Sustainable Neighborhood Builders, Inc. Housing Enterprise Zone Agreement AmendmentMasterpiece on the Mississippi
Dubuque
band
AI- America City
IIIii!
2007 • 2012 • 2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Amendment to Housing Enterprise Zone Program Agreement
Number 09 -HEZ -051 for Sustainable Neighborhood Builders, Inc.
DATE: August 23, 2013
Acting Economic Development Director Phil Wagner recommends City Council
concurrence with the Enterprise Zone Commission approval and execution of Contract
Amendment Number 1, and authorizing the Mayor to execute Contract Amendment
Number 2 to the Housing Enterprise Zone Program Agreement by and among the Iowa
Economic Development Authority, the City and Sustainable Neighborhood Builders, Inc.
Amendment Number 1 changed the agreement expiration date until the point at which
all 130 units have been certified for occupancy. Contract Amendment Number 1 was
executed in September 2012 by the Vice Chair of the Enterprise Zone Commission.
Amendment Number 2 changes the developer, or housing business on the contract
from Sustainable Neighborhood Builders, Inc. to Novelty Iron Landlord, LLC, adjusts the
number of multi - family housing units from 130 to 76, revises the project budget from
$38.85 million to $28.97 million, with $13.7 million eligible for the calculation of an
investment tax credit, and the contract acknowledges the existence of five multi - family
units in the project that are available at income qualified rental rates.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Phil Wagner, Acting Economic Development Director
Masterpiece on the Mississippi
Dubuque
All- America City
1
2007 • 2012 • 2013
TO: Michael Van Milligen, City Manager
FROM: Phil Wagner, Acting Economic Development Director
SUBJECT: Amendments to Housing Enterprise Zone Program Agreement
Number 09 -HEZ -051 for Sustainable Neighborhood Builders, Inc.
DATE: August 29, 2013
Introduction
This memorandum transmits for City Council ratification of two amendments to Housing
Enterprise Zone Program Agreement Number 09 -HEZ -051 by and among the Iowa
Economic Development Authority, the City and Sustainable Neighborhood Builders Inc.
Background
On June 17, 2009, the City Enterprise Zone Commission approved an application to the
Iowa Economic Development Authority (then the Iowa Economic Development
Department) for Housing Enterprise Zone benefits related to the redevelopment of the
Novelty Iron Works Building located at 1079 Elm Street, and the creation of 130 multi-
family units. After State approval of the application, Agreement Number 09 -HEZ -051 was
sent back to the City for authorization. On August 3, 2009, the City Council approved
Resolution No. 266 -09 authorizing the execution of the contract.
Since that time, Agreement Number 09 -HEZ -051 has experienced two amendments. The
first amendment, approved by the City Enterprise Zone Commission on July 19, 2012,
changed the agreement expiration date until the point at which all 130 units have been
certified for occupancy. Contract Amendment Number 1 was executed in September by
the Vice Chair of the Commission.
The second amendment was approved by the Enterprise Zone Commission on July 16,
2013. The amendment has proposed several changes to the contract. The developer, or
housing business on the contract, would be changed from Sustainable Neighborhood
Builders, Inc. to Novelty Iron Landlord, LLC, the number of multi - family housing units would
be adjusted from 130 to 76, the project budget would be revised from $38.85 million to
$28.97 million with $13.7 million eligible for the calculation of an investment tax credit and
the contract would acknowledge the existence of five multi - family units in the project that
are available at income qualified rental rates.
An Enterprise Zone resolution and letter detailing the requested changes for the
amendment have been sent to the IEDA. Additionally, at the request of the Enterprise
Zone Commission, the developer's attorney has written a letter explaining the various
funding sources involved with the project and stating how investment tax credits were
calculated in accordance with the direction provided by IEDA staff. All three documents
were sent to the IEDA on August 21, 2013 for processing. Full execution of Contract
Amendment No. 2, which is authorized in the attached resolution, will be required prior to
the developer's closing on the property later in September. City staff anticipates receiving
Contract Amendment No. 2 from the IEDA shortly.
