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Taxable General Obligation Capital Loan Notes 2014C (UR & Parking) $8MCity of Dubuque Copyright 2014 Items to be set for Public Hearing # 2. ITEM TITLE: SUMMARY: SUGGESTED DISPOSITION: Taxable General Obligation Capital Loan Notes (Urban Renewal and Parking), Series 2014C City Manager recommending that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $8,625,000 in Taxable General Obligation Bonds. RESOLUTION Fixing date for a meeting on the authorization of a Loan Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, of the City of Dubuque, State Of Iowa, and providing for publication of notice thereof Suggested Disposition Suggested Disposition: Receive and File; Adopt Resolution(s), Set Public Hearing for 11/3/14 ATTACHMENTS: Description E MVM Memo E Staff Memo ❑ GDTIF Independent Public Advisors Analysis - Attachment I ❑ DICW Indpendent Public Advisors Analysis - Attachment 11 E Bond Counsel Letter ❑ $8,265,000 Resolution Type City Manager Memo Staff Memo Supporting Documentation Supporting Documentation Supporting Documentation Resolutions THE 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: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $8,265,000 Taxable General Obligation Capital Loan Notes (Urban Renewal and Parking), Series 2014C DATE: October 15, 2014 Budget Director Jennifer Larson recommends that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $8,625,000 in Taxable General Obligation Bonds, the proceeds of which will be used to pay costs of projects in the City budget previously approved by the City Council including the Intermodal Facility; Historic Millwork District Parking Improvements; Homeownership in Targeted Neighborhoods; Downtown Housing Improvements; Downtown Rehab Loan Pool; Industrial Park Land Acquisition; Major Parking Ramp Maintenance; Five Flags Re - Lighting Project; and Locust Street Ramp Repairs. Although the City is selling General Obligation Bonds to support the projects, repayments of the debt will be from tax increment revenues of the Greater Downtown Urban Renewal Area and Dubuque Industrial Center and Parking user fees. It is anticipated that a general fund transfer will be required in years Fiscal Year 2015 through Fiscal Year 2017 to accommodate funding of the GDTIF projects. A significant cause of this is the impact of the State of Iowa property tax reform on TIF revenues. The highest transfer from the general fund is $214,834 in Fiscal Year 2016. It is anticipated that GDTIF would begin to repay the general fund transfers in Fiscal Year 2019. In Dubuque Industrial Center West (DICW), there is capacity to fund additional projects beyond those included in the FY 2015 debt issuance. The assumptions used by the City's financial advisor assume annual valuation growth of 3.98% beginning in FY 2017 for GDTIF; 1% annual growth for DICW and continued support by the State of Iowa of the back -fill intended to offset a portion of the budgetary impact of recent property tax changes. The GDTIF had been funding $471,000 in parking related debt and that will be discontinued. In Fiscal Year 2016, parking fees will need to be increased. The borrowing is subject to the "reverse referendum" procedures, under which petitions may be filed prior to the hearing asking that the bond proposal be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted at the last regular municipal election (but not less than ten persons). Section 384.25 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the bonds, to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jml Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Jennifer Larson, Budget Director Kenneth TeKippe, Finance Director THE CITY OF Dui Masterpiece on the Mississippi TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director Dubuque band AI -America City r 2007 • 2012 • 2013 SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $8,265,000 Taxable General Obligation Capital Loan Notes (Urban Renewal and Parking), Series 2014C DATE: October 15, 2014 INTRODUCTION The purpose of this memorandum is to recommend the setting of a public hearing on the proposal to issue General Obligation Bonds, the proceeds of which will be used for urban renewal purposes and general corporate purposes of the City for projects in the City budget previously approved by the City Council. A letter from attorney