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Tax Increment Financing Rep 04 Dîi~@;E ~<k~ MEMORANDUM December 14, 2004 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: 2004 ANNUAL Tax Increment Financing REPORT Economic Development Director Bill Baum is transmitting the 2004 summary report on the City's use of Tax Increment Financing to support private economic development projects. li!t c(!tr:, ///1-{ Michael C. Van Milligen ---- MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager William Baum, Economic Development Director CITY OF DUBUQUE, IOWA MEMORANDUM December 14, 2004 FROM: Michael Van Milligen, City Manager William Baum, Economic Development Director If(J ~{~ 2004 ANNUAL Tax Increment Financing REPORt TO: SUBJECT: Introduction This memorandum transmits to the City Council the 2004 summary report on the City's use of Tax Increment Financing (TIF) to support private economic development projects. Several attachments provide both a chronology and graphic illustration of TIF- assisted private economic development projects to date. Also included is Budget Director Dawn Lang's annual urban renewal project report that is filed with the County Auditor by December 1st of each year and identifies both the public and private TIF- eligible expenditures for which tax increment reimbursement is sought. Discussion State Authorization The Iowa Code provides that cities can use TIF for certain public and private economic development purposes once an urban renewal plan is approved and an urban renewal district is established. Traditionally, urban renewal projects involved public purpose activities related to the elimination of "slum and blight." Urban renewal law was expanded to allow other "economic development" activities, including direct grants and loans to private persons/parties for economic development projects that created new jobs and investment in designated urban renewal districts that did not have to be "slum and blight" areas. Private Economic Deve/opment Purposes The ability to use TIF to assist private economic development projects in urban renewal districts has become a very useful financing tool and incentive for private investment in urban renewal districts. TIF has allowed the City to assist private economic development projects based on the new "tax increment" created by the projects themselves. The City is able to capture the new taxable value created by a project and use the new property taxes generated from that new value (the new "tax increment") to assist a project directly. Since 1983, the City has approved assistance to 21 private projects in the form of either: 1) an up-front financial grant through a bond instrument repaid with 10 years of the new tax increment property taxes; or 2) a commitment of up to 10 years rebate of the new tax increment property taxes directly back to the property owner. The decision to limit the City's TI F commitments to 1 O-year terms has been a general City Council policy. The maximum length of any commitment is also based on the individual urban renewal district's duration. 2004 T/F Projects In 2004, the City finalized three pending projects that were identified in last year's report. The Lower Main Development project that renovated the former Weber Paper Company building in Old Main was completed along with funding for the recently completed new construction projects for Vessel Systems and The Adams Company in the Dubuque Industrial Center West. TIF bonds were issued to assist all three projects. The only current pending project is a TIF bond to assist the redevelopment of the former Dubuque Star Brewery. The job creation chart reports 2,459 total jobs for projects assisted since 1999 that had job reporting obligations. Four projects are still within their original timeline to reach job creation goals. In most instances, job counts showed positive gains over 2003. Annual Urban Renewal Project Report filed with County Auditor By December 1 st of each year, the City's Budget Director files a lengthy report with the County Auditor certifying TIF-eligible expenses for urban renewal projects in the various urban renewal districts for which the City seeks reimbursement from the tax increment. Since 1983, the total qualifying expenses in all districts is $57,544,087. This includes both public and private projects. To date, the City has received $17,997,335 in reimbursements from the tax increment. The City will continue to receive reimbursements until the total qualifying expenses are repaid. [The attached chart summarizing the Budget Director's report shows that in 2003 the total qualifying expenses was reported at over $69 million. The current report makes an adjustment in the Ice Harbor District's expenses reported in 2003 that reduces the total reimbursement request.] It is important to note that of the total qualifying expenses, 63% of the TIF funds has been spent on public projects, including new industrial park development, reopening Main Street, new parking ramps and the America's River project. The remainder has been committed to the private economic development projects identified in this report. Summary The City's 21-year experience with tax increment financing has provided valuable resources for both public and private reinvestment and renewal in the community. The City continues to utilize this economic development tool to reach public goals of property tax expansion, job creation, building rehabilitation and community enhancement. Tax increment financing has been a critical tool for the City and its overall economic development strategy. Action Step The action step for the City Council is to receive and file this 2004 Annual TIF Report. attachments F: IUS E RS\Pmyh re \WPDOCS\U R\ TI FReport\ TI F RE PORT memo. 2004. d oc TIF Chronology - 21 Years of Private Investment Year 1983 Company Security Building 1988 Metrix 1991 Nordstrom Clarion Hotel 1996 Precision Tool 1997 Weber Paper Swiss Valley Farms 1998 Morrison Bros. TFM 1999 Eagle Window & Door Advanced Data-Comm CarteGraph CIGNNPrudential 2000 DAIDC Spec Building 2001 McGraw-Hili 2002 Giese Manufacturing Heartland Financial Quebecor World 2004 Vessel Systems Adams Company Weber Building TOTAL: Amount/Type of TIF $ 360,000 Bond * ($533,309 interest/fees) $ 125,000 Bond $1,000,000 Bond $1,200,000 Bond $ 115,000 Rebate ** ($154,722 with interest/fees) ($1,302,072 with interest/fees) ($1,614,363 with interest/fees) $ 150,000 Rebate 10 yr. Rebate *** (est. $0 ^) 10 yr. Rebate (est. $187,000) $ 104,000 Rebate $3,200,000 Bond $ 900,000 Bond $ 360,000 Bond 10 yr. Rebate 10 yr. Rebate 10 yr. Rebate 10 yr. Rebate 10 yr. Rebate 10 yr. Rebate ($4,928,921 with interest/fees) ($1,104,350 with interest/fees) ($457,728 with interest/fees) (est. $2,700,000) . (est. $406,000) (est. $2,800,000) (est. $290,000) (est. $478,000) (est. $600,000) $ 140,000 Bond ($222,896 with interest/fees) $ 500,000 Bond^^ ($628,148 with interest/fees) $ 150,000 Bond ($297,102 with interest/fees) $19,073,611 + 2.195.000 Downtown Rehab Loan Program $21,268,611 Private economic development projects * A bond is issued to generate up-front cash for a project. The new property taxes generated by the project's new assessed value (the tax increment) are captured over a 10 year period to repay the bond. The property owner pays taxes due, the taxes are sent to the City, the City pays the bond holder (typically a local bank) from the tax increment. ** 100% rebate (except for debt service levies) of the new property taxes generated by the project's new assessed value (the tax increment) provided to the property owner only until that time when the predetermined maximum amount of rebate is reached, typically 5-10 years. The property owner pays taxes due, the taxes (minus debt service) are sent to the City, the City rebates the tax increment to the property owner. *** 100% rebate (exceptfor debt service levies) of the new property taxes generated by the project's new assessed value (the tax increment) for a full 10 year period. The property owner pays taxes due, the taxes (minus debt service) are sent to the City, the City rebates the tax increment to the property owner. ^ Due to the elimination of Machinery and Equipment from the property tax calculation, Swiss Valley Farms had a roll back of taxes. The new assessed value created by their expansion project, which would have created the tax increment, is still below the original tax basis. ^^ Adams Co. amount is equal to difference in purchase price and cost of new building. F:\USERSIPmyhre\WPDOCS\UR\TIFReport\TIF chart2.2004.doc Year 1983 1988 1991 1996 1997 1998 1999 2000 2001 2002 2004 TIF PROJECTS - Private Investment and Job Creation New Jobs Jobs to be Penalty Company Project Value TIF Amount Retained Created By Date 2004 Jobs /Job Security Building $ 360,000 Metrix $ 125,000 [FILES CLOSED FOR THESE PROJECTS] NDrdstrom $5,000,000 $1,000,000 Clarion HDtel $9,100,000 $1,200,000 . . Precision TDDI $1,100,000 $ 115,000 [NO SPECIFIC JOB REQUIREMENT FOR Weber Paper $1,200,000 $ 150,000 THESE PROJECTS BECAUSE SOME HAD Swiss Valley Farms $5,500,000 $ 0 OTHERLOANS(CEBA,CDBG,EDA)THAT REQUIRED JOB CREATION] MDrrisDn BrDs. $2,000,000 $ 187,000 TFM $1,300,000 $ 104,000 . . Eagle Window & DDDr $15,000,000 $3,200,000 475 168 12/31/03* 700 $3360 Advanced Data-CDmm $ 6,000,000 $ 900,000 317 51 12/01/01* 300 est. $ 0 CarteGraph $ 2,000,000 $ 360,000 120 80 01/01/02 50 $1300 CIGNNPrudential $10,000,000 $2,700,000 320 200 03/31/02* 579 $2250 DAIDC Spec Building $1,400,000 $ 406,000 [NO REQUIREMENT] McGraw-Hili $10,000,000 $2,800,000 100 10 10/15/03* 89 $7729 Giese Manufacturing $ 1,000,000 $ 290,000 31 10 03/04/05 46 $5707 Heartland Financial $ 5,000,000 $ 478,000 255 45 12/31/08 294 $1062 QuebecDr $24,000,000 $ 600,000 230 106 03/31/05 361 $ 134 Vessel Systems $1,000,000 $ 140,000 24 25 06/02/06 40 $3908 Adams Company $2,800,000 $ 500,000 [NO REQUIREMENT] Weber Building $2,000,000 $ 150,000 [NO REQUIREMENTITIED TO SHEPHERD RELOCATION AND CEBA] $105,400,000+ $15,765,000 in new in direct TlF investment incentives (15% Df new investment) 695 new jobs pledged 2,459 current total jobs 21 Year TOTALS 1,872 retained jobs * JDb creation DbligatiDns met by deadline. F:\USERSIPmyhre\WPDOCS\UR\TIFReport\TIF chart3.1.2004.doc ECONOMIC DEVELOPMENT TIF PROJECTS by Urban Renewal District Greater Downtown (Downtown and Ice Harbor) Security Building Clarion Hotel CIGNNPrudential TFM Heartland Financial (Walsh Store) Lower Main Development (Weber Bldg) Historic Property Tax Rebate Town Clock Building Bricktown Downtown Rehabilitation Loan Program Bakey Kitchens/Relm House Grand Opera House (2) Atlast Fluid Power Cinema X Building Security Building Dubuque Museum of Art Jorga's Restaurant Iowa Inn Pepper Sprouts Bricktown Town Clock Building Heartland Financial (Waish Store) Gronen Upper Main Buildings (pending) Lower Main Development (pending) Façade Grants Capri Cosmetology Pepper Sprouts Ellen's Floral Butt's Florist Bricktown McCoy Jewelers Fischer Office Building Cinema X Canvas Products Old Main Hotel Atlast Fluid Power Herbst Upholstery Jocille's Building Kerper Boulevard Eagle Window & Door DICISouth (Dubuque Technology Park) Advanced Data-Comm CarteGraph Dubuque Industrial Center Metrix Nordstrom Precision Tool Weber Paper DAIDC Spec Building McGraw-Hili Giese Manufacturing Vessel Systems Adams Company East 7th Street Morrison Bros, Swiss Valley 1(closed out) Swiss Valley 2 Swiss Valley Farms Quebecor Quebecor World Dubuque Corporate Center (closed out) F: IUS E RS\Pmyh re \WPDOcS\U R\ TI FReport\ TI Fch a rt4. 2004. doc UR District SUMMARY of the Budget Director's URBAN RENEWAL PROJECT REPORT Qualified Expenses Since 1983 Reimbursements To Date Downtown Ice Harbor Greater Downtown* Kerper DIC/South (Tech Park) DIC E, yth Street Swiss Valley Quebecor TOTAL 2003 2003 2004 $17,869,714 20,810,678 26,181,480 6,181,427 6,995,826 6,268,219 6,263,811 17,079,832 17,298,672 186,954 187,477 16,821 16,821 600,000 600,000 $69,013,645 $57,544,087** $7,114,307 641,529 9,259,284 1,110,281 1,672,869 695,892 968,554 4,880,515 5,964,687 96,431 116,385 448 448 0 15,108 $14,539,403 $17,997,335 * The Downtown and Ice Harbor Districts were combined to form the Greater Downtown District in 2004. ** An adjustment was made in the Ice Harbor District's 2003 qualified expenses related to a bond issuance for the America's River project that reduced the reimbursement request. F: IUS E RSIPmyh relWPDOcSIU RI TI FReport\TI FchartS. 