Baseball Stadium Loan NotesMEMORANDUM
TO:
FROM:
SUBJECT:
November 11,2003
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Public Discussion Meeting/Public Hearing on Issuance of General Fund
Capital Loan Notes for Baseball Stadium
On November 3, the City Council passed a resolution calling for a referendum on
December 16 on a Capital Improvement Fund Levy for a baseball stadium. The Levy
will be used to help finance a part of the cost of the stadium.
The design and construction of the proposed stadium will be completed by the City. The
method the City will use to arrange the financing of the stadium is General Fund Capital
Loan Notes. This loan (notes) will be retired from voter approved annual Capital
Improvement Fund Levy tax payments, annual lease payments from the team, and
annual payments from the private sector through a "naming rights" agreement. Cash
from Dubuque County, Dubuque Initiatives and Vision Iowa Board will reduce the loan
amount needed. We have asked these three parties for a total of $5,000,000. If all of
those funds were provided up-front, the City borrowing would be $10,000,000.
However, since some of those resources may be provided over time, initial City
borrowing may need to be higher in order to make the payments to the contractor and
architect.
For clarification, the intent of the City is to issue only the amount necessary to finance a
$15,000,000 stadium. Obviously, given the other resources contributing to pay for the
stadium the permanent financing will be less than $15,000,000. However, rather than
guess on the exact amount of General Fund Capital Loan Notes to be issued, the "not
to exceed" $15,000,000 has been used, based on the cost estimates provided to the
City by HOK Sports.
At any time before the end of a thirty day period following the discussion meeting to be
held on November 17, 2003, a petition, asking that the question of entering into the
Loan Agreement and issuing such Notes be submitted to the voters of the City, may be
filed with the City Clerk in the manner provided by Section 362.4 of the Code of Iowa,
pursuant to the provisions of Section 384.24A of the Code of Iowa.
I respectfully recommend that the Mayor and City Council receive comments from the
public on the proposed method of financing the stadium. Although the City Council may
discuss the financing, no action can be taken at the meeting. A special meeting of the
City Council is scheduled for December 18 to take further action, based on the results of
the December 16 referendum.
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
November 10, 2003
TO: Michael Van Milligen, City Manager
FROM: William Baum, Economic Development Director/~~'~''~'''~
SUBJECT: Public Discussion meeting/public hearing on issuance of General Fund
Capital Loan Notes for baseball stadium
INTRODUCTION
On November 3, the City Council passed a resolution calling for a referendum on
December 16 on a Capital Imprevement Fund Levy for a baseball stadium. The Levy
will be used to help finance a part of the cost of the stadium. On November 3, the
Council also set a public hearing for a public discussion meeting on the proposed
method of financing of the stadium.
DISCUSSION
The design and construction of the proposed stadium will be completed by the City. The
method the City will use to arrange the financing of the stadium is General Fund Capital
Loan Notes. This loan (notes) will be retired from voter approved annual Capital
Improvement Fund Levy tax payments, annual lease payments from the team, and
annual payments from the private sector through a "naming rights" agreement. Cash
from Dubuque County, Dubuque Initiatives and Vision Iowa Board will reduce the loan
amount needed. We have asked these three parties for a total of $5,000,000. If all of
those funds were provided up-front, the City borrowing would be $10,000,000.
However, since some of those resources may be provided over time, initial City
borrowing may need to be higher in order to make the payments to the contractor and
architect.
For clarification, the intent of the City is to issue only the amount necessary to finance a
$15,000,000 stadium. Obviously, given the other resources contributing to pay for the
stadium the permanent financing will be less than $15,000,000. However, rather than
guess on the exact amount of General Fund Capital Loan Notes to be issued, the "not
to exceed" $15,000,000 has been used, based on the cost estimates provided to the
City by HOK Sports.
