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FY 15 Budget Presentation_Economic DevelopmentEconomic Development • FY 2015 Budget Presentation Economic Development .FY 2015 Budget Presentation .., • .._ .... -• . _ ._. •• 4'.'. --- ---- ,,A . I. 1 ! :80 . • :------- ----- ---- '7--:--r--- • c ,;_, --- : ,--- .:.‘..4.:' -17 •.. . , . __ .. . . ... . -- ...... - _ .-"--- -. :: v: 1: 4:4-.16,7.14 iriteff II • ...---- tater . — -G-)-c..-b--„,\. ,./ .•_ *.,), .. ,. ...A tii.,, i \ v--- J - •' , . .,. e.• - •••• i ' 1--- -t-' _ -1% c6 MC i ••• -- ER- W2 -4 „ ,t-; ,tss. v I' , .. .f , .. _....-, • ilki 41, . r -' "gti.;4- - • ...‘ ,/,--- • ,-; ..:.12.-;.: •. .7: , ;iv., f.t-1,-;:. s.ft . #'4V—.Z 4 '',••-• ' . ' .,, . • _et 7-^ — : 1\a", • ..-4.: Illt,..H. .0....<4*--- .. Yrz, 1 JA\st ,' - - ••••.' Abilre- 440. ' • migz-• . , 44, - #a. ..i.o.:Pe '7.P NI :11- 7--- . • \itit.44 * ,4,-..a. . - . - , " -co. Jj— • -I --ar- 1. lb • ‘,.. •.•'''••::::-.,..,..;;:••:-..-ciL,,--.4. •!...., •‘: _ . . „:'151-ciae.f.w;.. , ... mitipi,1/4- A. :. , TC- 4•;J.rein';:' C ' ' 4.- \-:-:;:;%.. ' - ticir -,•••'-` \I . _,,... L.,,,,., . -7,-." -_ ...7..,_ - • %•.`-- - al* A . . _ .._ ant:41:"`•4 r Economic Development Umbrella o Economic Development ■ Transit ■ Parking ■ Washington Neighborhood Development Corp . ■ Arts & Culture Economic Development Department 111L Maurice Jones ill 111 f_ �-- Economic Development Director Tim Horsfield . , -' .- a' ' - - I Parking Division Manager a= i _ Candace Eudaley d ; ill' '• �_ Transit Manager y�il► ii ,4-----' • �� Phil VST agner r Assistant Economic Development r 11 ( - Director Megan Starr 4 I 4,', 'IPA: Economic Development Coordinator/ ►"� ` - • Washington Neighborhood a ��' �� Jill Connors , . � dl 3 -- .. ConfidentialAccountClerk iiisi LT to i Arts Coordinator(vacant) i i ECONOMIC VITALITY Dubuque named 10th " Best Performing" Small Metro 2013 m MILKEN INSTITUTE Dubuque ranked 5th in U . S . " Top Metropolitan Areas" SATE SELECTION Dubuque' s Economy Fastest-Growing in Iowa from 2013 report . AJ . Al t I ' Illo CON $ • `A ' _ _ D ' ' Tu TIF 1 ME ' wM EETI NC COUNCIL PRIORITIES Collaborating with City Departments and Community Organizations • (lily Council Priorities o Historic Millwork District Master Plan o Support of Greater Dubuque Development Corporation o Washington Neighborhood Strategy o Riverfront Leases o New Industrial Park Location and Action Plan earning with Other City Departments Housing& - Community Development GIS Leisure Services • Parking Human Division • a Rights lir Economic Development Public S City Information Attorney's Office Office Planning Finance Services Information Services Team i ng with Other City . Departments City Manager's Office Personnel City Clerk • Fire 8 Rescue / Health -- +ServicesSernces Economic Development 11111* Engineering Building Sernces s. Water S W Pollution Transit Division Water Public Department Works 0 ��tneri ng with Government Agencies Economic Development Administration (EDA) Iowa - Iowa Department of • Department