Urban Renewal Tax Increment Revenue Bond - Advanced Data-Comm
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The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Buol introduced and
delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION
INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE
ISSUANCE OF NOT TO EXCEED $900,000 URBAN RENEWAL TAX INCREMENT
REVENUE BONDS," and moved its adoption. Council Member
Michalski seconded the motion to adopt. The roll was called and the
vote was,
B that the Resolution be adopted.
o to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings to the meeting to be held at o'clock .M. on
the day of , 1999, at this place.
Council Member
called and the vote was,
seconded the motion. The roll was
AYES:
Duggan, Buol, Markham, Michalski,
Nichelson, R<lJbins, Voetrerg
NAYS: None
Whereupon, the Mayor declared said Resolution duly adopted as follows:
RESOLCTICN NO. 107-99
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $900,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS
WHEREAS, pursuant to notice published as required by law, this Council has held
a public meeting and hearing upon the proposal to institute proceedings for the issuance
of not to exceed $900,000 Urban Renewal Tax Increment Revenue Bonds for the purpose
of paying costs of aiding in the planning, undertaking and carrying out of urban renewal
.
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project activities under the authority of Chapter 403 of the Code of Iowa and the Urban
Renewal Plan for the Dubuque Industrial Center/South Economic Development District,
including those costs associated with the funding of an economic development grant to
Advanced Data-Comm, Inc., an Iowa corporation, pursuant to and under the conditions
set forth in a Development Agreement dated as of November 16,1998 by and among the
City of Dubuque, ADC Properties, L.C., an Iowa limited liability company, and
Advanced Data-Comm, Inc. in respect of certain minimum improvements to be
constructed and jobs to be created and maintained by said parties in the Dubuque
Industrial Center/South Economic Development District, and has considered the extent of
objections received from residents or property owners as to said proposed issuance; and,
accordingly the following action is now considered to be in the best interests of the City
and residents thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and takes additional
action for the sale and issuance in the manner required by law of not to exceed $900,000
Urban Renewal Tax Increment Revenue Bonds for the foregoing purpose.
Section 2. The Clerk is authorized and directed to proceed on behalf of the City
with the sale of said Urban Renewal Tax Increment Revenue Bonds, to select a date for
the sale thereof, to cause to be prepared such notice and sale information as may appear
appropriate, to publish and distribute the same on behalf of the City and this Council and
otherwise to take all action necessary to permit the sale of said Urban Renewal Tax
Increment Revenue Bonds on a basis favorable to the City and acceptable to the Council.
PASSED AND APPROVED this 1st day of
March
, 1999.
ATTEST:
]~d_}~~.:/
City C k
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CIG-3
9/91
CERTIFICATE
STATE OF IOWA
)
) SS
)
COUNTY OF DUBUQUE
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respeGt to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said law
and with members of the public present in attendance; I further certify that the individuals
named therein were on the date thereof duly and lawfully possessed of their respective
city offices as indicated therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right
of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this 2nd
day of March , 1999.
SEAL
DCORNELL\173301 \1 \1 0422045
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(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
McTCh 1,
, 1999.
Time of Meeting:
7 :00 o'clockF .M.
Place of Meeting:
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
Not to exceed $900,000 Urban Renewal Tax Increment Revenue Bonds.
.
Public hearing on the issuance.
Resolution instituting proceedings to take additional action.
.
Such additional matters as are set forth on the additional 7 page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
//
,.,
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CITY COUNCIL--SPECIAL SESSION 5:45 P.M. PUBLIC LIBRARY AUDITORIUM
DISCUSSION ON DESIGN FOR OPENING 8TH STREET AND WORK ON
TOWN CLOCK PLAZA
,
.~~~~.A..A~~A~AA.AAAL.AA~AAA~AAAAAAAAAAA4A4A4AA44AALAL4AA4A4A4AA44AAAAAAAAA4A4A4AAAAAAAAAAAAAAA~~4tAA
"
AGENDA - CITY COUNCIL MEETING
MONDAY- MARCH 1, 1999
7:00 P.M. PUBLIC LIBRARY AUDITORIUM
INVOCATION -- Sister Gabrielle Hoefer, Hospital Chaplain, Mercy Medical Center
CONSENT ITEMS SEE PAGES #5. 6 & 7
The consent items are considered to be routine and non-controversial and will be
normally voted upon as a single motion. There will be no separate discussion on
these items. If you would like to discuss one of the Consent Items, please go to
the microphone and be recognized by the Mayor and state the item you would like
removed from the Consent Agenda for separate discussion and consideration.
