Caradco Landlord, LLC_Brownfield / Grayfield ApplicationMasterpiece on the Mississippi
Dubuque
bierd
All- America City
1
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Brownfield /Grayfield Redevelopment Tax Credit Application for Caradco
Landlord, LLC.
DATE: May 16, 2012
Economic Development Director David Heiar is requesting City Council approval of a
Brownfield /Grayfield Redevelopment Tax Credit Application to the Iowa Economic
Development Authority (IEDA), on behalf of Caradco Landlord, LLC. The City Council is
requested to adopt the resolution approving the application for Caradco Landlord, LLC.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:sv
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David Heiar, Economic Development Director
Masterpiece on the Mississippi
Dubuque
All- America City
1
2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Brownfield /Grayfield Redevelopment Tax Credit Application for Caradco
Landlord, LLC.
DATE: May 11, 2012
INTRODUCTION
This memorandum presents for City Council approval a Brownfield /Grayfield Redevelopment
Tax Credit Application to the Iowa Economic Development Authority (IEDA), on behalf of
Caradco Landlord, LLC. The City Council is requested to adopt a resolution approving the
application.
BACKGROUND
The State of Iowa established a tax credit that is available for redevelopment of brownfields
and /or grayfields. If the project is redeveloped in a "green" fashion, extra tax credits are
available. The percentage of the tax credit can range from 12% to 30% as follows:
Twelve percent (12 %) of the taxpayer's qualifying investment in a Grayfield site.
Fifteen percent (15 %) if the Grayfield project meets the requirements of green development.
Twenty four percent (24 %) of the taxpayer's qualifying investment in a Brownfield site.
Thirty percent (30 %) if the Brownfield project meets the requirements of green development.
In October 2009, the City Council approved a Brownfield /Grayfield application on behalf of this
project. Although this application was approved by the Iowa Department of Economic
Development the project did not have other funding secured and could not meet the deadlines
established in that award. The State has encouraged resubmittal of an application for these
credits.
Caradco Landlord, LLC, the former Carr, Adams, and Ryder Company building is a Grayfield
site. A developer can qualify for up to $500,000 of tax credits per building.
DISCUSSION
Attached to this memorandum is a resolution that provides for the approval of the application for
a Brownfield /Grayfield Redevelopment Tax Credit Application on behalf of Caradco Landlord,
LLC. The resolution authorizes the City to sponsor the application. No local match is required
with this application.
Caradco Landlord, LLC has estimated a capital investment of $28,605,762 within the Enterprise
Zone. A copy of the application is attached to the resolution.
RECOMMENDATION
I recommend that the City Council approve the proposed application for Caradco Landlord, LLC
by adopting the attached resolution. This application will provide State of Iowa financial benefits
to a local housing developer making a substantial investment in our downtown. There is no
commitment within this application of any further City assistance.
ACTION STEP
The action step for the Council is to adopt the attached resolution.
Attachments
F \USERS \Econ Dev \CARADCO \Brownfield Tax Credit\20120511_CARADCO Landlord Brownfield- Grayfield Council Memo doc
Prepared by: David Heiar, Economic Dev Director, 50 West 13th Street, Dubuque IA 52001 563 589 -4393
Return to: Kevin S. Firnstahl, City Clerk, 50 West 13th Street, Dubuque IA 52001 563 589 -4121
RESOLUTION NO. 126 -12
RESOLUTION APPROVING A BROWNFIELD /GRAYFIELD REDEVELOPMENT TAX
CREDIT APPLICATION TO THE IOWA ECONOMIC DEVELOPMENT AUTHORITY, ON
BEHALF OF CARADCO LANDLORD, LLC.
Whereas, the State of Iowa has established a Brownfield /Grayfield Tax Credit
Program to assist in the redevelopment of Iowa brownfields and grayfields; and
Whereas, the former Carr, Adams, and Ryder Company building is considered a
grayfield site; and
Whereas, the Caradco building project will provide much needed residential
development to the downtown area; and
Whereas, the City Council finds that the proposed application is acceptable and
necessary to the growth and development of the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City of Dubuque agrees to sponsor the Brownfield /Grayfield
Redevelopment Tax Credit Application on behalf of Caradco
Landlord, LLC.