Discussion
The Iowa Economic Development Authority allows for final execution of Enterprise Zone
contract documents by either the Enterprise Zone Commission or the City Council. In
keeping consistent with Agreement Number 09 -HEZ -051, which was originally executed
by the City Council, the attached resolution would allow for the mayor to execute
Contract Amendment Number 2 upon receipt of documents from the Iowa Economic
Development Authority. Additionally, the resolution provides the opportunity for City
Council concurrence on Contract Amendment Number 1, which was approved and
executed by the Enterprise Zone Commission.
Recommendation
I recommend approval of the proposed resolution, providing City Council concurrence with
the Enterprise Zone Commission approval and execution of Contract Amendment Number
1 to Enterprise Agreement Number 09- HEZ -051, while authorizing the Mayor to execute
Contract Amendment Number 2 to EZ Agreement Number 09- HEZ -051.
attachments
F:IUSERS\Econ DevWovelty Iron Works\Enterprise Zone120130829 Ratification of EZ amendments memo.docx
RESOLUTION NO. 283 -13
RESOLUTION PROVIDING CONCURRENCE TO ENTERPRISE ZONE COMMISSION
APPROVAL OF CONTRACT AMENDMENT NUMBER 1 TO ENTERPRISE ZONE
AGREEMENT NUMBER 09 -HEZ -051 WHILE APPROVING THE APPLICATION FOR
CONTRACT AMENDMENT NUMBER 2 TO ENTERPRISE ZONE AGREEMENT NUMBER
09 -HEZ -051 AND AUTHORIZING THE MAYOR TO EXECUTE AMENDMENT NUMBER 2
UPON RECEIPT OF CONTRACT DOCUMENTS FROM THE IOWA ECONOMIC
DEVELOPMENT AUTHORITY
WHEREAS, the City of Dubuque has established two Enterprise Zones and an
Enterprise Zone Commission; and
WHEREAS, the Enterprise Zone Commission on June 17, 2009 approved the
application of Sustainable Neighborhood Builders, Inc. for Housing Enterprise Zone benefits;
and
WHEREAS, Enterprise Zone Agreement Number 09- HEZ -51 (the Agreement),
between the City, Sustainable Neighborhood Builders, Inc. and the Iowa Economic
Development Authority (IEDA) was approved by the City Council on August 3, 2009; and
WHEREAS, the application for Amendment Number 1 to the Contract was approved
by the Enterprise Zone Commission on July 19, 2012 and later, the Commission executed
the contract documents upon receipt from the IEDA; and
WHEREAS, Amendment Number 1 allowed for the Agreement to remain in effect until
the creation of 130 multi - family units; and
WHEREAS, the application for Amendment Number 2 to the Contract was approved
by the Enterprise Zone Commission on July 16, 2013; and
WHEREAS, Amendment Number 2 has not yet been approved by the IEDA; and
WHEREAS, Amendment Number 2 would amend the housing business in the
Agreement from Sustainable Neighborhood Builders, Inc. to Novelty Iron Landlord LLC, the
number of multi - family units from 130 to 76, the project investment from $38.85 million to
$28.97 million with $13.7 million eligible for the enterprise zone benefits, and acknowledge
that five of the units will be available for income qualified rates; and
WHEREAS, the IEDA allows local execution of Enterprise Zone Contract documents
by the City Council or Enterprise Zone Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF DUBUQUE, IOWA AS
FOLLOWS:
Section 1. That the City Council concurs with the Enterprise Zone Commission
regarding the approval of Amendment Number 1 to Enterprise Zone Agreement Number 09-
H EZ -51.
Section 2. That the City Council finds that the application for the proposed
Amendment Number 2 to Enterprise Zone Agreement Number 09- HEZ -51 is acceptable and
necessary to the growth and development of the city.
Section 3. That the Mayor is authorized and directed to execute Amendment Number
2 on behalf of the City of Dubuque upon receipt of contract documents from the Iowa
Economic Development Authority.