*****************************************************************************************************
Individuals are invited to address the Council to express their desire to serve on various
. Boards/Commissions
. Appointments to Housing Code Appeals Board -- Applicants - Tom Hannan, Robert
Sampson
~AAAAAAAAAAAALAAAA4~ALAAAAA~AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAALALAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
SOOGESTED
DISPCSrrICR)
PUBLIC HEARINGS
1 . Proof of Publication on Notice of Public Hearing to consider annexing properties Rec. & File
as requested by Ronald & Joann Ludwig and Lawrence and Katherine Ludwig
located west of Peru Road, south of the Ginger Ridge subdivision and north of th
Terrace Heights Mobile Home Park.
RESOLUTION Annexing above properties to the City of Dubuque.
Adopt
2.
Proof of Publication on Notice of Public Hearing to consider reclassifying Rec. & File
properties West of Peru Road and North of Kennedy Court from County A-1 to
PUD for Emerald Acres No.2, concurrent with annexation (Lawrence & Katherine
Ludwig with contract to Tschiggfrie)
.
ORDINANCE Reclassifying property located West of Peru Road and North of MorrCN "A II
Kennedy Court from Dubuque County A-1 Agricultural District to City's PUD
Planned Unit Development District with a PR Planned Residential District
designation and adopting a Conceptual Development plan with conditions, for
Emerald Acres NO.2. (1 st & 2nd rdgs. given 2-15-99)
1
3. Proof of Publication on Notice of Public Hearing to consider reclassifying property Rec. & File
located at 17111 Peru Road from County A-1 to R-1, concurrent with annexation
(Ronald & Joann Ludwig)
.,
ORDINANCE Reclassifying property located at 17111 Peru Road from DubUque
County A-1 Agricultural District to City's R-1 Single-Family Residential District.
(1st & 2nd rdgs. given 2-15-99).
MC'1"ICN " A "
4. Proof of Publication on Notice of Public Hearing to consider reclassifying property Rec. & File
North of Kennedy Court and West of Peru Rd. from AG to R-1 District.
(T schiggfrie)
ORDINANCE Reclassifying property located North of Kennedy Court and West of KYI'ICN "'}I_"
Peru Road from AG Agricultural District to R-1 Single-Family Residential District.
(1st & 2nd rdgs. given 2-15-99)
5. Proof of Publication on Notice of Public Hearing to consider reclassifying property Rec. & File
adjacent to 3939 Pennsylvania Ave. from R-1 to C-3 District. (East Dubuque
Bancshares)
ORDINANCE Reclassifying property located adjacent to 3939 Pennsylvania
Avenue from R-1 Single-Family Residential District to C-3 General Commercial
District. (1 st & 2nd rdgs. given 2-15-99)
MC71'I CN " A "
6. Proof of Publication on Notice of Public Hearing to consider amendment Rec. & File
pertaining to freestanding signage of PC District located at 255 JFK Rd. (Shopko)
ORDINANCE Repealing Section 2.E(1) of Ordinance No. 61-89 and enacting a
new Section 2.E(1) in lieu thereof pertaining to Freestanding Signage of the PC
Planned Commercial District located at 255 John F. Kennedy Road. (1st & 2nd
rdgs. given 2-15-99) .
MC'I'ICN II A II
7.
Proof of Publication on Notice of Hearing to consider issuance of not to exceed
$900,000 Urban Renewal Tax Increment Revenue Bond to support Advanced
Data-Comm Project.
Rec. & File
City Manager recommending to proceed with issuance of bonds.
Rec. & File
RESOLUTION Instituting proceedings to take additional action for the issuance of ADOPT
not to exceed $900,000 Urban Renewal Tax Increment Revenue Bonds.
2
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Proof of Publication on Notice of Public Hearing to consider reclassifying property
Rec. & File
at Southwest corner of Northwest Arterial and Asbury Rd. from AG and C-3
District to PC designation. (aHa Properties)
Petition containing 164 names objecting to rezoning request and access road to Rec. & File
the Northwest Arterial.' .~,
~, .,
aHa responding to issued regarding the zoning at Northwest Arterial & Asbury. Rec. & File
ORDINANCE Reclassifying property located at Southwest corner of the Northwest
Arterial and Asbury Road from AG Agricultural District and C-3 General MOl'ICN "A"
Commercial District, with conditions, to PUD Planned Unit Development District
with a PC Planned Commercial District designation and adopting a Conceptual
Development Plan, with conditions. (1 st & 2nd rdgs. given 2-15-99)
Proofs of Publication on Notice of Hearing on Plans & Specs. and Notice to R F' 1
ec. & 1. e
Bidders on Receipt of Bids for Dubuque Greyhound Park & Casino Kennel Area
Parking Lot Improvements.
