POD Parking Ramp Revenue BondsTHE CITY OF ~.
DUB E MEMORANDUM
.Masterpiece on t{Ie tVfississi~api
May 30, 2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution resetting the date for Public Hearing on proposal to issue not to
exceed $25,000,000 of Urban Renewal Tax Increment Revenue Bonds to
finance the construction of a public parking ramp in the Port of Dubuque
On May 21, 2007, the City Council approved a resolution setting a public hearing on this
project for July 26, 2007. Normally, the public hearing is held at the same meeting that
the Council reviews and awards bids on a project.
For this project, Baird, the company that will be selling the bonds, has requested that
the public hearing be set prior to the receipt of bids. This request is based on the tight
time frame for the proposed construction project and would provide the required 15-day
challenge period to be finalized prior to the bid award.
Based on the projected time frame, the attached resolution would move the public
hearing from July 26 to June 18, 2007. The Council will still need to hold a special
meeting on July 26, 2007 to review the bids and award a contract on this construction
project.
Economic Development Director Dave Heiar recommends City Council approval of a
resolution resetting the date for a public hearing on the issuance of not to exceed
$25,000,000 in Urban Renewal Tax Increment Revenue Bonds to finance the
construction of a public parking ramp in the Port of Dubuque. The public hearing to
approve the issuance will be June 18, 2007.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
~~
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
THE CITY OF
DUB E MEMORANDUM
Masterpiece on the Mississippi
May 29, 2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Directo~
SUBJECT: Resolution resetting the date for Public Hearing on proposal to issue not to
exceed $25,000,000 of Urban Renewal Tax Increment Revenue Bonds to
finance the construction of a public parking ramp in the Port of Dubuque.
INTRODUCTION
This memorandum presents for City Council adoption a resolution resetting the date for
a public hearing on the issuance of not to exceed $25,000,000 in Urban Renewal Tax
Increment Revenue Bonds to finance the construction of a public parking ramp in the
Port of Dubuque. The resolution sets the date of public hearing for June 18, 2007.
DISCUSSION
On May 21, 2007, the City Council approved a resolution setting a public hearing on this
project for July 26, 2007. Normally, the public hearing is held at the same meeting that
the Council reviews and awards bids on a project.
For this project, Baird, the company that will be selling the bonds, has requested that
the public hearing be set prior to the receipt of bids. This request is based on the tight
time frame for the proposed construction project and would provide the required 15 day
challenge period to be finalized prior to the bid award.
Based on the projected time frame, the attached resolution would move the public
hearing from July 26 to June 18, 2007. The Council will still need to hold a special
meeting on July 26, 2007 to review the bids and award a contract on this construction
project.
RECOMMENDATION
I recommend that the City Council adopt the attached resolution resetting the date for a
public hearing on the issuance of not to exceed $25,000,000 in Urban Renewal Tax
Increment Revenue Bond to finance the construction of a public parking ramp in the
Port of Dubuque. The public hearing to approve the issuance will be June 18, 2007.
ACTION STEP
The action step for the City Council is to review the enclosures, and adopt the attached
resolution.
F:IUSERS\DHeiar\Diamond Jo\Res Resetting PH date for TIF.doc
GRIGINAL
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Dubuque, Iowa.
Date of Meeting: June 4 , 2007.
Time of Meeting: 6:30 o'clock P .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 the
meeting is as follows:
Not to exceed $25,000,000 Urban Renewal Tax Increment Revenue Bonds.
• Resolution fixing date for a meeting on the proposition to issue.
Such additional matters as are set forth on the additional 9 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 the governmental body.
Jeanne Schneider
City Clerk, Dubuque, Iowa
June 5 , 2007
The City Council of Dubuque, Iowa, met in Regular session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 5:30 o'clock P .M., on
the above date. There were present Mayor Roy Buol , in the chair,
and the following named Council Members:
Karla Braig, Patricia Cline, Joyce Connors,
Ric Jones, Kevin Lynch, Ann Michalski
Absent: None
Council Member Lynch introduced the following Resolution
entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION
OF THE ISSUANCE OF NOT TO EXCEED $25,000,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS OF DUBUQUE, IOWA, AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted.