Section 2. That the Mayor is hereby authorized and directed to execute this
Resolution on behalf of the City of Dubuque and forward the executed
copy to the Iowa Economic Development Authority.
Passed, approved and adopted this 21st day of May, 2012.
Attest:
Trish L. Gleason, Assistant City Clerk
Roy D. Buol, Mayor
F: \USERS \Econ Dev \CARADCO \Brownfield Tax Credit\20110511_ Resolution Brownfield - Grayfield CARADCO Landlord.docx
IOWA
economic DEVELOPMENT
Debi Durham, Director
Iowa Economic Development Authority
FY2012
Brownfield /Grayfield
Redevelopment Tax Credit
Application
Business Development Division
Iowa Economic Development Authority
Completed and signed original forms with attachments should be sent to:
Mail: Iowa Economic Development Authority
ATTN: Matt Rasmussen
200 East Grand Avenue
Des Moines, Iowa 50309
Fax: 515.725.3010
Questions? Need assistance? Contact Matt Rasmussen, Program Manager at 515.725.3126 or matt.rasmussen a(�iowa.gov
082411
PART 1: APPLICANT/SPONSORSHIP/OWNERSHIP INFORMATION
Applicant: Caradco Landlord, LLC, co Gronen Restoration, Inc, Managing Member
Street Address: 1056 Main St
City: Dubuque State: IA Zip Code. 52001
Contact Person: Mary Gronen
Telephone Natter: 563 557-7010 Fax NuMber: 563 690-1610
Emall Address: maryg@gronenproperties,com
Signature:
Applicant ,SpOnsor: City of Dubuque, IA
Street Address: 50 W 13th St.
City: Dubuque State: IA
Contact Person: Mayor Roy Buol
Telephone Number: 563.589.4105 Fax Number: 563.589.4149
Email Address: rdbuol@cityordubuque.Org
Zip Code: 52001
Signature: To be provided separately
Property Owner (if different than applicant):
Street Address:
City: State: Zip Code:
Contact Person:
Telephone Number: Fax Number:
Email Address:
Signature: N/A
Applicant is (Please check one):
O An individual
O Partnership
El Limited Liability Company
• S Corporation
O Estate
O Trust electing to have income taxed directly to the individual
1=1 Othel(Specify):
ATTENTION:
For the purpose of this application‘ for IYOWnfieldlGrayfield twcredits, an investment thall.-be-deerned:to-have-been- --- —
made on the date the qualifying redevelopment project is completed (per Iowa Code Section. 15293A), Protects are
expected to . be complete no later than 30 months .after Economic Development Authority Board approval (Dor. Iowa
Code Section 15.293A). All documentation provided regarding Proof Of expenses and 0'a-1/m6014M need to include an
audit by an Independent Certified Public Accountant licensed in Iowa (per Iowa Code Section 15.293A).
2 082211
PART 2: TYPE OF APPLICATION
(Please check one)
® Site Owner with Sponsorship of City or County - To be provided separately
❑ Non -Site Owner with Title Transfer Agreement and Sponsorship of City or County
Note: Attach copy of city /county resolution for application and /or sponsorship. If the application is
from a non -site owner, please attach the title transfer agreement.
** *Sponsorship is NOT a requirement but encouraged as supporting documentation * **
PART 3: ELIGIBILITY
Iowa Code Section 15.291 defines a Brownfield and a Grayfield site.
A Brownfield site is an abandoned, idled, or underutilized industrial or commercial facility where expansion or
redevelopment is complicated by real or perceived environmental contamination. A brownfield site includes property contiguous
with the property on which the individual or commercial facility is located. A brownfield site shall not include property which has
been placed, or is proposed for placement, on the national priorities list established pursuant to the federal Comprehensive
Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. 9601 et seq.
