Housing Enterprise Gronen App
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MEMORANDUM
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July 27,2004
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TO:
The Honorable Mayor and City Council Members
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FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Housing Enterprise Zone Program Agreement Number 04-HEZ-059 for
Gronen Adaptive Reuse, LLLP
On June 14, 2004, the City Enterprise Zone Commission approved an application to the
Iowa Department of Economic Development (IDEO) on behalf of Gronen Adaptive
Reuse, LLLP for Housing Enterprise Zone benefits related to the redevelopment of
properties in the 1000 block of Main Street. IDEO approved the application on June 25,
2004.
Economic Development Director Bill Baum recommends City Council approval of a
Housing Enterprise Zone Program Agreement by and among IDEO, the City and
Gronen Adaptive Reuse, LLLP. The agreement outlines the State benefits that will
accrue to the LLLP based on their role as developer of a housing project that will
provide 30 new upper floor housing units with an estimated capital investment of
$4,831,000. There is no commitment within the agreement of any further City
assistance.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Michael C. Van Milligen -
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Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
July 26, 2004
FROM:
Michael Van Milligen, City Manager
William Baum, Economic Development Directo~~
Housing Enterprise Zone Program Agreement Number 04-HEZ-O59 for
Gronen Adaptive Reuse, LLLP
TO:
SUBJECT:
INTRODUCTION
This memorandum presents for City Council approval a Housing Enterprise Zone Program
Agreement by and among the Iowa Department of Economic Development (IDED). the City
and Gronen Adaptive Reuse, LLLP. The City Council is requested to adopt a resolution
approving the agreement.
BACKGROUND
On June 14,2004, the City Enterprise Zone Commission approved an application to IDED
on behalf of Gronen Adaptive Reuse, LLLP for Housing Enterprise Zone benefits related to
the redevelopment of properties in 1000 block of Main Street. IDED approved the
application on June 25, 2004.
DISCUSSION
Attached to this memorandum is a resolution that provides for the approval of the agreement
for Housing Enterprise Zone benefits for Gronen Adaptive Reuse, LLLP. The resolution
authorizes and directs the Mayor to execute the agreement on behalf of the City. The
agreement outlines the State benefits that will accrue to the LLLP based on their role as
developer of the housing project. The project will provide 30 new upper floor housing units.
Gronen Adaptive Reuse, LLLP has estimated a capital investment of $4,831 ,000 within the
Enterprise Zone. A copy of the agreement is attached to the resolution.
RECOMMENDATION
I recommend that the City Council approve the proposed Housing Enterprise Zone Program
Agreement for Gronen Adaptive Reuse, LLLP by adopting the attached resolution. This
agreement will provide State of Iowa financial benefits to a local housing developer making a
substantial investment in our downtown. There is no commitment within the agreement of
any further City assistance.
ACTION STEP
The action step for the Council is to adopt the attached resolution.
attachments
F: IUS E RS'Pmyh re IWPDOCSIEZIGro nen ICONTRACT M EM. doc
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RESOLUTION NO. 300-04
RESOLUTION APPROVING A HOUSING ENTERPRISE ZONE PROGRAM
AGREEMENT BY AND AMONG THE IOWA DEPARTMENT OF ECONOMIC
DEVELOPMENT, THE CITY OF DUBUQUE AND GRONEN ADAPTIVE REUSE, LLLP.
Whereas, the City of Dubuque has established two Enterprise Zones and an
Enterprise Zone Commission; and
Whereas, the Enterprise Zone Commission on June 14, 2004 approved the
application of Gronen Adaptive Reuse, LLLP for Housing Enterprise Zone benefits; and
Whereas, Gronen Adaptive Reuse, LLLP's application was approved by the Iowa
Department of Economic Development on June 25, 2004; and
Whereas, the Iowa Department of Economic Development has prepared and
submitted for City Council approval an agreement relating to Housing Enterprise Zone
benefits for Gronen Adaptive Reuse, LLLP a copy of which is attached hereto and by this
reference made a part hereof; and
Whereas, the City Council finds that the proposed agreement is acceptable and
necessary to the growth and development of the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1.
That the Iowa Department of Economic Development Housing
Enterprise Zone Program Agreement, Number 04-HEZ-059, is hereby
approved.
Section 2.
That the Mayor is hereby authorized and directed to execute the
Agreement on behalf of the City of Dubuque and forward the
executed copy to the Iowa Department of Economic Development for
their approval.
Passed, approved and adopted this 2nd day of August 2004.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
F :IUSERSIPmyh relWPDOCSIEZlGron en ICONTRACT. res .doc
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
HOUSING ENTERPRISE ZONE PROGRAM AGREEMENT
EZ AGREEMENT NUMBER:
APPLICATION APPROVAL DATE:
04-HEZ-059
June 25, 2004
AGREEMENT EFFECTIVE DATE:
June 25, 2004
ENTERPRISE ZONE NAME:
ZONE CERTIFICATION DATE:
ZONE EXPIRATION DATE:
City of Dubuque, Dubuque EZ-1
November 20,1997
November 19, 2007
THIS ENTERPRISE ZONE AGREEMENT is made by and among the IOWA DEPARTMENT OF ECONOMIC
DEVELOPMENT, 200 East Grand Avenue, Des Moines, Iowa 50309 ("Department" or "IDED"), CITY OF
DUBUQUE, City Hall, 50 W 13th St., Dubuque, IA 52001 ("Community") and GRONEN ADAPTIVE REUSE, LLLP,
1086 Main St., Dubuque, IA 52001 ("Housing Business").
WHEREAS, the purpose of the Enterprise Zone Program is to promote new economic development in
economically distressed areas; and
WHEREAS, the Community has designated and the Department has certified the Enterprise Zone
identified above; and
WHEREAS, eligible housing businesses with projects located in a certified Enterprise Zone are authorized
under this program to receive certain tax incentives and assistance; and
WHEREAS, the Enterprise Zone Commission responsible for the above-identified Zone has recommended
approval and the Department has found the Housing Business' application to be consistent with the Act's eligibility
requirements; and
NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good
and valuable consideration, it is agreed as follows:
ARTICLE I
DEFINITIONS
As used in this Agreement, the following terms shall apply:
1.1 "Act' means 2003 Iowa Code sections 15E.191 through 15E.196 as amended by 2003 Iowa Acts,
Senate File 441 and House File 576.