Council Member c o n n o r s seconded the motion to adopt. The roll was
called and the vote was,
AYES: Braiq, Buol, Cline, Connors,
Jones, Lynch, Michalski
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 321-07
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $25,000,000
URBAN RENEWAL TAX INCREMENT REVENUE BONDS, 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 Bonds to the amount of not to
exceed $25,000,000, as authorized by Section 403.9 of the Code of Iowa, 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 the Urban Renewal Tax Increment Revenue Bonds 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 the City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
-2-
Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public
Library, Dubuque, Iowa, at 6:30 o'clock P.M., on the 18th day of
June , 2007, for the purpose of taking action on the matter of the issuance
of not to exceed $25,000,000 Urban Renewal Tax Increment Revenue Bonds, 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 of Iowa and the Amended and Restated Urban Renewal Plan for
the Greater Downtown Urban Renewal Project Area, including those costs associated
with (i) the construction of a multi-level public parking ramp facility in the Port of
Dubuque, pursuant to the Port of Dubuque Public Parking Facility Development
Agreement dated February 5, 2007 between the City of Dubuque, Iowa and Diamond Jo,
LLC.; (ii) the funding of a debt service reserve fund and a capitalized interest fund for the
Bonds; and (iii) the payment of costs associated with the issuance of the Bonds.
Section 2. That the Clerk is hereby directed to cause at least one publication to be
made of a notice of the foregoing meeting and public hearing, in a legal newspaper,
printed wholly in the English language, published at least once weekly, and having
general circulation in the City. The publication shall be not less than four clear days nor
more than twenty days before the date of public meeting on the issuance of said
obligations.
Section 3. The notice of the proposed action to issue the Urban Renewal Tax
Increment Revenue Bonds 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 $25,000,000 URBAN RENEWAL
TAX INCREMENT REVENUE BONDS OF THE 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 18th day of June , 2007, at 6 : 30 o'clock
P .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
$25,000,000 Urban Renewal Tax Increment Revenue Bonds 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 Greater Downtown Urban Renewal Project Area,
including those costs associated with (i) the construction of a multi-level public parking
ramp facility in the Port of Dubuque, pursuant to the Port of Dubuque Public Parking
Facility Development Agreement dated February 5, 2007 between the City of Dubuque,
Iowa and Diamond Jo, LLC.; (ii} the funding of a debt service reserve fund and a
capitalized .interest fund for the Bonds; and (iii) the payment of costs associated with the
issuance of the Bonds.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the 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 the Urban Renewal Tax Increment Revenue
Bonds or will abandon the proposal to issue the obligations. The hearing and appeals
therefrom shall be held in accordance with and governed by the provisions of Section
403.9 of the Code of Iowa.
.This notice is given by order of the Council of Dubuque, Iowa, as provided by
Section 403.9 of the Code of Iowa. Code Section 403.9 shall govern this meeting and
action taken thereat.
Dated this 6th day of June , 2007.
~^
,,.
ity Clerk of Dubuque, Iowa
(End of Notice)
-4-
PASSED AND APPROVED this 4th day of June
Mayor Roy Buol
ATTEST: Jeanne Schneider
City Clerk
-5-
2007.
CIG-3
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 the Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by the Council with respect to the 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 the agenda being
attached hereto) pursuant to the local rules of the Council and the provisions of Chapter
21, Code of Iowa, upon reasonable advance notice to the public and media at least
twenty-four hours prior to the commencement of the meeting as required by 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
the 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.
WI ESS my hand and the seal of the Municipality hereto affixed this 5th Day of June, 2007.
Jeanne Scheider
City Clerk, Dubuque, Iowa
SEAL
DCORNELL\525908.1 \WP\ 10422078
-6-