A Grayfield site is an industrial or commercial property meeting both (A and B) of the following requirements:
A. Infrastructure on the property is outdated or prevents an efficient use of the property, including vacant, blighted, obsolete,
or otherwise underutilized property.
B. Property improvements and infrastructure are at least 25 years old and one or more of the following conditions exist:
• Thirty percent or more of a building located on the property is available for occupancy and has been vacated or
unoccupied for at least 12 months;
• Assessed value of improvements on the property has decreased by 25 percent or more;
• The property is used as a parking lot;
• Improvements on the property no longer exist.
3.1 Is the project a brownfield or grayfield site as defined under Iowa Code Section 15.291?
Yes ❑ No
3.2 Is the proposed site abandoned? ❑ Yes ® No
3.3 Is the proposed site underutilized? /1 Yes El No
3.4
3.5
Are site improvements and /or infrastructure at least twenty -five years old? ® Yes
Regarding subject project site (Please check all that apply):
® Thirty percent or more of a building located on the property is available for occupancy and has
been vacated or unoccupied for at least 12 months.
El Assessed value of improvements on the property has decreased by 25 percent or more.
El The property is used as a parking lot.
❑ Past improvements on the property no longer exist.
3.6 Is there evidence of contamination on the proposed site? Yes El No
❑ No
3 082211
3.7 Is the site proposed to be included on the federal Comprehensive Environmental Response, Compensation, and
Liability Act (CERCLA) program list? ❑ Yes ® No
3.8 Does the site have contaminants that can be addressed under the state's Leaking Underground Storage Tank (LUST)
program? ❑ Yes ® No
3.9 Does the site have other non -LUST contaminants that may be involved within the scope of the project?
❑ Yes ®No
3.10 Please include supporting documentation as to the designation of either a brownfield or grayfield property per
definitions above (and Iowa Code section 15.291). This may be included in the city or county sponsorship document or in letter
form from a local official. Is this supporting documentation attached? ® Yes ❑ No
(Please refer to Attachment C)
PART 4: TYPE AND AMOUNT OF TAX CREDIT REQUESTED
Grayfield (as defined under Iowa Code Section 15.291)
LI Brownfield (as defined under Iowa Code Section 15.291)
Iowa Code Section 15.291 defines a Green Development as one which meets or exceeds the sustainable design standards as
established by the state building code commissioner pursuant to Iowa Code section 103A.8B.
4.1 Is the project working toward designation as a Green Development? ❑ Yes No
(If Yes, approval from Iowa State Building Code Commissioner will be required prior to issuance of tax credit. If not approved
by Building Code Commissioner, tax credit shall only be issued as regular Brownfield or Grayfield project.)
4.2 Total Budget of Qualifying Project Expenses (includes purchase price, cleanup cost, and redevelopment cost
directly related to a qualifying redevelopment project): $28,605,762
4.3 Tax Credit Percentage applied for (provided under Iowa Code Section 15.293A):
® Twelve percent (12 %) of the taxpayer's qualifying investment in a Grayfield site.
❑ Fifteen percent (15 %) if the Grayfield project meets the requirements of green development.
❑ Twenty four percent (24 %) of the taxpayer's qualifying investment in a Brownfield site.
❑ Thirty percent (30 %) if the Brownfield project meets the requirements of green development.
4.4 Amount of Tax Credit Requested (Total Project Cost times Tax Credit Percentage): $500,000.00
(This is the MAXIMUM amount of potential tax credit, (reserved amount). In the event the actual approved project
costs are less than indicated, or green development is not approved, actual tax credit amount on certificate will be
recalculated.) * * *NO TAX CREDIT SHALL BE ISSUED FOR AN AMOUNT GREATER THAN $500,000 * **
4.5 Has the Applicant applied for or received funds from any other federal, state, county or city governmental entities? List
sources and provided funding status.