1.2
"Administrative Rules" means 261 Iowa Administrative Code, chapter 59.
1.3 "AGreement Effective Date" means the date this Agreement becomes effective and the Housing
Business is authorized to receive program benefits.
1.4 "Ac¡reement Expiration Date" means the date this Agreement ceases to be in force and effect. This
Agreement shall remain in effect until IDED receives written verification that all thirty (30) units have been certified
for occupancy.
1.5 "Application Approval Date" means the date, as identified above, on which the Director or Director's
designee of the IDED approved the Housing Business' Enterprise Zone application.
1.6
"Boare!' means the IDED Board.
HEZ
Format revised 7/2002
EZ Agreement # 04-HEZ-059
Page 2
1.7 "Commission" or "Enterprise Zone Commission" means the Enterprise Zone commission
established by the Community responsible for the certified Enterprise Zone.
1.8
"DRF" means the Iowa Department of Revenue and Finance.
1.9 "Enterprise Zone" means the site within the Community certified by the Board for the purpose of
attracting private investment.
1.10 "Project" means the activity, or set of activities, described in this Agreement and the Enterprise
Zone application approved by IDED.
1,11 "Project Completion" means the date of completion of construction or if this Project involves
rehabilitation, the date all improvements included in the Project are completed.
ARTICLE II
ENTERPRISE ZONE BENEFITS
2.1 Benefits. The following Enterprise Zone benefits authorized by the Act and IDED administrative
rules are available to the Housing Business under this Agreement:
(a) Investment Tax Credit. The Housing Business may claim an investment tax credit up to a
maximum of 10 percent of the new investment which is directly related to the building or rehabilitating of the units
stated in Article IV, Section 4.1 of this Agreement.
New investment which is directly related to the building or rehabilitating units includes the following costs:
land, surveying, architectural services, building permits, inspections, interest on the construction loan, building
materials, roofing, plumbing materials, electrical materials, amounts paid to subcontractors for labor and materials
provided, concrete, labor, landscaping, appliances normally provided with a new home, heating and cooling
equipment, millwork, drywall and drywall materials, nails, bolts, screws, and floor coverings. New investment does
not include the machinery, equipment, hand or power tools necessary to build or rehabilitate homes.
The new investment that may be used to compute the tax credit shall not exceed the new investment used
for the first one hundred forty thousand dollars of value for each unit. In determining the tax credit, new investment
financed through federal, state, and local government tax credits, grants, and forgivable loans shall not be included.
The tax credit may be used to reduce tax liabilities imposed under Iowa Code chapter 422, Division II,
Division III or Division V or under Iowa Code chapter 432. Any credit in excess of the tax liability for the tax year
may be credited to the tax liability for the following seven years or until depleted, whichever occurs earlier. If the
business is a partnership, subchapter S corporation, limited liability company, or estate or trust electing to have the
income taxed directly to the individual, an individual may claim the tax credit allowed. The amount claimed by the
individual shall be based upon the pro-rata share of the individual's earnings of the partnership, subchapter S
corporation, limited liability company, or estate or trust.
(b) Refund Of Sales, Service And Use Taxes Paid To Contractors Or Subcontractors. The Housing
Business is eligible for a refund of sales, service and use taxes paid by an eligible business, including an eligible
business acting as a contractor or subcontractor as authorized in Iowa Code section 15.331A.
(i)
The Housing Business may apply for a refund of the sales and use taxes paid under Iowa Code
chapters 422 and 423 for gas, electricity, water or sewer utility services, goods, wares, or
merchandise, or on services rendered, furnished, or performed to or for a contractor or
subcontractor and used in the fulfillment of a written contract relating to the construction or
rehabilitation of the units within the Enterprise Zone.
Taxes attributable to intangible property and furniture and furnishings shall not be refunded.
(ii)
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EZ Agreement # 04-HEZ-059
Page 3
To receive a refund of the sales, service and use taxes paid to contractors or subcontractors, the Housing
Business must, within one year after Project Completion, make an application to the DRF.
2.2 Duration Of Benefits. The Enterprise Zone designation shall remain in effect for ten years following
the date of certification. Any state incentives or assistance that may be conferred must be conferred before the
designation expires. However, the benefits of the incentive or assistance may continue beyond the expiration of
the Enterprise Zone designation.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF BUSINESS
To induce the Department and the Community to authorize Enterprise Zone benefits referred to in this
Agreement, the Housing Business represents, covenants and warrants that:
3.1 Authoritv. The Housing Business is a corporation duly organized and validly existing under the
laws of its state of incorporation and is in good standing, and has complied with all applicable laws of the State of
Iowa. The Housing Business is duly authorized and empowered to execute and deliver this Agreement. All action
on the Housing Business' part (e.g. where required, appropriate resolution of its Board of Directors) for the
execution and delivery of this Agreement, has been effectively taken.
3.2 Business Information. All written financial statements and related materials concerning the
Housing Business and the Project provided to the Department and the Community are true and correct in all
material respects and completely and accurately represent the subject matter thereof as of the effective date of the
statements and related materials, and no material adverse change has occurred since that date.
3.3 Application. The contents of the application the Housing Business submitted to the Department for
Enterprise Zone program benefits (Attachment A) is a complete and accurate representation of the Housing
Business and the Project as of the date of submission and there has been no material adverse change in the
organization, operation, business prospects, fixed properties or key personnel of the Housing Business since the
date the Housing Business submitted its application to the Department.
3.4 Claims And Proceedinqs. There are no actions, lawsuits or proceedings pending or, to the
knowledge of the Housing Business, threatened against the Housing Business affecting in any manner whatsoever
its rights to execute this Agreement or to otherwise comply with the obligations of the Housing Business contained
under this Agreement. There are no actions, lawsuits or proceedings at law or in equity, or before any
governmental or administrative authority pending or, to the knowledge of the Housing Business, threatened against
the Housing Business or affecting the Housing Business' ability to proceed with the Project.
