Holy Ghost Urban Renewal DistrictMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Urban Renewal Plan for the Holy Ghost Urban Renewal District
DATE: July 12, 2011
Dubuque
AN- Amedca
lip
2007
Economic Development Director Dave Heiar recommends City Council approval of the
Urban Renewal Plan for the Holy Ghost Urban Renewal District. The Urban Renewal
Plan will create a district to include the former Holy Ghost School and Convent
buildings. The plan would provide these areas access to the tools and incentives
available to urban renewal district properties, including tax increment financing.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director '
SUBJECT: Urban Renewal Plan for the Holy Ghost Urban Renewal District
DATE: July 7, 2011
Dubuque
bettd
All - America City
2007
Introduction
The purpose of this memorandum is to forward for City Council review and approval of
Urban Renewal Plan for the Holy Ghost Urban Renewal District. The proposed creation
this district would include the former Holy Ghost School and Convent buildings. The
Plan and Resolution adopting the Plan are attached.
Background
On June 6, 2011, the City Council approved a Resolution of Necessity finding that the
proposed area was a blighted area and appropriate for urban renewal activities. Staff
has prepared an Urban Renewal Plan for the area as per the directive of the City
Council.
A consultation process was conducted with the affected taxing entities as required by
State Law. The required consultation with affected taxing bodies was held on June 21,
2011. No objections were received.
The Plan was reviewed by the Long Range Planning Commission on June 15, 2011.
The Long Range Planning Commission has forwarded its recommendation to the City
Council affirming that the Plan is consistent with the City's Comprehensive Plan for
development.
Discussion
The Urban Renewal Plan will create a district to include the former Holy Ghost School
and Convent buildings (see Attachment A of the Urban Renewal Plan for a map). The
plan would provide these areas access to the tools and incentives available to urban
renewal district properties, including tax increment financing.
The Archdiocese of Dubuque recently has sold the former Holy Ghost School and
Convent to Pegasus Properties. Pegasus has plans to rehabilitate the historic
structures into apartment buildings. For the projects to be financially feasible for the
developer, Pegasus has requested the buildings be placed in an Urban Renewal
District to allow for the use of Tax Increment Financing to assist the project.
2887 Central contains the former Holy Ghost convent building, a three story masonry
building which is currently vacant. The building will be rehabilitated into nine market
rate residential rental units with 11 off - street parking spaces. 2901 Central contains the
former Holy Ghost Assisi School building, a four -story masonry building, which is
currently vacant. The building will be converted to eighteen market rate residential
rental units with 23 off - street parking spaces.
The owners have applied to have both buildings listed on the National Register of
Historic Places and will apply for state and federal Historic Tax Credits. The buildings
will be renovated under the Secretary of Interior's standards for the renovation of
historic properties.
The former Holy Ghost Assisi School building at 2901 Central was rezoned in January
to OR Office Residential. The Zoning Board of Adjustment approved a special
exception on February 24, 2011 to allow the building to be converted to 18 residential
units. The ZBA also approved a variance on December 16, 2010 to allow the former
convent building at 2887 Central to be converted to ten residential units.
Recommendation
I recommend that the attached resolution adopting the Urban Renewal Plan be
approved to support reinvestment efforts in the district
Action Step
The Action Step for the City Council is to review and approve the resolution to adopt the
Urban Renewal Plan for the Holy Ghost Urban Renewal District.
attachments
F: \USERS \Econ Dev \Urban Renewal\Holy Ghost UR District\20110707 Holy Ghost Adopt memo.doc
CITY OF DUBUQUE,
IOWA
OFFICIAL NOTICE
NOTICE is hereby
given that the Dubuque
City Council will con-
duct a public hearing
on July 18, 2011, at 6:30
p.m., in the City
Council Chambers at
the Historic Federal
Building, 350 W. 6th St.,
to consider adopting
an Urban Renewal Plan
for the Holy Ghost
Urban Renewal District.
The following des-
cribed area, which is
proposed to be
included in the Holy
Ghost Urban Renewal
District, is a blighted
area as defined by
Chapter 403 of the
Iowa Code and is
appropriate for an
urban renewal project,
to wit:
Lot 1 of 1 and Lot 2 of
1 of Paragon Square in
the City of Dubuque,
Dubuque County, Iowa;
and also including
public right -of -way of
Central Avenue abut-
ting thereto.
The City of Dubuque
reserves the right to
modify the boundaries
of the District at some
future date. Any
amendments to the
Plan will be completed
in accordance with
Chapter 403 of the
Iowa Code, Urban
Renewal Law.
A copy of the Holy
Ghost Urban Renewal
District Plan is on file
in the City Clerk's
Office and may be
viewed during normal
working hours.
Written comments
regarding the above
amendment may be
submitted to the City
Clerk's Office on or
before said time of
public hearing.
At said time and place
of public hearing all
interested citizens and
parties will be given an
opportunity to be
heard for or against
said amendment.
Any visual or hearing
impaired persons
needing special
assistance or persons
with special accessi-
bility needs should
contact the City Clerk's
Office at (563) 589 -4120
or TDD (563) 590 -6678
at least 48 hours prior
to the meeting.
Published by order of
the City Council given
on the 6th day of June,
2011.
Kevin S. Firnstahl
Acting City Clerk
It 7/8
STATE OF IOWA {SS:
DUBUQUE COUNTY
CERTIFICATION OF PUBLICATION
I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa
corporation, publisher of the Telegraph Herald,a newspaper of general circulation
published in the City of Dubuque, County of Dubuque and State of Iowa; hereby
certify that the attached notice was published in said newspaper on the following
dates: July 08, 2011, and for which the charge is $23.74.
_ (,ti�t.l.tivva V
Subscribed to before me, a otary Public in and for Dubuque County, Iowa,
this 1 day of , 20 ( l
tary Public in and for Dubuque County, Iowa.
JANET K. PAPE
Commission Number 199559
My Comm. Exp. DEC 11, 2013
RESOLUTION NO. 234 -11
iui11w1nmWaimiinimmoimm1111iii
Doc ID' 007105280018 Type: GEN
Kind RESOLUTION
Recorded: 07/21/2011 at 03:19:59 PM
Fee Amt: $92.00 Page 1 of 18
Dubuque County Iowa
Kathy Flynn Thurlow Recorder
F11e2011- 00010280
Prepared Bv: David Heiar ED Director Citv of Dubuaue 50 W. 13 St. Dubuaue. IA 52001 (563) 589 -4393
Return To: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque, IA 52001 (563) 589 -4393
A RESOLUTION APPROVING THE URBAN RENEWAL PLAN FOR THE HOLY GHOST
URBAN RENEWAL DISTRICT.
