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Technology Park Urban Renwal District Amendment_InitiateTHE CITY OF Dui Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager Dubuque band AI -America City r 2007 • 2012 • 2013 SUBJECT: Resolution of Necessity for the Amendment of the Dubuque Technology Park Economic Development District Urban Renewal Plan DATE: May 15, 2014 Economic Development Director Maurice Jones recommends City Council approval of a Resolution of Necessity that: 1) finds that an Amended and Restated Urban Renewal Plan for the Dubuque Technology Park Economic Development District is both necessary and appropriate; 2) enters into a Joint Agreement with the County for said amendment; and 3) sets a public hearing on the proposed amendment for June 16, 2014. The need to expand and amend the Dubuque Technology Park Economic Development District has risen from the desire to utilize tax increment financing to extend utility service to the airport, in order to adequately support its expansion/renovation, as well as to allow both public and private development efforts to benefit from the flexibility in the use of tax increment financing in the district. The amendment will also allow the continued use of tax increment financing to promote economic development activities throughout the District for Fiscal Year 2014-2015. I concur with the recommendation and respectfully request Mayor and City Council approval. bri1144 c4.4 Mic ael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Maurice Jones, Economic Development Director THE CITY OF Dui Masterpiece on the Mississippi Dubuque katil All -America City 1111 2007 • 2012 •2013 Economic Development Department 50 West 13th Street Dubuque, Iowa 52001-4864 Office (563) 589-4393 TTY (563) 690-6678 http://www.cityofdubuque.org TO: Michael Van Miliigen, City Manager FROM: Maurice Jones, Economic Development Director SUBJECT: Resolution of Necessity for the Amendment of the Dubuque Technology Park Economic Development District Urban Renewal Pian DATE: May 14, 2014 INTRODUCTION This memorandum presents for City Council consideration a Resolution of Necessity that: 1) finds that an Amended and Restated Urban Renewal Plan for the Dubuque Technology Park Economic Development District is both necessary and appropriate; 2) enters into a Joint Agreement with the County for said amendment; and 3) sets a public hearing on the proposed amendment for June 16, 2014. BACKGROUND The Dubuque Technology Park Economic Development District was created on April 7, 1997. The District is an urban renewal area which allows the City of Dubuque to capture tax increment revenue from improvements made in the District in order to promote economic development activities. The District was created for the development of an industrial center, which later became known as the Dubuque Technology Park. In addition to the development of infrastructure, tax increment financing has been used to incentivize business development in the District through tax rebates. The need to expand and amend the Dubuque Technology Park Economic Development District has risen from the desire to utilize tax increment financing to extend utility service to the airport, in order to adequately support its expansion/renovation, as well as to allow both public and private development efforts to benefit from the flexibility in the use of tax increment financing in the district. The amendment will also allow the continued use of tax increment financing to promote economic development activities throughout the District for Fiscal Year 2014-2015. Pursuant to House File 2460, the amended plan will describe the specific use of tax increment funds, reflecting the utilization of tax rebates, the creation of public infrastructure, or other planned expenditures. DISCUSSION This proposed expansion and amendment of the Dubuque Technology Park Economic Development District would result in utility service expanding along the right of way of Highway 151/61 to the Dubuque Municipal Airport. It would also extract several parcels from the original District that have remained undeveloped. The attached Resolution directs staff to prepare an Amended and Restated Urban Renewal Plan for the newly named Dubuque Technology Park Economic Development District, setting forth the urban renewal projects that are currently expected to be undertaken in the District. Additionally, staff is required to hold a consultation process, required by law, with the affected taxing entities concerning the proposed amendment, and to the extent the amendment includes the use of tax increment revenues for a public building, provide an analysis of alternative development and funding options for such public buildings. A City Council public hearing on the Amended and Restated Urban Renewal Plan will be scheduled for June 16, 2014. The public notice will be published