3.5 Permits. All necessary permits have been issued or will be applied for in a timely manner with
reasonable expectation that they will be issued.
ARTICLE IV
CONDITIONS TO RECEIPT OF ENTERPRISE ZONE BENEFITS
The Enterprise Zone Benefits authorized under Article II of this Agreement are available to the Housing
Business provided the Housing Business, (and where applicable, the Community) satisfies each of the following
conditions:
4.1 Build or Rehabilitate. The Housing Business must rehabilitate thirty (30) housing units in the City of
Dubuque, Dubuque EZ-1 Enterprise Zone.
4.2 Modest Homes. The single-family homes and dwelling units which are rehabilitated or constructed
by the Housing Business shall be modest homes or units, but shall include the necessary amenities. When
completed and made available for occupancy, the single-family homes and dwelling units shall meet the United
Sates Department of Housing and Urban Development's housing quality standards and local safety standards.
Fmmat cevised 712002
EZ Agreement # 04-HEZ-OS9
Page 4
4,3 Completed within Two Years. The Housing Business shall complete its building or rehabilitation
within two years from the time the Housing Business begins construction or rehabilitation of the units described in
Section 4.1.
4.4 Records And Accounts. The Housing Business shall maintain information, books, records,
documents and other evidence concerning the Project, in sufficient detail to permit the Department and the
Community to assess compliance with the terms of this Agreement. The Housing Business shall retain the
aforementioned records for a period of three (3) years from the Agreement Expiration Date.
4.5 Access To Records/lnspections. The Housing Business shall, upon prior reasonable notice and at
any time (during normal business hours), permit the Community and its representatives and the Department, its
representatives or the State Auditor to examine, audit andlor copy:
(i) any plans and work details pertaining to the Project,
(ii) all of the Housing Business' books, records and accounts relating to the Project, and
(iii) all other documentation or materials related to this Agreement.
The Housing Business shall provide proper facilities for making such examination andlor inspection.
Records of the Housing Business furnished to the Department in connection with this Project are subject to the
provisions of Iowa Code chapter 22 and administrative rules adopted by the Department concerning public records
and requests for confidential treatment of records,
4.6 Notice Of ProceedinGs. The Housing Business shall promptly notify the Community and IDED of
the initiation of any claims, lawsuits, bankruptcy proceedings or other proceedings brought against the Housing
Business which would adversely impact the Project.
4.7
Reports; Communitv MonitorinG/Reportinc¡.
(a)
The Housing Business shall prepare, sign and submit the following reports:
Report
Due Date
Annual Certification
January 30
The Housing Business shall, for the length of its designation as an Enterprise Zone business, certify
annually to the Community and the Department its compliance with the requirements of the Act. The Housing
Business shall use the form provided by the Department for its annual certification. Documentation of compliance
with the conditions detailed in Article IV shall be included with the annual certification.
4.8 Notice Of Business Chanc¡es. The Housing Business shall provide prompt advance notice to the
Community and the Department of any proposed change in the Housing Business ownership, structure or control
which would materially and directly affect the Project.
ARTICLE V
DEFAULT AND REPAYMENT
5.1 Events Of Default. Enterprise Zone benefits described in Article iI are only available to the Housing
Business to the extent the Housing Business satisfies the conditions described in Article IV. Any of the following
shall constitute an Event of Default under this Agreement:
(a) Material Misrepresentation. If at any time any representation, warranty or statement made or
furnished to the Department or the Community by, or on behalf of, the Housing Business in connection with this
Agreement shall be determined by the Department to be incorrect, false, misleading or erroneous in any material
respect when made or furnished.
Fonnat revised 7/2002
EZ Agreement # 04-HEZ-059
Page 5
(b) Breach Of Ac¡reement. If there is a failure of the Housing Business to comply with any of the
covenants, terms or conditions contained in this Agreement.
(c) Relocation Or Abandonment. If there is an abandonment of the Project and the Housing Business
fails to renew the Project within the Enterprise Zone within 30 days. If the relocation or abandonment is due to a
natural disaster (e.g. flood, tornado), the Housing Business shall have 120 days to renew the Project within the
Enterprise Zone.
(d) Insolvencv Or Bankruptcv. If the Housing Business becomes insolvent or bankrupt, or admits in
writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or the
Housing Business applies for or consents to the appointment of a trustee or receiver for the Housing Business or
for the major part of its property; or if a trustee or receiver is appointed for the Housing Business or for all or a
substantial part of the assets of the Housing Business and the order of such appointment is not discharged,
vacated or stayed within sixty (60) days after such appointment; or if bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceedings or other proceedings for relief under any bankruptcy or similar law or iaws for
the relief of debtors, are instituted by or against the Housing Business and, if instituted against the Housing
Business, is consented to, or, if contested by the Housing Business is not dismissed by the adverse parties or by
an order, decree or judgment within sixty (60) days after such institution.
5.2
Notice Of Default.
(a) From Department. If, through the annual certification report or other means, the Department has
reason to believe the Housing Business is in default of the terms of this Agreement, the Department will issue a
written notice of default to the Housing Business, setting forth the nature of the default in reasonable specificity, and
providing therein a reasonable period of time, which shall not be less than 30 days from the date of the notice of
default, in which the Housing Business shall have an opportunity to cure, provided that cure is possible and
feasible. A copy of any Notice of Default will also be provided to the Community and DRF.
(b) From Communitv. If, through monitoring, auditing or other means, the Community has reason to
believe the Housing Business is in default of the terms of this Agreement, the Community wiii issue a written notice
of default to the Housing Business, setting forth the nature of the default in reasonable specificity, and providing
therein a reasonable period of time,~which shall not be less than 30 days from the date of the notice of detault, in
which the Housing Business shall have an opportunity to cure, provided that cure is possibie and feasible. A copy
of any Notice of Default will also be provided to the Department and DRF.
5.3
Repavment: Loss of Benefits.
(a) Failure to meet/maintain rec¡uirements. If the Housing Business fails in any year to meet or
maintain anyone of the requirements of the Act, the Housing Business shall repay the value of the incentives
received for each year during which it was not in compliance.
