
Augustine A. Cooper & Company. It was originally part of a large 27 acre project know
as the Maloney Block prior to its purchase. The "Cooper Factory" contained with in the
"block" was the leading manufacturer of several types of wagons. The main building
(what is left stand'mg today) was used as the factories main showroom, offices, and
warehouse. At the turn of the century the factory was the largest manufacturer of wagons
in the country.
The upper floors of the building were used for ware storage. The upper floors were
connected to the factory by a bridge over the adjoining alley. The first level had retail
space, storage, and the main office. Reportedly the fi:ont room along Main Street later
became a lavish showroom for wagon and carriage displays.
Sanborn insurance maps for 1884, 1891, and 1901 indicate the particulars concerning the
use of the building. The cooper Block, as it was then known, was retained by A.A.
Cooper as part of the Wagon Works enterprise until Iris death in 1919, it remained as
property of A.A. Cooper Inc., until almost the mid 20th centre3,. The building was
renovated and converted into a 30+ apartment complex under the name Austin
Apartments in the early 20th century. Recently the building was renovated into a booming
entertainment complex housing a brew pub restaurant, a lounge, a night club, and a
reception facility.
Description of Rehabilitation
Cooper Waeon Factory.
299 Main Street, Dubuque
October 4, 2002
The former Cooper Wagon Works building located at 299 Main Street in Dubuque was
purchased for renovation in late 1999. Renovation has been significant on its interior and
minimal on the exterior to preserve the historic character and integrity of this historic
building.
Interior rehabilitation has been quite extensive. Over $2,000,000 has been invested in the
renovation. The entire building has essentially been "gutted". Over 80% of the windows
have been replaced with historically accurate replicas. The entire floor on all five levels
has been repaired and replaced. All interior walls, plumbing, electrical, and HVAC have
been completely replaced.
· Siguiflcant work has been done in the lower level including refurbishing the original
limestone walls in the over 7400 square foot level. Over 200 ton of debris and old
material was removed from this level and a new substructure and stain-crete floor now
exist in its place. New plumbing, HVAC, and electrical have been installed.
The only major exterior changes includes new effis on the South "alley" side of the
building, repair and replaccunent ora roof section, and the replacement of the exterior
sidewalk with a new stamped layer of brick pattern concrete. Additionally new light poles
and a handicap ramp entrance have been installed.
The 1st & 2"d floors were completely renovated as well. Complete new flooring, interior
& perimeter walls, Plumbing, HVAC, and Electrical have been replaced.
A state of the art sprinkler system was also installed in the entire 5 floors of the building.
The 3rd ands 4th floors remain somewhat un-renovated, fmished only to a "white box"
shell. Future plans are in the works for additional business to be completed on these
remaining floors. It is estimated that an additional $500,000 will be invested in these
floors before the end of fiscal 2003.
STATE HISTORIC PRESERVATION OFFICE
PART 3
approp._t?te ?~_'ewing o~nce. A copy o~ ~s form ~8 ~'~ ~ ~e Io~
e~ ~ ~ ~, ~p~ ~~ .............. ~, -,~ ~,~u~ ~ tn ~ ~ of a~ ~n~ ~
_ ~ ~ [~ ~ a~ ~, d~ and sp~, ~ ~p~ ~ ~ ~ke ~
that the cor~. letnd mhabJlitatton meets the Secrata~y of the late~or's 'Stand --
c~amcte~.or the pmper~ or ~he cl~;ct in which ~: is ]ocate~..Effec~ the. "-~;-*--'-
to five years alter completion of the rehab~ita~on and to ~e cer~ca~n ~i~
under'taken as presented by the owner in tile a ~ . The SHPO ~reserves the right to make ~ns at any th.ne up
...... ~-.= ..r~,~ mat the rehabilitation project was not
Certified Amount of Property Rehabi!!tafion Tax Credit. Iowa~ _350.000.00 F_F~
--2-t7! = ~ ./' l"~ ~ .... -" . ~-.