four to twenty days before the meeting to allow for the appropriate publication requirements. This will allow time for preparation of the Plan and the consultation process with the taxing entities. RECOMMENDATION/ ACTION STEP I recommend the City Council adopt the attached Resolution of Necessity that begins the process of amending the Urban Renewal Plan for the Dubuque Technology Park Economic Development District. The amendment will provide the continued use of tools that will encourage reinvestment and redevelopment activities throughout the District and will support the revitalization within the area. Attachment C:\Program Files\neevia.com\docConverterPro\temp\NVDC\25A60037-6968-4369-A413- E41D046A3456\PDFConvert.11166.1.Memo_to_MVM= _Tech_Park_Res_of_Necessity_2014.doc RESOLUTION NO. 154-14 A RESOLUTION OF NECESSITY FINDING THAT CERTAIN AREAS ADJACENT TO THE ESTABLISHED DUBUQUE TECHNOLOGY PARK ECONOMIC DEVELOPMENT DISTRICT MEET THE DEFINITION OF AN ECONOMIC DEVELOPMENT AREA UNDER THE URBAN RENEWAL LAW, THAT DEVELOPMENT OF SAID AREA IS NECESSARY IN THE INTEREST OF THE RESIDENTS OF THE CITY OF DUBUQUE, IOWA, AND SETTING DATES OF HEARING AND CONSULTATION ON A PROPOSED AMENDMENT TO THE AMENDED AND RESTATED URBAN RENEWAL PLAN FOR SAID DISTRICT. Whereas, the City Council of the City of Dubuque has heretofore, by Resolution 172-13, adopted June 3rd, 2013, approved the Amended and Restated Urban Renewal Plan for the Dubuque Technology Park Economic Development District (the "District") in order to provide redevelopment opportunities which will further economic development purposes and objectives as described in the Urban Renewal Plan; and Whereas, the City Council has found that certain areas adjacent to the District meet the definition of an economic development area as found in Chapter 403 of the Iowa Code and should be included therein; and Whereas, the areas adjacent to the District include properties located within two miles of, but outside the corporate limits of, the City, for the purpose of undertaking an urban renewal project; and Whereas, Iowa Code Section 403.17(4) requires the consent of the County before the City can proceed with the expansion of said District; and Whereas, the Board of Supervisors of Dubuque County, Iowa ("County") has reviewed the proposed amendment to the District and has determined to consent to the expansion of the District as so proposed in a Joint Agreement between the partiesRed; and Whereas, Chapter 403 of the Iowa Code requires that before urban renewal authority may be exercised, a City Council must adopt a resolution of necessity finding that the area in question is a slum, blighted or economic development area, and that so designating such area 'is necessary in the interest of the public health, safety or welfare of the residents of the municipality. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Sub -area B generally described in Exhibit A to this Resolution, which is proposed to be added to the District, is an economic development area as defined by Chapter 403 of the Iowa Code and is appropriate for an urban renewal project. Section 2. That the construction of infrastructure improvements within Sub- area B and the continued development of the Dubuque Technology Park Economic Development District is necessary and appropriate to facilitate the proper growth and development of the community in accordance with sound planning and local community objectives. Section 3 That the City Manager is authorized and directed to prepare an amendment to the Urban Renewal Plan for the Dubuque Technology Park Economic Development District, such amendment to include Sub -Area B within the District and such other modifications to the property contained within the District as may be appropriate, and setting forth the urban renewal projects that are currently expected to be undertaken in the District, and the City Manager is further authorized to determine an appropriate date for and conduct the consultation process required by law with affected taxing entities concerning the proposed amendment. Section 4. That the City Council hold a public hearing on the adoption of the proposed Amended and Restated Urban Renewal Plan for the Dubuque Technology Park Economic Development District on June 16th, 2014 at 6:30p.m. in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa 52001. The notice of said hearing shall generally identify the area to be covered by the Amended and Restated Urban Renewal Plan and the scope of the urban renewal project activities planned for such area, and said notice shall be published and available to the public not less than four days nor more than twenty days before the date of said meeting. A copy of the notice of public hearing shall be sent by ordinary mail to the affected taxing entities. Section 5. That the Mayor is authorized and directed to sign the Joint Agreement