(b) DRF recoverv. Once it has been established, through the Housing Business' annual certification,
monitoring, audit or otherwise, that the Housing Business is required to repay all or a portion of the incentives
received, the DRF shall collect the amount owed. DRF has the authority, pursuant to the Act, to recover the value
of state taxes or incentives provided under the Act. The value of state incentives provided under the Act includes
applicable interest and penalties.
ARTICLE VI
GENERAL TERMS AND PROVISIONS
6.1 Compliance With Laws And ReGulations. The Housing Business shall comply with all applicable
State and federal laws, rules (including the administrative rules adopted by the Department for the Enterprise Zone
Program - 261 Iowa Administrative Code, chapter 59), ordinances, regulations and orders.
FOITnat ,evi"d 7/2002
EZ Agreement # 04-HEZ-059
Page 6
6.2 Termination. This Agreement may be terminated by the Department or the Community: (a) in the
event of an unremedied material Event of Default by the Housing Business under Article V of this Agreement; or (b)
by mutual agreement of all parties.
6,3 Survival Of Aqreement. If any portion of this Agreement is held to be invalid or unenforceable, the
remainder shall be valid and enforceable.
6.4 Governinc¡ Law. This Agreement shall be interpreted in accordance with the law of the State of
Iowa, and any action relating to this Agreement shall only be commenced in the Iowa District Court for Polk County
or the United States District Court for the Southern District of Iowa.
6.5
Modification. This Agreement may only be modified by a written document signed by all Parties.
6.6 Notices. Whenever this Agreement requires or permits any notice or written request by one party
to another, it shall be in writing, enclosed in an envelope, addressed to the party to be notified at the address
heretofore stated (or at such other address as may have been designated by written notice), properly stamped,
sealed and deposited in the United States Mail. Any such notice given hereunder shall be deemed delivered upon
the earlier of actual receipt or three (3) business days after posting. The Department may rely on the addresses of
the Housing Business and Community set forth heretofore, as modified from time to time, as being the addresses of
the Community and Housing Business.
6,7 Waivers. No waiver by a party of any Event of Default hereunder shali operate as a waiver of any
other Event of Default or of the same Event of Default on any future occasion. No delay on the part of a party in
exercising any right or remedy hereunder shall operate as a waiver thereof, No single or partial exercise of any
right or remedy by a party shall preclude future exercise thereof or the exercise of any other right or remedy.
6.8 Headinc¡s. The headings in this Agreement are intended solely for convenience of reference and
shall be given no effect in the construction and interpretation of this Agreement.
6.9 Intec¡ration. This Agreement contains the entire understanding between the Community, Housing
Business and the Department and any representations that may have been made before or after the signing of this
Agreement, which are not contained herein, are nonbinding, void and of no effect. None of the parties have relied
on any such prior representation in entering into this Agreement.
6.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.
6.11
reference:
Documents Incorporated Bv Reference. The following documents are hereby incorporated by
(a)
(b)
Attachment A, "Housing Business' Enterprise Zone Application."
Attachment B, "Enterprise Zone Commission Resolution Approving the Housing Business'
Enterprise Zone Application."
6.12 Order Of Prioritv. In the event of a conflict between documents of this Agreement, the following
order of priority shall govern:
(a)
(b)
(c)
Articles 1 through 6 herein.
Attachment A, "Housing Business' Enterprise Zone Application."
Attachment B, "Enterprise Zone Commission Resolution Approving the Housing Business'
Enterprise Zone Application."
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Effective Date first stated:
Focmatrevised 7/2002
EZ Agreement # 04-HEZ-OS9
Page 7
FOR THE COMMUNITY:
CITY OF DUBUQUE
FOR IDED:
Michael Miller, Investment Management
Signature
Type or Print Name, Title
FOR THE HOUSING BUSINESS:
GRONEN ADAPTIVE REUSE, LLLP
Signature
Type or Print Name, Title
Fonnat "vised 7/2002
ATTACHMENT A
Housing Business' Enterprise Zone Application
HEZ
Format revised 7/2002
09 ~ /// ,--
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IOWA DEP AR TMENT OF ECONOMIC DEVELOPMENT
APPLICATION for ENTERPRISE ZONE BENEFITS
Housing Development
IOWA DEPT. OF ECONOMIC DEVELOPMEI,ï
'JUN 18 2004
DIVIS¡ON OF COMMUNITY
DEVELOPMENT
Iowa Department of Economic Development
Division of Business Development
200 East Grand Avenue
Des Moines, Iowa 50309
APRIL 2002
INTENT: The Enterprise Zone Program was established by the Iowa Legislature with the intent of promoting
new economic development in economically distressed areas ofIowa by encouraging communities to target
resources in ways that attract productive private investment.
PROJECT INITIATION: Projects that have already been initiated before receiving formal application approval
by the Iowa Department of Economic Development shall not be eligible for tax incentives and assistance under
this program.
"Project initiation" means anyone of the following: the start of construction of new or expanded buildings; the
start of rehabilitation of existing buildings; the purchase or leasing of existing buildings; or the installation of new
machinery and equipment or new computers to be used in the operation of the business' project. The purchase of
land or signing an option to purchase land or earth moving or other site development activities not involving
actual building construction, expansion or rehabilitation shall not constitute project initiation.
GENERAL INSTRUCTIONS
1. If more than six months has elapsed since the date on the front of this application, please contact IDED to see
ifthis version of the application is still current.
2, Before filling out this application form, please read Iowa Code Sections 15E,I91 through 15E.196, as
amended and the Enterprise Zone administrative rules,
3. Only typed or computer-generated applications will be accepted and reviewed. (Contact the IDED to have an
electronic copy of this application e-mailed to you.) Any material change to the format. Questions or wording
of Questions presented in this application, will render the application invalid and will not be accepted,
4. Complete the application fully; if any questions are left unanswered or required attachments are not
submitted, an explanation must be included.
5, Use clear and concise language. Attachments should only be used when requested or as supporting
documentation.
