Lower Main Development UR Tax Increment Revenue Bonds_Hearing
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MEMORANDUM
May 10, 2004
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Issuance of Not to Exceed $185,000 Urban Renewal Tax Increment
Revenue Bonds to Support Lower Main Development, L.L.C.
Economic Development Director Bill Baum recommends City Council approval of the
issuance of not to exceed $185,000 in urban renewal tax increment revenue bonds to
support Lower Main Development, L.L.C.'s redevelopment of the former Weber Paper
Company building at 137 Main.
The developer has leased space to Shepherd, Inc., as required by the Development
Agreement, and has agreed that the minimum assessed valuation will not be less than
$1 million.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
(ì1J! ¿( ~
Mic~ael C. Van Milligen
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MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
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CITY OF DUBUQUE, IOWA
MEMORANDUM
May 10, 2004
TO:
FROM:
Michael Van Milligen, City Manager
William Baum, Economic Development Director ~
Issuance of Not to Exceed $185,000 Urban Renewal Tax Increment
Revenue Bonds to Support Lower Main Development, LLC.
SUBJ:
INTRODUCTION
This memorandum presents for City Council adoption two resolutions instituting
proceedings and authorizing the issuance of not to exceed $185,000 in urban renewal
tax increment revenue bonds to support Lower Main Development, L.L.C,'s
redevelopment of the former Weber Paper Company building at 137 Main Street. A
public hearing has been scheduled for May 17, 2004.
BACKGROUND
On May 3, 2004, the City Council set for public hearing the proposed action of the City
Council to issue bonds for this project. The City must hold a public hearing whenever it
obligates tax increment revenues. The City's Development Agreement with Lower Main
Development, L.L.C. stipulates the amount of tax increment financing (TIF) shall be
$150,000. The additional bond funds are used to pay the first two years of interest until
the tax revenues are available and to pay legal fees. The Development Agreement also
specifies that the minimum assessed value must not be less than $1 million. This
assessment will generate sufficient tax revenues over a ten-year period to support the
$185,000 borrowing. The developer has worked with Dubuque Bank and Trust to
purchase the TIF bond.
DISCUSSION
If, after public hearing, the City Council decides to support the project with tax
increment revenue bonds, the City Council is required by statute to adopt a resolution
instituting proceedings to issue the bonds, along with a resolution authorizing the
issuance. The attached resolutions have been prepared by the City's bond counsel as
required by law.
In the event the City Council decides to abandon the proposal to issue the bonds after
the public hearing, then the resolution authorizing the issuance should not be adopted
and a motion should be adopted to the effect that such bond proposal is abandoned.
RECOMMENDATION
I recommend that the City Council adopt the attached resolutions and proceed with the
issuance of not to exceed $185,000 in urban renewal tax increment revenue bonds to
support Lower Main Development, L.L.C.'s downtown revitalization project.
ACTION STEP
The action step for the City Council is to adopt the attached resolutions.
attachments
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MEMORANDUM
April 26,2004
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Resolution Fixing Date for Public Hearing on Tax Increment Revenue
Bonds to Support Lower Main Development, LL.C.
Economic Development Director Bill Baum recommends City Council approval of the
issuance of not to exceed $185,000 in urban renewal tax increment revenue bonds to
support Lower Main Development, L.L.C.'s redevelopment of the former Weber Paper
Company building at 137 Main, and further recommends that a public hearing be set for
May 17, 2004.
The developer has leased space to Shepherd, Inc., as required by the Development
Agreement, and will create $1 million in new assessed value.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
fYLJJf4Ak
Mi6hael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
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CITY OF DUBUQUE, IOWA
MEMORANDUM
April 23, 2004
TO:
Michael Van Milligen, City Manager
FROM:
William Baum, Economic Development Director
SUBJ:
Resolution Fixing Date for Public Hearing on ax Increment Revenue
Bonds to Support Lower Main Development, LLC.
INT~ODUCTION
This memorandum presents for City Council adoption a Resolution fixing the date for a
public hearing on the issuance of not to exceed $185,000 in urban renewal tax
increment revenue bonds to suþport Lower Main Development, L.L.C.'s redevelopment
of the former Weber Paper Company building at 137 Main Street. The Resolution ,sets
the date of public hearing for May 17, 2004.
DISCUSSION
On April 19, 2004, the City Council adopted Resolution No. 173-04 that approved a
Development Agreement by and between the City of Dubuque and Lower Main
Development, L.L.C. to provide a $150,000 Tax Increment Financing Forgivable Loan.
The additional bond funds are used to pay the first two years of interest until the tax
revenues are available and to pay legal fees. The Development Agreement set the
terms for the use of tax increment financing (TIF) to support the project including an
Assessment Agreement that requires a minimum assessed value for taxation purposes
of not less than $1 million in excess of the current base value of the property. The tax
revenue stream from that assessment will support the $185,000 borrowing over a ten-
year period. The company has worked with Dubuque Bank and Trust to purchasethe
TIF bond.
The City must hold a public hearing whenever it agrees to obligate tax increment
revenues. The attached resolution sets the public hearing for this proposal to issue not
to exceed $185,000 in urban renewal tax increment revenue bonds forthe Lower Main
Development, L.L.C. project.
RECOMMENDATION
I recommend that the City Council adopt the attached Resolution fixing the date for a
public hearing on the issuance of not to exceed $185,000 in urban renewal tax
increment revenue bonds to support the Lower Main Development, L.L.C. project at
137 Main Street. The developer has leased space to Shepherd, Inc. as required þy the
Development Agreement and will create $1 million in new assessed value.
The City's bond attorney has prepared the attached documents to set the issuance for
public hearing on May 17, 2004.
ACTION STEP
The action step for the City Council is to adopt the attached Resolution.
attachments
F: IU S ER S\Pm;!1 fa I WP DOCSIL OAN DOC \k u nk a Ib rig gs I TI F DATE M EM Q doc
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AHLERS ~COONEY, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE' SUITE 600
DES MOINES. IOWA 50309-2231
PHONE 515.243-7611
FAX, 515-243-2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
WNOTH@AHLERSLAW.COM
Direct Dia.