Passed, approved and adopted this 3rd day of Sept g tuber, 2013.
Attest:
Kevin Fi
stahl, City Clerk
9
Roy D. Bt.i I, Mayor
F: \USERS \Econ Dev \Novelty Iron Works \Enterprise Zone\20130903 Ratification of EZ amendment resolution.docx
CITY OF DUBUQUE, IOWA
ENTERPRISE ZONE COMMISSION
RESOLUTION 04 -2013
A RESOLUTION AMENDING THE HOUSING BUSINESS FROM SUSTAINABLE
NEIGBORHOOD BUILDERS, INC TO NOVELTY IRON LANDLORD LLC, THE
NUMBER OF MULTI - FAMILY HOUSING UNITS FROM 130 TO 76, THE
PROJECT INVESTMENT FROM $38.85 MILLION TO $28.97 MILLION WITH
FURTHER DOCUMENTATION ON THE SOURCES OF PRIVATE FINANCING
ELIGIBLE FOR ENTERPRISE ZONE BENEFITS AND ACKNOWLEDING FIVE OF
THE UNITS WILL BE AVAILABLE FOR AN INCOME QUALIFIED RATES, ALL IN
ENTERPRISE ZONE AGREEMENT NO. 09 -HEZ -051, ASSOCIATED WITH
REHABILITATION WORK AT 333 EAST 10th STREET.
Whereas 333 East 10th Street is located in Enterprise Zone 1; and
Whereas, the City's Enterprise Zone Commission has been created by City
Ordinance to review applications for tax incentives and assistance based on criteria
specified by law and to transmit its recommendation to the Iowa Economic Development
Authority (IEDA); and
Whereas, the IEDA (then the Iowa Department of Economic Development)
approved a Housing Enterprise Zone Agreement No. 09 -HEZ -051, with the City and
Sustainable Neighborhood Builders, Inc. on June 23, 2009 for the project with the
developer's application attached to the contract as Exhibit A; and
Whereas, the IEDA authorized Contract Amendment No. 1 on September 12, 2012,
allowing for the agreement to remain in effect until the completion of all 130 multi - family
units in the project are certified for occupancy; and
Whereas, Sustainable Neighborhood Builders, Inc. has requested the Housing
Business listed on Agreement No. 09 -HEZ -051 and Amendment No. 1 be changed to
Novelty Iron Landlord LLC, for the purposes of aligning various funding sources under one
project name; and
Whereas, Sustainable Neighborhood Builders, Inc. has also requested a reduction
in the number of multi - family units required in the project from 130 units to 76 units, for the
purposes of completing rehabilitation in a more timely manner; and
Whereas, Sustainable Neighborhood Builders, Inc. has also requested the total
project cost be reduced from $38.85 million to $28.97 million, and acknowledges the
decrease in multi - family units and overall project scope will result in the reduction of
housing enterprise zone benefits available; and
Whereas, Sustainable Neighborhood Builders, Inc. has claimed $13.7 million as
financed debt on the project that is eligible for the calculation of investment tax credits; and
Whereas, the City of Dubuque has requested a letter from a party affiliated with
Sustainable Neighborhood Builders, Inc. or Novelty Iron Landlord LLC providing the
sources of the $19.7 million financed debt with justification that the total could be used in
calculation of investment tax credits and has requested that letter be sent to the Iowa
Economic Development Authority; and
Whereas, Sustainable Neighborhood Builders, Inc. has also requested the amount
of income qualified units be reduced from 20 percent to approximately 7 percent,
amounting to five units; and
Whereas, the IEDA will consider amendment encompassing the aforementioned
changes upon request by the Enterprise Zone Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE ENTERPRISE ZONE
COMMISSION OF THE CITY OF DUBUQUE, IOWA:
Section 1. That a request has been made to the IEDA to amend Housing
Enterprise Zone Agreement No. 09- HEZ -51 and Amendment No. 1 to remove Sustainable
Neighborhood Builders Inc. in favor of Novelty Iron Landlord LLC, as the Housing Business
on the contract.