6. Any inaccurate information of a significant nature may disqualify the application from consideration.
7. Send the original ~ two copies of the completed application form and all required attachments to:
Kent Powell
Housing Fund Compliance Specialist
Iowa Department of Economic Development
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: (515)242-4786
Fax: (515) 242-4809
E-mail: kent.oowelliljUded,state.ia.us
It is not necessary to bind the application and/or the required attachments. Staples and/or binder clips may
be utilized. Please provide photocopies of any documents, which in their original form, IDED would not be
able to 2-hole punch for purposes of creating the applicant's file,
April 2002
PUBLIC RECORDS POLICIES
The Iowa Department of Economic Development (IDED) is subject to the Open Records law (2001 Iowa Code,
Chapter 22). Treatment of information submitted to IDED in an Enterprise Zone application is governed by the
provisions ofthe Open Records law, All public records are available for public inspection, Some public records
are considered confidential and will not be disclosed to the public unless ordered by a court, the lawful custodian
of the record, or by another person duly authorized to release the information. Copies of Iowa's Open Records
law and IDED's administrative rules relating to public records are available from the Department upon request.
APPLICANT INFORMATION
Name of Housing Business:
Gronen Adaptive Reuse, LLLP
Contact Name & Title:
John Gronen, General Partner
Address:
1086 Main Street
City, State & Zip Code:
Dubuque, Iowa 52001
Telephone:
Fax:
563.557.7010
563.690,1610
E-mail Address:
gro n enres@mcleodusa.net
Local Enterprise Zone Commission
Enterprise Zone Commission Name:
City of Dubuque Enterprise Zone Commission
Contact Name & Title:
William Baum, Economic Development Director
Address:
City of Dubuque
City Hall, 50 W, 13th Street
Organization:
City, State & Zip Code:
Dubuque, Iowa 52001
Telephone:
Fax:
563,589.4393
563.589,1733
E-mail Address:
wbau m@cityofdubuque,org
2
April 2002
CERTIFICATION & RELEASE OF INFORMATION
I, the undersigned, on behalf of the Housing Business identified above, hereby submit the following application
under Iowa Code Sections I5E.191 through 15E. I 96. I certify that the Housing Business is in good standing, and
has complied or will upon receipt of approval by the Department, with all applicable laws ofthe State ofIowa to
conduct business within the State. I certify that all information, representations, or statements provided to the
Iowa Department of Economic Development (IDED), in connection with this application, are true and correct in
all material respects,
I certify and understand that in order to receive benefits under the Enterprise Zone Program that the project
described in this application has not been initiated and that the project will not be initiated until the business
receives final approval of this application from the IDED.
I hereby give permission to IDED to make credit checks, contact the company's financial institution(s), and
perform other related activities necessary for reasonable evaluation of this application.
I understand this application is subject to final approval by the Department and am aware that Enterprise Zone
benefits are not available until final Department approval is secured and an agreement is executed with the
Housing Business, IDED and the Community, within a reasonable time period following approval. This
application will be used as the basis for the Enterprise Zone agreement,
Business:
Ge.M((1j'~
5,1-1. ot
Date
For the Enterprise Zone Commission:
4~Á~ ~~ '
Signature, Title /
Æ?d?arJ <C;k~
Print name and title
tj;'¡/ð<l
Date
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April 2002
APPLICA nON INFORMA nON
1.
Please provide a brief description of the proposed housing development project.
Six historic buildings in the loth block of Main Street, Dubuque, Iowa. Upper floors will be gut-rehabbed
with the units finished as quality, affordable housing. Will be completed historically correct utilizing
historic tax credits.
2,
In which Enterprise Zone will this project occur (include the zone's name, number, size in acres, and date
certified)?
Dubuque Enterprise Zone I
3.
Does the project involve new construction or rehabilitation?
Rehabilitation
4.
How many single-family homes or multi-family units are proposed?
30 total units: 16 2-bed units, ]4 I-bed units
5,
What will be the per unit value ofthe housing?
Hard construction costs of approx. $100,000 per unit, with appraised value at less than that.
6,
The single family homes or multi-family units being constructed or rehabilitated must be modest homes
or units and include the necessary amenities. Please explain how the proposed project will satisfY this
requirement?
The project is working closely with the City of Dubuque Housing and Fire Departments to meet
necessary requirements. Units will meet 100% low-income housing.
7.
Will the project meet U,S. Department of Housing and Urban Development Housing Standards and
applicable local codes?
Yes
8.
What is the current status ofthe project? When is construction scheduled to begin? What is the
anticipated project completion date?
Current status: Under-going environmental reviews, lead and asbestos assessments and architectural
plans.
Begin construction: Summer 2004
Complete: Late fall 2005 to early winter 2006
4
April 2002
9.
1O.
II.
12.
13.
Attach a legal description of the business site on which the project will occur.
See Attachment I
Attach a detailed map (no larger than 8" x 14") showing the housing development site in relation to the
boundaries of the certified Enterprise Zone.
See Attachment 2
Is any part ofthe project located in a 10O-year flood plain?
No
Please indicate the total capital investment that will be made as the result of this project?
Description of Capital Expenditure Amount
Construction $3,470,000
Architectural $ 100,000
Construction Loan Costs $ 260,000
Operating Reserves $ 135,000
Other $ 866,000
Total $4,831,000
Please identify the sources of project financing that will be utilized and the amount of the financing. (The
total amount of the financing should equal the total expenditures in Question #12.)
Source of Project Financing Amount
Deferred Development Fee $ 310,000
EZ Proceeds $ 14,000
American Trust and Savings Bank $ 211,000
City of Dubuque $ 420,000
LIHTC & Historic Credit Equity $3,876,000
Total $4,831,000
14.
For purposes of determining the amount of investment tax credits the housing business may receive, the
Iowa Department of Economic Development cannot include capital expenditures financed through
federal, state, and local government tax credits, grants and forgivable loans. Based on this information,
what portion of your total capital investment (identified in Question #12) will be eligible for the
investment tax credit?
$300,000 (estimated)
IS.
Please attach a long-term plan for the proposed housing development project including labor and
infrastructure needs.
See Attachment 3
16.
What economic benefits will the project bring to the area?