Whereas, on June 6, 2011, the City Council of the City of Dubuque, Iowa authorized
the preparation of an Urban Renewal Plan (the "Plan ") for the Holy Ghost Urban Renewal
District (the "District "); and
Whereas, the City of Dubuque's primary objective in adopting this Plan is to
provide opportunities for redevelopment and reinvestment in the District; and
Whereas, the Long Range Planning Commission has reviewed the proposed
Plan and has found that said document is consistent with the Comprehensive Plan for
the development of the City of Dubuque as a whole and has transmitted its findings to
the City Council; and
Whereas, a consultation process has been undertaken with affected taxing
entities in accordance with Chapter 403 of the Code of Iowa with no written objections
or recommended changes to the Plan received; and
Whereas, the City Council, in accordance with Chapter 403 of the Code of Iowa,
has held a public hearing on the proposed Plan after public notice thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Urban Renewal Plan for the Holy Ghost Urban Renewal
District, attached hereto and made reference to herein, be approved.
Section 2. This Council finds that a feasible method exists for the location of any
families who will be displaced from the District into decent, safe and sanitary dwelling
accommodations within their means and without undue hardship to such families. The
aty ad_
Council further finds that the urban renewal plan conforms to the general plan of the
municipality as a whole.
Section 3. That the City Clerk of the City of Dubuque, Iowa is hereby authorized
and directed to file a certified copy of this Resolution and the Plan in the office of the
Dubuque County Recorder.
Passed, approved and adopted this 18 day of July, 2011.
Attest:
Kevin Firnstahl
Acting City Clerk
0
Roy D. Buol
Mayor
F: \USERS \Econ Dev \Urban Renewal \Holy Ghost UR District\2011.1 Holy Ghost Adopt Resolution.docx
Prepared By: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque, IA 52001 (563) 589 -4393
Return To: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque, IA 52001 (563) 589 -4393
RESOLUTION NO. 234 -11
A RESOLUTION APPROVING THE URBAN RENEWAL PLAN FOR THE HOLY GHOST
URBAN RENEWAL DISTRICT.
Whereas, on June 6, 2011, the City Council of the City of Dubuque, Iowa authorized
the preparation of an Urban Renewal Plan (the "Plan ") for the Holy Ghost Urban Renewal
District (the "District "); and
Whereas, the City of Dubuque's primary objective in adopting this Plan is to
provide opportunities for redevelopment and reinvestment in the District; and
Whereas, the Long Range Planning Commission has reviewed the proposed
Plan and has found that said document is consistent with the Comprehensive Plan for
the development of the City of Dubuque as a whole and has transmitted its findings to
the City Council; and
Whereas, a consultation process has been undertaken with affected taxing
entities in accordance with Chapter 403 of the Code of Iowa with no written objections
or recommended changes to the Plan received; and
Whereas, the City Council, in accordance with Chapter 403 of the Code of Iowa,
has held a public hearing on the proposed Plan after public notice thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Urban Renewal Plan for the Holy Ghost Urban Renewal
District, attached hereto and made reference to herein, be approved.
Section 2. This Council finds that a feasible method exists for the location of any
families who will be displaced from the District into decent, safe and sanitary dwelling
accommodations within their means and without undue hardship to such families. The
Council further finds that the urban renewal plan conforms to the general plan of the
municipality as a whole.
Section 3. That the City Clerk of the City of Dubuque, Iowa is hereby authorized
and directed to file a certified copy of this Resolution and the Plan in the office of the
Dubuque County Recorder.
Passed, approved and adopted this 18 day of July, 2011.
Kevin Firnstahl
Acting City Clerk
Roy D. Buol
Mayor
F: \USERS \Econ Dev \Urban Renewal \Holy Ghost UR District12011.1 Holy Ghost Adopt Resolution.docx
URBAN RENEWAL PLAN
Holy Ghost
Urban Renewal District
City of Dubuque, Iowa
This Urban Renewal Plan provides for the development of the
Holy Ghost Urban Renewal District. This plan was authorized
by Resolution of the City Council of the City of
Dubuque, Iowa on July 18, 2011.
Prepared by the Economic Development Department.
Version 2011.1
TABLE OF CONTENTS
A. INTRODUCTION 3
B. JUSTIFICATION FOR THE DESIGNATION 3
C. OBJECTIVES OF THE PLAN 3
D. DISTRICT BOUNDARIES 4
E. PUBLIC PURPOSE ACTIVITIES 4
F. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS 5
G. LAND ACQUISITION 5
H. FINANCING ACTIVITIES 5
I. STATE AND LOCAL REQUIREMENTS 7
J. DURATION OF APPROVED URBAN RENEWAL PLAN 7
K. SEVERABILITY 8
L. AMENDMENT OF APPROVED URBAN RENEWAL PLAN 8
M. ATTACHMENTS 8
2
URBAN RENEWAL PLAN
Holy Ghost Urban Renewal District
City of Dubuque, Iowa
A. INTRODUCTION
This URBAN RENEWAL PLAN (the "Plan ") has been prepared pursuant to Resolution
of the City Council of the City of Dubuque as adopted on July 18, 2011. Its intent
is to remove blight within the HOLY GHOST URBAN RENEWAL DISTRICT (the "District ")
through the commitment of public actions as specified herein.
To achieve this objective, the City of Dubuque shall undertake the urban renewal actions
specified in this Plan, pursuant to the powers granted to it under Chapter 403 of the Iowa
Code, Urban Renewal Law.
B. JUSTIFICATION FOR THE DESIGNATION
The City Council of the City of Dubuque, Iowa has determined that the following
blighting conditions, as defined by Chapter 403 of the Iowa Code, Urban Renewal Law,
exist within the District:
• Undeveloped and underdeveloped land;
• A preponderance of deteriorated, dilapidated and obsolete public and
private improvements;
• A faulty lot layout in relation to the size, adequacy and usefulness of the
lots;
• Fragmented property ownership patterns;
• A lack of public utilities; and
• An inadequate street layout.
The Council has declared by Resolution of Necessity No. 184 -11 on June 6, 2011 that
these factors have substantially impaired and arrested the sound growth of the City of
Dubuque and of the area comprising the District.
C. OBJECTIVES OF THE PLAN
The primary objectives of the Plan are the development and redevelopment of the District,
through:
1. The conservation, restoration, renovation or rehabilitation of the historic
and architectural character of the District through the renovation and
rehabilitation of historic buildings, the use of appropriate construction
techniques, the coordinated administration of appropriate code
enforcement efforts and the maximization of all available financial and
3
technical resources;
2. The creation of financial incentives necessary to encourage private
investment and reinvestment in the District;
3. The expansion of the existing property tax base of the District; and
4. Provision of public infrastructure improvements supportive of full
development of the District.
D. DISTRICT BOUNDARIES
The District is located within the City of Dubuque, County of Dubuque, State of Iowa.