Transportation of Cultural (IDOT) Affairs 1011 (IDCA) Economic Development Iowa Economic Development Dubuque Authority • County (IEDA) National Park Service (NPS) Pa - nerships with Non - Profit Agencies St. Mats _ Dubuque Task Dubuque Main Force Initiatives Street East Central Greater Intergovernmental Dubuque Agency Development Corporation a Washington Prosperity Neighborhood Eastern EconomicDevelopment Iowa Development Corporation Four Passenger Mounds $11‘4111111 Rail Foundation Community Dubuque Dubburque Foundation Area 1111‘. of Greater Chamber Center Dubuque of omme 2 0 1 3 ACCOMPLISHMENTS PA Brownfield Grant D S400,000 for Phase I and Phase II assessments a 3 targeted areas: • South Port - 33 acres • Historic Millwork District - 1 million sq. ft. space • Washington Neighborhood - 52 sq. blocks o Goal is to assess, clean up and eventually redevelop brownfield areas. ICW Lease Agreements in 2013 Gavilon Grain - Dove Harbor Gavilon Grain - Salt Site (generates S761,490/yr. plus $31,470.42 wharfage fee for Engineering Dept.) Total Lease Revenue for ED in FY2013 = $391 ,688.52 6 Development Agreements Rousselot - Kerper Blvd . * Linseed Oil Paintworks - 151 E. 9th St . O ovelty Iron Works - 333 E. 10th St. * Weaver Castle LLC 407-409 Loras Blvd . 324-326 W . Locust St . • 346-348 W . Locust St . 2013 Totals Assets of the 6 new agreements: 70 Retained Jobs 10 New Permanent Jobs 105 Downtown Residential Units committed $32.2 million Capital Investment will be leveraged Development Agreement Totals From 1983-1991 (9 yrs.): 5 DA's From 1996-2000 (5 yrs.): 7 DA's From 2001-2005 (5 yrs.): 7 DA's From 2006-2010 (5 yrs.): 31 DA's From 2011-present (3 yrs. to date): 17 DA's Total of 67 Development Agreements entered 50 agreements are currently open/managed Development Agreement Totals Assets of the 50 currently open/managed agreements: 2,547 Retained Jobs 2,669 New Jobs 187 Downtown Residential Units complete, 110 additional committed 70 Affordable Assisted Living Units Over $285 million Capital Investment leveraged to date TO State Enterprise Zone Applications Weaver Castle, LLC - 407-409 Loras Blvd. Weaver Castle, LLC - 324-326 W . Locust St. Weaver Castle, LLC - 346-348 W . Locust St. Babler Market Analytics LLC - 1689 Main St. Queck Property Management - 2811 Jackson St. Novelty Iron Works (amendment) - 333 E. 10th St. Community Housing Initiatives (Zone 1) - Washington Neighborhood Community Housing Initiatives (Zone 2) - Washington Neighborhood Ken Oberbroeckling - 253 Main St. Linseed Oil Paintworks Co. (amendment) - 151 E. 9th St. Successful State Assistance Application High Quality Jobs Program Hormel Design Mill TriS tate Quality Metals CDBG Funds Linseed Oil Paintworks Co. (amendment) - 151 E. 9th St. Downtown Housing Incentive Projects Under Construction Schmid Innovation Center (Caradco) - 900 Jackson St. Linseed Oil Paintworks - 151 E. 9th St. Novelty Iron Works - 333 E. 10th St. Weaver Castle LLC 407-409 Loras Blvd. 324-326 W . Locust St. 346-348 W. Locust St. r e . intown Rehabilitation Loan regram Funding Schedule Scheduled - Committed O ) 00 block Main St. available - $300,000 • 000 Jackson St. available - $300,000 o : otel Julien FY2016 - S600,000 O- . 