2004. doc EÚ'n, 'Dc.,I, CC(~[P¥ November 29, 2004 TO THE CITY OF DUBUQUE The undersigned hereby acknowledges receipt of certificates for "Revised Fiscal Year 2005" and NFiscal Year 2006" regarding Urban Renewal Projects. "Greater Downtown Urban Renewal Project" (Downtown - Upper Main Sub Area, Town Clock Plaza Sub Area and Old Main Sub Area: 1 and 2 and 3 and 4 and amendment 38 / Ice Harbor Sub Areas 'A and B: 7 and Amendment 35) "Kerper Boulevard Industrial Site Economic Development District" (23 and Eagle Window District Amendment) "Dubuque Industrial Center/South Economic Development District" (26) "Dubuque Industrial Center Economic Development District" (District 5 and 6 and 6A and 32 and 32M "East 7th Street Economic Development District" (25) "Swiss Valley" (27) "Quebecor Economic Development District" (37) Dated at Dubuque, Iowa this :>o'f.f"o.- day of No V 11r\.ku-.y2004. ~ 6.^- 1-1 ;J ~,,'-- Dubuque County Auditor Revised Fiscal Year 2005 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT STATE OF IOWA ) )SS COUNTY OF DUBUQUE) Certificate of City Clerk of Dubuque, Iowa, to Dubuque County Auditor pursuant to the Code of Iowa, Section 403.19(2). I certify that the City of Dubuque, Iowa, has issued and expended a total of $26,181,480.01 as shown by the attached Schedules #1 , derived from loans, advances, indebtedness or bonds, principal and interest, issued or advanced in furtherance of the urban renewal project designated "Greater Downtown Urban Renewal Project". I further certify that the City has heretofore received payments into the special tax increment fund under Code of Iowa Section 403.19(2) applicable to the aforesaid expenditures in the amount of $7,706,995.70 as shown by the attached Schedules #2. For Fiscal Year 2004-2005, the City requests that 1 00% of taxes be levied to the maximum amount permitted in the "Ice Harbor Sub Areas A and B", Tax Increment District # 7 and #35 by Section 403.19(2) and Ordinance No. 35-04 of the City of Dubuque, Iowa, to be paid into the special fund under that section. For Fiscal Year 2004-2005, the City requests that the "Downtown Sub Areas - Upper Main, Town Clock Plaza and Old Main" taxes be levied to the maximum extent in the amount of 100% of the taxes generated by the Thompson Building Increment, 100% ofthe Prudential (Cigna) Building Increment, 100% of the Cottingham and Butler Increment, 100% ofthe Bricktown Increment, 100% of the Heartland Financial Increment, 100% of the Kunkel-Briggs (Lower Main Development LLC) Increment, and 75% of the maximum funds generated by the balance of property in Tax Increment District #1, Tax Increment District #2. Tax Increment District #3, Tax Increment District #4, and Tax Increment District #38, as permitted by Section 403.19(2) and Ordinance No. 35-04 of the City of Dubuque, Iowa, to be paid into the special fund under that section. -2/111.:.-- &. / Dated. this ift/ day of '/"r/'¿~ çj./(./ /' / ~ .~/ J 'Á:1/2c/~/ f J ç>;¿¿Á~'--" Y Clerk Dubuque, Iowa ,2004. PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (ICE HARBOR SUB AREAS A AND B) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS ICE HARBOR 1990-91 Advance from C;¡y Fds $394,266.00 Land Acquisition OEVELOPMENT Advance from City Fds 22,152.00 Consulting Engineering Advance from City Fds 6,555.00 Signage Advance from City Fds 42,106.00 RR Relocation Advence from City Fds 171,734.00 Sheet Piling Advance from City Fds 24,042,00 Oepot Improvements Advance from City Fds 662,354.00 Parking Lots Advance from City Fds 12,847.00 Pier Ramp Advance from City Fds 36.443.00 Floodwall Improvements Advance from City Fds 145,556.00 Cleanup and Clearance Advance from City Fds 17,095.00 Overpass Stairs 1996.99 Advance fmm C;¡y Fds 15,730.481 Interest Earnings 2000 Advance from City Fds 8,981. 70 Services from CEO staff 2000 Advance from City Fds 1848.731 Interest Earnings 2002 Advance fmm City Fds 1700.421 Interest Earnings 2003 Advance from City Fds 1333.181 Interest Earnings 2004 Advance from City Fds 1609.521 Interest Earnings 2005 Advance from City Fds 12.111 Interest Earnings TOTAL PROJECT $1,535,907.26 AMERICA'S RIVER PROJECT 2002-2022 G.O. Bond Issue 12-01 2002-2022 G.O. Bond Issue 1-02 2002-2022 Interest 2002.2022 Gaming Revenue-CIP 2003 Private Participation 2003 Advance from City Fds 2005 Advance from City Fds 2005 Advance from City Fds 2005 Advance from City Fds 2006 Advance from City Fds 2005-06 TIF Bonds. Principal 2005-06 TIF Bonds - Interest TOTAL PROJECT GRANO TOTAL 9,500,000.00 2,860,000.00 6,959,659.01 112,591,558.001 1672,375.001 855.66 1,966.80 49,889.00 248,096.10 255,037.00 0.00 0.00 $6,611,570.57 Interest expo over life of bonds Gaming Revenue to Abate Oebt County payment 1 st yr interest Legal Expense Legal Expense Oevelopment Agreement -Platinum Facility Management Agreement payments for two years only Actual Principal Paid from TIF Actual Interest Paid from TIF $8,147.477.83 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS SECURITY BUILDING RENOVATION TRILOG BUILDING 3 HOTEL PROJECT 4 DOWNTOWN LOAN POOL-BLDG FACADES 5 ALLEYS I STREETS I CURB RAMPS 1983 Urban Renewal Bonds 1983 Urban Renewal Bonds 1983 Urban Renewal Bonds TOTAL PROJECT 1990 Advance from City Fds. 1990 Advance from City Fds. 1990 Advance from City Fds. TOTAL PROJECT 1991 108 Loan-HUD-8-14-90 1992 108 Loan-HUD-8-14-90 1992 108 Loan-HUD-8-14-90 1993 Advance from CDBG TOTAL PROJECT 1994 Advance from City Fds 1995 Advance from City Fds 1996 Advance from City Fds 1998 Advance from Cily Fds 1999 Advance from Clly Fds 2000 Advance from City Fds 2001 Advance from City Fds 2002 Advance from City Fds 2003 Advance from City Fds 2004 Advance from City Fds TOTAL PROJECT 1995 Advance from City Fds 1996 Advance from City Fds 1997 Advance from City Fds TOTAL PROJECT $360,000,00 205,787.48 132,478,00) $533,309.48 38,612.79 4,141,00 18.210.72 $60.964.51 $1,200,000.00 395,139.06 (38,776,181 58.000.00 $1.614,362.88 $260.000.00 387,000.00 200,000.00 568,000,00 365,000.00 100,000.00 100,000,00 100,000,00 90.000.00 25,000.00 $2,195,000.00 $153,165.65 17,133.01 18,643.35 $188,942.01 Principal Interest Capitalized Interest Temporary Parking Landscaping Building Site Impr. Principal Interest Interest Earnings Easement Purchase Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Construction costs Construction costs Construction costs 6 MARKET STUDY 1995 Advance from City Fds $29.600.00 Consultant 1996 Reimburse-Main St. Ltd. 14,600.001 Private Participation TOTAL PROJECT $25,000.00 DOWNTOWN 1996 Advance from City Fds $35.898.73 Circulation Study TRAFFIC CIRCULATION 1997 Advance from City Fds 30,287.70 Circulation Study 1998 Advance from City Fds 9,689.82 Circulation Study 1999 Advance from City Fds 20.272,00 Signal Changes 1999 Advance from City Fds 191,410.00 8th St. Opening Eng. 1999 Advance from City Fds 75.820.00 8th St. Opening Const. 