between the County and the City. Section 6. That the City Clerk is further directed to send by ordinary mail a copy of said Amended and Restated Urban Renewal Plan, the notice of public hearing, and, to the extent the amendment includes the use of tax increment revenues for a public building, an analysis of alternative development and funding options for such public buildings, to the Dubuque Community School District and the County Board of Supervisors, as the affected taxing entities. Passed,approved and adopted this 19th day of May, 2014. Attest: Kevin S Firnstahl, City erk Roy D. Buol, Mayor Dubuque Technology Park Attachment A Subarea Map 'IIIA' Rdi,sterpieee on theIVE6sissippi JOINT AGREEMENT WHEREAS, the City of Dubuque, Iowa (the "City") desires to amend an established urban renewal area known as the Dubuque Technology Park Economic Development District so as to include properties located within two miles of, but outside the corporate limits of, the City, for the purpose of undertaking an urban renewal project; and WHEREAS, the Board of Supervisors of Dubuque County, Iowa ("County") has reviewed the proposed amendment to the Dubuque Technology Park Urban Renewal Plan for said area, described therein as the Dubuque Technology Park Economic Development District ( the "District"), and has determined to consent to the expansion of the District as so proposed; and WHEREAS, Iowa Code Section 403.17(4) requires the consent of the County before the City can proceed with the expansion of said District. NOW THEREFORE, DUBUQUE COUNTY, IOWA AND THE CITY OF DUBUQUE, IOWA AGREE AS FOLLOWS: 1. The County hereby consents to and agrees and authorizes the City to proceed with the amendment and expansion of the Dubuque Technology Park Economic Development District, as described in the proposed amendment of the Urban Renewal Plan for the District and as the same may be further amended from time to time, and to undertake urban renewal project activities within the said district. 2. This agreement is intended to meet the requirements of Iowa Code Chapter 403.17(4) with respect to the establishment of an urban renewal area of the City within two miles of, but outside the corporate limits of, the City. 3. This Joint Agreement has been duly authorized by the governing bodies of the County and the City. DUBUQUE COUNTY, IOWA By: LdwP12--1(!);AlvirLeA Chairperson, Board of Supervisors ATTEST: By: )2)0/144-i)92aa'iZi.-)-LA-L4 Secretary r/Xep y pud,-.ov- ATTEST: By: By: CITY OF DUBUQUE, IOWA STATE OF IOWA ) ) SS COUNTY OF DUBUQUE ) On this ) day of rn , 2014,.before mea Notary Public in and for said County, personally a app eared 90'11i. S3u of and S. I,rrn sl--.% \ to me personally known, who being duly sworn, did say that they are the Mayor and City Clerk, respectively of the City of Dubuque, Iowa, a Municipal Corporation, created and existing under the laws of the State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said Municipal Corporation, and .that said instrument was signed and sealed on behalf of said Municipal Corporation by authority and resolution of its City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and deed of said Municipal Corporation by it voluntarily executed. Commission Number 719988 My Commission Expires STATE OF IOWA ) ) SS COUNTY OF DUBUQUE ) Notary Public in and for Dubuque County, Iowa On this 215+ day of 40 k 1 , 2014, before me a Notary Public in and for the State of Iowa, personally appeared Gv („iilif-te.✓ and k6hA /'-kt p vn,,J, to me personally known, who being duly sworn, did say that they are the Chairperson and Secretary, respectively of the County of Dubuque, Iowa, a political subdivision, and that the seal affixed to the foregoing instrument is the seal of said political subdivision, and that said instrument was signed and sealed on behalf of said political subdivision by authority and resolution of its Board of Supervisors and said Chairperson and Secretary acknowledged said instrument to be the free act and deed of said political subdivision by it voluntarily executed. DENISE IA. DOL. 11 Commis:ilan.Numbar 151& 7 My Cornmla11On Expires a ///a Notary Public in and for Dubuque County, Iowa 673277.1 \10422.000 Prepared by: Phil Wagner, City of Dubuque, 50 W. 13th Street, Dubuque, IA 52001 (563) 589-4393 Return to: Kevin S. Firnstahl, City of Dubuque, 50 W. 13th Street, Dubuque, IA 52001 (563) 589-4121 AMENDED and RESTATED URBAN RENEWAL PLAN Dubuque Technology Park Economic Development District (Previously known as the Dubuque Industrial Center / South Economic Development District; and before then, the Site F Economic Development District) City of Dubuque, Iowa This Amended and Restated Urban Renewal Plan provides for the continued development of the Dubuque Technology Park, (previously known as the Dubuque Industrial Center/South Economic Development District; and before then, the Site F Economic Development District) originally established by Resolution 141-97 and thereafter amended and restated by Resolution 172-13 on June 03, 2013, and Resolution -14 on , 2014. TABLE OF CONTENTS A. INTRODUCTION Page 1 B. OBJECTIVES Page 1 C. DISTRICT BOUNDARIES Page 2 D. PUBLIC PURPOSE ACTIVITIES Page 2 E. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS Page 5 F. LAND ACQUISITION AND DISPOSITION Page 6 G. FINANCING ACTIVITIES Page 6 H. STATE AND LOCAL REQUIREMENTS Page 9 I. DURATION OF APPROVED URBAN RENEWAL PLAN Page 9 J. SEVERABILITY Page 9 K. AMENDMENT OF APPROVED URBAN RENEWAL PLAN Page 9 L. ATTACHMENTS Page 9 A. INTRODUCTION This AMENDED AND RESTATED URBAN RENEWAL PLAN (the "Plan") has been prepared to update the objectives and public purpose activities intended to stimulate, through public actions, financing and commitments, private investment within the DUBUQUE TECHNOLOGY PARK ECONOMIC DEVELOPMENT DISTRICT (the "District"). The District previously was known as the Dubuque Industrial Center/South Economic Development District, and before then, the Site F Economic Development District. In order to achieve this objective, the City of Dubuque shall undertake the urban renewal actions specified in this Plan, pursuant to the powers granted to it under Chapter 403 of the Iowa Code, Urban Renewal Law and Chapter 15A of the Iowa Code. Under this Plan, the District is being amended to remove undeveloped property from the District. Additionally, the District is being expanded to create a new area known as Subarea B. The existing portion of the District, excluding the removed undeveloped property, will be henceforth referred to as Subarea A. This Plan shall serve as a new urban renewal plan for the amended District described herein. The Plan shall be viewed as a single plan for purposes of fulfilling the objectives of the Plan. The separate subareas of the Plan will be maintained and observed for those purposes which are aided by or in need of the division, but the combined and expanded area comprising the District shall be treated together for planning and redevelopment purposes. The division of taxation and the separation of incremental taxes authorized by Iowa Code Section 403.19 have been implemented in Subarea A of the District. No incremental taxes will be generated or collected by the City from properties located in Subarea B. Under the terms of this Plan and conforming amendments to the applicable tax increment ordinances, the tax increment mechanism described in Iowa Code Section 403.19 shall continue to apply in Subarea A of the District. Incremental taxes in Subarea A may be used in Subarea A or Subarea B, subject to such liens and priorities as may exist or be from time to time provided, with respect to the District and Plan, as amended. B. OBJECTIVES OF THE PLAN The primary objectives of the Plan are the development and redevelopment of the District for economic development activities, primarily industrial park development, through: 1. Provision of marketable industrial development sites for the purpose of job -creating economic development activities; 2. Provision of public infrastructure improvements, including sanitary sewer, water and stormwater detention, supportive of full development of the District; 3. Provision of a safe, efficient and attractive circulation system; 1 4. Establishment of design standards which will assure cohesive and compatible development and redevelopment of the District; 5. Provision of public amenities that provide an aesthetically appealing environment, including open space, buffering, landscaping, water features, signage and lighting to create a distinctive and attractive setting; 6. Creation of financial incentives necessary to encourage new and existing businesses to invest in the District; and 7. Expansion of the property tax base of the District. C. DISTRICT BOUNDARIES The District is located entirely within the County of Dubuque, State of Iowa. Portions of the District, including all of Subarea A, reside within the City of Dubuque. In accordance with Iowa Code Section 403.17(4), Dubuque County consented to the inclusion of Subarea B in the District on ( ) through Resolution ( ). The City of Dubuque believes that the objectives of the Plan can best be accomplished by defining the real property included within the District as two separate areas so as to distinguish the newly revised original District (Subarea A) from the subsequent expansion area (Subarea B). The descriptions of the boundaries of each Subarea are attached to this Plan as ATTACHMENT D, District Boundary Description by Subarea. The boundaries of the District are delineated on the Subarea Map, attached to this plan as ATTACHMENT A. The City of Dubuque reserves the right to modify the boundaries of the District at some future date. Any amendments to the Plan will be completed in accordance with