J~ See At~ac~mesrts --~__.,.~,,~u '~e H~stor~c Prese~va~on OIt%=~Te~eOt~One NO.~
PROP~RT¥:
ADDRESS:
United States Department of the Interior
NATIONAL PARK SERVICE
ROCKY MOUNTAIN REGIONAL OFFICE
655 Pallet Street
P.O. Box 25287
Denver, Colorado 80225
A.A. Cooper Building OWiT~q:
299 ~Iain Street
210 West 3rd Street ADDP~SS:
D~buque, !~ 52001
Fr~. Roger R. ~d
lis. Paula M. Ster~und
1295 Prairie Street
Dubuque, I~ 52001
PROJECT N0-: IA-85-00004
TAX CITkTION R~'~NCES kTax Refoz~n Act of 1976, Sect. 2124
-Economic Recovery Tax Act of 1981
Sects. 212 & 214, ~s amended
Dear Mr. snd Ms. Stenlund:
Thank you for your sub~dasion of Part I of the '~istoric Preservation
Certification Application" for the above project. This office received the
materi~l on February 4, 1985, from the Io~a State h~istoric Preservation Office.
We have dstermiued that the property listed above contributes to the historic
si~qLficanee of the 01d M~in Mistoric District. Therefore, your historic
propei%~ ~ been determined to l~e a "certified b_~oria ~tz~a%xxre" as of
February 12, 1985.
Becomiz~ a "certified historic structure" is the first step in qua3i~'y-Zug for
federal income tax credits for historic preservation tax incentives. These
credits are avai/able ~ %o those '~certified historic structures" that have
undergone reb~bilitation wo~z: that is approved by ibis office.
If you are irC~erested in pursu~ these historic preservation income tax
credits, you should submit Part 2 of ±~e enclosed ~Historic Preservation
Certification Application" ~kich completely describes your r~habilitatian
plans. Instractions for fi]l~r~g out the application are on the form itself.
The completed application should then be mailed to ycem State Historic
Preservation 0_vfies.
Also enclosed is a copy of the Secretary of ~he Interior's "Staud~rds for
RebabilXtat~on. These are the program--.tic standards s~ainst whidn we
evaluate your rehabilitation plans in the P~t 2 of the application. Any
questior~ concerning T~ue completion of the application or +2~e Secretary's
"St~udards" should either be directed to your State .~Historic Preservation
Office or Tc~ Keohsm of this office at (303) 236-8679.
Sincere~ly, ~ .......... ~
de Teel Patterson Tiller, Chief
Branch of Project Re%~ew and Teohn~ cal Assistance
~nelosures
CC:
Ms. Judy McCl~re, lo~a State ~storic~l Detw~-[ment, Des Moines, Iowa
77Je tlistorical Div£sion of the Departme~tt of ¢~dttOal Affttir.v
'STATE HISTORICAL SOCIETY OF IOWA
Wbere pas! meets fitture
December 15, 2000
Blood Run NH/.
L~rchxwxxl
Matthew Edel Blacksmith Sllop
Abbie Gardner Otbin
Am ol&*; Park
Des Moines
Union Sunday School
Clermont Mu~cttrn
Clermont
Iowa CiD'
Greg Prehm
Cooper Development Co. LLC
475 Valeria
Dubuque, IA 52001
Re: Cooper Wagon Works Building, 299 Main Street and 206-2:L0 W. 3'", Dubuque
Dear Mr. Prehm:
We have reviewed your Iowa Rehabilitation Tax Credit applications for the above
referenced properties. Based on the information provided in your Part I and Part 2
applications, the tax credits for your rehabilitation project have been approved in the
amount of $350,000 as of February 15, 2001. This credit has bee0 encumbered for
2002, your estimated date of project completion. All eligible costs incurred after
February 15, 200:[ can be used toward the State Tax Credit. We have received and
deposited your check (temporary no number), for the review fee of $250.00.
Your project description in the Part 2 application is approved with the following
condition(s):
Sample window must closely match existing historic windows in appearance.
Provide tenants plans for approval.
We look forward to receiving your part 3 applicaUon for review once you have
reached your project completion. Once your Part 3 application is approved, you will
receive a copy of the approved Part 3-application form and a tax certificate to attach
to your state income tax forms.
The reviewer for the technical aspects of this project is 3udith Ann McClure, A[A. If
you have questions or issues concerning technical requirements, particularly:issues
concerning the Secretary Of Interior St~andards for Treatment of Historic Properties,
please contact 3udy at 5~5/281-8637. If you have any questions concerning the
State Tax Credit Program, you may contact me at 515/281-4137.