15151246-0332
April 22, 2004
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE:
Not to exceed $185,000 Urban Renewal Tax Increment Revenue Notes
(Grant to Lower Main Development, L.L.c.)
Dear Mr; TeKippe:
We have now prepared and are enclosing herewith suggested proceedings to be
acted upon by the Council in fixing the date of a meeting on the proposition to issue the
above mentioned Notes and ordering publication of a notice of hearing consistent with the
provisions of Code Section 403.9.
Notice of this meeting must be published at least once in a legal newspaper,
printed wholly in the English language, published at least once weekly, and having
general circulation in the City. The date of publication is to be not less than four clear
days nor more than twenty davs before the date of said public meeting on the issuance of
said Notes. In computing time, the date of publication should be excluded. If the last day
falls on Sunday, the whole of the following Monday should be excluded.
Also enclosed is an extra copy of the proceedings to be filled in as the original and
certified back to this office, together with publisher's affidavit of publication of notice of
hearing. We are also enclosing an extra copy of the notice of hearing to be delivered to
the newspaper for publication purposes. A certificate to attest the proceedings is also
enclosed.
WISHARD & BAILY-IBBB, GUERNSEY & BAJLY-IB93, BAILY & STIPp-1901,STIPP, PERRY. BANNISTER & STARZINGER -1914,BANNISTER, CARPENTER,
AHLERS & CDDNEY- 195O, AHLERS, CDDNEY, DDRWEILER, ALLBEE. HAYNIE & SMITH-1974,AHL<RS. CDONEY. DDRWElLE~ HAYNIE, SMITH&ALLBEE. P.C. -1990
,.
April 22, 2004
Page 2
Should you have any questions pertaining to the proceedings, please don't hesitate
to contact me.
Yours very truly,
~
William J. Noth
WJN :dc
encl.
cc: I j Barry Lindahl
Pam Myhre
DCORNELLI41 054611 II 0422066
WISHARD & BAJLY-IBBB,GuERNSEY& BAILY-1B93, BAlLY&S.PP -1901,STIPP. PERRY, BANNISTER & STARZINGER-1914,BANNlSTE~ CARPENTER.
AHLERS & CDDNEY-1950,AHLERS. CDDNEY. DDRWEILEILALLBEE, HAYNIE &S"OTH -1974, AHLERS, CDDNEY. DDRWEILER. HAYNIE,S"OTH & ALLBEE, P,C.-1990
NEWSPAPER'S Copy
NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MA TIER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $185,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES OF SAID CITY, AND THE HEARING
ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa,
will hold a public hearing on the ~ day of , 2004, at ~ o'clock
_.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which
meeting the Council proposes to take additional action for the issuance of not to exceed
$185,000 Urban Renewal Tax Increment Revenue Notes in order to provide funds to pay
costs of aidingjn the planning, undertaking and carrying out of urban renewal project
activities under the authority of Chapter 403 of the Code of Iowa and the Urban Renewal
Plan for the Greater Downtown Urban Renewal District, including the funding of an
economic development grant to Lower Main Development, L.L.C. under the terms of a
Development Agreement dated Apri119, 2004 between the City of Dubuque and said
developer.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of said City to the above action. After all objections have been
received and considered, the Council will at this meeting or at any adjournment thereof,
take additional action for the issuance of said Urban Renewal Tax Increment Revenue
Notes or will abandon the proposal to issue said obligations. Said hearing and appeals
therefrom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code ofIowa.
This notice is given by order of the Council of Dubuque, Iowa, as provided by
Section 403.9 of the Code ofIowa.
Dated this - day of
,2004.
City Clerk of Dubuque, Iowa
(End of Notice)
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(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
,2004.
Time of Meeting:
o'clock _.M.
Place of Meeting:
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa.
ì 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 $185,000 Urban Renewal Tax Increment Revenue Notes.
Resolution fixing date for a meeting on the proposition to issue.
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
,2004
The City Council of Dubuque, Iowa, met in session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at - o'clock _.M., on
the above date. There were present Mayor , in the chair,
and the following named Council Members:
Absent:
*******
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Council Member introduced the following Resolution
entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION
OF THE ISSUANCE OF NOT TO EXCEED $185,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES 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 ran was
caned and the vote was,
AYES:
NAYS:
Whereupon, the Mayor declared the resolution duly adopted as fonows:
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $185,000
URBAN RENEWAL TAX INCREMENT REVENUE NOTES OF
DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF
NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa,
should issue Urban Renewal Tax Increment Revenue Notes to the amount of not to
exceed $185,000, as authorized by Section 403.9 of the Code of Iowa, for the purpose of
providing funds to pay costs of carrying out a project as hereinafter described; and
WHEREAS, Section 403.9 sets forth the procedural action required to be taken
before said Urban Renewal Tax Increment Revenue Notes may be issued, and it is
therefore necessary that the action hereinafter described be taken and that the Clerk
publish a notice of the proposal and of the time and place of the meeting at which the
Council proposes to take action thereon and to receive oral and/or written objections ITom
any resident or property owner of said City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
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Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public
Library, Dubuque, Iowa, at o'clock _.M., on the - day of
, 2004, for the purpose oftaking action on the matter ofthe issuance
of not to exceed $185,000 Urban Renewal Tax Increment Revenue Notes, the proceeds of
which will be used to provide funds to pay costs of aiding in the planning, undertaking
and carrying out of urban renewal project activities under the authority of Chapter 403 of
the Code ofIowa and the Urban Renewal Plan for the Greater Downtown Urban Renewal
District, including the funding of an economic development grant to Lower Main
Development, L.L.c. under the terms of a Development Agreement dated April 19, 2004
between the City of Dubuque and said developer.
Section 2. That the Clerk is hereby directed to cause at least one publication to be
made of a notice of said meeting, in a legal newspaper, printed wholly in the English
language, published at least once weekly, and having general circulation in said City, said
publication to be not less than four clear days nor more than twenty days before the date
of said public meeting on the issuance of said obligations.