IEDA CDBG Funding $8,900,000
IFA low interest loan $4,500,000
City of Dubuque Downtown Housing Incentive $ 720,000
4 082211
PART 5: PROJECT COSTS SECT ON (Please also see Attachment B)
5.1 Use of Funds Financing by Source (Use sources as identified in part 5.2)
Activity
Site
Investigation
Cost
Source
A
Source B
Source C
Source D
Source E
Source
F
Tax Credits
N/A
N/A
Source C:
IFA Loan
4,477,500
Mortgage
3%
Site
Remediation
Source D:
IDED Grant
8,900,000
Grant
N/A
N/A
Source E:
City of Dubuque
720,000
Monitoring
NIA
N/A
Total:
28,605,762
Site
Acquisition
1,200,000
912,439
287,561
Rehabilitation
21,504,000
13,308,262
4,477,500
3,718,238
Utilities
Other
Infrastructure
Other (Soft
Cost, See
Exhibit)
5,901,762
5,181,762
720,000
Other
Other
Subtotal:
28,605,762
New
Construction
Machinery &
Equip
Other
Subtotal:
Total:
28,605,762
5.2 Terms of Proposed Financing
(Attach documentation verifying all sources of funds)
Source (Include all sources in part 5.1)
Amount
912,439
Type
Capital
Rate
N/A
Term
N/A
Source A: Qualifying Applicant
Developer Equity
Source B:
Equity from Enterprise Zone Credits, Historic
Tax Credits, and New Market Tax Credits
13,595,823
Tax Credits
N/A
N/A
Source C:
IFA Loan
4,477,500
Mortgage
3%
20 yr note
Amortized 40
yrs
Source D:
IDED Grant
8,900,000
Grant
N/A
N/A
Source E:
City of Dubuque
720,000
Grant
NIA
N/A
Total:
28,605,762
5
082211
PART 6: PROJECT DESCRIPTION
6.1 Provide Street address and Legal Description of the property:
900 Jackson St., Dubuque, IA 52001
CITY LOTS 394 THRU 398, 420 THRU 424, & S 1 /2 =W BAL OF CITY LOT 505A & CITY LOT 394A
6.2 Provide site description* (size, location, current and past activity on site, etc.)
*Please attach map and pictures of the site and surrounding area. (Please see Attachment A)
The CARADCO Building -Main Plant, at 900 Jackson Street, Dubuque, Iowa, is a former millwork manufacturing plant
and warehouse. Centrally located in Dubuque's Historic Millwork District, the building's footprint covers an entire city
block. Total building square footage is approximately 150,000 SF over three floors above grade, with another 35,000
SF in its lower level. The building is currently vacant.
6.3 List the potential known or suspected contamination present on the project site:
❑ Soil
❑ Groundwater
❑ Surface Water
❑ Air
® Other: Lead paint, asbestos, pigeon waste, contained contaminated materials (paints, fluids, oils)
6.4 Does contamination exist throughout the site or in specific areas on the site?
Specific areas on the site as described in Attachment D narrative.
6.5 Does Contamination extend beyond the property boundaries?
No.
6.6 To what degree have the site contaminates and remediation activities been identified by the applicant? (Check all that
apply and provide a brief description)
Have any of the following been conducted:
® Phase I Environmental Assessment (describe)_ Have tested and surveyed for lead and asbestos throughout the
building.
❑ Phase II Environmental Assessment (describe)_Attached
❑ LUST Investigation Assessment Tier I /and or II (attach copy)
❑ Risk Based Corrective Action Plan (attach copy)
❑ Other:
6 082211
6.7 Project Implementation: Fully describe the project including acquisition, environmental remediation activities,
brownfield /grayfield redevelopment and a project implementation schedule. (exhibits may be included but not
substituted for this narrative which is limited to two pages) Please see Attachment D
Listed below are examples of significant environmental costs incurred:
• Environmental remediation, including lead paint, asbestos, pigeon waste and general disinfection. ($350,000)
• Cob blasting of interior wood and brick paint removal ($500,000)
• Exterior masonry restoration ($1,000,000)
• Stair tower and structural improvements. ($300,000)
6.8 Project Implementation Schedule: Identify significant project milestone dates. (Start date, midpoint
progress check, and project completion date, etc.)