2000 Advance from City Fds 129,198,88 8th St, Opening Const, 2005-21 G.O. Bonds 945,000.00 Main St Opening 5th - 9th 2005-21 G.O, Bonds-Interest Exp 448.245.00 Main St Opening 5th - 9th 2001-04 TIF 80nds - Principal 55,000.00 Actual Principal Paid 2001-04 TIF Bonds - Interest 99,406.88 Actual Interest Paid TOTAL PROJECT $2,040,229.01 8 UNDERGROUND WIRES 1997-98 Advance from City Fds $41.032,37 Construction Mangement 1999 Advance from City Fds 77,481.63 Wiring Contracts 120% of total cost) 2000 Advance from City Fds 1,830.63 Design 2000 Advance from City Fds 17,714.03 Construction-Wiring TOTAL PROJECT $138,058.66 City reimbursed 80% through Grant PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.1912) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS 9 THOMPSON BUILDING 10 PARKING SYSTEM EXP. 11 MISCELLANEOUS TIF FD REVENUES AND EXP. 2001 TIF Funds 2003 TIF Funds 2003 TIF Funds 2004 TIF Funds 2005 TIF Funds TOTAL PROJECT 1999 Advance from City Fds 2000 Advance from City Fds 2000 Rents and Concessions 2000 Property Tax Sale Rei 2001 Environmental Testing 2005-20 GO Bonds 2005-20 Interest Expense 2001-04 TIF Bonds - Principal 2001-04 TIF Bonds - Interest TOTAL PROJECT 1996 1997 1998 1999 1998 1999 1999/00 2001 2003 2005 Combining of TIF Districts TOTAL PROJECT $16,494.00 17,368,00 18,873,62 19,642.33 19,000.00 Est. $91,377.95 $89,977.63 314,908.27 11,975.001 12,310,001 4,895.00 5,023,434.50 2,472,318.15 576,565.50 999,993.71 $9,477,807.76 1$27,418.67) 19,903.88) 1915,591 12,112,321 988,80 16,340.001 3,938.90 1236.45) 1,109.79 1,966.79 1$38,922.631 Economic Development Grant with payments over 10 yrs @ $1 0,400/yr to a maximum of $104,000 Appraisals, Land Acq., Demolition Merchants & Dolans Demo, Related Merchants Merchants Merchants/Dolans Sites 20 Yr GO Bonds sold for new 3rd Street Ramp 20 year Interest expense on GO Bonds Actual Principal Paid Actual Interest Paid Interest Earnings Interest Earnings Interest Earnings Property Tax-Sale Related Legal Fees Interest Earnings Legal Fees Interest Earnings Legal Fees 50% Legal Fees 12 PRUDENTIAL PROJECT 2000 Advance from City Fds $1,500.00 10 years economic development ICIGNAI 2003 Cigna Tax Payments-TIF 263,198.00 grant with no maximum 2004 Cigna Tax Payments-TIF 264,537.12 2005 Cigna Tax Payments-TIF 282,549.52 Est. TOTAL PROJECT $811.784.64 13 COTTINGHAM & BUTLER 2004 TIF revenues generated $5,846,28 Historic Preservation Rebate program 2005 by project 20,358.00 Defined tax rebate program over 8 yrs TOTAL PROJECT $26,204.28 January 1, 2001 base value= $58,850 January 1, 2002 value = $197,690 January 1, 2003 value = $747,180 14 BRICKTOWN 2003 TIF revenues generated Historic Preservation Rebate program by project-- 1 st 4 years $63,188.00 Defined tax rebate program over 8 yrs 5th Year 80% 12,637.60 Increment value of $564,1 gO 6th Year 60% 9,478.20 7th Year 40% 6,318.80 8th Year 20% 3,159.40 TOTAL PROJECT $94,782.00 15 HEARTLAND FINANCIAL 2003 TIF revenues generated $478,000.00 Est. Economic development rebate program PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS by project over 10 yrs TOTAL PROJECT $478,000.00 over 10 years commencing with 12-1-04 TIF filing 16 KUNKEL-BRIGGS (LOWER MAIN) 2004 TIF bonds--principal 2004 TIF bonds--interest 2005 Advance from City Fds $182.000.00 111,816.66 3,284.97 $297,101.63 TIF bonds to be repaid over 10 years Legal Fees GRAND TOTAL FOR URBAN RENEWAL AREA $18,034,002.18 Revised Fiscal Year 2005 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (ICE HARBOR SUB AREAS A AND B) Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received From Payments Cumulative No. Year Received Under Section 403.19(2) Payments FY 1994 $59,123.74 $ 59,123.74 2 FY 1995 $67,803.53 $126,927.27 3 FY 1996 $66,831.13 $193,758.40 4 FY 1997 $44,924.70 $238,683.10 5 FY 1998 $45,936.94 $284,620.04 6 FY 1999 $53,907.00 $338,527.04 7 FY 2000 $53,396.78 $391,923.82 8 FY 2001 $55,328.50 $447,252.32 9 FY 2002 $56,300,38 $503,552.70 10 FY 2003 $68,424.89 $571,977.59 11 FY 2004 $69,549.21 $641,526.80 12 FY 2005 (Estimate) $375,055.00 $1,016,581.80 Revised Fiscal Year 2005 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS - UPPER MAIN, TOWN CLOCK PLAZA, AND OLD MAIN) Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received Year from Payments Cumulative No. Received Under Section 403.19(2) Pavments FY 1984 $ 39,458.09 $ 39,458.09 2 FY 1985 $ 87,008.45 $ 126,466.54 3 FY 1986 $ 80,940.29 $ 207,406.83 4 FY 1987 $ 84,949.07 $ 292,355.90 5 FY 1988 $ 75,413.12 $ 367,769.02 6 FY 1989 $106,025.23 $ 473,794.25 7 FY 1990 $ 42,587.45 $ 516,381.70 8 FY 1991 $ 86,756.67 $ 603,138.37 9 FY 1992 $359,904.69 $ 963,043.06 10 FY 1993 $361,625.38 $1,324,668.44 11 FY 1994 $660,614.07 $1,985,282.51 12 FY 1995 $634,279.91 $2,619,562.42 13 FY 1996 $409,680.44 $3,029,242.86 14 FY 1997 $279,723.01 $3,308,965.87 15 FY 1998 $ 8,040.60 $3,317,006.47 Revised Fiscal Year 2005 16 FY 1999 $626,581.00 $3,943,587.47 17 FY 2000 $609,697.55 $4,553,285.02 18 FY 2001 $444,838.49 $4,998,123.51 19 FY 2002 $384,808.36 $5,382,931.87 20 FY 2003 $796,249.56 $6,179,181.43 21 FY 2004 $886,287.47 $7,065,468.90 22 FY 2005 (Estimate) $1,177,233.00 $8,242,701.90 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT liCE HARBOR SUB AREAS A AND BI Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.1912) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS ICE HARBOR 1990-91 Advance "om City Fds $394,266.00 Land Acquisition OEVELOPMENT Advance from City Fds 22,152.00 Consulting Engineering Advance from City Fds 6,555.00 Signage Advance from City Fds 42,106.00 RR Relocation Advance from City Fds 171,734.00 Sheet Piling Advance from City Fds 24,042.00 Oepot Improvements Advance from City Fds 662,354.00 Parking Lots Advance f<om City Fds 12,847.00 Pier Ramp Advance from City Fds 36,443.00 Floodwallimprovements Advance from City Fds 145,556.00 Cleanup and Clearance Advance from City Fds 17,095.00 Overpass Stairs 1996-99 Advance from City Fds 15,730.481 Interest Earnings 2000 Advance from City Fds 8,981.70 Services from CEO staff 