Mark Cory detailing information on the bond hearing is enclosed. DISCUSSION Of the bond amount: • $3,800,000 is intended to provide funds to pay costs of Intermodal Facility Project with repayment from the Greater Downtown TIF District. • $400,000 is intended to provide funds to pay for Historic Millwork District Parking Improvements with repayment from the Greater Downtown TIF District. • $500,000 is intended to provide funds for Homeownership in Targeted Neighborhoods with repayment from the Greater Downtown TIF District. • $25,000 is intended to provide funds to pay costs for Downtown Housing Improvements with repayment from the Greater Downtown TIF District. • $55,000 is intended to provide funds for the Downtown Rehab Loan Pool with repayment from the Greater Downtown TIF District. • $1,500,000 is intended to provide funds for industrial park land acquisition with repayment from the Dubuque Industrial Center TIF. • $100,000 is intended to provide funds for Major Parking Ramp Maintenance with repayment from the Parking Fund. • $90,000 is intended to provide funds for Five Flags Ramp Re -Lighting with repayment from the Parking Fund. • $76,000 is intended to provide funds for Locust Street Ramp Repairs with repayment from the Parking Fund. • $119,000 is intended to provide funds for bond issuance costs and • $1,600,000 to be a contingency for fluctuations in the bond market for interest rates, bond issuance costs and change in project costs. Although the City is selling General Obligation Bonds to support the projects, repayments of the debt will be from tax increment revenues of the Greater Downtown Urban Renewal Area and Dubuque Industrial Center and Parking user fees. The City's new financial advisor, Independent Public Advisors, LLC, reviewed the work of the former bond advisor, Piper Jaffrey, and determined that the borrowing capacity Piper Jaffray identified for the Greater Downtown Urban Renewal District (GDTIF) was greater than what is actually available. The impact of the State of Iowa property tax reform is significant. It is anticipated that a general fund transfer will be required in years Fiscal Year 2015 through Fiscal Year 2017 to accommodate funding of the GDTIF projects (attachment I). The highest transfer from the general fund is $214,834 in Fiscal Year 2016. In Dubuque Industrial Center West (DICW), there is capacity to fund additional projects beyond those included in the FY 2015 debt issuance (attachment II). The assumptions used by the City's financial advisor assume annual valuation growth of 3.98% beginning in FY 2017 for GDTIF and 1% annual growth for DICW and continued support by the State of Iowa of the back -fill intended to offset a portion of the budgetary impact of recent property tax changes. The borrowing is subject to the "reverse referendum" procedures, under which petitions may be filed prior to the hearing asking that the bond proposal be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted at the last regular municipal election (but not less than ten persons). Section 384.25 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the bonds, to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolution fixing the date of November 3, 2014 for a public hearing on the proposition of selling not to exceed $8,265,000 Taxable General Obligation Capital Loan Notes (Urban Renewal and Parking), Series 2014C and providing publication of notice. JML Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Kenneth TeKippe, Finance Director Independent UA Public Advisors, LLC CITY OF DUBUQUE, IOWA GDTIF CAPACITY MEMORANDUM TO: MICHAEL VAN MILLIGEN, CITY MANAGER, CITY OF DUBUQUE JENNIFER LARSON, BUDGET DIRECTOR, CITY OF DUBUQUE SUBJECT: GREATER DOWNTOWN URBAN RENEWAL AREA CAPACITY ANALYSIS DATE: OCTOBER 15, 2014 FROM: TIONNA POOLER, PRESIDENT, IPA, LLC SUMMARY Current and future capacity in the Greater Downtown Urban Renewal Areas (GDTIF) has been reviewed in consideration of the proposed Series 2014E and Series 2014C Bonds. Results are presented below. HISTORICAL VALUATIONS The historical valuation trend in the GDTIF areas has been reviewed to determine a reasonable basis for projections. Review of the change in GDTIF values since FY04 indicates several significant property additions that make it difficult to determine actual growth; averages pre- and post- legislation changes range from 1.48% to 