Chapter 403 of the Iowa Code, Urban Renewal Law. D. PUBLIC PURPOSE ACTIVITIES To meet the OBJECTIVES of this Plan, the City of Dubuque has and expects to continue to initiate and support development and redevelopment of the District through, among other things, the following PUBLIC PURPOSE ACTIVITIES: 2 Acquisition of property for public improvements and private development; 2. Demolition and clearance of improvements not compatible with or necessary for industrial park development and all site preparation and grading required in connection with such development; a.) These activities include, but are not limited to, the previously approved site work and grading associated with the development of the Dubuque Technology Park. 3. Improvement, installation, construction and reconstruction of streets, utilities and other improvements and rights -of -ways including but not limited to the relocation of overhead utility lines, street lights, appropriate landscaping and buffers, open space and signage; a.) These activities include, but are not limited to, the construction of water, and sanitary sewer utility lines, associated lift and pump stations, and fiber optic lines along the Highway 151/61 corridor. b.) These activities include, but are not limited to, the previously approved development of roads, water, wastewater and storm water infrastructure associated with the development of the Dubuque Technology Park. 4. Disposition of any property acquired in the District, including sale, initial leasing or retention by the City itself, at its fair value; 5. Preparation of property for development and redevelopment purposes including but not limited to activities such as appraisals and architectural and engineering studies; a.) These activities include, but are not limited to, planning, design, engineering, mapping, and survey work associated with the construction of water and sanitary sewer utility lines, associated lift and pump stations, and fiber optic lines along the Highway 151/61 corridor. b.) These activities include, but are not limited to, the previously approved site work and grading associated with the development of the Dubuque Technology Park. 6. Maintenance of publicly utilized recreational and economic development areas; 3 a.) These activities include, but are not limited to, general landscaping and maintenance expenses in public right-of-way and undeveloped land owned by the City of Dubuque. 7. Use of tax increment financing, loans, grants and other appropriate financial tools in support of eligible public and private development and redevelopment efforts; a.) These activities include, but are not limited to, previously approved property tax rebate agreements with: • Conlon Johnson Development, LLC (Sedgwick) • Conlon Johnson Development, LLC (Sedgwick Phase II) • L&J Properties Dubuque, LLC • Kunkel Bounds and Associate, Inc. 8. Enforcement of applicable local, state and federal laws, codes and regulations; 9. Enforcement of established design standards in furtherance of quality development; 10. Development and implementation of a marketing program for the purpose of promoting the purchase and development of industrial sites by private businesses; 11. Coordination of the improvement of U.S. Highway 61/151 as it affects the District's access to that roadway. 12. Contracts with vendors to promote business retention, expansion, recruitment, and workforce development; a.) These activities include, but are not limited to, a contract for service with the Greater Dubuque Development Corporation to promote business retention and expansion, workforce development, new business recruitment and retail expansion in the District. Public purpose activities are limited to those areas delineated on the urban renewal district Subarea Map (ATTACHMENT A). All public purpose activities shall be conditioned upon and shall meet the restrictions and limitations placed upon the District by the Plan. 4 E. DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS The LAND USE and PLANNING AND DESIGN CRITERIA set forth herein shall apply to any and all District properties the development and/or the redevelopment of which is assisted by the City through any of the PUBLIC PURPOSE ACTIVITIES listed above. ATTACHMENT B-1 and ATTACHMENT B-2 identify the existing and proposed land uses within the District. 1. Land Use a. Subarea A: The intent of this Plan is to promote the development of commercial and industrial land uses within a quality industrial park setting. All uses shall be regulated by the zoning district established for the property. b. Subarea B: The intent of this Plan is to preserve the established agricultural, residential, commercial and land uses while allowing for development adjacent to Highway 61. 