Chavenelle Ware.Devel Urban Tax Inc. Rev. Notes
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MEMORANDUM
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October 27,2006
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Fixing Date for Public Hearing on Proposal to Authorize a Loan
Agreement and Issuance of Urban Renewal Tax Increment Revenue
Notes to Support Chavenelle Warehouse Development, LLC/Theisen
Supply, Inc. Project
Economic Development Director Dave Heiar recommends the City Council set a public
hearing for November 20,2006 regarding the issuance of not to exceed $812,000 in
Urban Renewal Tax Increment Revenue Notes to support the Chavenelle Warehouse
Development, LLC/Theisen Supply, Inc. expansion project at the Dubuque Industrial
Center West.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
fltA L;.~/~ rJ-
Mictlael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David Heiar, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
October 25, 2006
TO: Michael Van Milligen, City Manager
FROM: David Heiar, Economic Development Director~t
SUBJECT: Resolution Fixing Date for Public Hearing on proposal to authorize a loan
agreement and issuance of Urban Renewal Tax Increment Revenue
Notes to Support Chavenelle Warehouse Development, LLCI Theisen
Supply, Inc. project.
INTRODUCTION
This memorandum presents for City Council adoption a resolution fixing the date for a
public hearing on the issuance of not to exceed $812,000 in Urban Renewal Tax
Increment Revenue Notes to support the Chavenelle Warehouse Development, LLCI
Theisen Supply, Inc. expansion project at the Dubuque Industrial Center West. The
resolution sets the date of public hearing for November 20, 2006.
DISCUSSION
On June 19, 2006, the City Council approved a Development Agreement with
Chavenelle Warehouse Development, LLCI Theisen Supply, Inc. That Agreement set
the terms for the development of property in the Dubuque Industrial Center West. The
Agreement stipulates the City will provide an Economic Development Grant to the
Chavenelle Warehouse Development, LLC in an amount estimated at $731,000. The
City's intention is to use the Tax Increment revenues from the Theisen's expansion
project, to retire debt on the Urban Renewal Tax Increment Revenue Note, which is
being used as the tool to provide the Economic Development Grant to the Company.
Theisen Supply, Inc. asked Dubuque Bank & Trust to purchase the revenue notes. The
note sale will be for $812,000. This amount will be decreased by $5,000 for
administrative costs and $112,000 to cover advanced interest needed to finance this
loan until property taxes are collected for this newly constructed facility. The net
proceeds ($695,000) that will go to Chavenelle Warehouse Development, LLC.
The City has required that the Company execute a Minimum Assessment Agreement,
and the City pledges only the taxes generated from the new value of the project. There
is no City Guarantee involved.
The City must hold a public hearing whenever it agrees to carry out an Urban Renewal
Project and issues debt for this purpose. The attached instructions from our bond
attorney, Bill Noth of the Ahlers Law firm includes the proceedings and a resolution
setting the public hearing for this proposal.
RECOMMENDATION
I recommend that the City Council adopt the attached resolution fixing the date for a
public hearing on the issuance of not to exceed $812,000 in Urban Renewal Tax
Increment Revenue Notes to support the Theisen's expansion project at the Dubuque
Industrial Center West. The public hearing to approve the issuance will be November
20, 2006.
ACTION STEP
The action step for the City Council is to review the enclosures, and adopt the attached
resolution.
Attachment
F:\USERS\DHeiar\Theisen's\Set date for hearing for TIF.doc
..
AHLERS ~COONEY, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE' SUITE 600
DES MOINES. IOWA 50309-2231
PHONE 515-243-7611
FAX, 515-243-2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
WNOTH@AHLERSLAW.COM
Direct Dial:
15151246-0332
October 17,2006
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: Not to exceed $812,000 Urban Renewal Tax Increment Revenue Notes
(Grant to Chavenelle Warehouse Development, LLC)
Dear Mr. TeKippe:
We have now prepared and are enclosing herewith suggested proceedings to be
acted upon by the Council in fixing the date of a meeting on the proposition to issue the
above mentioned Notes and ordering publication of a notice of hearing consistent with the
provisions of Code Section 403.9.
Notice of this meeting must be published at least once in a legal newspaper,
printed wholly in the English language, published at least once weekly, and having
general circulation in the City. The date of publication is to be not less than four clear
days nor more than twenty days before the date of said public meeting on the issuance of
said Notes. In computing time, the date of publication should be excluded. If the last day
falls on Sunday, the whole of the following Monday should be excluded.
Also enclosed is an extra copy of the proceedings to be filled in as the original and
certified back to this office, together with publisher's affidavit of publication of notice of
hearing. We are also enclosing an extra copy of the notice of hearing to be delivered to
the newspaper for publication purposes. A certificate to attest the proceedings is also
enclosed.
WISHARO & BAilY -1888: GUERNSEY & BAILY - 1893: BAllY & STIPP. 1901: STIPP, PERRY, BANNISTER & STARZINGER _ 1914, BANNISTER. CARPENTER.