005 Main Street FY2018 - $300,000 756 Main Street FY2020 - S300,000 • 4 Main Street FY2022 - S300,000 c 900 Jackson Street FY2024 - S300,000 • 39 Bluff Street FY2025 - S300,000 • 1132 -6 Locust FY2026 - S300,000 Total 53,000,000 W OC V Z Q Z O 'Washington Neighborhood o Dedicated staff o Business committee - monthly, stakeholders meet to discuss priorities, concerns o Resident engagement o Neighborhood newsletter o Neighborhood marketing plan o Streetscape and gateway improvements Challenge Grants State awarded 565,000 Challenge Grant o This helps leverage S225,000 in facade improvements in Central Ave. corridor. . . see following works in progress. . . Current Commitments - Facade Grants 1732-1736 CENTRAL AVE. - 1104 WHITE ST. - $30,000 $50,000 pp�� _ 'I:I 1 ; HIII�. +r , -, !i" _ 11 1. .[. .:".;i 41 -010! . • a rI. it di, B i y 14 II' Ili _ I r kJ. [151_ ^r' _ zt* ;aT ' u, : 1 A 1736 Central Avenue "-' -r-�= , Current Commitments - Facade Grants s 1715 CENTRAL AVE. (US TAX 1763 CENTRAL AVE. (COMPUTER SERVICE) - $20,000 DOCTORS) - $50,000 AININIIIIIS0 wirseco cill7.11.1 g :nits i ,fu,,, _ _ _ - . II . k, � � � ..s -zir,..„...ri Liu ,. - 1!! witt' Dig Hti'l IN Ili, t • _,_ . ._ , t.as BIT I ¶1! L�. I I i � i1 n _ .. . — LI. _ _�E istin ' .... : ---1 - _ _ t• t 101 ii F . RIVERFRONT LEASES River-front Lease Renewals r Gavilon Grain & Salt Sites 15.72 acres total Annual revenue to Engineering Dept. - $792,960 Y w Ek,rg O:AIn Lenny K D,itYgte T_rilnah Lanae K Fl Transit'Le %—n - - - Weao:ea Lcr::Aftr. K Flir. Hies lawn n DG 0 J U 2 2 V Lin OC ss C ni Om y III I ct wil 1 S / .•, r ii ?' '44- s, .f ii! ; -r C iii N / .4 0 + "Ci V i .. ,I iv „, i 0,:,,1 , '..g.fj ,... Cr' Eri cn .ch \ roi .'� \ ' , ,Ik r 9 t ^^,, 4.1 SI 1.10Q NI .+ Le: im 1 wig-, ' : 111 _ 1 _ _ . . , „ EE ! ill . t ] !4 h re EE f III ! ! ! ] �4�I1� ! • s4aa[oid 4uauz.zaiiaq X3 unuruzoa io} aards Tana( .zaMoj Jo 4aaj-annbs 009`U jpioJaurazoa _Jo 4aaJ-annbs OOO`S€ slwn pr3uaptsaz ZL ZIOZ `i i idas Su-Ina uoqqp - pans uos�ja�rOO6 1» loid capCITpiIt1.g (OJpEJlrj) i s ua j O pluAOU U pull Lid s Schmid Innovation Center (Caradco) Building Project. o City Incentive ■ TIF • Facade, Design, Financial Consultant Grants • Downtown Housing Grants o Federal and State Historic Tax Credits o Iowa Finance Authority o CDBG o New Markets Tax Credits o Brownfield Tax Credits o Enterprise Zone Benefits Schmid Innovation Center (Caradco) Building Project 1, + _ ' 1I - _ � i -- - - I tail 10 o .� _ 41114 Schmid Innovation Center (Caradco) Building Pro 'ei ii Mina' , nn 411 \ati 1 . oit , nis 1 , ;,.. . : 444 Ii „„ 1 di „ . , ,:i.: . 11 . it_ Is C �� rI .„_�• --.77 �� _. n \ . a . , , , 953:t.71 ! I le .. I - -- l . ( 'r M __ Novelty Iron works , i ;‘ illiatill_ , _ 0 76 market-rate rental 1- L ��in - Mt ' units committed -. N" --, ..