• Design — schematic: Nov 6, 2009
• Design — development: Dec 3, 2010
• Design — construction drawings: Mar 21, 2011
• Demolition & remediation work began: June 2011
• Construction Bids Received: April 28, 2011
• General construction work began: July 2011
• Project completion: December 2012
PART 7: ESTIMATED COMMUNITY IMPROVEMENT IMPACTS
7.1 Current assessed value of the brownfield/grayfield site: $71,710 (land), and $270,800 (building)
7.2 Estimated assessed value of the brownfieldlgrayfield site after project completion: $12,000,000 (after entire
rehabilitation project, described in Section 7.5 below)
7.3 As applicable, describe the private investment on the site as a result of the remediation: Owner /Developer is investing
$500,000 of equity value of building, $2,000,000 in capital contributions, $834,000 in Tenant Improvements, and $600,000 in
build -out of an arts /culture, non - profit center to be located in the lower level of the building.
7.4 As Applicable, describe any anticipated ancillary (offsite) private and /or public investment that will occur as a result of
remediation of the site: City of Dubuque has funded adjacent infrastructure repair and replacement — water, sewer, and streets
at a cost of $6mil, which included a $5.6 million TIGER grant. The first phase of the future Intermodal Facility is beginning in fall
of 2012, an $11miI investment, which includes an $8 million State of Good Repair grant.
7.5 Describe the potential for the project to promote viable community reuse and /or economic development in the area of
the site: (use a five year timeframe)
This project involves the complete rehabilitation of the CARADCO Building, which will be a $28.6 million project. The
completed building is only one part of a planned, three -phase $200,000,000 Millwork District redevelopment initiative, as
designated and prioritized by Dubuque's City Council. The completed buildings will provide mixed -use space, adding hundreds
of desperately - needed urban residential units for Dubuque's current and incoming workforce (including 1,300 employees due to
IBM's operations center in Dubuque's downtown, located just blocks from the District), as well as 1st floor commercial /retail
space intended to serve the wants and needs of the district's residents. The Dubuque Food Co -op, a new business, will be
investing $1.4 million. An arts /culture, human services organizations center will be created in the lower level of the building with
a capital campaign of $750,000. Construction and permanent jobs created is estimated at 425.
7.6 Is the project located in an economic development enterprise zone? ® Yes ❑ No
7 082211
Attachment A
Attachment A
East Facade
North Facade
West Facade
South Facade
Attachment B
Brownfield /Grayfield Redevelopment Tax Credit Application Exhibit
Soft Costs
Development Reimbursables /Project Construction Management Fee
3,000,000
Architectural /Engineering /Construction Administration
620,000
Builder's Risk and Other Insurance
100,000
Tenant Relocation
50,000
Capitalized Interest (during construction period) -IFA Loan
201,488
Capitalized Interest (during construction period) - Bridge Loan
290,330
Post Construction Bridge Loan Interest
164,715
Legal and Accounting
200,000
Loan Fees - Construction Loan
250,000
Loan Fees - Permanent Loan
50,000
Soft Cost Contingency
350,000
Appraisal /Market Study
30,000
Environmental Assessment (See detail below)
50,000
Legal -Title and Recording
75,000
Enterprise Zone Sales Tax Rebate
(231,000)
Historical Costs (Application /Certification /Preparation)
50,000
Real Estate Taxes
80,000
Total Soft Costs
$5,330,534
Attachment C
CERTIFICATE OF CITY CLERK
STATE OF IOWA )
COUNTY OF DUBUQUE )
1, Jeanne F. Schneider, do hereby certify that I am the duly appointed, qualified, and
acting Clerk of the City of Dubuque, Iowa in the County aforesaid, and as such Clerk I
have in my possession or have access to the records of the proceedings of the City
Council. I do further state that the hereto attached Resolution No. 381 -09 is a correct
copy of the original Resolution No. 381 -09 approved and adopted by the City Council
of the City of Dubuque, Iowa, at a session held by said Council on the 5th day of
October, 2009.