The District shall consist of the real property legally described as follows:
Lot 1 of 1 and Lot 2 of 1 of Paragon Square in the City of Dubuque,
Dubuque County, Iowa; and also including public right -of -way of
Central Avenue abutting thereto.
The boundaries of the District are delineated on the URBAN RENEWAL DISTRICT map
(Attachment A).
The City of Dubuque reserves the right to modify the boundaries of the District at some
future date. Any amendments to the Plan will be completed in accordance with Chapter
403 of the Iowa Code, Urban Renewal Law.
E. PUBLIC PURPOSE ACTIVITIES
To meet the OBJECTIVES of this Plan, the City of Dubuque is prepared to initiate and
support development and redevelopment of the District through, among other things, the
following PUBLIC PURPOSE ACTIVITIES:
1. Improvement, installation, construction and reconstruction of streets, utilities
and other improvements and rights -of -ways;
2. Use of tax increment financing, loans, grants and other appropriate financial
tools in support of eligible public and private development and
redevelopment efforts; and
3. Enforcement of applicable local, state and federal laws, codes and
regulations.
Public purpose activities are limited to those areas delineated on the PUBLIC PURPOSE
ACTIVITY AREA map (Attachment B).
4
All public purpose activities shall be conditioned upon and shall meet the restrictions and
limitations placed upon the District by the Plan.
F. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS
The LAND USE and PLANNING AND DESIGN CRITERIA set forth herein shall apply to
any and all District properties the development and /or the redevelopment of which is
assisted by the City through any of the PUBLIC PURPOSE ACTIVITIES listed above.
1. Land Use
The intent of this Plan is to promote the rehabilitation of historic buildings into mixed
use buildings within the District. All uses shall be regulated by the zoning district
established for the property.
LAND USE maps (Attachments C1 and C2) identify the existing and the proposed
land uses within the District.
2. Planning and Design Criteria
The planning criteria to be used to guide the physical development of the District are
those standards and guidelines contained within the City of Dubuque's Zoning
Ordinance and other applicable local, state and federal codes and ordinances,
including but not limited to those applicable to historic tax credit projects.
1 Land Acquisition
G. LAND ACQUISITION
The City does not intend to acquire any property within the District. However, the
City reserves the right to acquire, by negotiation or eminent domain, property rights
required for the construction or reconstruction of streets and public utilities, or any
other public facility or improvement.
H. FINANCING ACTIVITIES
To meet the OBJECTIVES of this Plan and to encourage the redevelopment of the District
and private investment therein, the City of Dubuque is prepared to provide financial
assistance to qualified developers through the making of loans or grants under Chapter
15A of the Iowa Code and through the use of tax increment financing under Chapter 403 of
the Iowa Code.
1. Chapter 15A Loan or Grant
The City of Dubuque has determined that the making of loans or grants of public
funds to qualified developers is necessary to aid in the planning, undertaking and
5
completion of urban renewal projects authorized under this Plan within the meaning
of Section 384.24(3)(q) of the Iowa Code. Accordingly, in furtherance of the
objectives of this Plan, the City of Dubuque may determine to issue bonds or loan
agreements, in reliance upon the authority of Section 384.24A, Section
384.24(3)(q), Section 403.12 (general obligation bonds) or Section 403.9 (tax
increment bonds), for the purpose of making loans or grants of public funds to
qualified developers. Alternatively, the City may determine to use available funds
for the making of such loans or grants. In determining qualifications of recipients
and whether to make any such individual loans or grants, the City of Dubuque shall
consider one or more of the factors set forth in Section 15k 1 of the Iowa Code on a
case -by -case basis.
2. Tax Increment Financing
The City of Dubuque is prepared to utilize tax increment financing as a means of
financing eligible costs incurred to implement the Public Purpose Activities identified
in Part E of this Plan. Bonds or loan agreements may be issued by the City under
the authority of Section 403.9 of the Iowa Code (tax increment bonds) or Section
384.24A, Section 384.24(3)(q) and Section 403.12 (general obligation bonds).
The City acknowledges that the use of tax increment revenues delays the ability of
other local taxing bodies to realize immediately the direct tax benefits of new
development in the District. The City believes, however, that the use of tax
increment revenues to finance new development in the District is necessary in the
public interest to achieve the OBJECTIVES of this Plan. Without the use of this
special financing tool, new investment may not otherwise occur or may occur within
another jurisdiction. If new development does not take place in Dubuque, property
values could stagnate and the City, County and School District may receive less
taxes during the duration of this Plan than they would have if this Plan were not
implemented.
Tax increment financing will provide a long -term payback in overall increased tax
base for the City, County and School District. The initial public investment required
to generate new private investment will ultimately increase the taxable value of the
District well beyond its existing base value.
Tax increment reimbursement may be sought for, among other things, the following
costs to the extent they are incurred by the City:
a. Planning and administration of the Plan;
b. Construction of public infrastructure improvements and facilities within the
District;
c. Acquisition, installation, maintenance and replacement of public
investments throughout the District;
6
d. Loans or grants to qualified developers under Chapter 15A of the Iowa
Code, including debt service payments on any bonds issued to finance
such loans or grants, for purposes of improving or renovating buildings
within the District, or other qualifying loan programs established in support
of the Plan; and
e. Providing the matching share for a variety of local, state and federal
grants and loans.
3. Proposed Amount of Indebtedness
At this time, the extent of improvements and new development within the District
is only generally known. As such, the amount and duration for use of the tax
increment revenues for public improvements and /or private development can
only be estimated; however, the actual use and amount of tax increment
revenues to be used by the City for District activities will be determined at the
time specific development is proposed.
It is anticipated that the maximum amount of indebtedness which will qualify for
tax increment revenue reimbursement during the duration of this Plan, including
public improvements and private development assistance, will not exceed
$1,000,000.
At the time of adoption of this Plan, the City of Dubuque's current general
obligation debt is $ 95,918,516 (a list of obligations is found as Attachment D)
and the applicable constitutional debt limit is $174,325,144, for the Fiscal Year
starting July 1, 2011.
I. STATE AND LOCAL REQUIREMENTS
All provisions necessary to conform with state and local laws have been complied with by
the City of Dubuque in the implementation of this Plan and its supporting documents.
J. DURATION OF APPROVED URBAN RENEWAL PLAN
This Plan shall continue in effect until terminated by action of the City Council, but in no
event before the City of Dubuque has received full reimbursement from all incremental
taxes for its advances and principal and interest payable on all Tax Increment Financing or
general obligations issued to carry out the OBJECTIVES of the Plan.
The DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS established, or as
amended from time to time by the City of Dubuque Zoning Ordinance, shall remain in effect
in perpetuity.