Investment in the downtown and the adaptive use of upper floor space for housing will greatly enliven the
downtown district. The project is fully in accord with the City's recent Downtown Master Plan, New
housing, new jobs, and new residents will combine to benefit this Upper Main Street neighborhood. A
new downtown school is being planned just blocks away and other educational, recreational and cultural
April 2002
17.
amenities are located within blocks of the development. New residents will utilize and support these
amenities,
Explain why the proposed project would be considered a good housing development project.
The concept ofre-using existing buildings downtown is part of the City's overall redevelopment strategy.
Two of the six buildings' residential space have been vacant since 1962. There is a great need and desire
for quality downtown housing.
18.
Please attach an affidavit that states the Housing Business has not, within the last five years, violated state
or federal environmental and worker safety statutes, rules, and regulations or, if such violations have
occurred, that there were mitigating circumstances or such violations did not seriously affect public health
or safety or the environment. '
See Attachment 4
19,
Explain why Enterprise Zone Benefits are needed in order for the project to proceed.
Benefits are needed to decrease the amount ofthe project's conventional bank loan in order to maintain
adequate debt service coverage.
20.
Please indicate the amount of Enterprise Zone tax benefits being requested for this project.
State Sales, Service, and Use Tax Refund:
_$57,OOO_est.
Investment Tax Credit:
_$30,000_est.
21.
Please list any additional requirements adopted by the local Enterprise Zone Commission and explain
how the Housing Business will meet each requirement.
N/A
6
April 2002
ATTACHMENTS
Please make sure the folIowing items are included with this application:
Housing Business:
J Legal description ofthe business site on which the project will occur.
,
Detailed map (no larger than 8" x 14") showing the business site in relation to the boundaries of the certified
Enterprise Zone.
j Long tenn strategic plan, which includes labor and infrastructure needs.
.¡ Affidavit that states the Business has not, within the last 5 years, violated state or federal environmental and
worker safety statutes, rules, and regulations,
Enterprise Zone Commission:
¿ Resolution by the Enterprise Zone Commission approving this application.
~Proofthat the meeting, in which this application was approved, was open to the public (i.e. public notice
which was published and/or posted),
pi Meeting minutes from the meeting, in which this application was approved.
7
Apcil2002
,ArrÆ-~ T
I'
Legal Description and Street address of each building
South Cooley
0 1042 Main St.
0 Lot 39 in the City of Dubuque, Iowa, according to the United States
Commissioner's Map thereof,
North Cooley
0 1066 Main St
0 Lot 40 in the City of Dubuque, Iowa, according to the United States
Commissioners' Map thereof,
Rolling Bootery
0 1086 Main St.
0 City Lot 40A in the City of Dubuque, Dubuque County, Iowa, according to the
United States Commissioner's Map of the Town (now City) of Dubuque, Iowa,
Twin Sister/Curtis Apts.
0 1069 Main St.
0 Lots 42, 42a and the south 8 feet oflot 41, in the City of Dubuque, Iowa,
according to the United States Commissioners' Map of the Town of Dubuque,
Iowa; and
Burden Building
0 1091 Main St.
248 W. lltb St.
0 248W.l1tbSt.
0 The North 43.2 feet of Lot 41 in the City of Dubuque, Iowa, according to the
United States Commissioners Map thereof
,
-1
ß'1' Ii- cH /tI Pt T ?-
mile .Ma. ~ ,;oY ,f dobo,o., ¡,..
~
-¥~r
.
/i'ffA-UlMØ\í ~
ll. EXECUTIVE SUMMARY
A. DEVELOPMENT RECOMMENDATIONS
.
Based on the income qualification standards of the Iowa Housing Finance Agency's
Low-Income Tax Credit Program; economic and demographic statistics; area perception
and growth; an analysis of supply and demand characteristics; absorption trends of
residential construction; and a survey of the rental apartment market in the City of
Dubuque, (Dubuque County) Iowa, this study has established that a market does exists for
a 30-unit family rental housing development to be renovated, Upper Main Revitalization
Project.
.
After a review of the subject site and market analysis data, it is our opinion, based on the
IFA guidelines, the development receives a positive recommendation.
.
With the proposed plans to develop all 30-units (100.0%) available to households with
incomes at or below 60.0% of the area median income, the subject site in the City of
Dubuque, Iowa, is proposed as follows:
BEDROOMS
NUMBER OF UNITS
60%
BATHROOMS
SQUARE FEET
GROSS RENT (60%)
UTILITY ALLOW ANCE*
NET RENT (60%)
UNIT BY TYPE AND BEDROOM
ONE TWO
14
1.0
600
$426.
$51.
$375.
16
1.0
1,430
$538.
$ 63.
$475.
* estimated by developer and/or local housing agency
.
The development will be undergoing a significant number of improvements and
rehabilitations. Exterior items include: new roof, repair hard surface parking areas,
improved signage and landscaping, new entry doors and new windows. Interior items
include: new appliances, cabinets, plumping and light fixtures in the kitchen; new cabinets,
sinks, toilets and tub/shower units in the bathroom and new entry doors and air-
conditioning units.
+
The square footage, specifically the two-bedroom units, will be an advantage for the
market area.
6
+
Each unit in the proposed development will contain a electric range, refrigerator,
dishwasher, air conditioner, exhaust fan, ceiling fans, window coverings, washer
dryer/hook-ups, one full bathroom, garbage disposal, and carpeting. The unit amenities
are sufficient for the market area and will create a good absorption pattern.
+
Rents will include electric, water/sewer services and trash removal. All utilities will be
included within the development. However, for comparison purposes, a utility allowance
of $51. per month for a one-bedroom unit and $63. per month for a two-bedroom unit is
estimated.
+
Project amenities associated with a smaller family-orientated development are important to
the success of the proposed facility, including community building/room, on-site rental
management office, playground, laundry room, security and adjacent parking for the
building. Additional the development will have a computer center for tenants.
+
The existing subject site buildings, Upper Main Revitalization Project, have a good
location within the City of Dubuque market area. Additionally, ingress and egress to the
subject parcel is good. From a marketing point of view, it would be beneficial if the
proposed site would be able to create an environment within this development, especially
the associated with smaller family progranuning.
+
The subject property is adequately located within one mile of all essential resident services,
including but not limited to: governmental services, educational, shopping, employment
and medical. There is public transportation available near the site.