Section 3: The notice ofthe proposed action to issue said Urban Renewal Tax
Increment Revenue Notes shall be in substantially the following form:
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NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $185,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES OF SAID CITY, AND THE HEARING
ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa,
will hold a public hearing on the - day of , 2004, at - o'clock
_.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which
meeting the Council proposes to take additional action for the issuance of not to exceed
$185,000 Urban Renewal Tax Increment Revenue Notes in order to provide funds to pay
costs of aiding in the planning, undertaking and carrying out of urban renewal project
activities under the authority of Chapter 403 of the Code of Iowa and the Urban Renewal
Plan for the Greater Downtown Urban Renewal District, including the funding of an
economic development grant to Lower Main Development,L.L.C. under the terms of a
Development Agreement dated April 19, 2004 between the City of Dubuque and said
developer.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of said City to the above action. After all objections have been
received and considered, the Council will at this meeting or at any adjournment thereof,
take additional action for the issuance of said Urban Renewal Tax Increment Revenue
Notes or will abandon the proposal to issue said obligations. Said hearing and appeals
therettom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code ofIowa.
This notice is given by order of the Council of Dubuque, Iowa, as provided by
Section 403.9 of the Code ofIowa.
Dated this - day of
,2004.
City Clerk of Dubuque, Iowa
(End of Notice)
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PASSED AND APPROVED this - day of
,2004.
Mayor
ATTEST:
City Clerk
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CERTIFICATE
STATE OF IOWA
)
) SS
)
COUNTY OF DUBUQUE
CIG-3
9/91
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 clearly designated forthat
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 ,2004.
City Clerk, Dubuque, Iowa
SEAL
DCORNELL\41 05501111 0422066
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l
CIG-18
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of
Dubuque, State ofIowa, and that as such Clerk and by full authority from the Council of
said City, I have caused a
NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, lOW A, ON THE MATTER OF THE PROPOSED.
ISSUANCE OF NOT TO EXCEED $185,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES OF SAID CITY, AND THE HEARING
/ ON THE ISSUANCE THEREOF
of which the clipping annexed to the publisher's affidavit hereto attached is in words and
figures a correct and complete copy, to be published as required by law in the Telegraph
Herald, a legal newspaper published at least once weekly, printed wholly in the English
language, published regularly and mailed through the post office of current entry for more
than two years and which has had for more than two years a bona fide paid circulation
recoguized by the postal laws of the United States, and has a general circulation in the
City,and that said Notice was published in said newspaper in all of the issues thereof
published and circulated on the following date:
,2004
WITNESS my official signature at Dubuque, Iowa, this
,2004.
day of
City Clerk
(SEAL)
DCORNELL\41 054811 II 0422066
.
Or.'.,.,'¡.
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ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NOS. 30-82 AND 66-89, EACH
AS PREVIOUSLY AMENDED, PROVIDING THAT GENERAL PROPERTY
TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY
LOCATED WITHIN THE GREATER DOWNTOWN URBAN RENEWAL
DISTRICT OF 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 THE URBAN RENEWAL PLAN FOR THE GREATER DOWNTOWN
URBAN RENEWAL DISTRICT
WHEREAS, the City Council of the City of Dubuque, Iowa (the "City") has
heretofore, in Ordinance No, 30-82, provided for the division of taxes within the original
Downtown Dubuque Urban Renewal Project, Iowa R-15, described in Resolution No.
123-67 adopted on May 18, 1967, pursuant to Section 403.19 of the Code ofIowa; and
WHEREAS, the original Downtown Dubuque Urban Renewal Project, Iowa R-15,
subsequently was amended by Resolution No. 79-71 approved on March 15,1971, by
Resolution No. 73-74 approved on March 11, 1974, by Resolution No. 107-82 approved
on May 3, 1982, by Resolution No. 191-84 approved on June 25,1984, by Resolution No.
371-93 approved on December 6,1993, by Resolution No. 145-94 approved on May 2,
1994, by Resolution No. 479-97 approved on November 17, 1997, by Resolution No.
476-98 approved on October 19, 1998 and by Resolution No. 187-02 approved on April
1, 2002, which amendments, among other things, added areas referred to as the Old Main
Subarea, Town Clock Expansion Subarea and Upper Main Subarea to the area of the
Downtown Dubuque Urban Renewal District; and
WHEREAS, consistent with the foregoing amendments, Ordinance No. 30-82
subsequently was amended by Ordinance Nos, 23-94, 36-94, 67-97, and 26-02 to provide
for the division of taxes within the several subareas of the amended Downtown Dubnque
Urban Renewal District; and
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WHEREAS, the City Council of the City has heretofore, in Ordinance No, 66-89,
provided for the division of taxes within the original Ice Harbor Urban Renewal District,
described in Resolution No, 403-89 adopted on December 18, 1989, pursuant to Section
403.19 of the Code ofIowa; and
WHEREAS, the original Ice Harbor Urban Renewal District subsequently was
amended by Resolution No. 241-00 approved on June 5, 2000 and by Resolution 114-02
approved on March 4, 2002, which amendments, among other things, added an additional
area referred to as Subarea B to the area of the Ice Harbor Urban Renewal District; and
WHEREAS, consistent with the foregoing amendment, Ordinance No. 66-89
subsequently was amended by Ordinance No. 97-00 to provide for the division of taxes
within the two subareas of the amended Ice Harbor Urban Renewal District; and
WHEREAS, the original Downtown Dubuque Urban Renewal District and the
original Ice Harbor Urban Renewal District and their respective Subareas have been
combined into a single urban renewal area, under the terms of an Urban Renewal Plan for
the Greater Downtown Urban Renewal District, pursuant to Resolution No. 170-04
adopted on April 19,2004; and
WHEREAS, indebtedness has been incurred by the City, and additional
indebtedness is anticipated to be incurred in the future, to finance urban renewal project
activities within the combined area known as the Greater Downtown Urban Renewal
District (the "Greater Downtown Urban Renewal District"), and the continuing needs of
redevelopment within the Greater Downtown Urban Renewal District are such as to
require the continued application of the incremental tax resources of the Greater
Downtown Urban Renewal District; and