7
K. SEVERABILITY
In the event one or more provisions contained in this Plan shall be held for any reason to
be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity, illegality,
unauthorization or unenforceability shall not affect any other provision of this Plan and this
Urban Renewal Plan shall be construed and implemented as if such provision had never
been contained herein.
L. AMENDMENT OF APPROVED URBAN RENEWAL PLAN
This Plan may be amended from time to time to respond to development opportunities.
Any such amendment shall conform to the requirements of Chapter 403 of the Iowa Code.
Any change effecting any property or contractual right can be effectuated only in
accordance with applicable state and local law.
M. ATTACHMENTS
A Urban Renewal District Map
B Public Purpose Activity Area Map
C -1 Existing Land Use Map
C -2 Proposed Land Use Map
D List of General Obligations
8
Holy Ghost
Urban Renewal District
Version 2011.1
intlU.08. anted by the CIty of
Holy Ghost
Urban Renewal District
Version 2011.1
Public Purpose Activity Area
1 inch = 100
Holy Ghost
Urban Renewal District
Version 2011.1
Existing Land Use Map
Dubuque .s"se. ▪ lee d the
.oaks
4" 1=r:Z:■771O * Use • ' :Itt7or out d errs Peach el
1 inch = 100
Institutional Use
Holy Ghost
Urban Renewal District
Version 2011.1
Future Land Use Map
.• City of Dubuque. PartS■Pitin• lono.utlIreedtim
Office and Residential Use
•
Description
Attachment D
City of Dubuque
Recommended Summary of Bonded Indebtedness - Fiscal Year 2011 -2012
Date Net Amount Principal Principal Interest Principal Year of
of Interest of Outstanding Due Due Outstanding Final
Issue Rate Issue 7/1/11 FY 2012 FY 2012 6/30/12 Payment
General Obligation Bonds
(Essential Corporate Purpose)
1 Main Street Refunding 08 -02 -10 2.4203% 705,000 650,000 55,000 15,731 595,000 2021
2 Water Main and Water Tower 12 -01 -02 3.8187% 3,105,000 1,120,000 170,000 45,570 950,000 2017
3 Stormwater Improvements 09 -15 -03 4.2750% 2,110,000 1,420,000 95,000 60,848 1,325,000 2023
3 Stormwater Improvements 04 -18 -05 4.2421% 1,750,000 1,330,000 80,000 55,348 1,250,000 2024
4 DICW Expansion - Taxable 04 -18 -05 4.9392% 2,995,000 1,590,000 285,000 78,330 1,305,000 2016
4 DICW Expansion -Non Taxable 04 -18 -05 4.1240% 4,270,000 3,590,000 125,000 146,088 3,465,000 2021
5 Refinanced Portions 5th /3rd St Ramps 05 -02 -06 3.9857% 3,360,000 3,025,000 175,000 120,102 2 2020
5 Refinanced Portions of T- Hangars 05 -02 -06 3.9857% 165,000 165,000 35,000 16,058 130,000 2020
6 Parking Ramp Improvements 05 -02 -06 4.0257% 910,000 670,000 55,000 26,908 615,000 2021
3 Stormwater Improvements 05 -02 -06 4.0665% 2,900,000 2,360,000 125,000 95,228 2,235,000 2025
5 Refinanced Portions 5th /3rd St Ramps 12 -01 -07 3.6731% 2,650,000 2,060,000 315,000 77,250 1,745,000 2017
7 Sewer System Improvements & Ext. 12 -01 -07 3.6596% 1,055,000 740,000 115,000 26,418 625,000 2017
10 Port of Dubuque Parking Ramp 10 -16 -07 7.5000% 23,025,000 22,740,000 305,000 1,705,500 22,435,000 2037
3 Stormwater Improvements 11 -04 -08 4.5702% 3,885,000 3,500,000 150,000 153,152 3,350,000 2028
11 Kephart's Building 11 -04 -08 4.2334% 377,055 320,530 21,280 12,997 299,250 2024
12 Library Renovation 11 -04 -08 4.2334% 2,457,945 2,089,470 138,720 84,722 1,950,750 2024
4 DICW Expansion - Taxable 11 -04 -08 5.5369% 2,465,000 2,145,000 120,000 115,625 2,025,000 2018
4 DICW Expansion -Non Taxable 11 -04 -08 4.2334% 455,000 385,000 25,000 15,612 360,000 2023
13 Bricktown Parking Lot 12 -01 -08 5.0000% 400,000 352,109 20,874 17,348 331,235 2023
16 America's River Refunding 11 -05 -09 2.7913% 8,885,000 7,560,000 690,000 274,825 6,870,000 2021
17 Airport Improvements 11 -05 -09 3.2913% 230,000 220,000 10,000 10,090 210,000 2029
18 Fire Truck Replacement 11 -05 -09 3.2913% 1,410,000 1,355,000 60,000 62,140 1,295,000 2029
19 Fiber Optic Paving 11 -05 -09 3.2913% 100,000 95,000 5,000 4,275 90,000 2029
20 Streetlight Replacement 11 -05 -09 3.2913% 40,000 35,000 5,000 1,195 30,000 2018
3 Stormwater Improvements 11 -05 -09 3.2913% 1,155,000 1,110,000 45,000 50,980 1,065,000 2029
21 Downtown Parking Ramp 11 -05 -09 3.2325% 9,310,000 8,935,000 380,000 404,375 8,555,000 2029
22 DICW - North Siegert Improvements 11 -05 -09 3.2325% 1,865,000 1,790,000 75,000 81,056 1,715,000 2029
17 Airport Improvements 08 -02 -10 3.2838% 168,933 168,933 6,621 5,127 162,312 2030
25 Refuse Truck Replacements 08 -02 -10 3.2838% 69,946 69,946 2,787 2,158 67,159 2030
3 Stormwater Improvements 08 -02 -10 3.2838% 1,667,481 1,667,481 66,433 51,444 1,601,048 2030
17 Smart Meters for City Buildings 08 -02 -10 3.2838% 49,602 49,602 1,892 1,465 47,710 2030
19 Public Works Equipment Replacement 08 -02 -10 3.2838% 542,488 542,488 21,613 16,736 520,875 2030
20 Street Improvements 08 -02 -10 3.2838% 295,000 295,000 12,060 9,339 282,940 2030
17 Park Water System Study 08 -02 -10 3.2838% 80,000 80,000 3,074 2,381 76,926 2030
7 Sanitary Improvements 08 -02 -10 3.2838% 891,550 891,550 35,520 27,506 856,030 2030
24 Downtown Housing RFP /40 Main 08 -02 -10 3.2838% 2,675,000 2,675,000 90,000 110,196 2,585,000 2030
24 Millwork District Parking 08 -02 -10 3.2838% 2,825,000 2,825,000 115,000 85,300 2,710,000 2030
26 Tri -State Building Purchase 02 -09 -10 0.0000% 330,000 235,714 47,143 188,571 2016
3 Stormwater Improvements 09 -20 -10 1.4900% 2,850,000 2,288,430 80,298 93,502 2,208,132 2032
7* Sewer System Improvements Planned* 4.5000% 4,720,994 4,720,994 169,776 193,327 4,551,218 2032
6* Parking Ramp Improvements Planned* 4.5000% 59,700 59,700 4,120 5,064 55,580 2032
3* Stormwater Improvements Planned* 4.5000% 1,959,409 1,959,409 70,502 80,201 1,888,907 2032
20* Street Improvements Planned* 4.5000% 1,012,000 1,012,000 36,412 41,423 975,588 2032
25* Refuse Truck Replacements Planned* 4.5000% 36,000 36,000 1,773 1,580 34,227 2032
17* 18th Street Building Renovation Planned* 4.5000% 606,409 606,409 367,829 18,542 238,580 2032
27* Intermodal Facility Planned* 4.5000% 280,000 280,000 10,075 11,461 269,925 2032
28* Airport - New Terminal Planned* 4.5000% 673,000 673,000 24,215 27,547 648,785 2032
23* Fire Station Land from Dbq Initiative Planned* 5.0000% 650,000 650,000 52,815 32,185 597,185 2032
22* DICW - South Siegert Improvements Planned* 6.5000% 2,779,751 2,779,751 87,877 164,495 2,691,874 2032
Total General Obligation Bonds 107,257,263 95,918,516 4,988,709 4,738,750 90,929,807
Attachment b
City of Dubuque
Recommended Summary of Bonded Indebtedness - Fiscal Year 2011 -2012
NOTES:
