Interstate Power Alliant Loan EMEMORANDUM
December 26, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Interstate Power Loan Extension
Over the past several months the City has been working with its economic development
partners to meet the need for a second water sourCe for the Dubuque Industrial Park
West as part of the McGraw-Hill expansion project. As cost estimates were prepared to
provide this service, Alliant stepped forward to offer assistance in the form of a one-year
extension of their $800,000 interest-free loan.
Administrative Services Manager Pauline Joyce is recommending approval of the
Addendum to the Urban Renewal Tax increment Revenue Promissory Note and
execution of the mortgage extension.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
MiChael C. Van Milligen .
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Jo¥ce, Administrative Services Manager
CITY OF DUBUQUE, IOWA
MEMORANDUM
December 21, 2001
TO: Michael C. Van Milligen, City Manager
FROM: Pauline Joyce, Administrative Services Manager
SUBJECT: Interstate Power Loan Extension
Over the past several months the City has been working with its economic
development partners to meet the need for a second water source for the
Dubuque Industrial Park West. As cost estimates were prepared to provide this
service, Alliant stepped forward to offer assistance in the form of a one year
extension of their 8800,000 interest free loan. This will provide for an earlier
repayment of development costs to the operating funds and provide the cash flow
needed to make the scheduled balloon payment on the Seigert property.
I recommend that the City accept their offer and extend our appreciation for their
continued support of economic development efforts throughout the Dubuque area.
I have talked to Bond Counsel Bill Noth and this action can be taken without a
public hearing since we are not increasing the principal amount of the outstanding
loan.
The action step is for City Council to approve the attached Addendum to the
Urban Renewal Tax Increment Revenue Promissory Note and authorize the City
Manager to execute the mortgage extension.
C:\TEMP~ADDENDUM-DbqEcon DevLoan 1214.doc
ADDENDUM
TO
URBAN RENEWAL TAX INCREMENT REVENUE
PROMISSORY NOTE
WHEREAS, the undersigned, CITY OF DUBUQUE, IOWA, and
INTERSTATE POWER COMPANY, entered into an Urban Renewal Tax
Increment Revenue Promissory Note dated July 15, 1999 in the amount of Eight
Hundred Thousand Dollars ($800,000); and
WHEREAS, the Promissory Note, a copy of which is attached hereto,
provided for certain installment payments to be made by the City of Dubuque,
Iowa, to Interstate Power Company commencing July 1, 2000, with all principal
being fully paid by July 1, 2002; and
WHEREAS, the City of Dubuque, Iowa, has requested an extension for
the payment of the third installment for a period of one year following the original
due date of July 1, 2002.
NOW, THEREFORE, in consideration of the value received, the City of
Dubuque, Iowa, and Interstate Power Company agree to extend the due date of
the third installment pursuant to the Urban Renewal Tax Increment Revenue
Promissory Note from July 1, 2002 to July 1, 2003. The remaining terms and
conditions of the Promissory Note, the Mortgage securing such Promissory Note,
the Delivery Certificate, and other documents related to the City of Dubuque,
Iowa, obligation, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
By:
By:
INTERSTATE POWER COMPANY
By:
C:\TEMP~ADDENDUM-DbqEconDevLoan 1214.doc
ADDENDUM
TO
URBAN RENEWAL TAX INCREMENT REVENUE
PROMISSORY NOTE
WHEREAS, the undersigned, CITY OF DUBUQUE, IOWA, and
INTERSTATE POWER COMPANY, entered into an Urban Renewal Tax
Increment Revenue Promissory Note dated July 15, 1999 in the amount of Eight
Hundred Thousand Dollars ($800,000); and
WHEREAS, the Promissory Note, a copy of which is attached hereto,
provided for certain installment payments to be made by the City of Dubuque,
Iowa, to Interstate Power Company commencing July 1, 2000, with all principal
being fully paid by July 1, 2002; and
WHEREAS, the City of Dubuque, Iowa, has requested an extension for
the payment of the third installment for a period of one year following the original
due date of July 1, 2002.
NOW, THEREFORE, in consideration of the value received, the City of
Dubuque, Iowa, and Interstate Power Company agree to extend the due date of
the third installment pursuant to the Urban Renewal Tax Increment Revenue
Promissory Note from July 1, 2002 to July 1, 2003. The remaining terms and
conditions of the Promissory Note, the Mortgage securing such Promissory Note,
the Delivery Certificate, and other documents related to the City of Dubuque,
Iowa, obligation, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
By:
By:
INTERT'ATE POWER COMPANY
By:
Preparer Information: Jeffrey K. Rosencrants, 200 First Street S.E., Cedar Rapids, Iowa 52401 (319) 398-4181
MORTGAGE EXTENSION
The City of Dubuque, Iowa ("Mortgagor"), and Interstate Power Company
("Mortgagee"), parties to a Mortgage executed and filed of record on July 15, 1999 in
Book 11671, Page 99, in the office of the Dubuque County Recorder, hereby agree to
an extension of said Mortgage. The Mortgage Extension evidences an extension of
time for the payment of the third installment of the loan as described in said Mortgage to
July 1, 2003.