WHEREAS, the following enactment is necessary to accomplish the objectives
described in the premises.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA, THAT:
Ordinance No. 30-82, as amended by Ordinance Nos. 23-94, 36-94, 67-97, and 26-
02, and Ordinance No. 66-89, as amended by Ordinance No. 97-00, are hereby amended
to read as follows:
Section 1: For purposes of this Ordinance, the following terms shall have the
following meanings:
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( a) Original Town Clock Subarea shall mean that portion of the Amended Project
Area initially described in the Urban Renewal Plan for the Downtown Dubuque Urban
Renewal Project, Iowa R-15, approved by Resolution No. 123-67 on May 18, 1967,
which Original Town Clock Subarea includes the lots and parcels located within the area
now legally described as follows:
Beginning at the intersection of the north right-of-way line of Ninth Street with the
east right-of-way line of Central Avenue; thence south along the east right-of-way
line of Central Avenue to its intersection with the south right-of-way line of Fourth
Street; thence west along the south right-of-way line of Fourth Street to its
intersection with the west right-of-way line of Locust Street; thence north along
the west right-of-way line of Locust Street to its intersection with the north right-
of-way line of Ninth Street; thence east along the north right-of-way line of Ninth
Street to its intersection with the east right-of-way line of Central Avenue which is
the point of beginning
(b) Old Main Subarea shall mean that portion of the Amended Project Area
initially described in the Amended and Restated Urban Renewal Plan for the Downtown
Dubuque Urban Renewal District approved by Resolution No. 145-94 on May 2, 1994,
which Old Main Subarea includes the lots and parcels located within the area legally
described as follows:
Beginning at the intersection of the south right-of-way line of Fourth Street with
the east right-of-way line of Central Avenue; thence west along the south right-of-
way line of Fourth Street to the west right-of-way line of Locust Street; thence
south along the west right-of-way line of Locust Street to the north right-of-way
line of the Locust Street Connector; thence east along the north right-of-way line
of the Locust Street Connector to the west right-of-way line of Highways 151/61;
thence north along the west right-of-line of Highways 151/61 to the point of
beginning.
( c) Town Clock Expansion Subarea shall mean that portion of the Amended
Project Area initially described in the Amended and Restated Urban Renewal Plan for the
Downtown Dubuque Urban Renewal District approved by Resolution No. 479-97 on
November 17,1997, which Town Clock Expansion Subarea includes the lots and parcels
located within the area legally described as follows:
South 1/2 of City Lot 167, City Lot 168 and City Lot 168A; Lots 1 & 2 of City
Lots 204, 205, 206, 207 and 208, N. 23' of City Lot 263, S. 28.5' of City Lot 263,
N. 1/2 of City Lot 262, S. 1/2 of City Lot 262, N. 1/2 of City Lot 261, all in
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f
Section 24, Township 89 North, Range 2 East, 5th P.M., Dubuque County, Iowa
and any adjoining public right-of-way.
(d) Upper Main Subarea shall mean that portion of the Amended Project Area
initially described in the Amended and Restated Urban Renewal Plan for the Downtown
Dubuque Urban Renewal District approved by Resolution No. 187-02 on April I, 2002,
which Upper Main Subarea includes the lots and parcels located within the area legally
described as follows:
On the North by Fourteenth Street, on the West by Locust Street, on the South by
the Town Clock Expansion Subarea and on the East by Central Avenue, including
all public rights-of-way.
(e) Ice Harbor Subarea A shall mean that portion of the Amended Project Area
initially described in the Urban Renewal Plan for the Ice Harbor Urban Renewal District
approved by Resolution No. 403-89 on December 18, 1989, which Ice Harbor Subarea A
includes the lots and parcels located within the area legally described as follows:
that area generally bounded on the north by the public alley located between the
vacated Fourth Street and Third Street, on the west by the Chicago, Central and
Pacific Railroad right-of-way, on the south by East First Street and on the east by
the municipal limits of the City of Dubuque, Iowa and including any adjoining
public right-of-way.
(f) Ice Harbor Subarea B shall mean that portion of the Amended Project Area
initially described in the Amended and Restated Urban Renewal Plan for the Ice Harbor
Urban Renewal District approved by Resolution No. 241-00 on June 5, 2000, which Ice
Harbor Subarea B includes the lots and parcels located within the area legally described
as follows:
that area generally bounded on the north and west by th¡;: Chicago, Central and
Pacific Railroad right-of-way, on the south by the northerly boundary of the Ice
Harbor Subarea A and on the east by the municipal limits of the City of Dubuque,
Iowa (excluding Lot I Adams Co.'s 2nd Addition) and including any adjoining
public right-of-way
(g) Amended Project Area shall mean the areas of the City of Dubuque, Iowa
included within the Original Town Clock Subarea, the Old Main Subarea, the Town
Clock Expansion Subarea, the Ice Harbor Subarea A and the Ice Harbor Subarea B, each
as described in this Section.
-4-
".
(h) Urban Renewal Plan shall mean the Urban Renewal Plan for the Greater
Downtown Urban Renewal District, approved by Resolution No. 170-04 on April 19,
2004, as the same may be amended from time to time.
Section 2: The taxes levied on the taxable property in the Amended 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: As to the Original Town Clock Subarea, 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 taxing property in the Original Town Clock Subarea upon the total
sum of the assessed value of the taxable property in the Original Town Clock Subarea as
shown on the assessment roll as of January I, 1966, being the assessment roll last
equalized prior to the date of the initial adoption of the Urban Renewal Plan for the
Downtown Dubuque Urban Renewal Project, Iowa R-15, shall be allocated to and when
collected be paid into the fund for the respective taxing district as taxes by or for said
taxing district into which all other property taxes are paid. The taxes so determined shall
be referred herein as the "base period taxes" for such subarea.
As to the Old Main Subarea, base period taxes shall be computed in the same
manner using the total assessed value shown on the assessment roll as of January I, 1993,
being the assessment roll as of January 1 of the calendar year preceding the effective date
of Ordinance No. 23-94.
As to the Town Clock Expansion Subarea, base period taxes shall be computed in
the same manner using the total assessed value shown on the assessment roll as of
January 1, 1996, being the assessment roll as of January I of the calendar year preceding
the effective date of Ordinance No. 67-97.