+
The step-up opportunity ($50. or less than the proposed rent) for tenants in the Dubuque
area rental market, based on the proposed 50 % LIHTC net rents is good to excellent for
both one-bedroom and two-bedroom units.
+
More importantlv in the Dubuque market area. is the fact that there is an excellent base of
units at net rents higher than the oroposed rent of one-bedroom and two-bedroom units.
thereby creatinl! a potential product value in the rental market.
+
The proposed rents combined with the current rental market absorption pattern should
result in an overall vacancy rate of less than 3.5 % for the proposed development. The
overall LIHTC market should result in a vacancy rate of less than 5.0%.
+
It is our opinion that the proposed net rents are positioned properly in the market area,
especially with the proposed mix of units for the development. The proposed rents are a
value when reviewed with the existing market rents, a positive indicator for positioning
and absorption. The immediate rental competition is limited from the existing
developments, because of the lack of quality market-rate units at the proposed rents in the
Dubuque market area.
7
.
Because of the good base of existing units and the active base of employment, office and
commercial facilities within the immediate area, the development will be able to benefit
from the synergism created by the current market in the proposed site area. The proposed
site does have good accessibility to major roadways and can benefit positively from a
strong marketing program.
.
The absorption potential for tenants in the area rental market, based on the proposed net
rent for one-bedroom and two-bedroom units is excellent. It is anticipated, because of the
criteria set forth by the income and household size, the depth of the market demand and
the proposed product mix, absorption will be at an average of 3 to 5 units per month,
resulting in a 6.0 to 10.0 month absorption period for the proposed development. The
absorption rate may be higher in the initial months of rent-up.
c;/
þrlt-C-ffnLÐz;( ~
May 20, 2004
AFFADAVIT
We hereby certify that Gronen Adaptive Reuse, LLLP has not
violated the state or federal environmental and worker safety
statutes, rules and regulations.
Date:
5,'Z/) .Oi
$.~O.{)¡
PO ~OX 1862 DU~UQUr' IOWfi. 52004.1862 PfiGnr 563.557'7010 rft! 557'690.1610
ATTACHMENT B
Enterprise Zone Commission Resolution Approving the Housing Business'
Enterprise Zone Application
HEZ
Format revised 7/2002
CITY OF DUBUQUE, IOWA
ENTERPRISE ZONE COMMISSION
RESOLUTION 2-04
A RESOLUTION APPROVING THE FILING OF AN APPLICATION WITH
THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTING
ENTERPRISE ZONE BENEFITS ON BEHALF OF GRONEN ADAPTIVE
REUSE, LLLP.
Whereas, the State ofIowa Department of Economic Development (IDED) is accepting
applications from eligible businesses pursuant to the authority of House File 724, Enterprise
Zone Legislation; and
Whereas, the City of Dubuque, Iowa has two certified Enterprise Zones; and
Whereas, the City's Enterprise Zone Commission has been created by City Ordinance to
review applications for tax incentives and assistance based on criteria specified by law and to
transmit its recommendation to the IDED; and
Whereas, the City's Enterprise Zone Commission has reviewed an application trom
Gronen Adaptive Reuse, LLLP and has found the housing developer eligible to apply for
Enterprise Zone benefits.
NOW, THEREFORE, BE IT RESOLVED BY THE ENTERPRISE ZONE
COMMISSION OF THE CITY OF DUBUQUE, IOWA:
Section 1. That the Gronen Adaptive Reuse, LLLP application for Enterprise Zone
benefits is approved.
Section 2. That Gronen Adaptive Reuse, LLLP will create thirty (30) new housing
units in the city's downtown.
Section 3. That Gronen Adaptive Reuse, LLLP will invest approximately $4,831,000
in Enterprise Zone I as part of the historic renovation project.
Section 3. That the Chairperson is hereby authorized and directed to execute, on
behalf of the Enterprise Zone Commission, the joint application for Enterprise Zone benefits.
Passed, approved and adopted this 14th day of June, 2004.
W~~~,
Richard Stein
Chair
F: IUS ERSlPm yh eel WP DOCS IEZlGron en \ad op cresol u ti on. d oc
City of Dubuque
PUBLIC NOTICE OF MEETING
ENTERPRISE ZONE COMMISSION
DATE:
TIME:
PLACE:
Monday, June 14, 2004
4:00 p.m.
Conference Room B, City Hall
50 W. 13th Street
Dubuque, Iowa 52001
Notice is hereby given that the above identified governmental body will meet at the time, date and place as set
forth above.
The tentative agenda for the meeting is as follows:
CALL TO ORDER
AFFIDAVIT OF COMPLIANCE
MINUTES
February 2, 2004
APPLICATIONS
Gronen Adaptive Reuse, LLLP
ITEMS FROM PUBLIC
ITEMS FROM COMMISSION
ITEMS FROM STAFF
ADJOURNMENT
This notice is given pursuant to Chapter 21, Code of Iowa and applicable local regulations of the City of
Dubuque andlor the governmental body holding the meeting.
/~
NOTICE
Visually or hearing impaired persons needing assistance or persons with special accessibility needs who
wish to attend the meeting should contact the ED Department at (563)589-4393 or the Human Rights
Department at (563)589-4193 (TOO Number) at least forty-eight (48) hours prior to the meeting.
P, 1
* * * COMMUNICATION RESULT REPORT ( JUN, 11. 2004 10:23AM) * * *
TTl DUBUQUE CITY MANAGER
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FILE MOD E
OPTION
ADDRESS (GROUP)
RESUL T
PAGE
7706 MEMORY TX
(G02) CH 8
(G02) CITY CLERK
iG021 CR GAZETTE
(G02) DM REGiSTER
(G02) DYERSViLLE COMM
(G02) KCRG-DUBUQUE
iGO2) JUliEn JOURNAL
(GO2ì KAT KGRR KDTH
iGO2) KCRG TV
(GO2) KGAN & KFXB TV
(GO21 KWWL TV
(GO21 KWWL TV
(GO2) MEDiA COM
(G02ì TELEGRAPH HERALD
(G02)WDBQ/KLYV
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L I NC FA I'
E--2) BUSY
E-4) NO FACSIMILE CONNECTION
City of Dubuque
PUBLIC NOTICE OF MEETING
ENTERPRISE ZONE COMMISSION
Monday, June 14, 2004
4:00 p.m.