1 G.O issue for Main Street project backed by Greater Downtown TIF revenue.
2 G.O issue for water main and water tower backed by water revenue.
*3 G.O issues for Stormwater improvements backed by stormwater revenue.
4 G.O Urban Renewal issues for Dubuque Industrial Center West (DICW) expansion backed by DICW TIF revenues.
5 G.O issue refunding bonds. Refinanced portions of the June 2000 and November 2000 bond issues.
*6 G.O issue for Iowa St. Ramp Major Ramp Improvements backed by Greater Downtown TIF revenue in FY 09 and FY 10, then parking user fees.
*7 G.O. issue for Sewer system improvements & extensions backed by sewer revenue
10 TIF bond issue for the Port of Dubuque Parking Ramp backed by Greater Downtown TIF & a minimum assessment agreement
11 TIF bond issue for Kephart's Bldg Renovation backed by Greater Downtown TIF.
12 G.O Urban Renewal issue for Library renovation backed by Greater Downtown TIF revenues.
13 G.O. loan from Dubuque Initiatives for 290 Locust Parking lot (Bricktown) backed by parking revenue.
16 G.O issues for America's River Project Port of Dubuque improvements backed by gaming revenue from DRA lease and DRA taxes and Greater
Downtown TIF revenue .
*17 G.O issues for various City Building improvements backed by Sales Tax (20 %).
18 G.O. issue for fire truck replacement backed by debt service levy.
19 G.O. issue for fiber optic paving and Public Works equipment replacements backed by Road use Tax Funds.
*20 G.O. issue for street light replacement and other street improvements backed by Sales Tax (30 %).
21 G.O. issue downtown parking backed by Greater Downtown TIF revenues.
22 G.O. issue for North and South Siegert improvements backed by Dubuque Industrial Center West (DICW) TIF revenues.
*23 G.O. loan from Dubuque Initiatives for development costs of land off the NW Arterial for Fire Station Expansion /Relocation backed by
gaming revenue from DRA lease.
24 G.O. Urban Renewal issues for Millwork District Parking, Downtown Housing, & 40 Main projects backed by Greater Downtown TIF revenues.
25 G.O. Issue for refuse truck replacements backed by Solid Waste revenue.
26 Land contract for 6 years with 0% interest.
*27 G.O. Urban Renewal issue for Intermodal Facility baced by Greater Downtown TIF revenue.
*28 Airport Passenger Facility Revenue Bonds for the construction of the new terminal backed by Passenger Facility Charges.
Description
Date Net Amount Principal Principal Interest Principal Year of
of Interest of Outstanding Due Due Outstanding Final
Issue Rate Issue 7/1/11 FY 2012 FY 2012 6/30/12 Payment
Revenue Bonds
8 Water Clear Well Reservoirs 10 -01 -07 3.25% 1,037,000 917,000 42,000 29,802 875,000 2028
9 Water System Improvements & Ext. 11 -04 -08 4.71% 1,195,000 1,055,000 70,000 47,332 985,000 2023
9 Water System Improvements & Ext. 08 -16 -10 3.54% 5,700,000 5,700,000 185,000 190,275 5,515,000 2030
9 Water System Improvements & Ext. Planned* 4.50% 4,248,157 4,248,157 152,853 173,883 4,095,304 2032
14 Water Pollution Control Plant Upgrade 03 -11 -09 3.25% 64,885,000 64,885,000 1,554,283 64,885,000 2035
14 Northfork Catfish Sanitary Improvements 12 -28 -06 3.25% 253,850 219,484 42,105 31,821 177,379 2029
15 Northfork Catfish Stormwater Improv. 12 -28 -06 3.25% 615,354 570,097 23,747 18,337 546,350 2029
15 West 32nd Detention Basin 01 -14 -09 3.25% 1,847,000 1,628,000 73,000 52,910 1,555,000 2028
8 Water Meter Change Out Program 11 -01 -09 3.25% 7,676,000 7,676,000 299,302 228,626 7,376,698 2029
15* Bee Branch Restoration Planned* 3.25% 18,338,102 18,338,102 414,948 544,087 17,923,154 2042
Total Revenue Bonds 105,795,463 105,236,840 1,302,955 2,871,356 103,933,885
Tax Increment
Eagle Window (Otto A, LLC) 02 -15 -00 9.1% 3,168,538 458,700 458,700 31,622 - 2012
Vessel Systems 12 -30 -03 8.0% 140,000 69,357 15,346 5,262 54,011 2015
Adams Company G.0 TIF 02 -13 -04 4.07% 500,000 181,818 45,454 9,250 136,364 2015
Total Tax Increment Bonds 3,808,538 709,875 519,500 46,134 190,375
Lower Main Development, LLC TIF Note 06 -30 -04 8.00% 182,000 108,156 18,409 8,291 89,747 2016
Theisen Supply, Inc. TIF Note 11 -22 -06 8.25% 812,000 628,045 69,593 50,407 558,452 2018
40 Main TIF Note 08 -06 -09 3.00% 300,000 300,000 300,000 5,240 2012
44 Main TIF Note 10 -26 -10 6.00% 337,000 337,000 - 19,653 337,000 2027
Total Tax Increment Notes 1,631,000 1,373,201 388,002 83,591 985,199
Total Tax Increment 5,439,538 2,083,076 907,502 129,725 1,175,574
I
Other Loans - Revenue Backed
Water Line To Site B
Total Other Lns -Rev Backed
Attachment D
City of Dubuque
Recommended Summary of Bonded Indebtedness - Fiscal Year 2011 -2012
07 -01 -97 Internal Loan 597,945 109,986 53,521 6,049 56,465 2013
597,945 109,986 53,521 6,049 56,465
Total City Indebtedness 219,090,209 203,348,418 7,252,687 7,745,880 196,095,731
NOTES:
8 Revenue Bond State Revolving Loan Fund issue for Water system improvements and extensions backed by water revenue.
9 Revenue Bond issue for Water system improvements and extensions backed by water revenue.
14 Revenue Bond State Revolving Loan Fund issue for sewer improvements backed by sewer revenue.
15 Revenue Bond State Revolving Loan Fund Issue for storm system improvements backed by stormwater revenue
Planning Services Department
City Hall
50 West 13'h Street
Dubuque, IA 52001 -4864
(563) 589 -4210 phone
(563) 589-4221 fax
(563) 690 -6678 TDD
planning@cofdubuque.org
The Honorable Mayor and City Council
City of Dubuque
50 W.13 Street
Dubuque, IA 52001
RE: Holy Ghost Urban Renewal Plan
Dear Mayor and City Council Members:
Respectfully submitted,
Jim Prochaska, Chairperson
Long Range Planning Advisory Commission
Enclosures
cc: Michael Van Milligen, City Manager
David Heiar, Economic Development Director
Service People Integrity Responsibility
Masterpiece on the Mississippi
Dubuque
bd
W ilmalun
''
2007
June 27, 2011
Introduction
On June 15, 2011, the Long Range Planning Advisory Commission reviewed the
proposed Holy Ghost Urban Renewal Plan and District. The proposal, staff reports, and
related materials are enclosed.
Discussion
The plan will provide for the rehabilitation of the former Holy Ghost convent building and
Holy Ghost Assisi School building into market rate residential units. The Plan will
provide access to financial incentives needed in the redevelopment effort.
The Commission reviewed the request and discussed the benefits of the proposed
district. The Commission expressed their support for the rehabilitation and investment in
historic buildings and downtown neighborhoods. The Commission believes it is
important to adapt and re -use historic properties.
Recommendation
By a vote of 5 to 0, the Long Range Planning Advisory Commission recommends
approval of the Holy Ghost Urban Renewal Plan as the proposed plan is consistent with
the 2008 Dubuque Comprehensive Plan.
Innovation
Teamwork
Masterpiece on the Mississippi
TO: Long Range Planning Advisory Commission
FROM: Laura Carstens, Planning Services Manager `� q$
SUBJECT: Holy Ghost Urban Renewal Plan )
DATE: June 9, 2011
Enclosures
cc: David Heiar, Economic Development Director
Dubuque
All- America City
2007
Introduction
This memorandum forwards the enclosed Holy Ghost Urban Renewal Plan for review and
comment by the Long Range Planning Advisory Commission. The plan will create an urban
renewal district at the former Holy Ghost Assisi School and Convent on Central Avenue.
In April, 2011, the Commission considered and recommended approval of the Paragon Square
Urban Revitalization Area Plan. Urban revitalization tax exemptions are used to stimulate private
investment by abating tax increases that usually accompany property improvements.
Discussion
The Urban Renewal Plan provides for the rehabilitation of two former Holy Ghost parish buildings
into multi - family residential housing. 2887 Central is the former Holy Ghost convent building, a
three story masonry building which is currently vacant. The building will be rehabilitated into nine
market rate residential units with 11 off - street parking spaces. 2901 Central is the former Holy
Ghost Assisi School building, a four -story masonry building, which is currently vacant. The building
will be converted to eighteen market rate residential units with 23 off - street parking spaces.
The Urban Renewal Plan would provide access to the tools and incentives available to urban
renewal district properties, including tax increment financing. The additional private investment
provides a long -term increase or stabilization in the area's tax base, enhances neighborhood
revitalization efforts, and supports important City objectives such as economic development,
historic preservation, mixed -use development, and a range of housing options.
One of the Commission's roles is to review urban renewal plans for consistency with the City's
Comprehensive Plan. Planning Services Staff has reviewed the Urban Renewal Plan and finds the
objectives are consistent with the 2008 Dubuque Comprehensive Plan, with greatest relevance to
the Land Use and Urban Design, Economic Development, and Housing Elements.
Recommendation
Staff recommends the Commission recommend approval of the Holy Ghost Urban Renewal Plan,
as the proposed plan is consistent with the 2008 Dubuque Comprehensive Plan.
Masterpiece on the Mississippi
TO: Long Range Planning Advisory Commission
FROM: David J. Heiar, Economic Development Director AU'
SUBJECT: Urban Renewal Plan for the Holy Ghost Urban Renewal District
DATE: June 7, 2011
State Code requires the the planning commission of a community to review the
proposed Plan and make a recommendation to the City Council.
Dubuque
had
All- Anerlcacin
2007
Introduction
The purpose of this memorandum is to forward for Long Range Planning Advisory
Commission review and recommendation of an Urban Renewal Plan for the Holy Ghost
Urban Renewal District. The proposed creation this district would include the former
Holy Ghost School and Convent buildings. The Plan and Resolution adopting the Plan
are attached.
Background
On June 6, 2011, the City Council approved a Resolution of Necessity finding that the
proposed area was a blighted area and appropriate for urban renewal activities. Staff
has prepared an Urban Renewal Plan for the area as per the directive of the City
Council.
A consultation process will be concluded with the affected taxing entities as required by
State Law. The required consultation with affected taxing bodies will be held on June
21, 2011.
Discussion
The Urban Renewal Plan will create a district to include the former Holy Ghost School
and Convent buildings (see Attachment A of the Urban Renewal Plan for a map). The
plan would provide these areas access to the tools and incentives available to urban
renewal district properties, including tax increment financing.
The Archdiocese of Dubuque recently has sold the former Holy Ghost School and
Convent to Pegasus Properties. Pegasus has plans to rehabilitate the historic
structures into apartment buildings. For the projects to be financially feasible for the
developer, Pegasus has requested the buildings be placed in an Urban Renewal
District to allow for the use of Tax Increment Financing to assist the project.
2887 Central contains the former Holy Ghost convent building, a three story masonry
building which is currently vacant. The building will be rehabilitated into nine market
rate residential rental units with 11 off - street parking spaces. 2901 Central contains the
former Holy Ghost Assisi School building, a four -story masonry building, which is
currently vacant. The building will be converted to eighteen market rate residential
rental units with 23 off - street parking spaces.