As to the Upper Main Subarea, base period taxes shall be computed in the same
manner using the total assessed value shown on the assessment roll as of January 1,2001,
being the assessment roll as of January I of the calendar year preceding the effective date
of Ordinance No. 26-02.
As to the Ice Harbor Subarea A, base period taxes shall be computed in the same
manner using the total assessed value shown on the assessment roll as of January 1,1988,
being the assessment roll as of January I of the calendar year preceding the effective date
of Ordinance No. 66-89.
-5-
As to the Ice Harbor Subarea B, base period taxes shall be computed in the same
manner using the total assessed value shown on the assessment roll as of January 1, 1999,
being the assessment roll as of January I of the calendar year preceding the effective date
of Ordinance No. 97-00.
Section 4: That portion of the taxes each year in excess of the base period taxes
for the Amended Project Area, determined for each subarea thereof as provided in
Section 3 of this Ordinance, shall be allocated to and when collected be paid into the
special tax increment fund previously established by the City of Dubuque to pay the
principal of and interest on loans, monies advanced to, or indebtedness, whether funded,
refunded, assumed or otherwise, including bonds issued under authority of Section 403.9
or Section 403.12 of the Code ofIowa, incurred by the City of Dubuque, Iowa to finance
or refinance, in whole or in part, urban renewal projects undertaken within the Amended
Project Area pursuant to the Urban Renewal Plan, except that taxes for the regular and
voter-approved physical plant and equipment levy of a school district imposed pursuant to
Section 298.2 of the Code ofIowa (but only to the extent required under Section
403.19(2» and taxes for the payment of bonds and interest of each taxing district shall be
collected against all taxable property within the Amended Project Area without any
limitation as hereinabove provided.
Section 5: Unless or until the total assessed valuation of the taxable property in
the subareas of the Amended Project Area exceeds the total assessed value of the taxable
property in said subareas 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 Amended
Project Area shall be paid into the funds for the respective taxing districts as taxes by or
for the taxing districts in the same manner as all other property taxes.
Section 6: At such time as the loans, monies advanced, bonds and interest thereon
and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid,
all monies thereafter received from taxes upon the taxable property in the Amended
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 continue the division of taxes from property within the
Amended Project Area under the provisions of Section 403.19 of the Code ofIowa, as
authorized in Ordinance Nos. 30-82 and 66-89, as amended by Ordinance Nos. 23-94, 36-
94,67-97,26-02 and 97-00. 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
-6-
-.
Ordinance which shall at all times be construed to fully invoke the provisions of Section
403.19 of the Code ofIowa with reference to the Amended 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
day of
2004.
Mayor
ATTEST:
City Clerk
Read first time:
Read second time:
Read third time:
PASSED AND APPROVED:
PUBLISHED:
PWESTEMEYER\406665\!O422O67
-7-
..
. -
(}JJÆ/J\1J S.
O-._~ /!e-c4 slz!o'/
AHLERS ¿COONEY, PC.
ATTORNEYS AT LAW
100 COURT AVENUE. SUITE 600
DES MOINES. IOWA 50309-2231
PHONE 515-243-7611
FAX, 515-243-2149
WWW:AHLERSLAW.COM
WILLIAM J. NOTH
WNOTH@AHLERSLAW.COM
Direct Diah
1515)246-0332
May 6, 2004
BY UPS
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE:
Urban Renewal Plan for the Greater Downtown Urban Renewal District
Dear Mr. TeKippe:
With this letter I am enclosing a proposed form of Ordinance amending Ordinance
Nos. 30-82 and 66-89, each as previously amended, to implement the collection of tax
increment revenues within the six subareas now included as part of the Urban Renewal
Plan for the Greater Downtown Urban Renewal District of the City.
Under Section 380.3 of the Code ofIowa, the enclosed Ordinance must be read
three times prior to approval (unless waived by not less than three-fourths of the City
Council members as provided in Section 380.3) and published once prior to its becoming
effective. The Ordinance will continue the existing "base" valuations for each Subarea at
their current levels. As you know, Chapter 403 provides that in "economic development
areas," tax increment collections are limited to twenty years following the initial
certification with respect to that area. Because certain of the subarea are not subject to
this limitation, separate certifications should be made for each subarea so that the twenty-
year period can be tracked.
A separate Ordinance Certificate is enclosed for the purpose of documenting the
City Council action taken with respect to the Ordinance. A copy of the publisher's
affidavit relating to publication of the Ordinance should be attached to the same.
WISHARD & BAILY-I888, GUERNSEY & BAILY- 1893, BAILY&Snpp-19O1,SnpP. PERRY. BANNISTER&STARZJNGER-1914, BANNISTER. CARPENTER.
AHLERS &CooNEY-1950, AHLERS. COONEY. OORWEILER.ALLBEE. HAYNIE & SMITH -1974, AHLERS. CoONEY. OORWEILER. HAYNIE. SMITH & ALLBEE. P.C. -1990
. . F. .'
May 6, 2004
Page 2
Once the Ordinance has been published, a copy should be certified to the County
Auditor using the fonn of certification enclosed. The County Auditor is asked to
acknowledge the filing at the bottom of the Certificate.
Extra copies of the Ordinance and related Certificates are enclosed to be
completed as the originals and returned to us for our transcript of the action taken.
Should you need anything further with respect to the City Council's consideration
of the Ordinance, please don't hesitate to call.
Yours very truly,
~
William J. Noth
WJN:dc
encl.
cc:
Barry Lindahl (w/encl.)
Pam Myhre (w/encl.)
DCORNELL\41220011 II 0422067
AHLERS ~COONEY, P.C.
ATTORNEYS AT lAW
100 COURT AVENUE' SUITE 600
DES MOINES. IOWA 50309-2231
PHONE 515-243-7611
FAX. 515-243-2149
WWW.AHlERSLAW.COM
Direct Dial.
(515)246-0332
WilLIAM J. NOTH
WNOTH@AHlERSlAW.COM
,-~ -°1
We hereby certify that we have examined a certified transcript of the proceedings
of the City Council and acts of administrative officers of the City of Dubuque, Iowa (the
"Issuer"), relating to the issuance of an Urban Renewal Tax Increment Revenue Note,
Taxable Series 2004, by the Issuer, dated as of the date of delivery, in the aggregate
amount of$182,000 (the "Note").
