Prudential Insurance CompanyMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Prudential TIF Rebate
DATE: December 13, 2011
Dubuque
knerd
All-America City
1
2007
Economic Development Director Dave Heiar recommends City Council approval of the
final TIF payment in the amount of $338,219.90 to Prudential Insurance Company, as
provided in the 1999 Development Agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
dtir)144
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 Van Milligen, City Manager
FROM: David J Heiar, Economic Development Director
SUBJECT: Prudential TIF Rebate
DATE: December 13, 2011
Dubuque
AI- America City
'1 1 1 II
2007
PURPOSE
The intent of this memorandum is to seek Council authorization to approve the final TIF
payments to Prudential
BACKGROUND
On October 18, 1999, the City Council approved a Development Agreement with
Prudential Insurance Company to encourage the Company to locate in downtown
Dubuque The expansion project was a $10,000,000 investment that created 200 new
positions The Company already had 320 positions in Dubuque
At the time of the agreement, the Company had 9 years remaining on its base lease
The City Council agreed to rebate the property taxes during this lease period, and to
extend the rebate for another year if the Company provided a copy of a lease extension
beyond this initial lease period Last week, the Company submitted a copy of the lease
extension to the City
Since the City did not have notice of this lease extension, the tenth year of the rebate
was not included in the current fiscal year budget Therefore, the City Council will need
to authorize payment of the rebate as was previously agreed to in the Development
Agreement
BUDGET IMPACT
The annual property rebate of $338,219 90 will be funded from TIF revenue from the
Greater Downtown Urban Renewal District
ACTION STEP
To have the City Council approve payment of a property tax rebate of $338,219 90 to
Prudential as stated in the 1999 Development Agreement
F SLISERSSEcon Dev \Prudentialt20111213 Prudential TIF Rebate memo doc