2. Planning and Design Criteria Subarea A: The planning criteria to be used to guide the physical development of Subarea A are those standards and guidelines contained within the City of Dubuque's Unified Development Code and other applicable local, state and federal codes and ordinances. The current zoning designation is PI Planned Industrial District as required by Section 16-5-24 of the City of Dubuque's Unified Development Code. Development within Subarea A will follow the Planned Unit Development regulations which require a conceptual development plan and specific design and performance standards to be approved by ordinance. Subarea B: The planning and design criteria to be used to guide the physical development of Subarea B are those standards within the City of Dubuque's Unified Development Code for the portion of the property within the City of Dubuque's corporate limits, the Dubuque County Zoning Ordinance for the portions of the property within Dubuque County, and other applicable state and federal codes. The current zoning designation is agricultural (AG -Agricultural District) for the portion of the property within the City limits, as defined by Section 16-5-21 of the City of Dubuque's Unified Development Code. The current zoning designation for the portion of the property in the unincorporated area, as defined by Dubuque County Zoning Ordinance is reflected on Attachment B-2 F. LAND ACQUISITION AND DISPOSITION 5 The City of Dubuque is prepared to acquire and dispose of property in support of the development and redevelopment of the District within the parameters set forth below. 1. Land Acquisition No land acquisitions are anticipated in the District at this time. 2. Land Disposition Publicly held land will be sold for the development of viable uses consistent with this Plan and not for purposes of speculation. Land will be disposed of in accordance with the requirements set forth in Chapter 403 of the Iowa Code, Urban Renewal Law. Developers will be selected on the basis of the quality of their proposals and their ability to carry out such proposals while complying with the requirements of this Plan. Developers will be required by contractual agreement to observe the Land Use Requirements and Planning and Design Criteria of this Plan. The contract and other disposition documents will set forth the provisions, standards and criteria for achieving the objectives and requirements outlined in this Plan. 3. Relocation Requirements No relocation is anticipated at this time. G. FINANCING ACTIVITIES To meet the OBJECTIVES of this Plan and to encourage the development of the District and private investment therein, the City of Dubuque is prepared to provide financial assistance to qualified industries and businesses through the making of loans or grants under Chapter 15A of the Iowa Code and through the use of tax increment financing under Chapter 403 of the Iowa Code. 1. Chapter 15A Loan or Grant The City of Dubuque has determined that the making of loans or grants of public funds to qualified industries and businesses is necessary to aid in the planning, undertaking and completion of urban renewal projects authorized under this Plan within the meaning of Section 384.24(3)(q) of the Iowa Code. Accordingly, in furtherance of the objectives of 6 this Plan, the City of Dubuque may determine to issue bonds or loan agreements, in reliance upon the authority of Section 384.24A, Section 384.24(3)(q), Section 403.12 (general obligation bonds) or Section 403.9 (tax increment bonds), for the purpose of making loans or grants of public funds to qualified businesses located within the District. Alternatively, the City may determine to use available funds for the making of such loans or grants. In determining qualifications of recipients and whether to make any such individual loans or grants, the City of Dubuque shall consider one or more of the factors set forth in Section 15A.1 of the Iowa Code on a case-by-case basis. 2. Tax Increment Financing The City of Dubuque is prepared to utilize tax increment financing as a means of financing eligible costs incurred to implement the Public Purpose Activities throughout the District, identified in Part D of this Plan. However no incremental taxes will be generated or collected by the City from properties located in Subarea B. Bonds or loan agreements may be issued by the City under the authority of Section 403.9 of the Iowa Code (tax increment bonds) or Section 384.24A, Section 384.24(3)(q) and Section 403.12 (general obligation bonds). The City acknowledges that the use of tax increment revenues delays the ability of other local taxing bodies to realize immediately the direct tax benefits of new development in the District. The City believes, however, that the use of tax increment revenues to finance the development of new industrial land and to promote private investment in the District is necessary in the public interest to achieve the OBJECTIVES of this Plan. Without the use of this special financing