Conferençe Room B, City Hall
50 W. 13th Street
Dubuque, Iowa 52001
DATE:
TIME:
PLACE:
Notice is hereby given that the above identified governmental body will meet at the time, date and place as set
forth above.
The tentative agenda for the meeting is as follows:
CALL TO ORDER
AFFIDAVIT OF COMPLIANCE
MINUTES
February 2, 2004
APPLICATIONS
r..rnnf'.n Adaotive Reuse. LLLP
ENTERPRISE ZONE COMMISSION
City of Dubuque, Iowa
MINUTES
DATE:
June 14, 2004
TIME:
4:04 P.M.
PLACE:
Conference Room B, City Hall
50 West 13th Street, Dubuque, Iowa 52001
COMMISSION:
Present: Doug Buswell, Doug Stillings, Dan LoBianco, Andrea Muntz,
Rick Stein, Mike Van Milligen, Dave Baker, Dan White
Absent: Kelly Deutmeyer
STAFF:
Bill Baum, Pam Myhre
CALL TO ORDER
Staff reported that neither the Chair nor Vice-Chair was expected to attend the meeting.
Motion by Van Milligen, second by Stillings, to appoint Dan White as the Acting Chair.
Motion passed unanimously. The meeting was called to order at 4:04 p.m. Staff
certified that the meeting was being held in compliance with the Iowa Open Meetings
Law.
MINUTES
Stillings moved and Van Milligen seconded a motion to approve the minutes of
February 2, 2004. Motion passed unanimously.
[Stein arrived at meeting and resumed Chair responsibilities.]
APPLICATIONS
Gronen Adaptive Reuse. LLLP
Baum presented the 30-unit upper-story downtown housing project located in the 1000
Block of Main Street and related that EZ benefits are also available to housing
developments. He introduced the developers, John and Mary Gronen, who explained
the project to the Commission and shared a photo display and floor plans of the multi-
building project. John Gronen indicated that the rehabilitation work would be done to
historic standards.
Stein asked about parking. Gronen stated that 34-37 off-street spaces would be
created behind the buildings. Van Milligen asked about the community room. It will be
on the 1 st floor and will be access-controlled for tenants only. Stein asked about
handicap accessibility. Gronen noted that while the upper floor units are not accessible
- because there is not an elevator required - one of the 30 units must still be handicap
accessible. He said the historic building code allows some leeway with the interior
stairs.
The project will be available partially in Summer 2005 and the remainder in Spring
2006. Van Milligen asked how many people would be employed in the rehab work.
Gronen estimated 20 people over the construction period. Stein asked if the units were
subsidized. People with less than 60% of the area median income are eligible tenants
and the rents are predetermined as affordable.
Buswell asked about the appraised value and amount of equity in the project. The rules
and regulations of the program were discussed. Van Milligen indicated his support for
the project and that it really cleans up that part of Main Street, utilizes tax credits in
Dubuque rather than seeing them used by another community and explained that the
project was being partially funded with TIF money through the Downtown Rehab Loan
Program.
LoBianco clarified that Dubuque Main Street Ltd. will be a tenant in one of the
storefronts. He shared that a recent study showed the need for 2-bedroom housing
units in the downtown and that the project would be a worthy renovation project for
Upper Main.
Stein asked about environmental issues. Gronen explained that an above ground oil
tank had been on the property, and since an old photography studio and dry cleaners
were also former building tenants, additional testing for chemicals will be completed.
Some asbestos has been noted but nothing substantial.
Motion by Van Milligen, second by Buswell, to authorize the resolution approving the
application. The following vote was taken:
Nay:
Abstain:
Baker, Buswell, LoBianco, Muntz, Stein, Stillings, Van Milligen and
White
None
Aye:
ADJOURNMENT
Meeting adjourned at 4:35 p.m.
Approved
Chairperson
F :IUSE RS'Pmyh relWPDOCSIEZlMinutes 1M I N6-14-04. doc
Iowa Tax Credit Certificate
Housing Enterprise Zone Investment Tax Credit
This certificate must be attached to the income tax return for the tax vears beqinninq on or after Januarv
1. 2003 by a taxpayer claiminq enterprise zone housinq investment tax credits.
Name ot Eligible Housing Business Name of Transferee (if applicable)"
Gronen Adaptive Reuse, LLLP
Address of Eligibie Housing Business Address of Transferee
1086 Main St.,
City State Zip Code City State Zip Code
Dubuque, IA 52001
Taxpayer Identification No" Taxpayer Identification No.
Amount of Credit being claimed in this tax year" Amount of Credit being transferred to this Transferee
Date ot Project Completion (Attach certificate of occupancy)"
"To be completed by taxpayer at time of riling.
"" Replacement tax credIt cert/flcates wIll only be
issued to projects utilizing Federal Section 42 credits.
Signature required below if transferring credit to transferee (if applicable)
We request transfer of the tax benefits to the above "transferee" in the amount indicated.
Name
Title
Investment Tax Credit
Amount of approved Tax Credit $32,000.00
HEZ Application Number 04-HEZ-059
"Tax Certificate Instructions"
This tax credit certificate must be attached to any income tax return for tax years beginning on or after
January 1, 2003. The credit can be taken in the year the units are ready for occupancy. Any credit in
excess of the tax liability for the tax year may be credited to the tax liability for the following seven (7)
years or until depleted whichever is earlier. If the business claiming the credit is a partnership, S
Corporation, limited liability company, or estate or trust electing to have the income taxed directly to the
individual, please attach a schedule listing each individual and the amount of the credit available to each.
A copy of this form and a copy of the certificate of occupancy (or equivalent documentation)
must be attached to any Iowa tax return for a project claiming the housing enterprise zone
investment tax credit. Iowa Form 3468 must also be attached to the tax return claiming housing
enterprise zone tax credits.
For Economic Development:
Michael Miller
Investment Management Team leader
Date:
HEZ
Format revised 7/2002