19.49% when both 5 and 10 year periods are reviewed. Urban Renewal areas 1 and 2 make up a core portion of the GDTIF, and have shown more consistent average growth rates that may be more indicative of future growth. The 10 year average growth rate in these areas through FY16 is 3.98%. There have been legislative changes that have generally reduced TIF values in FY16, and projections have been adjusted to account for changes in multi -residential values and the phase-in of the commercial rollback. The historical average of 3.98% has been applied to the reduced current values for the purpose of projections. GREATER DOWNTOWN URBAN RENEWAL AREA The summary table below illustrates the projected impact on the GDTIF of the combined $5.7 million of urban renewal projects to be funded in proposed Series 2014B and Series 2014C. It is anticipated that a general fund transfer will be required in years FY15 through FY17, ranging from $63,000 ($0.02/1,000) to a high of $215,000 ($0.09/1,000) in FY16 to accommodate funding of the projects (see line 13). Levy impact is based on preliminary FY16 valuations. It is anticipated that GDTIF would begin to repay the transfers in FY19. The general fund transfer is net of parking transfers in the approximate amount of $471,000 used to pay a portion of existing parking related debt service that had previously been subsidized by the GDTIF (see line 8). It is anticipated that parking fees will need to be increased to enable the parking fund to meet its obligations. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Valuation $210417,679 $188,275,198 $190367,684 $196,139,797 $201,827,116 $205,666329 $211,854,719 $218,308,039 Tax Rate 2 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 Revenues s $6,330,083 $5,663,962 $5,726,911 $5,900,556 $6,071,650 $6,187,153 $6373,314 $6367452 State Back Fill a 91702 245.446 245.446 245.446 245.446 242,747 242.747 242.747 Total Revenues s $6,421,785 $5,909,408 $5,972,357 $6,146,002 $6,317,096 $6,429,899 $6,616,061 $6,810,199 Rebates/TIF Debt 6 $3,512,435 $3,085,326 $3,034,564 $3,002,250 $2,560,744 $2,510,068 $2,361,460 $2,266,800 Existing GO Debt a 3,151,305 3,142,952 3,150,378 3,143,311 3,139,956 3,157,407 3,147,347 2,463,371 Less: Parking Transfer s 0 (471,000) (471,000) (471,000) (471,000) (471,000) (471,000) (471,000) Series 20148 (Exempt) 9 - 5,904 5,904 5,904 15,904 15,738 15,544 15,313 Series 20140 (Taxable) to - 216,356 216,356 216,356 266,356 265221 288,946 551,831 Annual Projects is 144 704 144.704 144,704 144,704 144.704 144 704 144,704 144,704 Total Obligations is $6,808,444 $6,124,242 $6,080,906 $6,041,525 $5,656,664 $5,622,138 $5,487,001 $4,971,019 Levy Transfer v $63,458 $214,834 $108,549 ($104,477) ($282,364) $0 $0 $0 Levy Impact is $0.02443 $0.08279 $0.04153 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 Annual Surplus/(Deficit) as ($323,201) $0 (50) $0 $378,068 $807,761 51,129,060 $1,839,180 Est. Begin Cash is $323,201 $0 $0 $0 $0 $378,068 $1,185,829 $2,314,890 Est. End Cash i, 50 $0 $0 $0 $378,068 $1,185,829 $2,314,890 $4,154,070 1 It should be noted that the projections above assume annual valuation growth of 3.98% beginning in FY17, as well as continued support by the State of the back -fill intended to offset a portion of the budgetary impact of recent property tax changes. If the back -fill is discontinued, or if valuation growth does not materialize, the necessary transfer from the general fund could reach as high as $555,000 ($0.21/1,000), and continue at an average of $292,000 through FY21. If growth is greater than projected these transfers would decrease. It is recommended that capacity be monitored on an annual basis. Finally, the figures previously stated relate only to the proposed $5.7 million of current projects scheduled to occur in FY15. Additional projects to be funded at a later date will require additional support from non -TIF resources; it is anticipated that additional capacity in the GDTIF will not be realized until FY19 at the earliest. 