In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque,
Iowa.
Dated at Dubuque, Iowa on this 6th day of October, 2009.
Jeanne F. Schneider, CMC
City Clerk
(SEAL)
Attachment C
Prepared by: David Heiar, Economic Dev Director, 50 West 13th Street, Dubuque IA 52001 563 589 -4393
Return to: Jeanne Schneider, City Clerk, 50 West 13th Street, Dubuque IA 52001 563 589 -4121
RESOLUTION NO. 381 -09
RESOLUTION APPROVING A BROWNFIELD /GRAYFIELD REDEVELOPMENT TAX
CREDIT APPLICATION TO THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT,
ON BEHALF OF CARADCO BUILDING, LLLP.
Whereas, the State of Iowa has established a Brownfield /Grayfield Tax Credit
Program to assist in the redevelopment of Iowa brownfields and grayfields; and
Whereas, the former Carr, Adams, and Ryder Company building is considered a
grayfield site; and
Whereas, the Caradco Building project will provide much needed residential
development to the downtown area; and
Whereas, the City Council finds that the proposed application is acceptable and
necessary to the growth and development of the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City of Dubuque agrees to sponsor the Brownfield /Grayfield
Redevelopment Tax Credit Application on behalf of Caradco Building,
LLLP.
Section 2. That the Mayor is hereby authorized and directed to execute this
Resolution on behalf of the City of Dubuque and forward the executed
copy to the Iowa Department of Economic Development.
Passed, approved and adopted this 5th day of October, 2009.
Attest:
eanne F. Schneider, City Clerk
F:IUSERS\Econ DevICARADCO1Brownfield Tax Credit 120091005 Resolution Brownfield- Grayfield CARADCO.docx
Au
f
Roy D. Buol, Mayor
Cp
gronen restoration
Attachment D
CARADCO BUILDING
Dubuque, Iowa
SUSTAINA B E
DUBUQUE
viable fi: abfc egritable•
The Carr, Ryder & Adams Company (CARADCO) Main Plant Building is a former millwork
factory in what was once the nations largest window and door manufacturing district. Built in
six sections between 1880 and 1906, CARADCO occupies an entire city block and is adjacent
to Dubuque's downtown, walkable, working class neighborhoods
Dubuque
Pop. 57,637
The revitalization of Dubuque's Historic Millwork District was selected by nearly 15,000 tri -state citizens
as a primary goal. The Envision 2010 process (undertaken in 2006) identified an opportunity to create a
unique commercial and residential product not currently available in the market by defining a Historic
Millwork District and converting buildings into multi -use structures containing businesses, restaurants,
shops, recreation and residences. Our district's most significant buildings should be preserved and
reused. Preserving these existing buildings will be critical to retaining the district's unique character and
maintaining a link to Dubuque's millwork industrial past.
In 2006, Gronen Restoration acquired the mostly vacant 185,000 square foot CARADCO building, one of
the larger buildings in the District. CARADCO had experienced a great deal of water infiltration over the
years resulting in extensive roof damage. All mechanical systems, built for factory use, were either non-
existent or worn out. There were broken windows throughout and the building had various structural
issues.
Pigeon waste was prevalent on the second and third floors. Lead was found on multiple windows as well
as a dozen or so wood columns. Asbestos was present on roof material, including flashing cement,
roofing membrane, and pipe wrap. Years of factory use resulted in layers of filth on the masonry
surfaces, which comprise the majority of the building. The basement, having not been properly
ventilated over the past 40 years, contained mildew and mold. Basement window openings, in- filled with
concrete, were excavated and opened to allow for usable lower level space. The entire interior courtyard
space was excavated to expose the perimeter limestone foundation walls such that new drain tile and
waterproofing membranes could be installed.