State law requires that whenever this method (General Fund Capital Loan Notes) is
being used, the City Council must hold a "discussion meeting" with the public. This
public hearing is scheduled for November 17. No action may be taken by the City
Council for a period of 30 days after the discussion meeting.
RECOMMENDATION
I recommend the City Council receive comments from the public on the proposed
method of financing of the stadium, and follow the attached proceedings of the Ahlers
Law firm. No resolutions are required at this time. Although the Council may discuss
the financing, they may not take any action at this meeting. Since Dubuque citizens will
have the opportunity to decide the fate of the baseball stadium financing on December
16, I recommend no additional action on the financing be taken by the Council until after
the vote. A special meeting of the Council is scheduled for December 18.
F:\USERS\WBaum\Baseba]l\Memo to Mike for council on general fund loan notes2.doc
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental BOdy:
The City Council of Dubuque, Iowa
Date of Meeting:
,2003.
T/me of Meeting:
o'clock .M.
Place of Meeting: Auditorium, carnegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place ab6ve set out. The tentative agenda for said
meeting is as follows:
Not to exceed $15,000,000 General Fund Capital Loan Notes
Discussion meeting and public heating on the authorization of a
Loan Agreement and the issuance of Notes to evidence the
obligation of the City thereunder.
Such additional matters as are set forth on the additionalpage(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local roles of said governmental body.
City Clerk, Dubuque, Iowa
,2003
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
the following named Council Members:
session, in the
o'clock__.M., on
, in the chair, and
Absent:
-1-
The Mayor armounced that this was the time and place for the discussion meeting
and public hearing on the matter of the authorization ora Loan Agreement and the
issuance of not to exceed $15,000,000 General Fund Capital Loan Notes in order to
provide funds to pay costs of the acquisition, construction and equipping ora minor
league baseball stadium facility and related improvements.
The Mayor then asked the City Clerk whether any written objections had been
filed by any City resident or property owner to the proposal. The City Clerk advised the
Mayor and the Council that written objections had been filed. The Mayor then
called for oral objections to the proposal and were made. Whereupon, after
further discussion, the Mayor declared the time for receiving oral and written objections
to be closed and advised that additional action on the proposal would be considered at the
City Council's meeting scheduled for . , 2003.
· (Attach here a summary of objections
received or made, if any)
-2-
CIG-3
9/91
CERTIFICATE
STATE OF IOWA
COUNTY OF DUBUQUE
)
) ss
)
I, the undersigned City Clerk 0f Dubuque, Iowa, do hereby certify that attached is
a tree and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 2t, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said law
and with members of the public present in attendance; I further certify that the individuals
named therein were on the date thereof duly and lawfully possessed of their respective
city offices as indicated therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right
of the individuals named therein as officers to theft respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
day of ,2003.
SEAL
City Clerk, Dubuque, Iowa
-3-
MEMORANDUM
November 3, 2003
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Resolution Setting Dates for Discussion Meetings on the Authorization of
General Fund Loan Notes for the Proposed Baseball Stadium
On November 3, the City Council will act on a proposal to have a referendum on
December 16 on a Capital Improvement Fund Levy for a baseball stadium. The Levy
will be used to help finance a par[ of the cost of the stadium. The balance of the
estimated not to exceed cost of $15,000,000 will be financed through lease payments
from the team, a proposed Vision Iowa grant, naming rights, and cash from Dubuque
County and Dubuque Initiatives.
The method the City will use to arrange the financing of the Stadium is General Fund
Capital Loan Notes. The revenues identified above will flow into the General Fund, and
be used to retire the Notes. State law requires that whenever this method is being
used, the City Council must hold a "discussion meeting" with the public. This public
hearing is held but no action may be taken by the City Council for a period of 30 days
after the discussion meeting.
At any time before the end of a thirty day period following the discussion meeting to be
held on November 17, 2003, a petition, asking that the question of entering into the
Loan Agreement and issuing such Notes be submitted to the voters of the City, may be
filed with the City Clerk in the manner provided by Section 362.4 of the Code of iowa,
pursuant to the provisions of Section 384.24A of the Code of iowa.