2000 Advance from City Fds 1848.731 Interest Earnings 2002 Advance from City Fds 1700.421 Interest Earnings 2003 Advance from City Fds 1333.181 Interest Earnings 2004 Advance from City Fds 1609.521 Interest Earnings 2005 Advance from City Fds 12.111 Interest Earnings TOTAL PROJECT $1,535,907.26 AMERICA'S RIVER PROJECT 2002-2022 G.O. Bond Issue 12-01 2002-2022 G.O. Bond Issue 1-02 2002-2022 Interest 2002-2022 Gaming Revenue-CIP 2003 Private Participation 2003 Advance from City Fds 2005 Advance from City Fds 2005 Advance from City Fds 2005 Advance from City Fds 2006 Advance from City Fds 2005-06 TIF Bonds - Principal 2005-06 TIF Bonds - Interest TOTAL PROJECT GRANO TOTAL 9,500,000.00 2,860,000.00 6,959,659.01 112,591,558.001 1672,375.001 855.66 1,966.80 49,889.00 248,096.10 255,037.00 0.00 0.00 $6,611,570.57 $8,147,477.83 Interest expo over life of bonds Gaming Revenue to Abate Debt County payment 1 st yr interest Legal Expense Legal Expense Oevelopment Agreement -Platinum Facility Management Agreement payments for two years only Actual Principal Paid from TIF Actual Interest Paid from TIF PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE SECURITY BUILDING RENOVATION 2 TRILOG BUILDING 3 HOTEL PROJECT 4 DOWNTOWN LOAN POOL.BLDG FACADES 5 ALLEYS I STREETS / CURB RAMPS 6 MARKET STUDY 7 DOWNTOWN TRAFFIC CIRCULATION B UNDERGROUND WIRES FY SOURCE 1983 Urban Renewal Bonds 1983 Urban Renewal Bonds 1983 Urban Renewal Bonds TOTAL PROJECT 1990 Advance from City Fds. 1990 Advance from City Fds. 1990 Advance from City Fds. TOTAL PROJECT 1991 108 Loan-HUD-8-14-90 1992 108 Loan-HUD-8-14-90 1992 108 Loan-HUD-8-14-90 1993 Advance from CDBG TOTAL PROJECT 1994 Advance from City Fds 1995 Advance from City Fds 1996 Advance from City Fds 1998 Advance from City Fds 1999 Advance from City Fds 2000 Advance from City Fds 2001 Advance from City Fds 2002 Advance from City Fds 2003 Advance from City Fds 2004 Advance from City Fds TOTAL PROJECT 1995 Advance from City Fds 1996 Advance from City Fds 1997 Advance from City Fds TOTAL PROJECT 1995 Advance from City Fds 1996 Reimburse-Main St. Ltd. TOTAL PROJECT 1996 Advance from City Fds 1997 Advance from City Fds 1998 Advance from City Fds 1999 Advance from City Fds 1999 Advance from City Fds 1999 Advance from City Fds 2000 Advance from City Fds 2005-21 G.O. Bonds 2005-21 G,O. Bonds.lnterest Exp 2001-04 TIF Bonds - Principal 2001 -04 TlF Bonds - Interest TOTAL PROJECT 1997-98 Advance from City Fds 1999 Advance from City Fds 2000 Advance from City Fds 2000 Advance from City Fds TOTAL PROJECT AMOUNT $360,000,00 205,787.48 132,478.001 $533,309.48 38,612,79 4,141,00 18,210.72 $60,964.51 $1,200,000.00 395,139.06 138,776.18) 58,000,00 $ 1,614,362.88 $260,000,00 387,000,00 200,000.00 568,000.00 365,000.00 100,000.00 100,000.00 100,000.00 90,000.00 25,000.00 $2,195,000.00 $153,165.65 17,133,01 18,643.35 $188,942.01 $29,600.00 14,600.00) $25,000.00 $35,898.73 30,287.70 9,689.82 20,272.00 191,410,00 75,820.00 129,198.88 945,000.00 448,245,00 55,000,00 99,406.88 $2,040,229.01 $41,032,37 77,481.63 1,830.63 17,714.03 $ 1 38,058.66 USE OF DOLLARS Principal Interest Capitalized Interest Temporary Parking Landscaping Building Site Impr. Principal Interest Interest Earnings Easement Purchase Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Addition to loan pool Construction costs Construction costs Construction costs Consultant Private Participation Circulation Study Circulation Study Circulation Study Signal Changes 8th St,Openlng Eng. 8th St. Opening Const. 8th St. Opening Const, Main St Opening 5th - 9th Main St Opening 5th - 9th Actual Principal Paid Actual Interest Paid Construction Mangement Wiring Contracts 120% of total cost) Design Construction-Wiring City reimbursed 80% through Grant PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE 9 THOMPSON BUILDING 10 PARKING SYSTEM EXP. 11 MISCELLANEOUS TIF FD REVENUES AND EXP, FY SOURCE AMOUNT $16,494.00 17,368.00 18.873.62 19,642.33 19,000.00 Est. $91,377.95 $89.977.63 314,908.27 (1,975.001 12.310.00) 4.895.00 5,023,434.50 2,472.318.15 576,565.50 999,993.71 $9,477,807.76 1$27,418,67) 19.903,881 1915.591 12,112.32) 988,80 16.340.001 3,938.90 1236.451 1,109.79 1,966.79 1$38,922.631 USE OF DOLLARS Economic Development Grant with payments over 10 yrs @ $10,400/yr to a maximum of $104.000 Appraisals, Land Acq., Demolition Merchants & Dolans Demo. Related Merchants Merchants Merchants/Dolans Sites 20 Yr GO Bonds sold for new 3rd Street Ramp 20 year Interest expense on GO Bonds Actual Principal Paid Actual Interest Paid Interest Earnings Interest Earnings Interest Earnings Property Tax-Sale Related Legal Fees Interest Earnings Legal Fees Interest Earnings Legal Fees 50% Legal Fees 12 PRUDENTIAL PROJECT 2000 Advance from City Fds $1.500.00 10 years economic development ICIGNA) 2003 Cigna Tax Payments-TiF 263,198.00 grant with no maximum 2004 Cigna Tax Payments-TIF 264.537.12 2005 Cigna Tax Payments-TIF 282,549.52 Est. TOTAL PROJECT $811,784.64 13 COTTINGHAM & BUTLER 2004 TIF revenues generated $5,846.28 Historic Preservation Rebate program 2005 by project 20,358.00 Defined tax rebate program over 8 yrs TOTAL PROJECT $26,204.28 January 1, 2001 base value = $58,850 January 1, 2002 value = $197.690 January 1. 2003 value ~ $747.180 14 8RICKTOWN 2003 TIF revenues generated Historic Preservation Rebate program by project-- 1 st 4 years $63,188.00 Defined tax rebate program over B yrs 5th Year 80% 12.637.60 Increment value of $564,190 6th Year 60% 9,478.20 7th Year 40% 6,318,80 8th Year 20% 3,159.40 TOTAL PROJECT $94,782.00 15 HEARTLAND FINANCIAL 2003 TIF revenues generated $478,000.00 Est. Economic development rebate program 2001 TIF Funds 2003 TIF Funds 2003 TIF Funds 2004 TIF Funds 2005 TlF Funds TOTAL PROJECT 1999 Advance from City Fds 2000 Advance from City Fds 2000 Rents and Concessions 2000 Property Tax Sale Rei 2001 Environmental Testing 2005-20 GO Bonds 2005-20 Interest Expense 2001-04 TlF Bonds - Principal 2001 -04 TIF Bonds - Interest TOTAL PROJECT 1996 1997 1998 1999 1998 1999 1999/00 2001 2003 2005 Combining of TIF Districts TOTAL PROJECT PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS: UPPER MAIN. TOWN CLOCK PLAZA. AND OLD MAIN) Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ # PROJECT TITLE FY SOURCE AMOUNT USE OF DOLLARS by project over 10 yrs TOTAL PROJECT $478,000.00 over 10 