In July of 2011, Dubuque experienced a record rainfall of 14 inches in 12 hours, completely flooding the
lower level of CARADCO with five feet of water. A tremendous amount of work took place to pump out
the standing water and clean up the leftover debris and mud. Water mitigation systems were added to
the scope of design helping to prevent this type of occurrence in the future, thereby adding significant
cost to the project. This included, but is not limited to, interior /exterior drainage tile, sump basins, and
ejector pumps with emergency
backup power.
Caradco
Main
Plant,
2010
Workforce
urban housing
need
550 units
over 60% AMI
(Real Property
Research 10 -09)
Attachment D
Context
This project, located in Dubuque's urban core, is adjacent to the lowest income residential neighborhood
in Dubuque, the Washington Neighborhood. The 18,774 square foot non - profit Millwork Community
Campus, to be located in CARADCO's lower level, will be a dynamic, multi- tenant facility designed to
foster arts and culture, human services organizations, and community initiatives. The expansion of the
successful HEART Program which has been providing young people with the education and skills
necessary to be successful adults, will revitalize the Washington Neighborhood home by home. The
Millwork District will become the closest residential neighborhood to IBM, providing the new 1300
workers with options for affordable, exciting, quality housing in a mixed use, urban environment. The
proven strategy moves redevelopment and the building of human capital together at a parallel track. This
project develops the building to support living wage jobs, while the Millwork Community Campus trains
young people for the same.
Project Features:
• Grayfield site converted, serving as a catalyst and benchmark for the sensitive and
sustainable revitalization of the Historic Millwork District and serving as a model for
other projects that will follow
• Urban core, mixed -use development to provide critical workforce housing, a vibrant
commercial destination, and engaging public gathering spaces
• Pedestrian friendly, urban cultural atmosphere will create a Live - Work -Play community
serving Iowa's existing and emerging new young workforce
• Foster the partnership of public /private entities by creating collaborative spaces that
allow non - profits to address relevant arts, workforce and education needs
• Sustainable design includes reuse of existing buildings and infrastructure, energy
efficient features, complete streets, and connectivity to jobs and services in a downtown
setting
'iNMUM�NWNUUa_WY+. BQiH.Dat.WN+!H+.. a. a�..µJ_HV+. -, u.a . ..,'Y�
retzttailemeg It Pi tri
Economic Development Department
City Hall — Second Floor
50 West 13th Street
Dubuque, Iowa 52001 -4864
(563) 589 -4393 Office
(563) 589 -1733 Fax
(563) 589 -6678 TDD
May 15, 2012
Iowa Economic Development Authority
Attn: Matt Rasmussen
200 East Grand Avenue
Des Moines, IA 50309
Masterpiece on the Mississippi
Dear Mr. Rasmussen,
RE: Grayfield Certification for Caradco
I have reviewed the definition of a grayfield site as specified in Section 15.294 of the Iowa Code.
The Caradco project at 900 Jackson Street, definitely meets the requirements of a grayfield site.
The Caradco building is located in the City's Historic Millwork District, which is the initial
industrial center of the City of Dubuque. In the late 1800's and early 1900's, the District was the
nation's largest concentration of millworking. Unfortunately, most of these industries closed
their doors in the 1960's and 1970's and have been vacant or underutilized since that time.
In 2006, the Community endorsed the redevelopment of this 17 square block area as one of our
top 10 goals through the Envision 2010 process. The Historic Millwork District Master Plan was
approved by the City Council in February of 2009. The plan proposes that the District be
redeveloped from its former industrial use to a mixed use, which will include commercial and
residential elements. The Caradco Building will be the first major industrial building to be
rehabilitated as a part of this Master Plan.
I do certify that the Caradco Building meets the grayfield requirements as stated in Section
15.294 of the Iowa Code.
Sincerely,
David J. Heiar
Economic Development Director