Sincerely,
Elizabeth Foster,
State Tax Credit Program Manager/
National Register Coordinator
IOWA HISTORICAL BUILDING
600 Ei~St LOCrLSt ' I)t:S Mollies. lo,va 503194)290
Phone: (515) ~ql-6412 · F-ax: (515) 242d~498 or (51-5) 282-0502
www. st atc.ia.trs/.~)vemme lit/dca
HISTORICAl SOCIETY
STATE . OF IOWA
June 2,~ 20Q1
~ Development Co. I. LC
Dul~que, lA. ~
RE.' Tax Cr~it aPP~ f°~' C~3°~r weg~sl WOt~ B~ilding in Dubs' IA
D~ar Grog and --.~]el~,
JOB COST BREAKDOWN
' ORIGINAL COST TO PROJECTED
CATEGORY CODE ESTIMATE DATE F NAL COST
Travel/Gas 1-022 1,600.00 3,715.00 4,000.00
Permits 1-065 2,200.00 1,606.00 1,606.00
Electricity 1-512 1,000.00
Telephone 1-514 750.00 378.00 500.00
Sanitary 1-516 700.00 1,309.00 1,500.00
Dumpster 1-518 3,200.00 8,546.00 10,000.00
Street Closure 1-530 3,065.00 3,500.00
Misc. Materials 1-600 1,000.00 6,998.00 8,500.00
Equipment 1-610 2,500.00 15,194.00 17,500.00
Safety Equipment 1-640 2,265.00 2,500.00
Testing 1-660 102.00 102.00
Engineering 1-680 67,997.00 67,997.00
Attic Clean-Up 2-080 9,741.00 9,741.00
Demolition Materials 2-110 6,000.00 13,861.00 13,861.00
Excavation-Backfill 2-220 12,500.00 18,580.00 18,580.00
Street Improvements 2-610 12,774.00 20,600.00
Interio[ Concrete 3-300 32,500.00 53,972.00 55,000.00
Tunnel Walls 3-300 11,975.00 11,975.00
Extedor Concrete Topping 3-300 9,655.00 13,800.00
Gypsum Concrete 3-500 41,500.00 18,775.00 37,550.00
~lasonry 4-200 58,000.00 ! 72,270.00 72,270.00
Yuckpointing 4-500 23,000.00 13,265.00 13,265.00
Structural Steel 5-120 75,000.00 75,387.00 100,000.00
Rough Carpentry 6-100 39,000.00 45,178.00 50,000.00
E.LF.S. 7-241 10,500.00 28,860.00 28,860.00
Membrane Roofing 7-500 13,500.00 8,465.00 8,465.00
Joint Sealers 7-900 2,500.00
HM Doom & Frames 8-110 14,500.00 6,122.00 '7,500.00
Wood Doom 8-210 6,000.00 1,462.00 11,500.00
Wood Windows 8-610 862.00 60,000.00
Brew System Windows 8-650 7,750.00
Finish Hardware 8-740 10,000.00 9,666.00 12,000.00
Glazing 8-800 2,000.00
JOB COST BREAKDOWN
[IGINAL PROJECTED
CATEGORY CODE ESTIMATE COST TO DATE FINAL COST
Steel Studs 9-111 9,000.00 2,081.00 3,000.00
Drywall
Ceramic Tile
Acoustical Ceilings
Painting
~t Paditions
Bathroom Access.