-' 0 34,000 SF retail space ' ' ; .. not s,_ committed . - -- . I '. _ o Total investment En committed - S27 EEL = _ I N j i. NN � OMNI million = linty' - 4 _ . Nor o Occupancy expected MIN 1 1111p Y p JINN • . in 2014 _,� __ •. =v. S au - s4 • Linseed ei es d Oil Paintworks " Betty Building ', ../finiac Properties - .......... 4 , i ....„ , z 14. 0 . :-,,iii ... ( i IT' J.< .. 1 Pr.......... -A.- . . . ..-. , i . .. r• ,,,,- cti . 1 • , 1 , ., icts .::; 1 Iv tc,frPob I • •..: ..,-. ! . _. _ , . 1 .4..._, C • .i,,,i• xi •,- • il 4 Pi ik, '• • • Val 9. 11i IT 11 -• , P - i - ..._ _ •,-,,t-_, r.,.: .. „_,... -- „ • Ag..,,t4_. k.,, •-•,._TA,' _ •- W.: ^ i , . . A--; ii , 1,__ LT i 1 I i • - 1 • , - 1110 . . ..,..- I. 4 41 1 , • „...-r !iii ,...„ ,..) ,, , . (1) It imit-,‘"1" mir\ (ID A .,, 2 17 1 . 4 • , k, • RI: • I rt) . . . • ii,.. ,, ,..„ , szt . , H a. . < ,Jr r 0 I K• _ • 1=E1 III .1:3 au — . .. , ..„ c 1;1 . .. , I I r / 1 4 I I. .1 4 4', It, II ill - u 4. It 1 4)SO.:. :•4 '. . . • -14•',.. \ la r1"4.air_ - -..- I I. I,. 4. i T-44144-) 1i'l11 - .•, 4 . ct, III IN • I _ .4. ,,,,,, • ,, .. , f. 1111"1116 Z rt, .1:41;1 i- •:4 - -. -.7----c,..r , . 4 •. _ , ,._ (it ........ ,.. 0 .. . fI•i. • " O W1.1.11 1 : / / I .. i "IN . .../. Cr i-S-rEi I — - .. 1,.'- ; f . 0;•__',4-• 4 DBQ INDUSTRIAL CENTER WEST i, I - fF N, syva�n�,a,��,� a f rf tioc I , a Available Land 4.� Jeveluped land � a _ r 4 a Available Spicing and Land wa_1 A ° i upon tipocr il.. a. f 6 • 4 •tecreat:cnal Trail a $ ."+ ! Nr • • :ubuque ON Units ,,a, y ,� 1QL 1a /4 cMyN •4 L 6 teeow a,$Cjdt�_ 6 - ari „.7211 F.T. AMT:,,,„ .a:-e� rr o • _ 11111 P.e •u uU r af.TpTll �" I*tl < a o ,. ramp _ Otl� ' 6 a bout yi. q- LJ.t5Y01� T '- <[rc,`� -i I EI-Lrk. f TafMF : [[YaCYt�1.�.. FMru■nfM � -� ir PR�W]y -� from 14. fr. SI ■ �v fr<f Y< f�0�e•f # . 3 r or c. �, it . .<: I t 5,k.i3na Paull•HJ t 6 �; - 6 6 J Y IY .C, C lLY Yt rl6 - 6 6 'a i 6 ,L 1 rJvl\ Mlfr lK.m[!. e'v. y y Or 6 O G•v �^.. 0 Y a e [ Y 4 e ,_�'' O : . / V e . . .. 6 6 ftr'1 - ,-• 6 0 0 p • a n .. n e • o • ar DBQ Industrial Center West 15 BUSINESSES WITH CURRENT AGREEMENTS INVESTMENT LEVERAGED TO DATE o 5130 million JOBS RETAINED/ CREATED o 726 retained TO DALE 0 381 created DBQ TECHNOLOGY PARK DBQ Tech Park Conlon/Straka/Johnson, Kunkel Bounds, Entegee (L&J Properties) $5.05 million investement leveraged Retained 292 jobs, created 352 jobs to date t r_ ,...- 7\Y 1---k; = c // X•. _. t -.. pp• K +_ :- le • 1� ,iitIIIII'll ll� n 4110 . III 1�4..y�T ` y 3.ij p DBQ INDUSTRIAL CENTER SOUTH II 1 lifilililailall .i. migusiallig lq ,...,„ : 1.S....° 211;11. ,... ,..it it 11 . .. . , Me , ... _ . y- ' "Th.....L.r .. - ..., En .... , . .. . ' ".. r . I 1 . . -. , N 0 , • I. ......; . --, 4 :,.....;,- Sill is - • . . .. • Dubuque Industrial Center South Purchased 170 acre farm in 1997 for future expansion Grading and Infrastructure - Completed in 2013 S4.8 Million investment 1St tenant - TriState Quality Metals IJubuque Industrial Center South Ribbon Cutting • - . .