2 .GE Independent UmirMl Public Advisors, LLC in CITY OF DUBUQUE, IOWA DICW TIF CAPACITY MEMORANDUM TO: MICHAEL VAN MILLIGEN, CITY MANAGER, CITY OF DUBUQUE JENNIFER LARSON, BUDGET DIRECTOR, CITY OF DUBUQUE SUBJ ECT: DUBUQUE INDUSTRIAL CENTER WEST CAPACITY ANALYSIS DATE: OCTOBER 15, 2014 FROM: TIONNA POOLER, PRESIDENT, IPA, LLC SUMMARY Current and future capacity in the Dubuque Industrial Center West Urban Renewal Area (DICW) have been reviewed in consideration of the proposed Series 2014C Bonds. Results are presented below. HISTORICAL VALUATI • Historical valuation in the DICW area has been less volatile than that in the City's other urban renewal areas. There has been a current reduction in FY16 values, but otherwise recent average growth rates have averaged approximately 1%. Dubuque Industrial Center West Urban Renewalli Projections below reflect the funding of $1.6 million in current projects. As indicated by estimated ending cash balances (see line 15), there is capacity to fund additional projects beyond those currently proposed. Figures are based on 1% annual growth and continuation of state backfill; if valuation growth does not occur or the back -fill is discontinued, future capacity will be diminished, but the funding of current projects is not likely to be negatively impacted. FY15 FY16 FY17 FY1B FY19 FY20 FY21 FY22 Valuation 1 $120,726,775 $117,463,824 $118,638,462 $119,824,847 $66,103,733 $66,764,770 $67,432,418 $68,106,742 Tax Rate 2 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 $30.08342 Revenues 3 $3,631,874 $3,533,714 $3,569,051 $3,604,741 $1,988,626 $2,008,513 $2,028,598 $2,048,884 State Back Fill 4 169.236 368.226 368.226 368.227 201.128 201.128 201.128 201.128 Total Revenues 5 $3,801,110 $3,901,940 $3,937,277 $3,972,968 $2,189,755 $2,209,641 $2,229,726 $2,250,012 Rebates/TIF Debt 6 $2,021,304 $1,970,705 $1,970,705 $1,918,534 $1,380,638 $1,103,164 $1,103,164 $424,539 Existing GO Debt 7 1,600,715 1,580,178 1,626,566 1,639,954 1,183,300 1,185,126 1,184,405 521,739 Series 2014C (Taxable) 8 25,984 144,072 143,100 141,813 115,175 118,699 116,914 114,940 Total Obligations 10 $3,648,003 $3,694,955 $3,740,370 $3,700,301 $2,679,113 $2,406,989 $2,404,483 $1,061,218 Levy Transfer 11 $0 $0 $0 $0 $0 $0 $0 $0 Levy Impact 12 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 Annual Surplus/(Deficit) 13 $153,107 $206,985 $196,906 $272,667 ($489,358] ($197,348] ($174,757) $1,188,795 Est. Begin Cash 14 $2,311,695 $2,464,802 $2,671,787 $2,868,693 $3,141,361 $2,652,003 $2,454,654 $2,279,897 Est. End Cash 15 $2,464,802 $2,671,787 $2,868,693 $3,141,361 $2,652,003 $2,454,654 $2,279,897 $3,468,692 1 R. Mark Cory RCory@ahterslaw.com AHLERS >COONEY, P.C. 100 COURT AVENUE, SUITE 600 DES MOINES, IOWA 50309-2231 FAX: 515-243-2149 WWW.AHLERSLAW.COM October 15, 2014 Sent Via E-mail & UPS Next Day Delivery Jenny Larson Budget Director City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 RE: Dubuque, Iowa — General Obligation Capital Loan Notes, Series 2014 (ECP/GCP/UR) Dear Jenny: Direct Dial; 515.246.0378 We have now prepared and are enclosing suggested proceedings to be acted upon by the City Council in fixing the date of a meeting on the proposition to issue the above mentioned notes and are ordering publication of a notice of hearing consistent with the provisions of the Iowa Code. (See publication requirement.) A separate set of procedure is enclosed for each type of purpose. We understand that the hearings will be held on November 3, 2014. As to the non -urban renewal essential corporate purpose portion of the note issue, notice of this meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than four clear days nor more than twenty days before the date of said public meeting on the issuance of said notes. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. (See ICS 4.1(4).) At the time of said hearing the Council shall receive oral or written objections from any resident or property owner of the City, to the proposed action to issue said notes. After all objections have been received and considered, the Council is required, at that meeting or at any adjournment thereof, to take additional action for the issuance of said notes or to abandon the proposal to issue said notes. As to the urban renewal purpose portion of this issue, notice of this meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than ten clear days nor more than twenty days before the date of public meeting on the WISHARD & BAILY - 1888; GUERNSEY & BAILY- 1893; BAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER, AHLERS & COONEY - 1950; AHLERS, COONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974; AHLERS, COONEY, DORWEILER. HAYNIE, SMITH & ALLBEE, P.C. - 1990 October 15, 2014 Page 2 issuance of the notes. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. At any time before the date of the hearing, a petition may be filed with the Clerk requesting that the issuance of the notes be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted at the last regular municipal election (but not less than ten persons). The Council is required by statute to adopt the resolution instituting proceedings to issue the notes at the hearing -- or an adjournment thereof. If necessary to adjourn, the minutes are written to accommodate that action. As to the two general corporate purpose portions of the note issue, notice of each meeting must be published at least once in a local newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than ten clear days nor more than twenty days before the date of public meeting on the issuance of the notes. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. (See Code Section 4.1 [34]). If one or more valid petitions are filed, we should be notified immediately since future proceedings will have to be prepared to cover the action taken by the Council in either declaring the proposal to issue the notes to have been abandoned or the directions of the Council to the County Commissioner to call a special election upon the question of issuing the notes. An extra copy of the above procedure for each set is enclosed to be filled in as the original and certified back to this office. We are also enclosing an extra copy of each Notice of Hearing to be delivered to the newspaper for publication purposes. Copies of the Publisher's Affidavits covering publication of the Notices will need to be forwarded to us. If you have any questions pertaining to the procedure enclosed or the above mentioned instructions, please don't hesitate to contact our office. Very trill yours RMC:jas Enclosures cc: Ken TeKippe (via e-mail w/enc.) Kevin Firnstahl (via e-mail w/enc.) Tionna Pooler (via e-mail w/enc.) 01059573-1\10422-159 R. Ma Cory FOR THE FIRM INAL (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of the City of Dubuque, State of Iowa. Date of Meeting: October 20, 2014. Time of Meeting: 6 : 30 o'clock P .M. Place of Meeting: Historic Federal Building, 350 West 6th Street, 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 $8,265,000 General Obligation Capital Loan Notes, Series 2014. • Resolution fixing date for a meeting on the proposition to authorize a Loan Agreement and the issuance of Notes to evidence the obligations of the City thereunder. Such additional matters as are set forth on the additional 5 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. erk, City of I .. +e, State of Iowa October 20, 2014 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Rick Jones, Kevin Lynch, David Resnick, Lynn Sutton Absent: Council Member Lynch introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2014, OF THE CITY OF DUBUQUE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Sutton, Braig, Buol, Connors,Jones, Lynch, Resnick NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 332-14 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2014, OF THE CITY OF DUBUQUE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Dubuque, State of Iowa, should provide for the authorization of a Loan Agreement and the issuance of General Obligation Capital Loan Notes, Series 2014, to the amount of not to exceed $8,265,000, as authorized by Sections 384.24, 384.24A and 384.25, Code of Iowa, as amended, for the purpose of providing funds to pay costs of carrying out essential corporate purpose projects as hereinafter described; and WHEREAS, the Loan Agreement and Notes shall be payable from the Debt Service Fund; and WHEREAS, before a Loan Agreement may be authorized and General Obligation Capital Loan Notes, Series 2014, issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City Code of Iowa, as amended, and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan Agreement and Notes and of the right to petition for an election, and to receive oral and/or written objections from any resident or property owner of the City to such action; 2 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That this Council meet in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the 3rd day of November, 2014, for the purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, to evidence the obligations of the City thereunder for essential corporate