Section 2. That a request has been made to the IEDA to amend Housing
Enterprise Zone Agreement No. 09- HEZ -51 and Amendment No. 1 to reduce the number
of multi - family units required in the project from 130 multi - family units to 76 multi - family
units.
Section 3. That a request has been made to the IEDA to amend Housing
Enterprise Zone Agreement No. 09- HEZ -51 to reduce the project cost from $38.85 million
to $28.97 million, reflecting $13.7 million as financed debt on the project.
Section 4. That the City will receive a letter from a representative of Novelty Iron
Landlord describing the debt eligible for the calculation of investment tax credits provided
by the IEDA. The City will forward that letter to the I EDA upon execution of this resolution.
Section 4. That a request has been made to the IEDA to amend Housing
Enterprise Zone Agreement No. 09- HEZ -51 reflecting five of the multi - family units will be
available for income qualified tenants.
Passed, approved and adopted this 16th day of July, 2013.
Richard Stein
Chair
F: \USERS \Econ Dev \Novelty Iron Works \Enterprise Zone\20130716 EZ resolution amendment no. 2.docx
Economic Development Department
City Hall - Second Floor
50 West 13th Street
Dubuque, Iowa 52001 -4864
(563) 589 -4393 office
(563) 589 -1733 fax
August 20, 2013
Jeremy Babcock
Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, IA 50309 -1819
RE: Housing Enterprise Zone Contract No. 09- HEZ -51 Amendment No. 2
Dear Jeremy:
THE CITY OF
On behalf of Bob Johnson, owner of the Novelty Iron Works Building in Dubuque's Historic Millwork
District, the City of Dubuque Enterprise Zone Commission would like to request the Iowa Economic
Development Authority authorize Amendment No. 2 to Contract No. 09- HEZ -51 in order to incorporate
the following changes:
• The name of the Housing Business is Novelty Iron Landlord LLC.
• The project address is 333 East 10th Street.
• The project will create 76 multi - family units.
• A total of 93% of the units will be market rate. The remaining will have income qualifications.
• The overall project budget is $28.97 million with $13.7 of privately financed debt eligible for
investment tax credits (see attached letter from Novelty Iron Landlord LLC for verification.)
• Project pre- construction, planning and design began in June 2010. Actual construction will
commence August 2013.
Thank you for your consideration. Should you have any questions, please contact Phil Wagner at (563)
589 -4213.
Sincerely,
i
Richard Stein, Chair
City of Dubuque Enterprise Zone Commission
Service People Integrity Responsibility Innovation Teamwork
DAMsBRo
LAW FIRM
REPLY TO DES MOINES OFFICE
August 20, 2013
City of Dubuque, Iowa
50 West 13th Street
Dubuque, Iowa
VIA -E -MAIL
Re: Novelty Iron Works (the "Project ")
To Mayor Buol and Members of the City Council:
As you are aware, our client, Sustainable Neighborhood Builders, Inc. entered into a Housing
Enterprise Zone program agreement with the Iowa Department of Economic Development (n/k.a
the Iowa Economic Development Authority) dated June 23, 2009 (the "EZ Contract ").
To facilitate financing sources for the Project (described below), the Project will be
completed by Novelty Iron Landlord LLC (the "Master Landlord "). It is contemplated that
Sustainable Neighborhood Builders, Inc. will contract with the Master Landlord to provide certain
development services to the Master Landlord, but the Master Landlord will be the owner and
principal in the Project. Therefore, we believe that it is appropriate to change the party to the EZ
Contract from Sustainable Neighborhood Builders, Inc. to the Master Landlord. Any such change
would require the consent of the City of Dubuque, which we hereby request.
In addition, we want to address concerns that were raised by the Enterprise Zone
Commission at it's recent meeting. It is my understanding that the Enterprise Zone Commission
was concerned that a portion of the Project's expenditures would not qualify for investment eligible
to generate Enterprise Zone Tax Credits. We believe that concern is rooted in Section 15E.193B(8)
of the Iowa Code, which provides that in determining the amount of the Enterprise Zone Tax Credits
available, the Iowa Economic Development Authority will not include the portion of the project
cost financed through federal, state and local government tax credits, grants and forgivable loans.