The owners have applied to have both buildings listed on the National Register of
Historic Places and will apply for state and federal Historic Tax Credits. The buildings
will be renovated under the Secretary of Interior's standards for the renovation of
historic properties.
The former Holy Ghost Assisi School building at 2901 Central was rezoned in January
to OR Office Residential. The Zoning Board of Adjustment approved a special
exception on February 24, 2011 to allow the building to be converted to 18 residential
units. The ZBA also approved a variance on December 16, 2010 to allow the former
convent building at 2887 Central to be converted to ten residential units.
Recommendation
I recommend that the attached Plan and resolution adopting the Urban Renewal Plan
be recommended for approval to the Dubuque City Council to support reinvestment
efforts in the district
Action Step
The Action Step for the Long Range Planning Advisory Commission is to review and
recommend approval of the Plan and resolution to adopt the Urban Renewal Plan for
the Holy Ghost Urban Renewal District.
attachments
F: \USERS \Econ Dev \Urban Renewal \Holy Ghost UR District\20110707 Holy Ghost Adopt memo.doc
URBAN RENEWAL PLAN
Holy Ghost
Urban Renewal District
City of Dubuque, Iowa
This Urban Renewal Plan provides for the development of the
Holy Ghost Urban Renewal District. This plan was authorized
by Resolution of the City Council of the City of
Dubuque, Iowa on July 18, 2011.
Prepared by the Economic Development Department.
Version 2011.1
1
TABLE OF CONTENTS
A. INTRODUCTION 3
B. JUSTIFICATION FOR THE DESIGNATION 3
C. OBJECTIVES OF THE PLAN 3
D. DISTRICT BOUNDARIES 4
E. PUBLIC PURPOSE ACTIVITIES 4
F. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS 5
G. LAND ACQUISITION 5
H. FINANCING ACTIVITIES 5
I. STATE AND LOCAL REQUIREMENTS 7
J. DURATION OF APPROVED URBAN RENEWAL PLAN 7
K. SEVERABILITY 7
L. AMENDMENT OF APPROVED URBAN RENEWAL PLAN 8
M. ATTACHMENTS 8
2
Prepared By: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque IA 52001 (563) 589 -4393
Return To: David Heiar ED Director City of Dubuque 50 W. 13 St. Dubuque, IA 52001 (563) 589 -4393
RESOLUTION NO.
A RESOLUTION APPROVING THE URBAN RENEWAL PLAN FOR THE HOLY GHOST
URBAN RENEWAL DISTRICT.
Whereas, on June 6, 2011, the City Council of the City of Dubuque, Iowa authorized
the preparation of an Urban Renewal Plan (the "Plan ") for the Holy Ghost Urban Renewal
District (the "District "); and
Whereas, the City of Dubuque's primary objective in amending this Plan is to
provide opportunities for further redevelopment and reinvestment in the area; and
Whereas, the Long Range Planning Commission has reviewed the proposed
Plan and has found that said document is consistent with the Comprehensive Plan for
the development of the City of Dubuque as a whole and has transmitted its findings to
the City Council; and
Whereas, a consultation process has been undertaken with affected taxing
entities in accordance with Chapter 403 of the Code of Iowa with no written objections
or recommended changes to the Plan received; and
Whereas, the City Council, in accordance with Chapter 403 of the Code of Iowa,
has held a public hearing on the proposed amended and restated Plan after public
notice thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Urban Renewal Plan for the Holy Ghost Urban Renewal
District, attached hereto and made reference to herein, be approved.
Section 2. That the City Clerk of the City of Dubuque, Iowa is hereby authorized
and directed to file a certified copy of the Resolution in the office of the Dubuque
County Recorder.
Passed, approved and adopted this 18 day of July, 2011.
Attest:
Kevin Firnstahl
Acting City Clerk
Roy D. Buol
Mayor
F: \USERS \Econ Dev \Urban Renewal \Holy Ghost UR District\2011.1 Holy Ghost Adopt Resolution.docx
URBAN RENEWAL PLAN
Holy Ghost Urban Renewal District
City of Dubuque, Iowa
A. INTRODUCTION
This URBAN RENEWAL PLAN (the "Plan ") has been prepared pursuant to Resolution
of the City Council of the City of Dubuque as adopted on July 18, 2011. Its intent
is to remove blight within the HOLY GHOST URBAN RENEWAL DISTRICT (the "District ")
through the commitment of public actions as specified herein.
To achieve this objective, the City of Dubuque shall undertake the urban renewal actions
specified in this Plan, pursuant to the powers granted to it under Chapter 403 of the Iowa
Code, Urban Renewal Law.
B. JUSTIFICATION FOR THE DESIGNATION
The City Council of the City of Dubuque, Iowa has determined that the following
blighting conditions, as defined by Chapter 403 of the Iowa Code, Urban Renewal Law,
exist within the District:
• Undeveloped and underdeveloped land;
• A preponderance of deteriorated, dilapidated and obsolete public and
private improvements;
• A faulty lot layout in relation to the size, adequacy and usefulness of the
lots;
• Fragmented property ownership patterns;
• A lack of public utilities; and
• An inadequate street layout.
The Council has declared by Resolution of Necessity No. xxx -xx on June 6, 2011 that
these factors have substantially impaired and arrested the sound growth of the City of
Dubuque and of the area comprising the District.
C. OBJECTIVES OF THE PLAN
The primary objectives of the Plan are the development and redevelopment of the District,
through:
1. The conservation, restoration, renovation or rehabilitation of the historic
and architectural character of the District through the renovation and
rehabilitation of historic buildings, the use of appropriate construction
techniques, the coordinated administration of appropriate code
enforcement efforts and the maximization of all available financial and
3
technical resources;
2. The creation of financial incentives necessary to encourage private
investment and reinvestment in the District;
3. The expansion of the existing property tax base of the District; and
4. Provision of public infrastructure improvements supportive of full
development of the District;
D. DISTRICT BOUNDARIES
The District is located within the City of Dubuque, County of Dubuque, State of Iowa.
The District shall consist of the real property legally described as follows:
Lot 1 of 1 and Lot 2 of 1 of Paragon Square in the City of Dubuque,
Dubuque County, Iowa; and also including public right -of -way of
Central Avenue abutting thereto.
The boundaries of the District are delineated on the URBAN RENEWAL DISTRICT map
(Attachment A).
The City of Dubuque reserves the right to modify the boundaries of the District at some
future date. Any amendments to the Plan will be completed in accordance with Chapter
403 of the Iowa Code, Urban Renewal Law.