We have examined the law and such certified proceedings and other papers as we
deem necessary to render this opinion as bond counsel.
As to questions of fact material to our opinion, we have relied upon
representations of the Issuer contained in the Resolution authorizing the issuance of the
Note (the "Resolution") and in the certified proceedings and other certifications of public
officials furnished to us, without undertaking to verify the same by independent
investigation.
We have not been engaged to or undertaken to review the accuracy, completeness
or sufficiency of any offering material relating to the Note and we express no opinion
relating thereto.
Based on our examination and in reliance upon the certified proceedings and other
certifications described above, we are of the opinion, under existing law, as follows:
1. The Issuer is duly created and validly existing as a body corporate
and politic and political subdivision of the State of Iowa with the corporate power
to adopt and perform the Resolution and issue the Note.
WISHARD & BAJLy-1M8. GUERNSEY & BAJLY-1883. BAILY&STIPP-1801. STIPP. PERRY. BANNISTER&STARZINGER-1914. BANNISTER. CARPENTER.
ÂHLERS& CooNEY-1950. AHLERS. CoONEY. DORWEILER.ALLBEE. HAYNIE & SMITH -1974.AHLERS. COONEY. OORWEILER. HAYNIE.SMIlH &ALLBEE. P.C. -lg9O
Dubuque, Iowa
$182,000 Urban Renewal Tax
Increment Revenue Note, Taxable Series 2004
Page 2
2. The Resolution has been duly adopted by the Issuer and constitutes a
valid and binding obligation ofthe Issuer enforceable upon the Issuer. The Note is
payable solely from incremental taxes levied and to be collected against certain
Development Property (as defined in the Resolution) located within the GTeater
Downtown Urban Renewal District ofthe Issuer (the "Urban Renewal Project
Area") in accordance with the Resolution and pledged as security for payment of
the Note. The pledge of incremental taxes constitutes a first lien upon the
collections thereof subject, however, to the terms and conditions of the Resolution
and to certain rights of the Issuer in the use of the funds not required for the
payment of principal and interest under the terms of the Resolution.
3. Incremental taxes collected in respect of the properties located
within the Urban Renewal Project Area, including the Development Property, are
determined by applying the tax rate (other than debt service and the physical plant
and equipment taxes) of all taxing districts to the increase, if any, of the taxable
valuation of said properties over and above the valuation of January 1 of the year
prior to commencement of the division of taxes within the applicable sub-area of
the Urban Renewal Project Area. Tax rates and valuations will vary from year to
year and the resulting incremental taxes are subject to influence by changes in
valuations of taxable property or by changes in the character or classification of
taxable property, the method of assessment, the system of property taxation or the
property tax applicable to the property.
4. The Note has been duly authorized, issued and delivered by the
Issuer and is a valid and binding special, limited obligation of the Issuer, payable
solely from the sources provided therefor in the Resolution.
5. The Issuer does not intend or represent that the interest on the
Note will be excluded from gross income for federal income tax purposes,
and the Issuer is not obligated to take any action to attempt to secure any
such exclusion. THE HOLDER OF THE NOTE THEREFORE SHOULD
TREAT THE INTEREST THEREON AS BEING SUBJECT TO
FEDERAL INCOME TAXATION. We express no opinion regarding other
federal income tax consequences caused by the receipt or accrual of interest
on the Note.
WISHARD & BAILY -1888. GUERNSEY & BAILY-1893. BAILY & STIPP -1901.STlPP. PERRY. BANN5TER &STARZINGER-1914. BANNISTER. CARPENTER.
AHLERS & COONEY-1950. AHLERS. COONEY. OoRWEILER.ALLBEE. HAYNIE &SMIlH -1974.AHLERS. CoONEY. OORWEILER. HAYNIE.SMIlH &ALLBEE. P.C. -1990
Dubuque, Iowa
$182,000 Urban Renewal Tax
Increment Revenue Note, Taxable Series 2004
Page 3
It is to be understood that the rights ofthe holders of the Note and the
enforceability thereof may be subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights heretofore or hereafter
enacted to the extent constitutionally applicable and that their enforcement may also be
subject to the exercise of judicial discretion in appropriate cases.
~~~
Respectfully submitted,
r
'ï:
t.
~(P/G.
DCORNELL1412016l111O422066
W5HARD & BAlLy-1888, GUERNSEY&BAILY-1893, BAlLY&STlPp -1901,STlPP. PERRY. BANNISTER&STARZINGER-1914, BANN5TER. CARPENTER.
AHLERS &CoONEY-19S0,ÂHLERS. COONEY. DORWOLER. ALLBEE. HAYNIE & SMITH -1974,ÂHLERS. CoONEY. DDRWEILER. HAYNIE. SMI1H&ALLBEE. P.C. -1990
'" -
COMPLETE AND RETURN TO
MR.NOTH
CIREV2A. TXT
5/91
DELNERY CERTIFICATE
We the undersigned, Mayor, Clerk and Treasurer, do hereby certify that we are the
officers, respectively above indicated, of a municipal corporation in the State of Iowa,
known as the City of Dubuque, Iowa; that pursuant to the provisions of Section 403.9,
Code ofIowa, there have been heretofore lawfully authorized and this day by us lawfully
executed, issued, caused to be registered and authenticated and delivered one fully
regi¿tered Urban Renewal Tax Increment Revenue Note, Taxable Series 2004, of said
City of Dubuque, Iowa, in the amount of $1 82,000, dated as of the date of delivery,
bearing interest and maturing as set forth therein (the "Note").
The Note has been executed with the manual signature of the Mayor and the
manual signature of the Clerk of said City.
The Note has been delivered to the purchaser thereof, namely:
Dubuque Bank & Trust Company
Dubuque, Iowa
and has been paid for in accordance with the terms of the contract of sale and at a price of
par and accrued interest.