Elevator
HVAC
Plumbing
Sprinkler System
Electrical
LABOR CATEGORIES
Manager
Superintendent
Cleaning
Structural Steel
Rough Carpentry
Steel Studs
Doors/Hardware
d Window
Drywall
Specialties
Demolition
Overhead & Profit
9-120 12,500.00 11,111.00 12,500.00
9-310 30,000.00 8,846.00 30,000.00
9-510 3,100.00 1,088.00 3,100.00
9-680 26,000.00 26,000.00
24,000.00 8,625.00 24,000.00
10-160 6,400.00 6,200.00 8,500.00
10-800 3,000.00 495.00 4,600.00
-200 80,000.00 80,725.00 80,725.00
15--300 160,000.00 76,500.00 200,000.00
15-400
15-500
16-100
56,000.00 97,966.00 100,000.00
48,000.00 58,368.00 61,000.00
160,000.00 113,475.00 200,000.00
17-001 10,000.00 8,563.00 8,563.00
40,000.00 58,263.00 65,000.00
17-010 1,000.00 9,856.00 10,000.00
17-101 42,500.00 36,893.00 38,000.00
17-20t 50,000.00 120,537.00 130,000.00
17-208 20,000.00 15,510.00! 20,000.00
17-400 5,000.00 1,535.00 5,000.00
17-411 600.00 10,000.00
17-501 20,000.00 19,529.00 30,000.00
7-700 2,500.00 500.00 2,500.00
17-800 71,200.00 66,577.00 70,000.00
10,000~00 10,000.00 10,000.00
2
July 7, 2001
Mr. Duane Frick
Dubuque Bank & Tru~ Company
1398 CentmlAvenue
Dubuque, Iowa 52001
Dear Mr. Frick,
Per your request, I have inspected the site and prepared a Summary Appraisal of the
land, existing building and the proposed improvements of the subject property located at
299 Main Street- 210 W. 3rd Street in Downtown Dubuque, Iowa. The estimated
Market Value herein is a Hypothetical Market Value subject to "Completion Per Plans &
Specifications". The intended user of this report is Dubuque Bank & Trust Company for
mortgage financing purposes.
The subject property consists of 7,330/SF or .168 acres more or less. The subject
property is currently improved with an older 4-story brick building, which is currently
under complete interior and exterior renovation. The subject property is further identified
by the City of Dubuque Assessor as, Parcel #10-25-276-007.
The purpose of this appraisal is to estimate the Market Value of the Fee Simple Estate
of the subject property "As Though Complete" and "As Stabilized" as of the date of
completion, estimated to be November 1,2001. Market Value as used herein is defined
in Chapter 12, Code of Federal Regulation, part 34.42 (f) is, "the most probable price at
which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably
and assuming the price is not affected by undue stimulus." This definition is further
defined and qualified.
I have considered pertinent data affecting the valuation of the property, including
location, demand, Highest and Best Use, type and condition of improvements, and the
trends and business conditions of the area. It is, therefore, my opinion that the
Hypothetical Market Value of the subject property "As Completed" and "As
Stabilized", as of the date of completion, estimated to be November 1, 2001, is:
$2,200,000
TWO MILLION TWO HUNDRED THOUSAND DOLLARS
SALIENT FACTS SUMMARY-Continued
ESTIMATES OF VALUE
SITE VALUATION:
.168 Acres or 7,330.2/SF @ $10.50/SF
$ 77,000
COST APPROACH:
$2,254,000
INCOME APPROACH:
$2,178,000
SALES COMPARISON APPROACH
$2,190,000
FINAL ESTIMATES OF MARKET VALUF
"AT COMPLETION" & "AT STABILIZATION"
ESTIMATED TO BE November 1, 2001: $2,200,000
Economic Impact
Cooper Wagon Buildine
299 Main Street, Dubuque
October 4, 2002
The renovation of the former Cooper Wagon Works building has had and will continue to
have significant economic impact on the area. Renovation was completed in December
2001 and the first phase (the Underground Night Club & Stone Wall Lounge) of the
"Bricktown" project opened for business. In March 2002 the 2no and 3ra phases (The
Black Water Grill Restaurant & the Bricktown Reception and Banquet Facility) opened
for business. A 4th and 5th phase (additional banquet facilities and a new restaurant) are
planed for the end of fiscal year 2003.
The significance of the economic impact can be seen in the numbers: Since the
completion of the 3ra phase, Bricktown has created over 100 individual jobs averaging
almost $100,000 a month in payroll, tip, and tax expenditures. Additionally and average
of $13,000 is paid out in monthly sales tax and an additional $20,000 in federal sales tax.
Although the economic value is easily seen in the numbers, it's the "hidden" impact that
also helps show hue economic value. The economic impact the payroll dollars have on
the areas market. The overall raise in property value in the immediate area due inpart to
the success of the Bricktown facility. The additional value brought to other projects in the
immediate area like the America's River Project, by helping to "soften" the areas once
bleak economic past.
Due to the timing, location, and nature of the Bricktown project we believe that this
project has brought an unusually high degree of"economic impact" to the area usually
associated with these types of businesses. With the additions of future projects planned
at the Bricktown complex, the economic impact created by the Bficktown facility should
continue to grow.