Economic Development Director Bill Baum is recommending that a public hearing be
scheduled for November 17, 2005, with a follow-up special City Council meeting
scheduled for December 18, 2003 at 4:30 p.m. in City Hall Conference Room B to take
fur[her actions related to the debt issuance, depending on the results of the
December 16, 2003 referendum.
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
October 31,2003
TO:
FROM:
Michael Van Milligen, City Manager
William Baum, Economic Development Directo~,~//~
SUBJECT: Resolution setting dates for discussion meetings on the authorization of
General Fund Loan Notes for the proposed baseball stadium
INTRODUCTION
On November 3, the City Council will act on a proposal to have a referendum on
December 16 on a Capital Improvement Fund Levy for a baseball stadium. The Levy
will be used to help finance a part of the cost of the stadium. The balance of the
estimated not to exceed cost of $15,000,000 will be financed through lease payments
from the team, a proposed Vision Iowa grant, naming rights, and cash from Dubuque
County and Dubuque Initiatives.
DISCUSSION
The method the City will use to arrange the financing of the Stadium is General Fund
Capital Loan Notes. The revenues identified above will flow into the General Fund, and
be used to retire the Notes. State law requires that whenever this method is being
used, the City Council must hold a "discussion meeting" with the public. This public
hearing is held but no action may be taken by the City Council for a period of 30 days
after the discussion meeting.
At any time before the end of a thirty day period following the discussion meeting to be
held on November 17, 2003, a petition, asking that the question of entering into the
Loan Agreement and issuing such Notes be submitted to the voters of the City, may be
filed with the City Clerk in the manner provided by Section 362.4 of the Code of Iowa,
pursuant to the provisions of Section 384.24A of the Code of Iowa.
RECOMMENDATION
In order to continue to move forward, and meet the schedule of constructing a Minor
League Baseball Stadium, opening on or before May 1, 2005, the City Council should
set the discussion meeting (public hearing) on the issuance of not to exceed
$15,000,000 General Fund Loan Notes for November 17, and a follow-up meeting for
December 18. Since the December 18 meeting is after the December 16 referendum,
the timing will be ideal for the City Council to take appropriate action.
ACTION STEP
I recommend the City Council follow the proceedings outlined by the Ahlers Law firm,
and adopt the attached resolution calling for a discussion meeting (public hearing) on
November 17, 2003, and a meeting to take further action on December 18, 2003:
F:\USERS\WBaum\Baseball\Merno to Mike for council on general fund loan notes.doc
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of Dubuque, Iowa.
November 3, 2003.
6:30 o'clock P.M.
Auditorium, Camegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
Not to exceed $15,000,000 General Fund Capital Loan Notes
- Resolution fixing date for meetings on the proposition to authorize a Loan
Agreement and the issuance of Notes to evidence the obligations of the City
thereunder.
Such additional matters as are set forth on the additional page(s) attached
hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
City Clerk, Dubuque, Iowa
,2003
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
the following named Council Members:
session, in the
o'clock __.M., on
, in the chair, and
Absent:
Council Member introduced the
following Resolution entitled "RESOLUTION FIXING DATES FOR MEETINGS ON THE
AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $15,000,000 GENERAL FUND CAPITAL LOAN NOTES OF THE CITY OF
DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF",
and moved that the same be adopted. Council Member
seconded the motion to adopt. The mil was
called and the vote was,
AYES:
NAYS:
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION FIXING DATES FOR MEETINGS ON THE AUTHORIZATION OF
A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED
$15,000,000 GENERAL FUND CAPITAL LOAN NOTES OF THE CITY OF
DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE
THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque,
Iowa should provide for the authorization of a Loan Agreement and the issuance of
General Fund Capital Loan Notes to the amount of not to exceed $15,000,000, as
authorized by Section 384.24A, Code of Iowa, as amended, for the purpose of providing
funds to pay costs of improving certain real property and carrying out the project as
hereinafter described; and
WHEREAS, the Loan Agreement and Notes shall be payable from the general
fund of the City; and
WHEREAS, before a Loan Agreement may be authorized and General Fund
Capital Loan Notes issued to evidence the obligations of the City thereunder, it is
necessary to comply with the provisions of the Code of Iowa, as amended, and to
publish a notice of the proposal and of the time and place of a discussion meeting at
which the Council will discuss whether to take additional action for the authorization of
the Loan Agreement and Notes and to receive oral and/or written objections from any
resident or property owner of the City to such action.