DAVIS BROWN KOEHN SHORS S, ROBERTS P.C.
#2355530
PHONE 51 5.288.2500 FIRM FAX 51 5.243.0654
WEB WWW.DAVISBROWNLAW.COM
THE DAVIS BROWN TOWER
215 10- STREET, STE. 1 300
DES MOINES, IA 50309
THE HIGHLAND BUILDING
4201 WESTOWN PKWY, STE. 300
WEST DES MOINES, IA 50266
THE AMES OFFICE
2605 NORTHRIDGE PKWY. STE. 101
AMES, IA 500 1 0
City of Dubuque, Iowa
July 26, 2013
Page 2
More particularly, we believe that the Enterprise Zone Commission is concerned that federal
New Market Tax Credits and federal Historic Tax Credits may be playing a role in the Project's
financing. The Enterprise Zone Commission is correct — the Project does, indeed, involve
federal New Market Tax Credits and federal Historic Tax Credits.
As currently envisioned, the financing sources for the Project include the following:
• Three loans from an unrelated entity (the "NMTC Lender ");
• One loan from an unrelated bank (the "TIFF Loan ");
• Equity from the members of the Master Landlord, including a subsidiary of the NMTC
Lender; and
• Various state and local incentives (including State Historic Tax Credits and the Enterprise
Zone Tax Credits).
The NMTC Lender is obtaining the funds that it is lending to the Project from an equity
investment from another entity (the "Investment Fund "). The Investment Fund is,
in turn, obtaining a portion of its funds from the use of federal tax credits and programs including, the
New Market Tax Credit and federal Historic Tax Credit programs.
While the Master Landlord is benefiting from these tax credit programs, the benefits are
indirect. In the case of the federal New Market Tax Credits, the Master Landlord has no claim to
the credits and its actions do not generate the credits. The credits are owned by the NMTC Lender
and generated by the Investment Fund's investment in the NMTC Lender. In the case of the
federal Historic Tax Credits, the Master Landlord is electing to forego the credits and allow a
subsidiary of the NMTC Lender (Novelty Iron Master Tenant LLC) to claim the credits through
what is called a pass - through agreement. The actions of the Master Landlord, however, are
generating the federal Historic Tax Credits and Novelty Iron Master Tenant LLC will only be
able to claim the federal Historic Tax Credits to the extent that the Master Landlord could
have claimed them directly.
Given the complex nature of the Project's financing, we have engaged in multiple
conversations with Jeremy Babcock of the Iowa Economic Development Authority regarding the
affect that the federal New Market Tax Credits and federal Historic Tax Credits will have
on the Project's ability to claim Iowa Enterprise Zone Tax Credits. Our last call occured on
August 16, 2013, and several representatives of the City of Dubuque participated in that call.
After significant discussion of the facts, Mr. Babcock determined that federal Historic
Tax Credits had a negative impact on the Project's Enterprise Zone Tax Credit base, but that the
federal New Market Tax Credits did not. The basis for this distinction was that the federal Historic
Tax Credits could have been claimed by the Master Landlord and were generated by its actions,
while the federal New Market Tax Credits could not be claimed by and were not generated by
the actions of the Master Landlord.
City of Dubuque, Iowa
August 20, 2013
Page 3
Based upon the foregoing, Mr. Babock determined that it would be approriate for the Project
to include the full amount of its NMTC Loans, less the amount of equity received
for federal Historic Tax Credit, in our Iowa Enterprise Zone Tax Credit base. Since that results in an
Iowa Historic Tax Credit base in excess of the maximum Iowa Enterprise Zone Tax Credit base
availible to the Master Landlord, it should not negatively impact the Project. My understanding is that
the resolution reached on that call was acceptable to all parties and that no further actions is necessary.