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of said City, or the
titles of the aforesaid officers to their respective positions, or the validity of the aforesaid
Note, or the pledge of the Tax Increments collected in respect of certain properties within
the Greater Downtown Urban Renewal District (the "Project Area"), as defined and
provided in the issuance Resolution. The Note is not payable in any manner by general
taxation and under no circumstances shall the City be in any manner liable by reason of
the failure of said Tax Increments to be sufficient for the payment thereof.
~ .
We further certify that each of the officers whose signatures appear on the Note
were in occupancy and possession of their respective offices at the time the Note was
executed and do hereby adopt and affirm their signatures appearing in said Note.
We further certify that the present financial condition of said City is as follows:
Assessed and taxable value of all
taxable property within the City,
except moneys and credits and tax
free lands (Year 2002),
according to the last completed State
and County tax lists (100% - Before
Rollback):
$ 2,317,926,000
Total general obligation bonded
indebtedness of the City:
$
25,670,000
Total revenue bonded indebtedness payable
from incremental taxes of the Project Area,
including above mentioned Note:
$
-0-
All other general obligation indebtedness
of any kind (including stamped warrants,
warrants, judgments, contracts of purchase
or lease/purchase, self-insurance or local
government risk pool obligations and other
revenue bonds issued under Code Section 403.9):
$
4,542,395
-2-
., -
..
this
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa,
~,,111- day of q-~ N r;;: ,2004.
(SEAL)
~~
~J
Mayor J -
á,~~
1~ ¿) .C'~
Treasurer
I, the undersigned, the officer of the bank indicated by my signature hereto, do
hereby certify that I am personally acquainted with the persons whose signatures, each
known to me to be genuine, are signed to the foregoing certificate; and that I know that
the persons aforesaid are the officers of the City named in said certificate, indicated
respectively by the title appended to the respective signature and whose signatures appear
on the Note mentioned in said certificate.
Dated at Dubuque, Iowa, the date last above written.
..J)\J ~'JO~ ~-fTÑ'L ð.1Q."~T
By: à:~ -;.L/ y,?J
Its: /lIC /2..."""S\~
(Title)
DCORNELLl41 0642\1 11 0422066
-3-
REGISTERED
Certificate No. R-l
REGISTERED
Principal Amount $182,000
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE
URBAN RENEWAL TAX INCREMENT REVENUE NOTE
TAXABLE SERIES 2004
Interest Rate
8.00%
Final
Maturitv Date
June 29, 2016
Note Date
,~.", , 2004
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by virtue
of the Constitution and laws ofthe State ofIowa (the "Issuer"), for value received, promises to pay
ITom the source and as hereinafter provided, to:
Dubuque Bank & Trust Company
Dubuque, Iowa
(the "Lender")
or registered assigns, the principal sum of ONE HUNDRED EIGHTY-TWO THOUSAND DOLLARS
in lawful money of the United States of America, on the maturity dates described herein, only upon
presentation and surrender hereof at the office of the City Treasurer, Paying Agent of this issue, or its
successor, with interest on said sum ITom the date of disbursement of the proceeds hereof until paid at
the rate per annum specified above, payable on December 31, 2004, and semiannually thereafter on the
last business day of June and December of each year until maturity as hereinafter provided.
This Note shall mature in the principal amounts set forth on the disbursement and repayment
schedule attached hereto as Exhibit A and incorporated herein by this reference. As set forth on said
schedule, principal shall be payable on December 31, 2006 and semiannually thereafter on the last
business day of June and December of each year in the amounts set forth therein until principal and
interest are fully paid, except that the final installment of the I;illtire balance of principal and interest, if
not sooner paid, shall become due and payable on June 29, 2016.
Interest and principal shall be paid to the registered holder of the Note as shown on the records
of ownership maintained by the Registrar as of the 15th day of the month next preceding such interest
payment date. Interest shall be computed on the basis ofa 360-dayyear of twelve 30-daymonths.
THE ISSUER DOES NOT INTEND OR REPRESENT THAT THE INTEREST ON THIS
NOTE WILL BE EXCLUDED FROM GROSS INCOME FOR FEDERAL INCOME TAX
PURPOSES UNDER SECTION 103 OF THE INTERNAL REVENUE CODE OF 1986, AS
AME'NTIED, AND THE ISSlJER IS NOT OBLIGATED TO TAKE ANY ACTION TO ATTEMPT
TO SECURE ANY SUCH EXCLUSION. THE HOLDER OF THIS NOTE THEREFORE SHOULD
TREAT THE INTEREST THEREON AS BEING SUBJECT TO FEDERAL INCOME TAXATION.
This Note is issued plWsuant to the provisions of Section 403.9 of the Code ofIowa, as
amended, for the purpose of paying costs of aiding in the planning, undertaking and carrying out of
urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Urban
Renewal Plan for the Greater Downtown Urban Renewal District, including the funding of an
economic development grant to Lower Main Development, LLC. (the "Developer") under the tenns of
a Development Agreement dated April 19, 2004 between the City of Dubuque and said Developer, in
confonuity to a Resolution of the Council of said City duly passed and approved (the "Resolution").
This Note is not an indebtedness within the meaning of any statutory provisions, or a general obligation
of the City.
This Note evidences a straight line of credit. Once the total amount of principal has been
advanced, Issuer is not entitled to further loan advances. Advances under this Note, as well as
directions for payment from Issuer's accounts, may be requested orally or in writing by Issuer or by an
authorized person. Lender may, but need not, require that all oral requests be confinued in writing.
Issuer agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an
authorized person or (B) credited to any ofIssuer's accounts with Lender. The unpaid principal balance
owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal
records, including daily computer print-outs. Lender will have no obligation to advance funds under
this Note if: (A) Issuer or any guarantor is in default under the tenus of this Note or any agreement that
Issuer or any guarantor has with Lender, including any agreement made in connection with the signing
of this Note; (B) Issuer or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks,
claims or otherwise attempts to limit, modifY or revoke such guarantor's guarantee of this Note or any
other loan with Lender; (D) Issuer has applied funds provided pursuant to this Note for purposes other
than those authorized by Lender; or (E) Lender in good faith believes itself insecure.