-3-
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public
- Library, 360 West 11th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the 17th day of
November, 2003, for the purpose of conducting a discussion meeting and public hearing
on the matter of the authorization of a Loan Agreement and the issuance of not to
exceed $15,000,000 General Fund Capital Loan Notes to evidence the obligations of
the City thereunder, the proceeds of which will be used to pay costs of the acquisition,
construction_and equipping of a minor league baseball stadium facility and related
improvements.
Section 2. That this Council meet in the Conference Room B, City Hall, 50 West
t3t~ Street, Dubuque, Iowa, at 4:30 o'clock P.M., on the 18t~ day of December, 2003, for
the purpose of taking additional action on the proposal to enter into said Loan
Agreement and issue said Notes for the foregoing purpose, said meeting being held no
sooner than thirty days following the discussion meeting referred to in Section 1 hereof.
Section 3. That the City Clerk is hereby directed to cause at least one
publication to be made of a notice of said discussion meeting, in a legal newspaper,
pdnted wholly in the English language, published at least once weekly, and having
general circulation in said City, said publication to be not less than ten clear days before
the date of said discussion meeting on the proposed issuance of said Notes.
Section 4. The notice of the proposed action shall be in substantially the
following form:
-4-
NOTICE OF DISCUSSION MEETING TO BE HELD BY THE CITY COUNCIL
OF THE CITY OF DUBUQUE, IOWA ON THE MATTER OF THE PROPOSED
AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $15,000,000 GENERAL FUND CAPITAL LOAN NOTES, AND THE PUBLIC
HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque,
Iowa, will hold a discussion meeting and public hearing on the 17th day of November,
2003, at 6:30 o'clock P.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque,
Iowa, at which meeting the Council will discuss and consider whether to take additional
action for the authorization of a Loan Agreement and the issuance of not to exceed
$15,000,000 General Fund Capital Loan Notes, in order to pay costs of the acquisition,
construction and equipping of a minor league baseball stadium facility and related
improvements. The proposed Loan Agreement and Notes would be payable from the
general fund of the City. Principal and interest due from the general fund of the City on
the proposed Loan Agreement and all other loan agreements in force on the date of
authorization will not exceed ten percent of the last certified general fund budget
amount.
At the above meeting, the Council shall receive oral or wdtten objections from
any resident or property owner of the City to the above action. Following said
discussion meeting, the City Council will meet on the 18th day of December, 2003, at
4:30 o'clock P.M., in the Conference Room B, City Hall, 50 West 13t~ Street, Dubuque,
Iowa, at which meeting the Council may take additional action for the authorization of
said Loan Agreement and the issuance of said Notes to evidence the obligations of the
City thereunder.
At any time before the end of a thirty day period following the discussion meeting
to be held on November 17, 2003, a petition, asking that the question of entering into
said Loan Agreement and issuing such Notes be submitted to the legal voters of said
City, may be filed with the City Clerk of said City in the manner provided by Section
362.4 of the Code of Iowa, pursuant to the provisions of Section 384.24A of the Code of
Iowa.
-5-
This Notice is given by order of the City Council of the City of Dubuque, Iowa, as
provided by Section 384.24A of the Code of Iowa, as amended.
Dated this day of ,2003.