9.
RESOLUTION Adopting Plans & Specs. for project.
City Manager recommending to awarding contract for project.
RESOLUTION Awarding Contract for project to Tschiggfrie Excavating in the
amount of $60,092.50,
Adopt
Rec. & File
Adopt
MarICN
ORDINANCE Amending Chapter 14 of the Code of Ordinances, Parks and
Recreation, by renaming certain parks and establishing certain new parks; by MOl'ICN
amending Section 34-54 prohibiting dogs, cats and other domestic animals in any
park; and by amending and renumbering Sec. 34-67 relating to the use of
bicycles, motorcycles, etc. in parks. .
ACTION ITEMS
1.
City Manager recommending approval of revisions to Code of Ordinances
pertaining to parks and recreation.
Rec. & File
"B"
"A"
2. City Manager recommending approval to remove parking on portion of Ida Street. Rec. & File
ORDINANCE Providing for removal of parking on east side of Ida Street from
Grace to Delhi Streets.
MarICN "B"
MarICN II A II
3.
City Manager recommending approval and execution of an Enterprise Zone
Agreement by and among Iowa Department of Economic Development between
City and Swiss Valley Farms Co.
Rec. & File
A~rove
3
RESOLUTION 0
. h
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uesting authorization to negotiate and execute a contract with Approve
c. for transportation system design.
mmending acceptance of Doland Properties at 330-332 Main Rec. & File
., .
ccepting deed for Doland Properties for real estate located'~f Adopt
.
mmending acceptance of Merchant Hotel property located at Rec. & File
ccepting deed for Merchant Hotel property. Adopt
EMS TO BE SET FOR PUBLIC HEARINGS
uesting a public hearing be set for March 15, 1999 to consider A~rove
quested by Wm. & Janet Siegert on Highway 20 West. P.rq. 3-15-99
Commission advising of their approval to rezone farm land on Rec. & File
t from County A-1 to C-3 District, in conjunction with voluntary
. & Janet Siegert}
classifying land located on Highway 20 West from County A-1 MOl'ICN liB II
MOIICN "D"
ty C-3 General Commercial District. Hra. 3-15-90
-
uesting a public hearing be set for March 15 to consider ARD=Ove
oject known as Highway 20 West Annexation Plan. Hrg. 3-15-99
bmitting documents providing for construction of South Fork Rec. & File
project
reliminary approval of plans & specs. for project in estimated Adopt
67.93
ixing Date of Hearing on plans & specs. for April 5, 1999. Adopt .
rdering Bids and directing Clerk to advertise. AA...~
bmitting documents providing for construction of Manhole Rec. & File
Project
reliminary approval of plans & specs. for project in estimated Adopt
30.68
ixing Date of Hearing on plans & specs. for April 5, 1999. Adopt
rdering Bids and directing Clerk to advertise. Adopt
4. City Manager req
Carter -Goble, In
5. City Manager rece
St.
RESOLUTION A
330-332 Main St
6. City Manager rece
304 Main St.
RESOLUTION A
IT
1 . City Manager req
annexation as re
2. Zoning Advisory
Highway 20 Wes
annexation. (Wm
ORDINANCE Re
Agricultural to Ci
3. City Manager req
annexation for pr
4. City Manager su
Sanitary Sewer
RESOLUTION P
amount of $390,2
RESOLUTION F
RESOLUTION 0
5. City Manager su
Reconstruction
RESOLUTION P
amount of $57,9
RESOLUTION F
4
. CONSENT ITEMS
1. MINUTES SUBMITTED -- Cable TV Regulatory Commission of 2-10; Civil Service Rec. & File
Commission of 2-15; Five Flags Commission of 2-15; Human Rights Commission
of 1-18; Plumbing Board of 2-9; Zoning Advisory Commission of 2-4 & 17;, /
,
Proof of Publication on Notice of publishing City of Dubuque calendar year 1998 Rec. & File
salaries_.