years commencing with 12-1-04 TIF filing 16 KUNKEL.BRIGGS (LOWER MAIN) 2004 TIF bonds--principal 2004 TIF bonds--interest 2005 Advance from City Fds $182,000.00 111,816,66 3,284,97 $297,101.63 TiF bonds to be repaid over 10 years Legal Fees GRAND TOTAL FOR URBAN RENEWAL AREA $18,034,002.18 Fiscal Year 2006 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (ICE HARBOR SUB AREAS A AND B) Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received From Payments Cumulative No. Year Received Under Section 403.19(2) Payments FY 1994 $59,123.74 $ 59,123.74 2 FY 1995 $67,803.53 $126,927.27 3 FY 1996 $66,831.13 $193,758.40 4 FY 1997 $44,924.70 $238,683.10 5 FY 1998 $45,936.94 $284,620.04 6 FY 1999 $53,907.00 $338,527,04 7 FY 2000 $53,396.78 $391,923.82 8 FY 2001 $55,328.50 $447,252.32 9 FY 2002 $56,300.38 $503,552.70 10 FY 2003 $68,424.89 $571,977.59 11 FY 2004 $69,549.21 $641,526.80 12 FY 2005 (Estimate) $375,055.00 $1,016,581.80 Fiscal Year 2006 PROJECT DESIGNATION: GREATER DOWNTOWN URBAN RENEWAL PROJECT (DOWNTOWN SUB AREAS - UPPER MAIN, TOWN CLOCK PLAZA, AND OLD MAIN) Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received Year from Payments Cumulative No. Received Under Section 403.19(2) Payments FY 1984 $ 39,458,09 $ 39,458.09 2 FY 1985 $ 87,008.45 $ 126,466.54 3 FY 1986 $ 80,940.29 $ 207,406.83 4 FY 1987 $ 84,949,07 $ 292,355.90 5 FY 1988 $ 75,413.12 $ 367,769.02 6 FY 1989 $106,025.23 $ 473,794.25 7 FY 1990 $ 42,587.45 $ 516,381.70 8 FY 1991 $ 86,756.67 $ 603,138.37 9 FY 1992 $359,904.69 $ 963,043.06 10 FY 1993 $361,625.38 $1,324,668.44 11 FY 1994 $660,614.07 $1,985,282.51 12 FY 1995 $634,279.91 $2,619,562.42 13 FY 1996 $409,680.44 $3,029,242.86 14 FY 1997 $279,723.01 $3,308,965.87 15 FY 1998 $ 8,040.60 $3,317,006.47 Fiscal Year 2006 16 FY 1999 $626,581.00 $3,943,587.4 7 17 FY 2000 $609,697.55 $4,553,285.02 18 FY 2001 $444,838.49 $4,998,123.51 19 FY 2002 $384,808.36 $5,382,931.87 20 FY 2003 $796,249.56 $6,179,181.43 21 FY 2004 $886,287.47 $7,065,468.90 22 FY 2005 (Estimate) $1,177,233.00 $8,242,701.90 Revised Fiscal Year 2005 PROJECT DESIGNATION: DUBUQUE KERPER BOULEVARD INDUSTRIAL SITE ECONOMIC DEVELOPMENT DISTRICT STATE OF IOWA ) )SS COUNTY OF DUBUQUE) Certificate of City Clerk of Dubuque, Iowa, to Dubuque County Auditor pursuant to the Code of Iowa Section 403.19(2). I certify that the City of Dubuque, Iowa, has issued and expended a total of $6,995,826,31 as shown by the attached Schedule 1, derived from loans, advances, indebtedness or bonds, principal and interest, issued or advanced in furtherance of the urban renewal project designated "Kerper Boulevard Industrial Site Economic Development District." I further certify that the City has heretofore received payments into the special tax increment fund under Code of Iowa Section 403.19(2) applicable to the aforesaid expenditures in the amount of $1 ,112,478.83, as shown by the attached Schedule 2. For Fiscal Year 2004-2005, the City requests that taxes be levied in the maximum amount permitted by Section 403.19(2) and Ordinance No. 43-94 of the City of Dubuque, Iowa, to be paid to the special fund under that section. ~/ /J /. / Dated this. q¿J1'/L/ day of ~/~--t'/Í>/jí..¡¿;~/t/ .2004. PROJECT DESIGNATION: KERPER BOULEVARD INDUSTRIAL PARK ECONOMIC DEVELOPMENT DISTRICT Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ. # PROJECT TITLE FY USE OF DOLLARS KERPER IND. PARK DEV. 1997 1998 1999 1999 2000 2000 2000 2000 2000 2000 2000 2001 2001 2001 2001 2001 2002 2002 2002 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2 EAGLE WINDOW IALLCI 2005-12 2005-12 2000-04 2000-04 2000 2000 2000 2002 2003 2004 SOURCE Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds State Grant Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds TOTAL PROJECT TIF Revenue Bond Issue-Principal TIF Revenue Bond Issue-Interest TIF Bonds. Principal TIF Bonds - Interest Proceeds to Pay Debt Proceeds for Legal Fees Legal Fees on Debt State Grant Funds Advance from City Funds Advance from City Funds TOTAL PROJECT GRAND TOTAL AMOUNT $8,342.25 1,131,351.68 47,302.17 541,947,80 609,819.75 192,761 18.45 10,689.00 34,731,00 1,342.61 26,945.50 3,588.75 7,683,52 4,771.50 39,279.17 1590,111 1492,000.001 3,194.58 3,185.00 112,50 300.00 1,144.30 12,455.781 450.00 801.50 33,022,50 13,576.321 1497.451 56,094.61 $2,066,905.72 $2,738,559.62 1,179,434.24 429,978,44 1,024,886.35 1443,938.061 124,600.001 24,600,00 1692,000.001 313,061.00 378,939.00 $4,928,920.59 $6,995,826.31 EnvironmentalfTaxes Env./Dredging Legal, Engineering, Taxes Construction/Grading Construction/Grading Investment Earnings Postage Property Tax Consulting Engineers Legal Services Consultant Services Consulting Engineers Consultant Services Miscellaneous Services Construction Investment Earnings Iowa Dept. of Econ Dev. Grant Consultant services-environmental Misc.--appraisal expense Consultant services-environmental Mlsc.--appraisal expense Construction Investment Earnings Legal Services City Engineering Services Construction Investment Earnings Investment Earnings Construction Principal Interest Principal Paid Interest Paid Bond Funds for first 18 months debt Bond Proceeds for Legal Fees Legal Fees Iowa Dept, of Econ Dev, Grant Construction Construction Revised Fiscal Year 2005 PROJECT DESIGNATION: DUBUQUE KERPER BOULEVARD INDUSTRIAL SITE ECONOMIC DEVELOPMENT DISTRICT Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received from Payments Cumulative No. Year Received Under Section 403.19(2) Payments FY 1999 $0 $0 2 FY 2000 $10,196.28 $10,196.28 3 FY 2001 $0 $10,196.28 4 FY 2002 $31,121.11 $41,317.39 5 FY 2003 $533,071.36 $574,388.75 6 FY 2004 $538,090.08 1,112,478.83 7 FY 2005 (Estimate) $560,390.00 1,672,868.83 Fiscal Year 2006 PROJECT DESIGNATION: DUBUQUE KERPER BOULEVARD INDUSTRIAL SITE ECONOMIC DEVELOPMENT DISTRICT STATE OF IOWA ) )SS COUNTY OF DUBUQUE) Certificate of City Clerk of Dubuque, Iowa, to Dubuque County Auditor pursuant to the Code of Iowa Section 403.19(2). I certify that the City of Dubuque, Iowa, has issued and expended a total of $6,995,826.31 as shown by the attached Schedule 1, derived from loans, advances, indebtedness or bonds, principal and interest, issued or advanced in furtherance of the urban renewal project designated "Kerper Boulevard Industrial Site Economic Development District." I further certify that the City has heretofore received payments into the special tax increment fund under Code of Iowa Section 403.19(2) applicable to the aforesaid expenditures in the amount of $1 ,112,478.83, as shown by the attached Schedule 2. For Fiscal Year 2005-2006, the City requests that taxes be levied in the maximum amount permitted by Section 403.19(2) and Ordinance No. 43-94 of the City of Dubuque, Iowa, to be paid to the special fund under that section. /7/1'/¿ ~ ..,/ /i / Dated this,;/{/ day of .'