CITYOF DUBUQUE POMCY'
HISTORIC PROPERTY TAX REBATE'PROGRAM
General Policy: The policy of the City Council'of Dubuque, Iowa is to encourage
: property owners to preserve, rehabilitate,'.restore, and-reconstruct historic proPeriies.
in the City's Downtown Urban Renew-ali District.
Incentive Proqram: Sin~e ownerS of historic, properties' often need financial.
incentiveS, in order to complete property improVements,.the. C'.~y will--provlde tax
incremental financing (TIF) 'tax rebates on the new taxable valuation added to the '
assessment roles, according to the following schedule:
· Year. l: 100% rebate
· * Yea~2: 100% rebate
· Year 3: 10O%mbate
· Year 4; 100% rebate
-. Year 5: 75% rebate
· Year 6: 50% rebate
· Year7: 25% rebate
· Year 8: 0% rebate
.The tax rebates Will not include property taxes levied for'debt service~ Or other levies
of taxing jurisdictions not. reimbursable, to the City through TIF;
Requirements for Incedfive Pro(tram
The property.must meet the definition of a. "historic pmpen'y' as defined ~in.
Chapter.427:16~) of the. Code ;of Iowa 2001.
Applications'in the form of a letter requesting property tax rebates.shall be
filed with the Ecopomic Develbpment Depa~.l~.ent, no later'then. October I of
the calendar;yea~..
· The properties must meetthe Secretary of Interior's Standards for the
treatment of HistOric properties..
· The' aPPlication.for property tax rebates Shall include an approved application
for certified substantial rehabilitation'from the state historic presewation
· The.application fo, r property tax rebates shall include inf0m~ion on the
anticipated of acti~al.cost of .the irehabir~tiOn.
, A proposed Historicel Property. Tax Rebate Agreement will be submitted for
· approval.to the' City COunci! ~ public heari[~g as required by the Iowa .Cede
Chapte; 403. Pri~r to City C~)Ungil a~n on=the proposed~agreement,, the
i-rtstoriC Preservation commis~i0n Shall ;review the .applicati0n'.and provide
comments .'and'recommendationS 'to' the council.
DESCRIPTION
DATE-OF. CONS~LU~i~ON Source
Source
~S~ ~E ' " - '
Iowa Department of Cultural Affairs
State Historical Society of Iowa
Iowa Site Inventory Form
Continuation Sheet
Page 19
Site Number 3'1-00002
Related Distdct Number
Old Main Historic District
Name of Property
Main Street, blocks 100-300
Address
Dubuque
County
Dubuque
c~ty
Undertakers and Doran & Kdes Monuments were at 253 and 279 Main 1918-25. Lawther & Co. Real
Estate was in 261 Main 1909-52.
290-298 Main Street: State addresses as 284-90, 31-02183, post 1909/36.
This single-story double building was non-contributing at the time of the district listing. The
Assessor card for 290 Main dates same to c. 1880 and gives the building dimensions as 43xl 13. A
double three-story building pre-dated 1884, its front half being full height, rear additions were two
stodes high. As late as 1962 these buildings remained.
299 Main Street/206-10 West Third Street: Cooper, A. A., Building, 31-02184, 1868.
This is a two-part commercial block. It stands four stodes high and the plan measures 64xl 14.
Ceiling heights are eight feet in the basement, 13.5 on the ground floor, 11.5 feet on the second floor,
10 feet on the third floor and nine feet on the fourth floor. The rear porches were replaced in 1978 and
the whole building was refurbished during the 1980's-early 1990's. The present building was extant as
of 1883, at which time it was called the A. A. Cooper Wagon Manufactury. That company extended to
the west side of the block and there was a catwalk across the alley to another four-story building. By
1891 that part of the block was even more built-up as part of the same firm. By 1909/36 this was called
the Austin Building and there were apartments on the upper floors. By 1962 there were West Third
Street storefronts addressed as 206-40. Cooper Wagon Co. was here as late as 1921122. Cooper
erected this building on this comer in 1868 and added to the complex in 1881, 1882 and 1883. This
building is present on both the 1872 and 1884 lithographs.
(Dubuque Trade Journal, August 21, 1882)