purposes of the City, the proceeds of which will be used to pay costs of aiding in the planning, undertaking and carrying out of urban renewal projects, including, intermodal facility improvements, Millwork District parking improvements, homeownership purchase, rehabilitation and resale program costs, riverfront leasehold improvements, land acquisition and rehab in the Dubuque Industrial Center West Urban Renewal Project, Transit Building roof repairs, Central Avenue Master Plan and bus storage and maintenance facility improvements. Section 2. To the extent any of the projects or activities described in this resolution may be reasonably construed to be included in more than one classification under Division III of Chapter 384 of the City Code of Iowa, the Council hereby elects the "essential corporate purpose" classification and procedure with respect to each such project or activity, pursuant to Section 384.28 of the City Code of Iowa. Section 3. The Clerk is authorized and directed to proceed on behalf of the City with the negotiation of terms of a Loan Agreement and the issuance of General Obligation Capital Loan Notes, Series 2014, evidencing the City's obligations to a principal amount of not to exceed $8,265,000, to select a date for the final approval thereof, to cause to be prepared such notice and sale information as may appear appropriate, to publish and distribute the same on behalf of the City and this Council and otherwise to take all action necessary to permit the completion of a loan on a basis favorable to the City and acceptable to the Council. Section 4. That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The publication to be not less than ten clear days nor more than twenty days before the date of the public meeting on the issuance of the Notes. Section 5. The notice of the proposed action shall be in substantially the following form: 3 NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2014, (FOR ESSENTIAL CORPORATE PURPOSES) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, State of Iowa, will hold a public hearing on the 3rd day of November, 2014, at o'clock .M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, for essential corporate purposes of the City, in order to pay costs of aiding in the planning, undertaking and carrying out of urban renewal projects, including, intermodal facility improvements, Millwork District parking improvements, homeownership purchase, rehabilitation and resale program costs, riverfront leasehold improvements, land acquisition and rehab in the Dubuque Industrial Center West Urban Renewal Project, Transit Building roof repairs, Central Avenue Master Plan and bus storage and maintenance facility improvements. Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund. At any time before the date of said meeting, a petition, asking that the question of issuing such Notes be submitted to the legal voters of said City, may be filed with the Clerk of said City in the manner provided by Section 362.4 of the City Code of Iowa, as amended. 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 authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of the City of Dubuque, State of Iowa, as provided by Sections 384.24, 384.24A and 384.25 of the City Code of Iowa, as amended. Dated this day of , 2014. City Clerk, City of Dubuque, State of Iowa (End of Notice) 4 PASSED AND APPROVED this 20th day of October, 2014. ATTEST: 5 STATE OF IOWA COUNTY OF DUBUQUE CERTIFICATE ) SS I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the City 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 public hearing 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. WITNESS my hand and the seal of the City hereto affixed this 21st day of October, 2014. City Clerk, ity of Dubuque e of Iowa (SEAL) ROLL CALL ORDER FOR MEETING OF October 20, 2014 Sutton, Braig, Buol, Connors, Jones, Lynch, Resnick CITY OF DUBUQUE, IOWA CITY COUNCIL MEETING Historic Federal Building 350 W. 6th Street October 20, 2014 Council meetings are video streamed live and archived at www.cityofdubuque.org/media and on Dubuque's CityChannel on the Mediacom cable system at Channel 8 (analog) and 85.2 (digital). SPECIAL SESSION 1. 