Iowa Historic Preservation Tax Creditr ~.
City Manager's Office
City Hal]
50 West 13th Street
Dubuque, Iowa 52001-4864
(563) 589-4110 phone
(563) 589-4149 fax
(563) 690-6678 TDD
ctymgr@cityofdubuque. org
VIA Email and
15t Class Mail
«Email»
«CompleteLOCALName_Add ress»
January 8, 2007
Re: Iowa Historic Preservation Tax Credit
Dear «Title» « Last,
THB CITY OF ~,"
DU U . UF,
~~
I am writing to provide you some additional information regarding the impact of the Iowa
Historic Preservation Tax Credit program.
As you know, the Historic Preservation Tax Credit program was established to promote
investment in historic resources and structures throughout Iowa. Dubuque, as the
oldest city in Iowa, has many historic structures that have and would benefit from the
program. However, due to their effectiveness in promoting economic development
within the context of historic preservation, the current Historic Preservation Tax Credits
are obligated until 2016.
Attached is a spreadsheet that identifies tax credit projects in the City of Dubuque from.
2001 to present. This spreadsheet identifies the following:
• Project name;
Project cost;
Year reserved (the year in which the historic tax credit for the project is be
realized);
• Reserved Credits (the amount of historic tax credit the project will be receiving);
and
• Status
As indicated on the spreadsheet approximately $3.5 million in historic tax credits have
help complete nearly $18 million in renovation. Another $4.9 million in historic tax
credits is in line to generate nearly $20 million in renovation and we currently have $53
million dollars in downtown renovation on-hold waiting for additional historic tax credit
funding. This $53 million in projects is not able to move forward without the $13 million
Service People Integrity Responsibility Innovation Teamwork
«Title» cFirst» «Last»
January 8, 2007
Page 2
needed in historic tax credits. Nor is State staff able to process any new historic tax
credits applications because funding is currently committed to the year 2016.
Historic Preservation Tax Credits have been an important financial tool to revitalize our
downtown and eliminated conditions of slum and blight. Dubuque has been fortunate to
receive these tax credits which helped to restore significant structures including the
Heartland Financial building, the Platinum Services Building (formerly the Weber
building), Cooper Wagon Works/Bricktown building and the Town Clock Building.
These tax credits have also helped support the restoration of structures that now
provide affordable and much-needed housing in downtown including the Iowa Inn and
Bishop Block.
Lastly, the State Legislator approved a 10 year state sales tax exemption totaling an
estimated $12.5 million for the proposed racetrack in Newton. This was a creative
economic development tool to address the unique situation in Newton.
I believe the concept is sound and I hope you will consider supporting a similar proposal
for downtowns that are also Enterprise Zones. An amendment to this legislation
allowing use of this sales tax rebate for newly established businesses in Enterprise
Zones would lead to the renaissance of downtown Dubuque as an important location for
retail trade.
I encourage you to support efforts to increase the annual funding for the Historic
Preservation Tax Credit program and to expand the sales tax rebate to include our
downtown.
Sincerely,
Michael C. Van Milligen
City Manager
MCVM:cs
Attachment
cc: Mayor Roy D. Buol
Dubuque City Council
Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Laura Carstens, Planning Services Manager
Dave Stewart, Chair, Historic Preservation Commission
Dan LoBianco, Dubuque Main Street
Molly Grover, Dubuque Area Chamber of Commerce
Dubuque State Historic Tax Credit Projects
Project Project cost Year Reserved Reserved Credits Status
Bissel Block Building $ 1,335,000 2001 $ 75,000.00
2006 $ 183,750.00 Reserved
Cooper Wagon Works Building $ 1,800,000 2003 $ 350,000.00
2007 $ 100,000.00 Complete
Cooper Wagon Works $ 800,000 2008 $ 200,000.00 Reserved
Curtis Apartments/Twin Sister $ 1,165,000 2001 $ 56,250.00
2006 $ 235,000.00 Reserved
Dubuque Casket Company $ 5,600,000 2012 $ 160,341.00
2013 $ 1,239,659.00 Reserved
Dubuque Star Brewery $ 6,649,000 2007 $ 1,662,250.00 Reserved
German Bank $ 1,100,000 2008 $ 275,000.00 Reserved
Iowa Inn $ 2,964,083 2005 $ 734,367.25 Complete
John Bell Block $ 4,550,441 2006 $ 489,388.00 Complete
North Cooley Building $ 1,017,445 2001 $ 56,250.00
2006 $ 198,111.00 Reserved
Rolling Bootery $ 832,560 2001 $ 56,250.00
2006 $ 151,890.00 Reserved
Row House $ 400,000 2006 $ 100,000.00 Reserved
South Cooley Building $ 1,017,445 2001 $ 56,250.00
2006 $ 198,111.00 Reserved
Town Clock Building $ 2,749,597 2002 $ 50,000.00
2003 $ 45,000.00
2005 $ 3,416.75
2006 $ 231,512.81
2007 $ 5,886.44 Complete
Weber Paper Company $ 3,373,043 2001 $ 343,260.75
2006 $ 250,000.00
2008 $ 250,000.00 Complete
Ziepprect Block $ 2,559,623 2007 $ 639,905.81 Complete
H & W Building $ 10,000,000 $ 2,500,000.00 Not Accepting Applications
Security Building $ 5,000,000 $ 1,250,000.00 Not Accepting Applications
Fischer 900 Main $ 1,300,000 $ 325,000.00 Not Accepting Applications
1000 Jackson Warehouse $ 10,000,000
CRADACO Building $ 10,000,000
Nessler-Rorshach Center Building $ 3,500,000
Farley-Letcher Building $ 10,000,000
Step-by-Step Project $ 1,000,000
St. Lukes $ 500,000
Morrison Bros. Building $ 2,000,000
Project Costs Credits
Completed Projects $ 17,996,787 $ 3,492,737.81
Reserved Projects $ 19,916,450 $ 4,904,112.00
Projects on Hald $ 53,300,000 $ 13,325,000.00
Total 91,213,237 21,721,850
$ 2,500,000.00
2,500,000.00
875,000.00
2,500,000.00
250,000.00
125,000.00
500,000.00
Not Accepting Applications
Not Accepting Applications
Not Accepting Applications
Not Accepting Applications
Not Accepting Applications
Not Accepting Applications
Not Accepting Applications
r ~~
The Honorable Mike Connolly
Iowa State Senator
2600 Renaissance Dr #3
Dubuque,lA 52001
The Honorable Roger Stewart
Iowa State Senator
3936 317 Avenue
Preston, IA 52069
The Honorable Pat Murphy
Iowa State Representative
155 N. Grandview Avenue
Dubuque,lA 52001
The Honorable Steven Lukan
Iowa State Representative
7365 Columbus Street
New Vienna IA 52065
The Honorable Tom Hancock
Iowa State Senator
310 E Main Street
Epworth, IA, 52045
The Honorable Pam Jochum
Iowa State Representative
2368 Jackson
Dubuque,lA 52001
The Honorable Thomas Schueller
Iowa State Representative
503 W. Platt Street
Maquoketa, IA 52060
The Honorable Ray Zirkelbach
Iowa State Representative
637 W. First Street
Monticello, IA 52310