If that is incorrect or if you have questions or concerns, please let us know. Otherwise, we ask that
the requested contract amendments be approved.
Very truly yours,
DAVIS, BROWN, KOE 1� HORS & ROBERTS, P.C.
Jason . Stone
IOWA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue I Des Moines, Iowa 50309 USA I Phone: 515.725.3000
iowaeconomicdevelopment.com
September 12, 2012
Bob Johnson
Sustainable Neighborhood Builders, Inc.
1079 Elm Street
Dubuque, IA 52001 -3704
RE: Enterprise Zone Program, Housing component
Agreement # 09 -HEZ -051
Dear Mr. Johnson:
K)VVA
economic development
Enclosed is a copy of the signed amended Housing Enterprise Zone Investment Tax
Credit. The housing business may claim an investment tax credit equal to 10% of the
new investment directly related to the construction /rehabilitation of the housing project.
To claim the tax credit a copy of the enclosed Tax Credit Certificate, copy of the
certificate of occupancy (or equivalent documentation), completed forms IA 148 Tax
Credits Schedule and 3468 Investment Tax Credit will need to be attached to the Iowa
Income Tax Return. These forms may also be found at the Department of Revenue's
website www.state.iia.us /tax.
Please note the following:
• The new investment that may be used to compute the tax credit shall not exceed
the new investment used for the first $140,000 of value for each unit.
• In determining the tax credit, new investment financed through federal, state, and
local government tax credits, grants, and forgivable loans cannot be included.
• This tax credit may be carried forward for up to seven years or until depleted.
Please contact the Iowa Department of Revenue if you have questions about claiming
the investment tax credit.
Thank you for investing in Iowa!
Jeremy Ba ' ock
Project Manager
Enclosure
Cc: David Heiar, City of Dubuque n
File
Governor Terry E. Branstad I Lt. Governor Kim Reynolds I Director Debi V. Durham
IOWA ECONOMIC DEVELOPMENT AUTHORITY
HOUSING ENTE:=APRISE ZONE PROGRAM AGREEMENT
CONTRACT AMENDMENT NUMBER: 1
EZ AGREEMENT NUMBER: 09 -HEZ -051
THIS AMENDMENT is made by and among the Iowa Economic Development Authority, 200 East Grand
Avenue, Des Moines, Iowa 50309 ( "Department" or "IEDA "), City of Dubuque, 50 W 13th ST, Dubuque, IA
52001, ( "Community ") and Sustainable Neighborhood Builders, Inc., 1079 Elm ST, Dubuque, IA 52001 -3704,
( "Housing Business "). Contract Number 09 -HEZ -051 is hereby modified as follows.
"1.4 "Agreement Expiration Date" means the date this Agreement ceases to be in force and effect. This
Agreement shall remain in effect until IEDA receives written verification that all 130 units have been certified for
occupancy."
Except as otherwise revised above, the terms, provisions, and conditions of Contract Number 09 -HEZ -051
remain unchanged and are in full force and effect.
FOR THE COMMUNITY:
City of Dubuque
Signature
Deborah Durham, Director
Doug Stillings, Vice Chair
Type or Print Name, Title se Zone Commission
FOR THE HOUSING BUSINESS:
Sus lable Neighborhood Builders, Inc.
f y/
ignature
Type or Print Name, Title
HEZ Format revised 10/2005
IOWA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue 1 Des Moines, Iowa 50309 USA 1 Phone: 515.725.3000
iowaeconomicdevelopment.com
January '16, 2014
Bob Johnson
Warehouse Trust, LLC
1079 Elm Street
Dubuque, IA 52001 -3704
RE: Enterprise Zone Program, Housing component
Agreement # 09 -HEZ -051
I(JWA
economic development
Dear Mr. Johnson:
Enclosed is a copy.of the signed amendment to the agreement authorizing the housing
business, Warehouse Trust, LLC, to receive Enterprise Zone benefits. A copy has been
sent to the City of Dubuque and to the local enterprise commission. The original
document will be on file with the Iowa Economic Development Authority.