` . . , r . DUBUQUE INDUSTRIAL CENTER SOUTH a.4 i Ac. . M1 JOB G �OWTH Greater Dubuque Development survey : o Strong approval of local leadership and public- private sector cooperation. o Dubuque dominates both Iowa and U. S. with an overwhelming approval of the local economy. 0 62% of businesses report increasing sales; Market share gains are on the rise as well, with 55% reporting gains. 45% of businesses plan to expand/re-invest with jobs, deployment of capital, new machinery & equipment, added space, etc. Dubuque's manufacturing companies posted a stronger number, with 50% making plans to grow/invest. Income Growth vs . Population Growth o Population has been stable over the past 20 years in Dubuque, so 3 % of Iowa' s population. o However, Dubuque has 9.35% more jobs today than in 2010, and accounted for nearly 8% (5,200) of new jobs in the state of Iowa in that same time period. Income Growth Average Hourly Wage in Dubuque County from 1991-2013 $2.00 $17.09(2002) $18.00 - $1636(1991) $18.86 (2013) $16.00 $1400 $1200 $13.19(2002) $9.56(1991) $10.00 - $8.00 19901995 Average Wage(Nomina)� —Average Wage(Inflauo djussted2'013dollars) 2010 2015 Income Growth El AVERAGE HOURLY WAGE: ■ Grew from $9.51 in 1991 to $18.86 in 2013, a 98% increase. (Source: Iowa Economic Development Authori ty) El AVERAGE HOUSEHOLD INCOME: ■ Rose from $27,027 in 1990 to $40,680 in 2010, a 50% increase. (Source: U. S. Census Bureau) Median Household Income o Median Household Income has decreased when adjusted for inflation. o However, the drop is not as severe as the rest of the country. o Need to keep investing in Economic Development and Community Enhancements. I n creased Home Values Dubuque home values have increased 9.71 % over the past five year sk IOWA HOME PRICE APPRECIATION Change in FHFA Metropolitan Area House Price Index Five Year Average through 2013-03 Dubuque `r 1 SIOUX I iry 3.33% Waterloo 6.213% COMPARABLE CITIES I��s^'^c�lY 5.32% Quad Cities 3.93% 11 Metro Area Average 3.779E Cedar Rapids - 1.33% Council Bluff 1.02% U.S.NHIinnnlAvrra11.1.5°6 gr Des Moines/W.Des Moines — 11.50% PERCENTAGE OF APPRECIATION Workforce Challenge According to the Director of the Iowa Economic Development Authority, "workforce is the number one barrier facing Iowa businesses." o A lack of skilled workers could bring Iowa' s expansion prospects to a halt. o In 2013, 58 % of Dubuque businesses expressed a challenge with recruitment, especially in manufacturing, healthcare/education, and transportation. We need to continue workforce development efforts. qDubu ue portunity f • in i Top 10 finalist for Community Colleges Futures Assembly' s Bellwether Award! o Opportunity Dubuque - a partnership of NICC, DubuqueWorks, GDDC, Project HOPE, Dubuque Community School District, IowaWORKS, ECIA and many local businesses. o Provides training for community members to gain the skills needed to secure high-demand, high-paying jobs in the local advanced manufacturing sector, such as CNC machining and welding. ARTS & CULTURE conomic Impact Study AA, r ONOOMIC the 1 1} PROSPERITY. s jsilEAN BUSINESS _ piThe nonprofit