2. NOTICE OF CLAIMS/SUITS -- BFI Waste Systems of N.A. Inc, in amount of Refer to
43998.21 for vehicle damages; Dr. & Mrs. William J. Dall in amount of $60.15 for Legal Staff
property damages; Timothy Kelly in amount of $208.11 for vehicle damages; f/inv.
Ricky Meyer in amt. of $2,500 plus medical costs for personal injuries; Thomas O. & report
Nesler in amount of $802.44 for vehicle damages; Bernadine Schmid in
undetermined amount for personal injuries;
3. Corporation Counsel advising following claims have been referred to Public Entity
Risk Services of Iowa, the agent for the Iowa Communities Assurance Pool: Rec. & File
Vehicle damage of Emily Balis; Vehicle damage' of Fred Brenke, Jr; Vehicle
damage of Jack B. Crahan; Personal injury of Christina Schiessl; Vehicle damage
. of Terrence L Schmidt; Vehicle damage of Jeff J. Vandermillen; Corporation
Counsel advising the claim of Janice and Michael McClain has been further
forwarded for a defense;
Corporation Counsel recommending settlement of property damage claim of Rec. & File
Marlyn J. Langevin in amount of $328.00 and Finance Director to issue check. Approve
4. Mrs. Eugene Plumley, Sr. expressing concerns on the law regarding parking RV's Rec. & File
on their own property.
5. City Manager recommending adoption of Supplement No. 39 to the Code of Rec. & File
Ordinances.
RESOLUTION Adopting Supplement No. 39 to the City Code of Ordinances. ldcpt
6. Dubuque Metropolitan Area Solid Waste Agency advising of their intent to explore Refer to
the feasibility of expanding its service area and requesting response from City of cty. fJ'Jgr.
Dubuque Staff regarding the ability and willingness to treat additional leachate.
7. Iowa DOT advising of letting of a project in April to reconstruct U.S. 61 Rec. & File
southbound exit ramp to Kerper Boulevard/Dubuque Greyhound Park and Casino.
. Copy of letter from City Manager requesting consideration be given to minimize Rec. & File
length of closure for project concerning entrance to Greyhound Park.
8. John Whalen requesting that the Landlord Housing Code stay intact. Rec. & File
5
9.
Attorney Arthur Gilloon, on behalf of Tugboat Willy, requesting approval of lease
Refer to
between Dubuque Yacht Basin and Tugboat Willy's Inc. to operate a restaurant
Cty. Mgr.
formerly known as the Wheelhouse
10.
ORA requesting amendment to their 1999 CIP Schedule, to allow for a racetrack Rae. & File
surface replacement project to proceed at a cost that exceeded the originaLGJP
Schedule. ,00
City Manager recommending approval of request from ORA.
Apprcve Rcc.
11.
Civil Service Commission certifying list of individuals who have successfully
passed the written exam for position of Aquatics and Therapeutic Recreation
Supervisor.
Make Hatter
cf Record
12.
City Manager recommending acceptance of Patent Deeds for lOOT Properties
Rec. & Fie
RESOLUTION Accepting conveyance of City Lot 307 A in the City of Dubuque. Pdopt
RESOLUTION Accepting conveyance of City Lot 500B and City Lot 500C in the Pdopt
City of Dubuque.
RESOLUTION Accepting conveyance of City Lot 500A in the City of Dubuque. Adopt
RESOLUTION Accepting conveyance of City Lot 5000 in the City of Dubuque. Adopt
RESOLUTION Accepting conveyance of City Lot 303A in the City of Dubuque. Adopt
13. City Manager recommending approval to publish combined notice for release of Rae. & File
funds for Eagle Window & Door Project.
RESOLUTION Authorizing publication of a combined notice of findings of No
Significant Impact on Environment and Notice of Intent to request Release of
Funds for Eagle Window and Door.
I Adopt
I Rec. .; File
14.
City Manager recommending acceptance of Dubuque Technology Park Site
Grading Project.
RESOLUTION Accepting Improvement for project
Pdopt
RESOLUTION Approving final estimate in amount of $338,054.49.
Ado 't
15. City Manager recommending approval of the Administrative Services and
Financial Agreement for the Delta Dental Plan.
Approve
Recomnend.
Approve
Recomnend.
16. City Manager recommending approval of amendment to ADUAdvanced Data
Comm Development to extend closing to March 18.
6
.17.
City Manager recommending approval of CEBA application for Cottingham &
Butler.