This Note may be called for redemption by the Issuer and paid before maturity on any date,
from any funds regardless of source, in whole or from time to time in part, by giving thirty days' notice
of redemption by registered or certified mail, to the registered owner of the Note. The tenus of
redemption shall be par, plus accrued interest to date of call.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the City Treasurer, the Registrar. Such transfer on the books shall occur only upon
presentation and surrender of this Note at the office of the Registrar, together with an assignment duly
executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to the
Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however,
promptly give notice to registered Noteholders of such change. All Notes shall be negotiable as
provided in Article 8 of the Unifonn Commercial Code and Section 384.83(5) of the Code ofIowa,
subject to the provisions for registration and transfer contained in the Note Resolution.
This Note, as provided in the Resolution of which notice is hereby given and is hereby made a
part hereof, is payable from and secured solely and only by a pledge of the tax increment revenues
collected in respect of the Developer's property located within the Greater Downtown Urban Renewal
District (the "Project Area"), as defmed and provided in said Resolution, as referred to and authorized
in subsection 2 of Section 403.19 of the Code ofIowa, as amended ("incremental taxes"). There has
heretofore been established and the City covenants and agrees that it will mailltaÌn ill force a.l1
ordinance providing for the division of incremental taxes within the Project Area and for the
establishment of a sinking fund to meet the principal of and interest on this Note as the same becomes
due. This Note is not payable in any manner from other incremental taxes collected in respect of other
properties within the Project Area or by general taxation and under no circumst,¡¡nces shall the City be
in any manner liable by reason of the failure of said tax increment revenues to be sufficient for the
payment hereof
And it is hereby represented and certified that all acts, conditions and things requisite,
according to the laws and Constitution of the State ofIowa, to exist, to be had, to be done, or to be
perfo=ed precedent to the lawful issue ofthis Note, have been existent, had, done and perfo=ed as
required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be signed
by the manual signature of its Mayor and attested by the manual signature of its City Clerk, with the
seal of said City impressed hereon, and authenticated by the manual signature of an authorized
representative of the Registrar, the City Treasurer, Dubuque, Iowa.
ATTEST:
CITY OF DUBUQUE, IOWA
By:
~~
(SEAL)
Date of Authentication:
?" :Tu¡vE:?
'Z--LJ¡() ¥'
This is one of the Notes described in the within mentioned Resolution, as registered by the City
Treasurer.
CITY TREASURER, Registrar
By:
~~-c¡~
Authori ed Signature
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within
Note and does hereby irrevocably constitute and appoint attorney in
fact to transfer the said Note on the books kept for registration of the within Note, with full power of
substitution in the premises.
Dated
(person(s) executing this Assignment sign(s) here)
- SIGNATURE )
GUARANTEED)
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face of the
certificate(s) or Note(s) in every particular without alteration or enlargement or any change
whatever. Signature guarantee must be provided in accordance with the prevailing standards
and procedures of the Registrar and Transfer Agent. Such standards and procedures may
require signature to be guaranteed by certain eligible guarantor institutions that participate in a
recognized signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address ofTransferee(s)
Social Security or Tax
Identification Number of
Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such
owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall be
construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in CO!1".mon
TEN ENT - as tenants by the entireties
IT TEN - as joint tenants with right of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - ..........Custodian..........
(Cust) (Minor)
under Iowa UnifoIID Transfers
to Minors Act................
(State)
n..".u"t u"t U":O>"'F I:Cuu"'...m.u u~v~,ur--m~',~ ~u~ ~u~ roo-
LOWER MAIN DEVELOPMENT, LLC
Recap of cash flows for City of Dubuque TIF
Assumptions:
Nominal annual rate: 8.0000%
Periodic rate: 4.0000%
Daily rate: 0.0244%
Regular payment: $13,350.00
loan Pmt.
Date Advance Payment. . Interest Principal Balance it
6/30/2004 155,000.00
12/30/2004 6,216.99 6,216.99 6,216_99 0.00 161,216.99
6/30/2005 6,448.68 6,448-68 -6,448.68 0.00 167,665.67
12/31/2005 6,706.63 6,706.63 6,706.63 0_00 174,372.29
6/30/2006 6,974.89 6,974.89 6,974.89 0.00 181,347.18
12/31/2006 13,350.00 7,253-89 6,096.11 175,251.07 1
6/30/2007 13,350.00 7,010.04 6,339.96 168,911.11 2
12/31/2007 13,350.00 6,756.44 6,593_56 162,317.56 3
6/29/2008 13,350.00 6,492.70 6,857.30 155,460.26 4
12/30/2008 13,350_00 6,218.41 7,131.59 148,328.67 5
6/30/2009 13,350.00 5,933.15 7,416.85 140,911.82 6
12/31/2009 13,350.00 5,636.47 7,713.53 133,198.29 7
6/30/2010 13,350.00 5,327.93 8,022.07 125,176.22 8
12/31/2010 13,350.00 5,007.05 8,342.95 116,833.27 9
6/30/2011 13,350.00 4,673.33 8,676.67 108,156.60 10
12/31/2011 13,350.00 4,326.26 9,023.74 99,132.87. 11
6/29/2012 13,350.00 3,965.31 9,384.69 89,748.18 12
12/30/2012 13,350.00 3,589.93 9,760.07 79,988.11 13
6/30/2013 13,350.00 3,199.52 10,150.48 69,837.63 14
12/31/2013 13,350.00 2,793.51 10,556.49 59,281.14 15
6/30/2014 13,350.00 2,371.25 10,978.75 48,302.38 16
12/31/2014 13,350.00 1,932.10 11,417.90 36,884.48 17
6/30/2015 13,350.00 1,475.38 11,874.62' 25,009.86 18
12/31/2015 13,350.00 1,000.39 12,349.61 12,660.25 19
6/29/201 a 13,166.66 506.41 12,660.25 0.00 20
Total 293,163.84 111,816.66 181,347.18
loan amount:
$182,000.00
Proceeds to Lower Main Development, LLC
Fee for bond counsel
Advances for interest
Total loan advances
$150,000.00
$5,000.00
$26,347.18
$181,347.18
Available balance for real estate taxes
$652.82
Lower Main TIF 4.xls
05/04/2004 THE 13: 54
[TXlRX NO 9909] I4i 003