City Clerk, Dubuque, Iowa
(End of Notice)
-6-
PASSED AND APPROVED this day of
2003.
Mayor
ATTEST:
City Clerk
-?-
CIG-3
9191
CERTIFICATE
STATE OF IOWA
COUNTY OF DUBUQUE
)
) SS
)
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and cleady designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as
may be stated in said proceedings, and that no controversy or litigation is pending,
prayed or threatened involving the incorporation, organization, existence or boundaries
of the City or the right of the individuals named therein as officers to their respective
positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
day of ., 2003.
City Clerk, Dubuque, Iowa
SEAL
DCORNELL~390051\1\10422063
F:\USERS\WBaum\Basebal~Dubuque proceedings to set date of meetings.doc
-8-
NOTICE OF DISCUSSION
MEETING TO BE HELD
BY THE CITY OF THECITY
ITCOUNCIL YYOF
DUBUQUE, IOWA ON
THE MATTER OF
THE PROPOSED
AUTHORIZATION OF A
LOAN AGREEMENT AND
THE ISSUANCE OF NOT'
TO EXCEED $15,000,000
GENERAL FUND
CAPITAL LOAN NOTES,
AND THE PUBLIC
HEARING ON THE
AUTHORIZATION AND
ISSUANCE THEREOF
PUBLIC NOTICE is
hereby given that the City
Council of the City of
Dubuque, Iowa, will hold a
discussion meeting and
public hearing on the 17th
day of November, 2003, at
6:30 o'clock P.M., in the
Auditorium, Carnegie -
Stout Public Library, 360
W. 11 th Street, Dubuque,
Iowa, at which meeting the
Council will discuss and
consider whether to take
additional action for the
authorization of a Loan
Agreement and the issu-
ance of not to exceed
$15,000,000 General Fund.
Capital Loan Notes, in
order to pay costs of the
acquisition, construction
and equipping of a minor,
league baseball stadium
facility and related im-
provements. The pro-
posed Loan Agreement
and Notes would be pay-
able from the general fund
of the City. Principal and
interest due from the
general fund of the City on
the proposed Loan
Agreement and all other
loan agreements in force
on the date of authoriza-
tion will not exceed ten
percent of the last certified
general fund budget
amount.
At the above meeting, the
Council shall receive oral
or written objections from
any resident or property
owner of the City to the
above action. Following
said discussion meeting,
the City Council will meet
on the 18th day of De-
cember, 2003, at 4:30
o'clock P.M., in Confer-
ence Room B. City Hall, 50
W. 13th Street, Dubuque,
Iowa, at which meeting the
Council may take addi-
tional , action for the
authorization of said Loan
Agreement and the issu-
ance of said Notes to
evidence the obligations of
the City thereunder.
At any time before the
end of a thirty day period
following the discussion
meeting to be held on
November 17, 2003, a
petition, asking that the
question of entering into
said Loan Agreement and
issuing such Notes be
submitted to the legal
voters of said City, may be
filed with the City Clerk of
said City in the manner
provided by Section 362.4'
of the Code of Iowa, pur-
suant to the provisions of
Section 384.24A of the
Code of Iowa.
This Notice is given by
order of the City Council of
the City of Dubuque, Iowa,
as provided by Section
384.24A of the Code of
Iowa, as amended.
Dated this 5th day of
November, 2003.
Jeanne F. Schneider, CMC
City Clerk, Dubuque, Iowa
1t 11/5
STATE OF IOWA {SS:
DUBUQUE COUNTY
CERTIFICATION OF PUBLICATION
I, Sherri A. Yutzy, 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: November 5, 2003, and for which the charge is $26.08.
Subscribed to before me, a Notary Public in and for Dubuque County, Iowa,
this (o day of �a��J , 20 D 3 .
Notary Public in and for Dubuque County, Iowa.
MARY If. WES1' RMEYER
Commission Number 154885
My Comm. Exp. FEB. 1, 2005