Fee. & File
RESOLUTION Authorizing filing of CEBA application on behalf of Cottingham & Adopt
Butler.
18.
Approve
City Manager recommending approval of Amendment #2 to CarteGraph to eXtend Recomnend.
date for closing.
19. City Manager recommending approval of right-of-way acquisition with lOOT on
Iowa Highway 32
Ree. & File
RESOLUTION Approving cooperative agreement with lOOT relating to right-of- Adopt
way acquisition for construction of Iowa Highway 32 (Northwest Arterial) from J. F.
Kennedy Road to U.S. Highway 52
20.
BUSINESS LICENSES - RESOLUTION Granting issuance of Class "B" Beer Adopt
Permits to Kids World Pizza Place and Bunker Hill Golf Course; Class "C" Beer
Permits to Econofoods #471, Dubuque Discount Gas and Big 10 Mart.
.
RESOLUTION Granting issuance of Class "B" Liquor License to Days Inn; Class Adopt
"C" Liquor Licenses to Eagles Club, Diamond Jo Casino, Cue Master Limited,
DBa Greyhound Park & Casino; Finney's Bar & Grill, Hammerheads Bar/Billiards
and Neighbor's Tap.
PUBLIC INPUT
At this time, anyone in the Council Chambers may address the Council on matters
which are of concern to them and which are not an agenda item. Please take your
place at the microphone and state your name and address clearly. Proceed with
your comments REMINDER: no formal or official action may be taken at this time
on your comments because of the notice requirements of the Iowa Open Meetings
Law.
CLOSED SESSION-- In accordance with Chapter 21.5 1.0) State Code of Iowa, 1997
as amended, To discuss the purchase of particular real estate where premature
disclosure could be reasonably expected to increase the price the governmental
body would have to pay for that property.
.
Mary A. Davis, CMC
1 :00 p.m. - 2-25-99
7
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March 1
The City Council of Dubuque, Iowa, met in regular
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor Terrance M. Duggan
following named Council Members:
, 1999
session, in the
7 o'clock ~.M., on
, in the chair, and the
Ray Buol, John Markham, Ann Michalski, Dan Nicholson,
Joe R6tl::ins, Dirk Voetberg (Via electronic means)
Absent: None
*******
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The Mayor announced that this was the time and place for the public hearing and
meeting on the matter ofthe issuance of not to exceed $900,000 Urban Renewal Tax
Increment Revenue Bonds in order to provide funds to pay costs of aiding in the planning,
undertaking and carrying out of urban renewal project activities under the authority of
Chapter 403 of the Code of Iowa and the Urban Renewal Plan for the Dubuque Industrial
Center/South Economic Development District, including those costs associated with the
funding of an economic development grant to Advanced Data-Comm, Inc., an Iowa
corporation, pursuant to and under the conditions set forth in a Development Agreement
dated as of November 16, 1998 by and among the City of Dubuque, ADC Properties,
L.C., an Iowa limited liability company, and Advanced Data-Comm, Inc. in respect of
certain minimum improvements to be constructed and jobs to be created and maintained
by said parties in the Dubuque Industrial Center/South Economic Development District,
and that notice of the proposed action by the Council to institute proceedings for the
issuance of said Urban Renewal Tax Inc.rement Revenue Bonds, had been published
pursuant to the provisions of Section 403.9 of the Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of said Urban Renewal Tax Increment
Revenue Bonds. The Clerk advised the Mayor and the Council that nc written
objections had been filed. The Mayor then called for oral objections to the issuance of
said Urban Renewal Tax Increment Revenue Bonds and none were made.
Whereupon, the Mayor declared the time for receiving oral and written objections to be
closed.
(Attach here a summary of objections
received or made, if any)
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0.\ .r-.....,
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CIG-18
2-91
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE)
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of
Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of
said City, I have caused a
NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $900,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS OF SAID CITY, AND THE
HEARING ON THE ISSUANCE THEREOF
of which the clipping annexed to the publisher's affidavit hereto attached is in words and
figures a correct and complete copy, to be published as required by law in the Telegraph
Herald, a legal newspaper published at least once weekly, printed wholly in the English
language, published regularly and mailed through the post office of current entry for more
than two years and which has had for more than two years a bona fide paid circulation
recognized by the postal laws of the United States, and has a general circulation in the
City, and that said Notice was published in said newspaper in all of the issues thereof
published and circulated on the following date:
February 23
, 1999
WITNESS my official signature at Dubuque, Iowa, this 2nd
March , 1999.
day of
#~dJ-'~
City Clerk
(SEAL)
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CITY OF DUBUQUE, IOWA
MEMORANDUM
February 25, 1999
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT:
Issuance of Not to Exceed $900,000 Urban Renewal Tax Increment
Revenue Bonds to Support Advanced Data-Comm Project
.