Investment Tax Credit
The housing business may claim an investment tax credit equal to 10 %.of the new
investment directly related to the construction /rehabilitation of the housing project. To
claim the tax credit a copy of the enclosed Tax Credit Certificate, copy of the certificate
of occupancy (or equivalent documentation), completed forms IA 148 Tax Credits
Schedule and 3468 Investment Tax Credit will need to be attached to the Iowa Income
Tax Return. These forms may also be found at the Department of Revenue's website
www.state.ia.us /tax.
Please note the following:
• The new investment that may be used to compute the tax credit shall not exceed
the new investment used for the first $140,000 of value for each unit.
• In determining the tax credit, new investment financed through federal, state, and
local government tax credits, grants, and forgivable loans cannot be included.
o This tax credit may be carried forward for up to seven years or until depleted.
Please contact the Iowa Department of Revenue if you have questions about claiming
the investment tax credit.
Reporting Requirement
As a participant in Iowa's Enterprise Zone program, the housing business will be
required to complete an Annual Compliance Report for every year that the housing
business is under contract with IEDA. This report will be due 30 days after the end of
the calendar year.
Governor Terry E. Branstad 1 Lt. Governor Kim Reynolds 1 Director Debi V. Durham
Project Completion / Certificate of Occupancy
The housing business will remain under contract until IEDA receives written verification
that all of the proposed units have been certified for occupancy. If a city or county does
not have a formal process of issuing a certificate of occupancy then a signed and dated
statement from the enterprise zone commission stating that to the best of their
knowledge that the project is completed and ready for occupancy. It is left up to the
enterprise zone board members how they want to determine when a project is
completed and ready for occupancy. Please note the project must be completed within
two years of the start of construction /rehabilitation,
Thank you for investing in Iowa!
Jeremy $c•ck
Project Manager
Enclosure
cc: Phil Wagner, City of Dubuque ?U
File
IOWA ECONOMIC DEVELOPMENT AUTHORITY
HOUSING ENTERPRISE ZONE PROGRAM AGREEMENT
CONTRACT AMENDMENT NUMBER: 2
EZ AGREEMENT NUMBER: 09 -HEZ -051
THIS AMENDMENT is made by and among the Iowa Economic Development Authority, 200 East Grand
Avenue, Des Moines, Iowa 50309 ( "Department" or "IEDA "), City of Dubuque, 50 W 13th ST, Dubuque, IA
52001, ( "Community ") and Warehouse Trust, LLC, 1079 Elm Street, Dubuque, IA 52001 -3704, ( "Housing
Business "). Contract Number 09 -HEZ -051 is hereby modified as follows:
"THIS ENTERPRISE ZONE AGREEMENT is made by and among the Iowa Economic Development Authority,
200 East Grand Avenue, Des Moines, Iowa 50309 ( "Department" or "IEDA "), City of Dubuque, 50 W 13th ST,
Dubuque, IA 52001, ( "Community") and Sustainable Neighborhood Builders, Inc. Warehouse Trust, LLC, 1079 Elm
Street, Dubuque, IA 52001 -3704, ( "Housing Business ")."
"1.4 "Agreement Expiration Date" means the date this Agreement ceases to be in force and effect. This
Agreement shall remain in effect until IEDA receives written verification that all 430 76 units have been certified for
occupancy."
The Housing Business must rehabilitate 4-30 76 multi - family units in the Dubuque EZ -1A Enterprise Zone."
Except as otherwise revised above, the terms, provisions, and conditions of Contract Number 09- HEZ -051
remain unchanged and are in full force and effect:
FOR THE COMMUNITY: FOR IEDA:
City of Dubuque
Signature 7
Roy D. Buol, Mayor
Type or Print Name, Title
FOR THE HOUSING BUSINESS:
Warehouse Trust, LLC
t / ./
Signature
L f1?�tn1.4�Z
Type or Print Name, Title
HEZ
Neborah . Durham
Format revised 10/2005