.--(/-:;.¿;;(A::JÆ' (/ ,2004. PROJECT DESIGNATION: KERPER BOULEVARD INDUSTRIAL PARK ECONOMIC DEVELOPMENT DISTRICT Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) PROJ. # PROJECT TITLE FY USE OF DOLLARS KERPER IND. PARK DEV. 1997 1998 1999 1999 2000 2000 2000 2000 2000 2000 2000 2001 2001 2001 2001 2001 2002 2002 2002 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 EAGLE WINDOW (ALLCI 2005-12 2005-12 2000-04 2000.04 2000 2000 2000 2002 2003 2004 SOURCE Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds State Grant Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds Advance from City Funds TOTAL PROJECT TIF Revenue Bond Issue.Principal TIF Revenue Bond Issue-Interest TIF Bonds - Principal TIF Bonds - Interest Proceeds to Pay Debt Proceeds for Legal Fees Legal Fees on Debt State Grant Funds Advance from City Funds Advance from City Funds TOTAL PROJECT GRAND TOTAL AMOUNT $8,342.25 1,131,351.68 47,302,17 541,947.80 609,819.75 192.761 18.45 10,689.00 34,731.00 1,342,61 26,945.50 3,588.75 7,683.52 4,771.50 39,279.17 1590.11) 1492,000.001 3,194.58 3,185.00 112.50 300,00 1,144.30 (2,455.78) 450.00 801.50 33,022,50 13,576.321 1497.451 56,094,61 $2,066,905.72 $2,738,559.62 1,179,434,24 429,978.44 1,024,886.35 (443,938,061 124,600.001 24,600,00 1692,000.001 313,061.00 378,939.00 $4,928,920.59 $6,995,826,31 Environmental/Taxes Env./Dredging Legal, Engineering, Taxes Construction/Grading Construction/Grading Investment Earnings Postage Property Tax Consulting Engineers Legal Services Consultant Services Consulting Engineers Consultant Services Miscellaneous Services Construction Investment Earnings Iowa Dept, of Econ Dev. Grant Consultant services.environmental Misc.--appraisal expense Consultant services-environmental Misc,--appraisal expense Construction Investment Earnings Legal Services City Engineering Services Construction Investment Earnings Investment Earnings Construction Principal Interest Principal Paid Interest Paid 80nd Funds for first 18 months debt 80nd Proceeds for Legal Fees Legal Fees Iowa Dept. of Econ Dev. Grant Construction Construction Fiscal Year 2006 PROJECT DESIGNATION: DUBUQUE KERPER BOULEVARD INDUSTRIAL SITE ECONOMIC DEVELOPMENT DISTRICT Schedule 2 Tax Increment Reimbursement Received Under Section 403.19(2) Amount Received from Payments Cumulative No. Year Received Under Section 403.19(2) Payments FY 1999 $0 $0 2 FY 2000 $10,196.28 $10,196.28 3 FY 2001 $0 $10,196.28 4 FY 2002 $31,121.11 $ 41,317.39 5 FY 2003 $533,071.36 $574,388.75 6 FY 2004 $538,090.08 1,112,478.83 7 FY 2005 (Estimate) $560,390.00 1,672,868.83 Revised Fiscal Year 2005 DUBUQUE INDUSTRIAL CENTER/SOUTH ECONOMIC DEVELOPMENT DISTRICT STATE OF IOWA) )SS COUNTY OF DUBUQUE) Certificate of City Clerk of Dubuque, Iowa, to Dubuque County Auditor pursuant to the Code of Iowa Section 403.19(2). I certify that the City of Dubuque, Iowa, has issued and expended a total of $6,263,810.82 as shown by the attached Schedule 1. derived from loans, advances, indebtedness or bonds, principal and interest, issued or advanced in furtherance of the urban renewal project designated "Dubuque Industrial Center/South Economic Development District". I further certify that the City has heretofore received payments into the special tax increment fund under Code of Iowa Section 403.19(2) applicable to the aforesaid expenditures in the amount of $707,123.33 as shown by the attached Schedule 2. For Fiscal Year 2004-2005 the City requests that taxes be levied to the maximum extent permitted by Section 403.19(2), to be paid into the special fund under that section. Dated this 3tl/;£. day of /!!!--{d~~/C._// ,2004. -' /J ;a/,Z --z .-e/? Ity Clerk Dubuque, Iowa \ dzeÁa~ PROJECT DESIGNATION: DUBUQUE INDUSTRIAL CENTERISOUTH ECONOMIC DEVElOPMENT DISTRICT Schedule 1 Indebtedness QuaUlying lor Tax Increment Reimbursement Under Section 403,1 912} PROJ. # PROJECT TITLE DUBUOUE TECH PARK INDUSTRIAL CENTER ON SITE IMPROVEMENTS ADVANCED DATA COMM HORIZON DUCARTE ICARTEGRAPH} 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 1999 2000 2000 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2003 FY SOURCE Adv.nc, Imm City Fds Advanos Imm CIt, Fds Advanos Imm CIt, Fds Adv,"c' "om City Fds Adv.nc, Imm City Fds Advanc' Imm City Fds Advanos ',om City Fds Adv.ncalmm City Fds Advanc' 'mm City Fds Adv.nc, Imm City Fds Adv.nc, "om City Fds Adv,"c, ',om City Fds Advanca 'mm City Fds Adv.nc, "om City Fds Adv.nc, "om City Fds Adv.nc, "om CIt, Fds Adv.nc, ',om CIt, Fds Adv.nc, "om City Fds Adv.nc, "om CIt, Fds Adv.nc, "om CIt, Fds RISE G"nt Adv.nc, "om CIt, Fds Adv.nca "om City Fds Adv.nca "om City Fds Adv.nca ',om City Fds TOTAL PROJECT 2005-2011 TIF R,vanua 80nds 3-1B-99 10 "" bond Issuo $900,000 Comp.n, min. ....ssm,nt .g",m,nt to cov" d,bt 1999-2004 TIF 80nds - p,'nc'p.' 1999-2004 TIF 8onds - In","" 1999 L,g.IFsss 2000 Invsstm,nt E.mln9s 2001 Inva"m,nt E.mlngs 2002 Invsstmant E.mlngs 2003 Invsstmant E.mlngs 2004 Inv,"m,nl E.mlngs 2005 InvSSlmant E.mlngs TOTAL PROJECT 2005-201 I TIF R,v,nu, Bonds 12-01 -99 10 yo" bond Issu, $360,000 w/mln. ...sssm,nt 'g,ssmant 10 cov" d,bt 2000-2004 TIF 80nds - p,'nc'p.' 2000-2004 TIF 80nds - In","" 2000 Lag.' Fsss 2000 Invsstm,nt E"nln9s 2001 Invsstmant E.mlngs 2002 Inv,"mant E.mlngs 2003 Inv,"m,nl E.mlngs 2004 Inv,"m,nl E.mlngs 2005 Invsstmanl E.mlngs TOTAL PROJECT ORAND TOTAL FOR URBAN RENEWAL AREA AMOUNT $96,379.03 76,256.03 206,768.06 313,740.55 1,991.229.77 11 ,883.08 16,672.92 29,862.07 1,360.48 3,262.03 1,1560476.53 48,677.44 12.76 2,820.23 20,000.00 69,193.22 1,010.74 17,616.36 3,852.72 8,162.49 1179,645.00) 16A72.00 4,77B.00 784,603.00 1,215.95 $4,70t,732A6 669,991.13 100,897.41 11 00,660.00) 165,260.00} 230,008.87 303,601.05 6,669.73 1100435.87) 19A31.46} 16.923.75) (5,008.6" (6,S44.80) 1I,273.66} $1,104,350.13 271,851.13 570423.62 149,876.16) 131,680.00} 88,148.87 135,973.76 2,702.03 (2,771.76) (4,982.25} (3,618.43} 