6:00 PM - Closed Session: Pending Litigation and Property Acquisition Pursuant to Chapter 21.5(1)(c), -(j) Code of Iowa REGULAR SESSION 6:30 PM PLEDGE OF ALLEGIANCE PROCLAMATION(S) 1. Keeping the Lights on Afterschool Day (October 23, 2014) 2. Andrew Connolly Make a Difference Day (October 25, 2014) CONSENT ITEMS The consent agenda items are considered to be routine and non -controversial and all consent items will be normally voted upon in a single motion without any separate discussion on a particular item. If you would like to discuss one of the Consent Items, please go to the microphone and be recognized by the Mayor and state the item you would like removed from the Consent Agenda for separate discussion and consideration. 1. Minutes and Reports Submitted City Council proceeding of 10/2, 10/6; Human Rights Commission of 9/8; Library Board of Trustees of 8/28; Library Board of Trustees Update of 9/25; Sister City Advisory Commission of 9/24; Zoning Advisory Commission of 10/1; Proof of Publication for City Council proceedings of 9/15; Proof of Publication for List of Claims and Summary of Revenues Month Ending 8/31 Suggested Disposition: Receive and File 2. Disposition of Claims City Attorney advising that the following claims have been referred to Public Entity Risk Services of Iowa, the agent for the Iowa Communities Assurance Pool: June Crimmins for property damage, Kelly Davis for vehicle damage, Stephen Launspach for property damage Suggested Disposition: Receive and File; Concur 3. Notice of Claims and Suits June Crimmins for property damage, Kelly Davis for vehicle damage; Stephen Launspach for property damage; City of Dubuque vs. Michael Dennison, et al Suggested Disposition: Receive and File; Refer to City Attorney 4. Sustainable Dubuque Quarterly Report City Manager transmitting the Sustainable Dubuque Quarterly Report for September 2014. Suggested Disposition: Receive and File 5. Sustainable Dubuque Community Grant Recommendations City Manager recommending approval of the quarterly Sustainable Dubuque Community grant applications. Pg. 1 City Manager recommending approval of a Resolution of Necessity that finds that a Housing Urban Renewal Plan for the North Cascade Road Area is both necessary and appropriate, and sets a public hearing on the proposed amendment for December 1, 2014. RESOLUTION of Necessity finding that certain property along North Cascade Road is an Economic Development Area and that the Development of said Area is necessary in the interest of the residents of the City of Dubuque Other Receive and File; Adopt Resolution(s), Set Public Hearing for 12/1/14 2. Taxable General Obligation Capital Loan Notes (Urban Renewal and Parking), Series 2014C City Manager recommending that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $8,625,000 in Taxable General Obligation Bonds. RESOLUTION Fixing date for a meeting on the authorization of a Loan Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, of the City of Dubuque, State Of Iowa, and providing for publication of notice thereof Other Suggested Disposition: Receive and File; Adopt Resolution(s), Set Public Hearing for 11/3/14 3. Tax -Exempt General Obligation Bonds Series 2014B City Manager recommending that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $18,335,000 in Tax -Exempt General Obligation Bonds. RESOLUTION Fixing date for a meeting on the authorization of a Loan Agreement and the issuance of not to exceed $18,335,000 General Obligation Capital Loan Notes, Series 2014, of the City of Dubuque, State of Iowa, and providing for publication of notice thereof Other Suggested Disposition: Receive and File, Adopt Resolution(s), Set Public Hearing for 11/3/14 4. Taxable General Obligation Bonds, Series 2014C City Manager recommending that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $500,000 in Taxable General Obligation Bonds. RESOLUTION Fixing date for a meeting on the authorization of a Loan Agreement and the issuance of not to exceed $500,000 General Obligation Capital Loan Notes, Series 2014, (for General Corporate Purposes) of the City of Dubuque, State of Iowa, and providing for publication of notice thereof Other Suggested Disposition: Receive and File; Adopt Resolution(s), Set Public Hearing for 11/3/14 5. Tax -Exempt General Obligation Bonds, Series 2014B City Manager recommending that a public hearing be set for November 3, 2014, on the proposition of selling not to exceed $575,000 in Tax -Exempt General Obligation Bonds. RESOLUTION Fixing date for a meeting on the authorization of a Loan Agreement and the