E. PUBLIC PURPOSE ACTIVITIES
To meet the OBJECTIVES of this Plan, the City of Dubuque is prepared to initiate and
support development and redevelopment of the District through, among other things, the
following PUBLIC PURPOSE ACTIVITIES:
1. Improvement, installation, construction and reconstruction of streets, utilities
and other improvements and rights -of -ways;
2. Use of tax increment financing, loans, grants and other appropriate financial
tools in support of eligible public and private development and
redevelopment efforts; and
3. Enforcement of applicable local, state and federal laws, codes and
regulations.
Public purpose activities are limited to those areas delineated on the PUBLIC PURPOSE
ACTIVITY AREA map (Attachment B).
4
All public purpose activities shall be conditioned upon and shall meet the restrictions and
limitations placed upon the District by the Plan.
F. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS
The LAND USE and PLANNING AND DESIGN CRITERIA set forth herein shall apply to
any and all District properties the development and /or the redevelopment of which is
assisted by the City through any of the PUBLIC PURPOSE ACTIVITIES listed above.
1. Land Use
The intent of this Plan is to promote the rehabilitation of historic buildings into mixed
use buildings within the District. All uses shall be regulated by the zoning district
established for the property.
LAND USE maps (Attachments C1 and C2) identify the existing and the proposed
land uses within the District.
2. Planning and Design Criteria
The planning criteria to be used to guide the physical development of the District are
those standards and guidelines contained within the City of Dubuque's Zoning
Ordinance and other applicable local, state and federal codes and ordinances.
1 Land Acquisition
1. Chapter 15A Loan or Grant
G. LAND ACQUISITION
The City does not intend to acquire any property within the District. However, the
City reserves the right to acquire, by negotiation or eminent domain, property rights
required for the construction or reconstruction of streets and public utilities, or any
other public facility or improvement.
H. FINANCING ACTIVITIES
To meet the OBJECTIVES of this Plan and to encourage the redevelopment of the District
and private investment therein, the City of Dubuque is prepared to provide financial
assistance to qualified industries and businesses through the making of loans or grants
under Chapter 15A of the Iowa Code and through the use of tax increment financing under
Chapter 403 of the Iowa Code.
The City of Dubuque has determined that the making of loans or grants of public
funds to qualified industries and businesses is necessary to aid in the planning,
undertaking and completion of urban renewal projects authorized under this Plan
5
within the meaning of Section 384.24(3)(q) of the Iowa Code. Accordingly, in
furtherance of the objectives of this Plan, the City of Dubuque may determine to
issue bonds or loan agreements, in reliance upon the authority of Section 384.24A,
Section 384.24(3)(q), Section 403.12 (general obligation bonds) or Section 403.9
(tax increment bonds), for the purpose of making loans or grants of public funds to
qualified businesses. Alternatively, the City may determine to use available funds
for the making of such loans or grants. In determining qualifications of recipients
and whether to make any such individual loans or grants, the City of Dubuque shall
consider one or more of the factors set forth in Section 15A.1 of the Iowa Code on a
case -by -case basis.
2. Tax Increment Financing
The City of Dubuque is prepared to utilize tax increment financing as a means of
financing eligible costs incurred to implement the Public Purpose Activities identified
in Part E of this Plan. Bonds or loan agreements may be issued by the City under
the authority of Section 403.9 of the Iowa Code (tax increment bonds) or Section
384.24A, Section 384.24(3)(q) and Section 403.12 (general obligation bonds).
The City acknowledges that the use of tax increment revenues delays the ability of
other local taxing bodies to realize immediately the direct tax benefits of new
development in the District. The City believes, however, that the use of tax
increment revenues to finance new development in the District is necessary in the
public interest to achieve the OBJECTIVES of this Plan. Without the use of this
special financing tool, new investment may not otherwise occur or may occur within
another jurisdiction. If new development does not take place in Dubuque, property
values could stagnate and the City, County and School District may receive less
taxes during the duration of this Plan than they would have if this Plan were not
implemented.
Tax increment financing will provide a long -term payback in overall increased tax
base for the City, County and School District. The initial public investment required
to generate new private investment will ultimately increase the taxable value of the
District well beyond its existing base value.
Tax increment reimbursement may be sought for, among other things, the following
costs to the extent they are incurred by the City:
a. Planning and administration of the Plan;
b. Construction of public infrastructure improvements and facilities within the
District;
c. Acquisition, installation, maintenance and replacement of public
investments throughout the District;
6
d. Loans or grants to qualified businesses under Chapter 15A of the Iowa
Code, including debt service payments on any bonds issued to finance
such loans or grants, for purposes of expanding the business or activity,
or other qualifying loan programs established in support of the Plan; and
e. Providing the matching share for a variety of local, state and federal
grants and loans.
3. Proposed Amount of Indebtedness
At this time, the extent of improvements and new development within the District
is only generally known. As such, the amount and duration for use of the tax
increment revenues for public improvements and /or private development can
only be estimated; however, the actual use and amount of tax increment
revenues to be used by the City for District activities will be determined at the
time specific development is proposed.
It is anticipated that the maximum amount of indebtedness which will qualify for
tax increment revenue reimbursement during the duration of this Plan, including
public improvements and private development assistance, will not exceed
$1,000,000.
At the time of adoption of this Plan, the City of Dubuque's current general
'obligation debt is $ 95,918,516 (a list of obligations is found as Attachment D)
and the applicable constitutional debt limit is $174,325,144, for the Fiscal Year
starting July 1, 2011.
I. STATE AND LOCAL REQUIREMENTS
All provisions necessary to conform with state and local laws have been complied with by
the City of Dubuque in the implementation of this Plan and its supporting documents.
J. DURATION OF APPROVED URBAN RENEWAL PLAN
This Plan shall continue in effect until terminated by action of the City Council, but in no
event before the City of Dubuque has received full reimbursement from all incremental
taxes for its advances and principal and interest payable on all Tax Increment Financing or
general obligations issued to carry out the OBJECTIVES of the Plan.
The DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS established, or as
amended from time to time by the City of Dubuque Zoning Ordinance, shall remain in effect
in perpetuity.
K. SEVERABILITY
In the event one or more provisions contained in this Plan shall be held for any reason to
7
be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity, illegality,
unauthorization or unenforceability shall not affect any other provision of this Plan and this
Urban Renewal Plan shall be construed and implemented as if such provision had never
been contained herein.
L. AMENDMENT OF APPROVED URBAN RENEWAL PLAN
This Plan may be amended from time to time to respond to development opportunities.
Any such amendment shall conform to the requirements of Chapter 403 of the Iowa Code.
Any change effecting any property or contractual right can be effectuated only in
accordance with applicable state and local law.
M. ATTACHMENTS
A Urban Renewal District Map
B Public Purpose Activity Area Map
C -1 Existing Land Use Map
C -2 Proposed Land Use Map
D List of General Obligations
8
Holy Ghost
Urban Renewal District
Version 2011.1