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Legislators - Housing Tax Credits City Manager's Office 50 West 13th Street Dubuque, Iowa 52001-4864 (563) 589-4110 phone (563) 589-4149 fax ctyrngr@cityofdubuque.org I t' ~ck~ March 10, 2005 n VIA E-mail and 1 st Class Mail <<Email>> <<CompleteLOCALName _Add ress>> Re: SSB 1095 - Housing Tax Credits ~Li Dear <<Title>> <<Last>>: I am writing to encourage you to support SSB 1095, which allows the award and transfer of State Enterprise Zone tax credits for housing development whose primary purpose is the redevelopment of brownfields and blighted areas within designated Enterprise Zones regardless of whether the project uses Federal low income housing tax credits. As you know, the Enterprise Zone legislation was written to promote private investment in economically distressed areas of a city or county and has been on Dubuque's legislative priority list for a number of years. The sale of tax credits to provide project equity is often a very important piece of the financial package for redevelopment projects. Dubuque is very familiar with the use of Federal historic tax credits and low income housing tax credits to support redevelopment and new housing opportunities. However, the ability to support market- rate housing, either new construction or rehabilitation, in urban brownfields is new territory. The City of Dubuque's Port of Dubuque redevelopment area is an urban riverfront brownfield located in an Enterprise Zone. Our master plan for the area suggests housing as a potential reuse for the area. The cost of land in this prime location, coupled with the added costs associated with environmental remediation, may require substantial -- and creative -- public financial assistance. The use of Enterprise Zone tax credits to raise equity for market-rate housing projects in the Port of Dubuque, and the community generally, would be very beneficial. Service People Integrity Responsibility Innovation Teamwork I encourage you to support SSB 1095 establishing housing tax credits in Enterprise Zones. Thank you for your continued support. Sincerely, Michael C. Van Milligen City Manager MCVM:cms cc: Mayor Terry Duggan Dubuque City Council Susan Judkins, Iowa League of Cities Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Dave Heiar, Economic Development Director David Harris, Housing and Community Development Director The Honorable Mike Connolly Iowa State Senator 2600 Renaissance Dr #3 Dubuque, IA 52001 The Honorable Pam Jochum Iowa State Representative 2368 Jackson Dubuque, IA 52001 The Honorable Steven Lukan Iowa State Representative 7365 Columbus Street New Vienna IA 52065 The Honorable Tom Hancock Iowa State Senator 310 E Main Street Epworth, lA, 52045 The Honorable Pat Murphy Iowa State Representative 155 N. Grandview Avenue Dubuque, IA 52001 The Honorable Ray Zirkelbach Iowa State Representative 637 W. First Street Monticello, IA 52310 The Honorable Roger Stewart Iowa State Senator 3936317 Avenue Preston, IA 52069 The Honorable Thomas Schueller Iowa State Representative 503 W. Platt Street Maquoketa, IA 52060 THE CITY OF ( _ City Manager's Office 50 West 13th Street Dubuque, Iowa 52001-4864 (563) 589-4110 phone (563) 589-4149 fax ctymgr@cityofdubuque.org 1 B I ~*~ March 10, 2005 c; .:-. :1 VIA Email and 1 sl Class Mail <<Email>> <<CompleteLOCALName _Add ress>> Re: HSB 53 - Housing Tax Credits Dear <<Title>> <<Lash>: I am writing to encourage you to support HSB 53, which allows the award and transfer of State Enterprise Zone tax credits for housing development whose primary purpose is the redevelopment of brownfields and blighted areas within designated Enterprise Zones regardless of whether the project uses Federal low income housing tax credits. As you know, the Enterprise Zone legislation was written to promote private investment in economically distressed areas of a city or county and has been on Dubuque's legislative priority list for a number of years. The sale of tax credits to provide project equity is often a very important piece of the financial package for redevelopment projects. Dubuque is very familiar with the use of Federal historic tax credits and low income housing tax credits to support redevelopment and new housing opportunities. However, the ability to support market- rate housing, either new construction or rehabilitation, in urban brownfields is new territory. The City of Dubuque's Port of Dubuque redevelopment area is an urban riverfront brownfield located in an Enterprise Zone. Our master plan for the area suggests housing as a potential reuse for the area. The cost of land in this prime location, coupled with the added costs associated with environmental remediation, may require substantial -- and creative -- public financial assistance. The use of Enterprise Zone tax credits to raise equity for market-rate housing projects in the Port of Dubuque, and the community generally, would be very beneficial. Service People Integrity Responsibility Innovation Teamwork I encourage you to support HSB 53 establishing housing tax credits in Enterprise Zones. Thank you for your continued support. Sincerely, Michael C. Van Milligen City Manager MCVM:cms cc: Mayor Terry Duggan Dubuque City Council Susan Judkins, Iowa League of Cities Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Dave Heiar, Economic Development Director David Harris, Housing and Community Development Director The Honorable Mike Connolly Iowa State Senator 2600 Renaissance Dr #3 Dubuque, IA 52001 The Honorable Pam Jochum Iowa State Representative 2368 Jackson Dubuque, IA 52001 The Honorable Steven Lukan Iowa State Representative 7365 Columbus Street New Vienna IA 52065 The Honorable Tom Hancock Iowa State Senator 310 E Main Street Epworth, IA, 52045 The Honorable Pat Murphy Iowa State Representative 155 N. Grandview Avenue Dubuque, IA 52001 The Honorable Ray Zirkelbach Iowa State Representative 637 W. First Street Monticello, IA 52310 The Honorable Roger Stewart Iowa State Senator 3936 317 Avenue Preston, IA 52069 The Honorable Thomas Schueller Iowa State Representative 503 W. Platt Street Maquoketa, IA 52060