tool, new investment may not otherwise occur or may occur within another jurisdiction. If new development does not take place in Dubuque, property values could stagnate and the City, County and School District may receive less taxes during the duration of this Plan than they would have if this Plan were not implemented. Tax increment financing will provide a long-term payback in overall increased tax base for the City, County and School District. The initial public investment required to generate new private investment will ultimately increase the taxable value of the District well beyond its existing base value. Tax increment reimbursement may be sought for, among other things, the following costs to the extent they are incurred by the City: a. Planning and administration of the Plan; b. Construction of public infrastructure improvements and facilities within the District; 7 c. Acquisition, installation, maintenance and replacement of public investments throughout thr District including but not limited to street lights, landscaping and buffers, signage and appropriate amenities; d. Acquisition of land and/or buildings and preparation of same for sale to private developers, including any "write down" of the sale price of the land and/or building; e. Preservation, conservation, development or redevelopment of buildings or facilities within the District to be sold or leased to qualified businesses; f. Loans or grants to qualified businesses under Chapter 15A of the Iowa Code, including debt service payments on any bonds issued to finance such loans or grants, for purposes of expanding the business or activity, or other qualifying loan programs established in support of the Plan; and g. Providing the matching share for a variety of local, state and federal grants and loans. h. Any of the costs incurred in connection with any of the PUBLIC PURPOSE ACTIVITIES described in Part D of this Plan. 3. Proposed Amount of Indebtedness At this time, the extent of improvements and new development within the District is only generally known. As such, the amount and duration for use of the tax increment revenues for public improvements and/or private development can only be estimated; however, the actual use and amount of tax increment revenues to be used by the City for District activities will be determined at the time specific development is proposed. It is anticipated that the maximum amount of indebtedness which will qualify for tax increment revenue reimbursement during the duration of this Plan, including acquisition, public improvements and private development assistance, will not exceed $23,000,000. The City of Dubuque's current general obligation debt is $114,024,618 (a list of the outstanding obligations is found as ATTACHMENT C - List of General Obligation Debt) and the applicable constitutional debt limit is $193,113,721 for the Fiscal Year ending June 30, 2015 8 H. STATE AND LOCAL REQUIREMENTS All provisions necessary to conform with state an local laws have been complied with by the City of Dubuque in the implementation of this Plan and its supporting documents. I. DURATION OF APPROVED URBAN RENEWAL PLAN This Plan, for all Subareas, shall continue in effect until terminated by the City Council; provided, however, that the collection of tax increment revenues from properties located in Subarea A of the District shall be limited, as provided by law (currently twenty (20) years from the calendar year following the calendar year in which the City first certifies to the County Auditor the amount of any loans, advances, indebtedness or bonds which qualify for payment from the division of tax increment revenue provided for in Section 403.19 (tax increment financing) of the Iowa Code.) The DEVELOPMENT AND REDEVELOPMENT REQUIREMENTS established, or as amended from time to time by the City of Dubuque Zoning Ordinance, shall remain in effect in perpetuity J. SEVERABILITY In the event one or more provisions contained in this Plan shall be held for any reason to be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity, illegality, unauthorization or unenforceability shall not affect any other provision of this Plan and this Urban Renewal Plan shall be construed and implemented as if such provision had never been contained herein. K. AMENDMENT OF APPROVED URBAN RENEWAL PLAN This Plan may be amended from time to time to respond to development opportunities. Any such amendment shall conform to the requirements of Chapter 403 of the Iowa Code. Any change effecting any property or contractual right can be effectuated only in accordance with applicable state and local law. L. ATTACHMENTS A Subarea Map B Land Use Maps B-1 Existing Land Use B-2 Proposed Land Use C List of General Obligation Debt 9 D District Boundary Description by Subarea F:\`SERS\Econ Dev\Urban Renewal\Tech Park\2014.1 Amendment\20140401 Urban renewal plan.docx•