AHLERS & COONEY -1950; AHLERS. COONEY. DORWEILER. ALLBEE. HAYNIE & SMITH -1974: AHLERS. COONEY, DORWEllER, HAYNIE, SMITH & ALLBEE. P.C. _ 1990
October 17,2006
Page 2
Should you have any questions pertaining to the proceedings, please don't hesitate
to contact me.
Yours very truly,
~
William J. Noth
WJN:dc
encl.
cc: Barry Lindahl
Jeanne Schneider
David Heiar
DCORNELL\511426.I\WP\10422000
WISHARD & BAilY -1888: GUERNSEY & BAILY- 1893: BAilY & STlPP- 1901: STIPP. PERRY, BANNISTER & STARZINGER -1914: BANNISTER. CARPENlER.
AHLERS & COONEY - 1950: AHLERS. COONEY. OORWEllER,ALlBEE. HAYNIE & SMITH -1974: AHLERS. COONEY. DORWEJLER. HAYNIE, SMITH & ALLBEE. P.C. - 1990
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
,2006.
Time of Meeting:
o'clock .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 $812,000 Urban Renewal Tax Increment Revenue Notes.
. Resolution fixing date for a meeting on the proposition to issue.
Such additional matters as are set forth on the additional 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.
City Clerk, Dubuque, Iowa
,2006
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
and the following named Council Members:
session, in the
o'clock .M., on
, in the chair,
Absent:
* * * * * * *
-1-
Council Member introduced the following Resolution
entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION
OF THE ISSUANCE OF NOT TO EXCEED $812,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted.
Council Member seconded the motion to adopt. The roll was
called and the vote was,
AYES:
NAYS:
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $812,000
URBAN RENEWAL TAX INCREMENT REVENUE NOTES OF
DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF
NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa
should issue Urban Renewal Tax Increment Revenue Notes to the amount of not to
exceed $812,000, as authorized by Section 403.9 of the Code ofIowa, for the purpose of
providing funds to pay costs of carrying out a project as hereinafter described; and
WHEREAS, Section 403.9 sets forth the procedural action required to be taken
before said Urban Renewal Tax Increment Revenue Notes may be issued, and it is
therefore necessary that the action hereinafter described be taken and that the Clerk
publish a notice of the proposal and of the time and place of the meeting at which the
Council proposes to take action thereon and to receive oral and/or written objections from
any resident or property owner of said City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
-2-
Section I. That this Council meet in the Auditorium, Carnegie-Stout Public
Library, Dubuque, Iowa, at o'clock .M., on the day of
,2006, for the purpose of taking action on the matter of the issuance
of not to exceed $812,000 Urban Renewal Tax Increment Revenue Notes, the proceeds of
which will be used 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 ofIowa and the Amended and Restated Urban Renewal Plan for the Dubuque
Industrial Center Economic Development District, including the funding of an economic
development grant to Chavenelle Warehouse Development, LLC under the terms of a
Development Agreement dated June 19,2006 by and among the City of Dubuque,
Chavenelle Warehouse Development, LLC and Theisen Supply, Inc.
Section 2. That the Clerk is hereby directed to cause at least one publication to be
made of a notice of said meeting, in a legal newspaper, printed wholly in the English
language, published at least once weekly, and having general circulation in said City, said
publication to be not less than four clear days nor more than twenty days before the date
of said public meeting on the issuance of said obligations.
Section 3. The notice ofthe proposed action to issue said Urban Renewal Tax
Increment Revenue Notes shall be in substantially the following form:
-3-
NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $812,000 URBAN RENEWAL TAX
INCREMENT REVENUE NOTES OF SAID CITY, AND THE HEARING
ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa,
will hold a public hearing on the day of , 2006, at o'clock
.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which
meeting the Council proposes to take additional action for the issuance of not to exceed
$812,000 Urban Renewal Tax Increment Revenue Notes 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 Amended and
Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development
District, including the funding of an economic development grant to Chavenelle
Warehouse Development, LLC under the terms of a Development Agreement dated June
19, 2006 by and among the City of Dubuque, Chavenelle Warehouse Development, LLC
and Theisen Supply, Inc.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of said City to the above action. After all objections have been
received and considered, the Council will at this meeting or at any adjournment thereof,
take additional action for the issuance of said Urban Renewal Tax Increment Revenue
Notes or will abandon the proposal to issue said obligations. Said hearing and appeals
therefrom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code oflowa.
This notice is given by order of the Council of Dubuque, Iowa, as provided by
Section 403.9 of the Code oflowa.
Dated this
day of
,2006.
City Clerk of Dubuque, Iowa
(End of Notice)
-4-
PASSED AND APPROVED this _ day of
,2006.
Mayor
ATTEST:
City Clerk
-5-
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 respect 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 ofIowa, 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
day of , 2006.
City Clerk, Dubuque, Iowa
SEAL
DCORNELL1511436l\WPI10422000
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