arts & culture industry in Dubuque: • generates $47.2 million in annual economic activity, • supports 1,530 full-time equivalent jobs • generates $5 million in local & state government revenues and • $36.7 million in household income to local residents. Arts & Culture El Dedicated staff a Improve coordination between arts groups a Manage Art on the River program a Administer two City grant programs awarded to local arts and cultural organizations a Research best practices from other municipalities regarding arts policies, initiatives, and funding options a $50,000 improvement package to develop a Cultural Master Plan Future Endeavors Acquisition of additional Industrial Park Property Implement incentive program for commercial ventures in Washington Neighborhood Continue to work with Dubuque Initiatives Continue regional economic development and marketing initiatives (Partnerships) Future Endeavors Improve Transit Model Intermodal Facility Historic Millwork District Downtown/Grants Downtown housing Redevelopment of South Port D u b q ue Initiatives Staff Support to Nine Member 4 - Board i Ownership of Historic Roshek ,, i ill i. R . ;_ lin 4 Building • _ -k ;. Tenant Development " �'!`'l'; gre 1Financial Oversight F. y Artr, - ' Additional Land Inventory L. iii, h , ■jx1} 2459 Kerper Boulevard itlKirf I — , a i, _ - (Advanced Urethane Technologies) Dubuque Industrial Center Property Contracted Services • I BQ Convention and Visitors Bureau: $982,958 o II BQ Area Labor Management Council: $30,000 • Ii BQ Main Street: $74,276 e i DDC: $711,613 • Prosperity Eastern Iowa: $5,650 • America's River Festival: $10,000 • Project HOPE: $75,025 Legislature Concerns Tax Increment Financing (TIF) State Historic Tax Credit Workforce Housing Iowa Finance Authority Workforce Housing Tax Credit FY 2015 CIPs El Washington Neighborhood Building Incentive & Rehab Program S1,500,000 o Historic Millwork District S850,000 El Workforce Development $310,000 El Washington Neighborhood Facade S80,000 El Downtown Rehab Grant $50,000 o Downtown Rehab Financial Consultant $50,000 • FY2O1SCIPs El Downtown Housing Creation S27,460 El Downtown Housing Improvement S25,000 187 units have been created, but the continuing need for quality downtown rental housing prompts an improvement incentive. The program would require use of historic tax credits, ensuring quality interior and exterior renovations and sustainable practices. FY2O1SCIPs o Historic Preservation Revolving Loan S9,270 El Future Industrial Park Acquisition S2,000,000 o Central Avenue Streetscape Master Plan $50,000 El Downtown Housing Study S27,000 p Thaniy 0 d[ . _ r !y. I'.\l ._fir-,_..S� ..........a........ ., __ 'd:. 'tea W0: _ _ Lit :± :„.. . . . . . - - — I <� rrrr r r Y Y Y 0 ....„....u_k__ 111- la ,,- .. tial NA. ---.......illi.,,,Ips, ii, ler . j --I --I 110. 4 ..,..... . . _ __ 1 ., .... iit.,:6.7/0:i.j 1,.. 41,(0-07, iii,.:, . , „4,..._ .. . ,,,,.4 „5„;.47_., ::_ . 1 __ r , „ "t .. , fiii a, �.,, j is ^-. J —VS . ,, .;,' 4 ....„ . ,....., \ ...,4„. . _ s