Except as otherwise provided, the Mortgage filed of record in Book 11671, page
99, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
Mortgagor
By:
By:
STATE OF IOWA )
)
COUNT Y OF )
SS:
On this day of December, 2001, before me, the undersigned, a notary public,
personally appeared and
, to me known to be the identical persons named in and who executed the
foregoing instrument, and acknowledged that they executed the same as thpir voluntary act and
deed
Notary Public
My Commission expires:
INTERSTATE POWER COMPANY
Mortgagee
By: ~~~~
By:
STATE OF IOWA
COUNT Y OF
SS:
On this /'~,t~ day of December, 2001, before me, the undersigned, a notary public,
personally appeared [-)ff/BJ~// )r~)~F__.C.~ and
, to me known to be the identical persons named in and who executed the
foregoing instrument, and acknowledged that they executed the same as their voluntary act and
deed.
Notary Public ~,t. Oq8/~ 3'-
My Commission expires:
Preparer Information: Jeffrey K. Rosencrants, 200 First Street S.E. Cedar Rapids, Iowa 52401 (319) 398-4181
MORTGAGE EXTENSION
The City of Dubuque, Iowa ("Mortgagor"), and Interstate Power Company
("Mortgagee"), parties to a Mortgage executed and filed of record on July 15, 1999 in
Book 11671, Page 99, in the office of the Dubuque County Recorder, hereby agree to
an extension of said Mortgage. The Mortgage Extension evidences an extension of
time for the payment of the third installment of the loan as described in said Mortgage to
July 1,2003.
Except as otherwise provided, the Mortgage filed of record in Book 11671, page
99, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
Mortgagor
By:
By:
STATE OF IOWA )
)
COUNT Y OF )
SS:
Onthis day of December, 2001, before me, the undersigned, a notary public,
personally appeared and
~ to me known to be the identical persons named in and who executed the
foregoing instrument, and acknowledged that they executed the same as their voluntary act and
deed.
Notary Public
My Commission expires:
INTERSTATE POWER COMPANY
Mortgagee
By:
STATE OF IOWA
COUNT Y OF /~-/
SS:
Onthis /~ day of December, 2001, before me, the undersigned, a notary public,
personally appeared /")/~/9/?. [ ]/~7/}~]~ and
, to me known to be the identical persons named in and who executed the
foregoing instrument, and acknowledged that they executed the same as their voluntary act and
deed.
Notary Public ~c~f,~ ~-- 5&,/ttw~a..~
My Commission expires: x///.5-//~ 3
C:\TEMP\ADDENDUM-DbgEconDevLoan1214.doc
ADDENDUM
TO
URBAN RENEWAL TAX INCREMENT REVENUE
PROMISSORY NOTE
WHEREAS, the undersigned, CITY OF DUBUQUE, IOWA, and
INTERSTATE POWER COMPANY, entered into an Urban Renewal Tax
Increment Revenue Promissory Note dated July 15, 1999 in the amount of Eight
Hundred Thousand Dollars ($800,000); and
WHEREAS, the Promissory Note, a copy of which is attached hereto,
provided for certain installment payments to be made by the City of Dubuque,
Iowa, to Interstate Power Company commencing July 1, 2000, with all principal
being fully paid by July 1, 2002; and
WHEREAS, the City of Dubuque, Iowa, has requested an extension for
the payment of the third installment for a period of one year following the original
due date of July 1, 2002.
NOW, THEREFORE, in consideration of the value received, the City of
Dubuque, Iowa, and Interstate Power Company agree to extend the due date of
the third installment pursuant to the Urban Renewal Tax Increment Revenue
Promissory Note from July 1, 2002 to July 1, 2003. The remaining terms and
conditions of the Promissory Note, the Mortgage securing such Promissory Note,
the Delivery Certificate, and other documents related to the City of Dubuque,
Iowa, obligation, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
7-)
By:
By:
INTER' • TE PO, R COMP NY
By:
By:
Preparer Information: Jeffrey K. Rosencrants, 200 First Street S.E., Cedar Rapids, Iowa 52401 (319) 398-4181
MORTGAGE EXTENSION
The City of Dubuque, Iowa ("Mortgagor"), and Interstate Power Company
("Mortgagee"), parties to a Mortgage executed and filed of record on July 15, 1999 in
Book 11671, Page 99, in the office of the Dubuque County Recorder, hereby agree to
an extension of said Mortgage. The Mortgage Extension evidences an extension of
time for the payment of the third installment of the loan as described in said Mortgage to
July 1, 2003.
Except as otherwise provided, the Mortgage filed of record in Book 11671, page
99, shall remain in full force and effect.
CITY OF DUBUQUE, IOWA
Mortgagor
By:
By: ____ :; __
STATE OF IOWA ) i/�
) ss:
COUNT Y OFkij(/Q�/L" )
On this /64' day of December, 2001, before me, the undersigned, a notary public,
personally appeared '—AAJAc 4C/ fj-/l/ and �Gfl)-i./i /E P
, aix__ , to me known to iliWthe identical persons named in and who executed the
foregoing instrument, and acknowledged that they ted the same as their voluntary act and
deed. I /
SUSAN SI,'WINTER
Commiss'on Number 1S3274
Yy Commission Explrso9PsZ
STATE OF IOWA
COUNT Y OF L/4U4/
No ry Public
M Commission expires:
INTERSTATE POWER COMPANY
Mortgagee
By:
By:
ss:
o, P/A.._,.�
On this 0414 dayof December, 2001, before me, the undersigned, a notary public,
personally appeared aim i Nl h tt2eCK and
, to me known to be the identical persons named in and who executed the
foregoing instrument, and acknowledged that they executed the same as their voluntary act and
deed.
_
Notary Public 7t-ine/a S. ,Jzc///Uitvt
My Commission expires:
y//,i/U_3