Community and Economic Development Director Jim Burke is recommending
approval of the issuance of $900,000 in urban renewal tax increment revenue
bonds to support Advanced Data-Comm's expansion project at the Dubuque
Technology Park. The City Assessor's Office has estimated the proposed project's
assessed value at $5,100,000. This assessment will generate sufficient property
tax revenues over a ten year period to support the borrowing. The company will
create at least 51 new full-time jobs with this expansion.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
I) Ii 1
/7'Z; / L 1\ l/ /2-1 ~ r/
"L.' ~,t ,,1'1. I !~
Mic ael C. Van Milligen
MCVM/j
Attachment
.
cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
.
.
.
CITY OF DUBUQUE, IOWA
MEMORANDUM
February 23, 1999
TO:
FROM:
urke, Community and Economic Development Director
SUBJ:
I s ance of Not to Exceed $900,000 Urban Renewal Tax Increment Revenue
Bonds to Support Advanced Data-Comm Project
INTRODUCTION
This memorandum presents for City Council adoption a resolution instituting proceedings to take
additional action for the issuance of not to exceed $900,000 in urban renewal tax increment
revenue bonds to support Advanced Data-Comm's expansion project at the Dubuque Technology
Park. Adoption of this resolution would follow the public hearing scheduled for March 1, 1999.
BACKGROUND
On February 22, 1999, the City Council set for public hearing the proposed action of the Council
to issue bonds for Advanced Data-Comm. The City must hold a public hearing whenever it
agrees to obligate tax increment revenues. The City's Development Agreement with Advanced
Data-Comm stipulates the amount of tax increment financing (TIF) shall not exceed $900,000.
The City Assessor's Office has estimated the proposed project's assessed value to be at least
$5,100,000. This assessment will generate sufficient tax revenues over a ten year period to
support approximately $900,000 in aggregate borrowing. The company has worked with a local
bank to issue TIF bonds (notes) which will net the company approximately $645,000 for their
project.
DISCUSSION
The public will have an opportunity to speak for or against the use of tax increment revenue for
this project. If Council decides to support the project with tax increment revenue, the Council is
required by statute to adopt a resolution instituting proceedings to issue the bonds at the hearing,
or an adjournment thereof. The attached resolution has been prepared by the City's bond counsel
as required by law.
In the event the Council decides to abandon the proposal to issue the bonds, then the resolution
should not be adopted and a motion be adopted to the effect that such bond proposal is
abandoned.
.
RECOMMENDATION
I recommend that the City Council adopt the attached resolution on the issuance of not to exceed
$900,000 in urban renewal tax increment revenue bonds to support Advanced Data-Comm's
expansion project at the Dubuque Technology Park. As provided in the Development
Agreement, the company will create not less than 51 new full-time jobs with this expansion and
create over $5 million in new assessed value in the Technology Park.
ACTION STEP
The action step for the City Council is to adopt the attached resolution.
Attachment
2/23/99
F:\USERS\P AMMG\ WPDOCS\LOANDOC\ADVDA T A\TIFPH.MEM
.
.
.
City Clerk's Office
50 West 13th Street
Dubuque, Iowa 52001-4864
Phone: (319) 589-4120
fax: (319) 589-0890
5~~~E
~~~
March 3, 1999
A TIN: Wm. Noth
c/o Law Offices
100 Court Ave. Suite 600
Des Moines, IA 50309-2231
Dear Bill:
.
RE: Instituting proceedings to take additional action on $900,000 Urban Renewal
T ax Increment Revenue Bonds issuance for Advanced Data-Comm
expansion
Enclosed find executed Resolution No. 107-99 "Instituting proceedings to take
additional action for the issuance of not to exceed $900,000 Urban Renewal Tax
Increment Revenue Bonds". Also included is a copy of the "Publisher's Affidavit" on
notice as it was published in the newspaper on February 23, 1999. Hope all is in
proper order.
If any questions, please give me a call.
Yours truly,
....")~
,~1k;//
MaryO( Davis, CMC
City Clerk
.
encl.