12A21.24} 12,649.94) (471.40) $467,728.24 $6,263,810.82 USE OF DOLLARS Engln",'ng & Dsslgn ,"I."d G"dlng Cont"ct Con",ucllon & Dsslgn Engln,..lng Ro.d ConStruction O"dlng .nd Ulllltl05 Cont"CI MI"all.naous Engln,e,'ng .nd L,g.1 Se,vlces Consul"nt Se<vlcss Miscellaneous Se,vlm Leg.' Se,vlces Cons"uCllon L.ndsc.,lng Mlscall.neous Leg.' Fess P.yment to Othe' Ag'ncles Con,"ucllon Cont'act Services 'mm CED De,t Leg.1 S..vlces Con,,".nt Services Cons"uO1lon In",lo, Ro.ds Leg.' Se,vlces Legal Se,vlces Cons"uO1lon L'g.1 Se,vlces P,lncl,.1 '"tere" Dabt Se,vlc, Re..,ve Fd 80nd Funds '0' ,., 18 months debt Actu.1 P.ld to D"e Aclu.1 P.ld to D"e Leg.' Fees Inte'e" E.mlngs-Fd 124 ADC Inte'e" E.mlngs-Fd 124 ADC In","" E"nlngs-Fd 124 ADC Inte,e" E"nlngs.Fd 124 ADC Inte,e" E.mlngs-Fd 124 ADC In",e" E.mlngs-Fd 124 ADC P,I"cl,.1 Inte,e" Debt Se,vlce Re..,ve Fd Bond Funds 10' ,., 18 months debt Ac,",1 P.,d to D"e Ac,",1 P.,d to D"e Legal Fees Inte,e" E.mlngs-Fd 128-C.neg"ph IDuc.ne) Inte,e" E.mlngs-Fd I 28-C.neg,eph IDuc"te) Inte,," E"nlngs-Fd 128-C.neg",h IDuc"te) Inte,e" E.mlngs-Fd 128-C.neg",h (Duc"te) Inte,e" E.mlngs-Fd 128-Caneg",h (Duc.ne) Inte,e" E.mlngs-Fd 128-C"teg"ph (Duc.ne) Number 2 3 4 5 6 7 Revised Fiscal Year 2005 PROJECT DESIGNATION: DUBUQUE INDUSTRIAL CENTER/SOUTH ECONOMIC DEVELOPMENT DISTRICT Schedule 2 Tax Increment Reimbursement Record Under Section 403.19(2) Year Received Amounts Received from Payments under Section 403.12(2) FY 1999 $ FY 2000 $ Adv. Data Comm. $ FY 2001 Req. Adv. Data Comm. $ Cartegraph $ .00 .00 FY 2002 Adv. Data Comm. $152,835.64 Cartegraph $ 63,934.72 FY 2003. Adv. Data Comm. $178,305.63 Cartegraph $ 72,868.78 FY 2004 Adv. Data Comm. $178,230.77 Cartegraph $ 60,947,79 FY 2005 (Estimates) Adv. Data Comm. $196,385,00 Cartegraph $ 65,046.00 0 0 0 Cumulative Payments $ $ $ 0 0 0 $ $ 0.00 0.00 $152,835.64 $ 63,934.72 $331,141.27 $136,803.50 $509,372.04 $197,751.29 $705,757.04 $262,797.29 Fiscal Year 2006 DUBUQUE INDUSTRIAL CENTER/SOUTH ECONOMIC DEVELOPMENT DISTRICT STATE OF IOWA) )SS COUNTY OF DUBUQUE) Certificate of City Clerk of Dubuque, Iowa, to Dubuque County Auditor pursuant to the Code of Iowa Section 403.19(2). I certify that the City of Dubuque, Iowa, has issued and expended a total of $6,263,810.82 as shown by the attached Schedule 1, derived from loans, advances, indebtedness or bonds, principal and interest, issued or advanced in furtherance of the urban renewal project designated "Dubuque Industrial Center/South Economic Development District". I further certify that the City has heretofore received payments into the special tax increment fund under Code of Iowa Section 403.19(2) applicable to the aforesaid expenditures in the amount of $707,123.33 as shown by the attached Schedule 2. For Fiscal Year 2005-2006 the City requests that taxes be levied to the maximum extent permitted by Section 403.19(2), to be paid into the special fund under that section. Dated this "?/~ day of Æa¿ø{£/J ,2004, PROJECT DESIGNATION: DUBUQUE INOUSTRIAL CENTERISOUTH ECONOMIC OEVELOPMENT DISTRICT Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursemanl Under Seclion 403,19121 PROJ, # PROJECT TITLE DUBUOUE TECH PARK INDUSTRIAL CENTER ON SITE IMPROVEMENTS ADVANCED DATA COMM HORIZON DUCARTE (CARTEGRAPH) FY SOURCE 1997 1997 199B 199B 1998 1998 1999 1999 1999 1999 1999 2DDD 2DOO 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2003 Advance Iwm Citv Fd, Advance "om City Fd, Advance "om Citv Fd, Advance Iwm Citv Fd, Advance "om Cit, Fd, Adva",e Iwm City Fd, Advance from City Fd, Advance from City Fd, Advance "om City Fd, Advance "om Cltv Fd, Advance "om City Fd, Advance Iwm Citv Fd, Advance "om City Fd, Advance "om City Fd, Advance "om Cit, Fd, Advance "om Citv Fd, Advan" "om Citv Fd, Advance Iwm City Fd, Advance "om City Fd, Adv,"ce fwm Citv Fd, RISE G,"nt Advan" Iwm City Fd, Advance I'om Citv Fd, Advance Iwm Citv Fd, Adva",e Iwm Cltv Fd, TOTAL PROJECT 2005-2011 TIF Revenoe Bond, 3-18-99 10 ,e", bond i"oe $900,000 Company min. ."."ment ag,eement to cove, debt 1999-2004 TIF 80nd, - P,lncipal 1999-2004 TIF Bond, - Inte'e" 1999 LegalFee, 2000 Inve'tment Earning, 2001 Inve"ment Earning, 2002 Inve"ment Earning, 2003' Inve"ment Earning, 2004 Inve"ment Earning, 2005 Inve"ment Earning, TOTAL PROJECT 2005-2011 TIF Revenoe Bond, 12-01 -99 10 ve", bond '"oe $360,000 wlmin. a"e"ment ag'eement to cove, debt 2000-2004 TIF Bond, - P"ncipal 2000-2004 TIF Bond, - Inte,e" 2000 Legal Fee, 2000 Inve"ment E",ning, 2001 Inve"ment E",ning' 2002 Inve"ment E",ning, 2003 Inve"menl E",ning, 2004 Inmtment E",nlng, 2005 Inmtment Earning, TOTAL PRDJECT GRAND TOTAL FOR URBAN RENEWAL AREA AMOUNT $95,379.03 76,256.03 206,758.06 313,740.65 ',99',229.77 " ,883.08 16,572.92 29,862.07 1,350.48 3,252.03 1,156,476.53 48,677.44 12.76 2,820.23 20,000.00 69,193.22 1,010.74 17,618.35 3.852.72 8,162.49 1179,646.00) 16,472.00 4,778.00 784,803.00 1,215.95 $4,701,732.45 669,991.13 100,897.41 1100,650.00) 165,250.00) 230,008.87 303,601.05 5,669.73 110.435.87) (9.431.46) 16,923.75) 16,008.62) 16,844.80) 11,273.56) $1,104,350.13 271,861.13 67,423.62 (49,876.16) 131.680.00) 88,148.87 135,973.76 2,702.03 12,771.75) 14,982.25) 13,5tB.43) 12,421.24) (2,649.94) (471.40) $457,72S.24 $6,263,Bl0.B2 USE OF DOLLARS Enginee,ing & De,ign ,eleted G,"ding Cont'"ct Con","c"on & D"ign Engineering Road Con",oction G,"ding and Utllitie, Cont,act MI"ellaneooa Enginee,ing and Legal S",vice' Con,,"ant Se,vice, Mi"ellaneooa Se'vim Legal Se,vice' Con","c"on Land,caping Mi"ellaneooa Legal Fee, Pavmentto Othe, Agend" Con"","on Cont'"ct SeNice, "om CED Oept Legal Se,vice, Con"ltent Se,vice' Con"","on Inte,io, Road, Legal Se,vice, Legal S"vi", Con","ction Legal Se,vice, P'inclpal lot"e" Debt S",vice R.,.,ve Fd Bond Fond, 1m '" lB month, debt Act",1 Paid to Date Act",1 Paid to Date Legal Fee, Inte,e" Eaming,-Fd 124 ADC Inte,e" Eaming,-Fd 124 ADC Inte.." Eaming,-Fd 124 ADC lote'e" Eaming,-Fd 124 ADC lote'e" Eaming,-Fd 124 ADC Inte.." Eaming,-Fd 124 ADC P,'ncipal lote,e" Debt Se,vice Re,e've Fd BondFond'lo,""Bmonth,debt Act",1 Paid to Date AcMI Paid to Date Legal Fee, Inte"" Eaming,-Fd 12B-Ca~eg"ph 100ca"e) Into"" Eaming,-Fd 12B-Ca~eg,"ph ID"a~e) Int""t Eaming,-Fd 1 2B-Ca~eg,"ph (D"a~e) Inte,"t Eaming,-Fd 1 2B-Ca~eg"ph (D"",te) Inte"" Eaming,-Fd 1 2B-Ca~eg,"ph (D,,",te) Inte'e" Eaming,-Fd 12B-C",teg,"ph IDoca,te)