issuance of not to exceed $575,000 General Obligation Capital Loan Notes, Series 2014, (for General Corporate Purposes) of the City of Dubuque, State of Iowa, and providing for publication of notice thereof Other Suggested Disposition: Receive and File; Adopt Resolution(s), Set Public Hearing for 11/3/14 BOARDS/COMMISSIONS 1. Appointments of Applicant(s) Appointments to the following commissions to be made at this meeting Community Development Advisory Commission One, 3 year term through February 15, 2016 (Vacant term of Corken) Applicant: Michelle Hinke, 973 Patricia Ann Dr. Environmental Stewardship Advisory Commission One, 3 year term through October 1, 2017 (Vacant term of Bergum) Applicant: Lalith Jayawickrama, 2360 Cherry St Pg. 4 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I have caused a NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2014, OF THE CITY OF DUBUQUE, AND THE HEARING ON THE ISSUANCE THEREOF of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the "Telegraph Herald", a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that the Notice was published in all of the issues thereof published and circulated on the following date: October 23 , 2014. WITNESS my official signature at Dubuque, Iowa, this 3rd day of November , 2014. City Clerk, City of Dubuque, State of Iowa (SEAL) 01059551-1\10422-159 STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: October 23, 2014, and for which the charge is $39.15. Subscribed to before me, a Ngttary Public in and for Dubuque County, Iowa, this droll day of ,e,4,1_"_,0 , 20 otary Public in and for Dubuque County, Iowa. ARV K. 1.,YESTERMEYEli Commission Number 154885 v Corim. EXD. F63, 1, 2017 CITY OF Duauou ; "IOWA OFFICIAL NOTICE I NOTICE OF MEETING OF; THE CITY COUN- CIL OF THE CITY OF DUBUQUE, STATE' OF IOWA, ON THE MAT- TER OF THE PRO,. POSED - AUTHORIZA TION OF A' LOAN AGREEMENT AND THE ISSUANCE OF NOT, TO ;,:EXCEED $8,$5,GENERAL; OBLIGATION000 CAPLTAL loaw NOTES, SERIES 2014 (FOR, ESSEN,` TIAL CfRPQRATE PURPOSES)' "AND THE= PUBLIC HEARING 'ON THE AUTHORIZATION -'I AND ` ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the ICouncil of the City; of Dubuque, '"State of Io- wa, will owa,`will hold a public hearing on a he 3rd day of November,,, 2014, at 6:30 o'clock P.M.; in the Historic Federal Build -'1I ing, 350 , West 6th Street, 'Dubuque, Iowa,` at which meeting the Council proposes: to take additional', action for the authoritation of a'Lean- Agreement and the issuance of,.not to exceed 58,265,000 eral 8 265,000eral' Obligatioh Capital Loan Not4; Series ' 2014, for essenti`alcor- porate Purposes of the City; In ,orcier'to. pay - costs of ajding in "the planning, undertaking and carrying out of ur- ban renewal projects, l including, intermodal facility:' improvements, Millwork District park- ing, improvements, homeownershippur• chase, rehabilitation and resale program costs, riverfront lease- hold improvements, land acquisition and rehab -:,in theDubuque,' Industrial Center West Urban Renewal Project, Transit. Building roof repairs, Central Ave- nue Master Plan' and bus Storage and main- tenance i.facllity im- provements.Principal and interest on the proptosedill 'Loan payaAgree- men,wbe ble from the Debt Service Fund. At any time before the date of said meeting a I petition, asking that the question of issuing such Notes be submit- ted to the ieqalvoters of said City, may be filed with the:Cierk of said City in the manlier` provided of by sCity ection; 362.4 the Code of Iowa, as amended at 50 W. 13th Street. or cty clerk@cityofdubuque.o rg, At the above meeting the Council shall re- ceive oral or written objections from any resident or property owner of the City, to the above action.. After allobjections have been received and con sidered, _„the Council wit at�'this meeting or at anyadjournment thereof, take additional action for the authori- zation. of a Loan. Agree- ment and the issuance' of Notes' to evidence the obligation of the City' thereunder or will abandon the' proposal. This Notice is given by order of the Council of I the City of Dubuque, State of Iowa, as pro- vided by Sections 384.24, 384.24A and 384.25 of the City, Code of Iowa,as amended. Any visual or hearing impaired` persons needing special assis- tance or persons with special . ” accessibility needs should contact the, City Clerk's Office at (563) 589-4100 or TDD (563) 556-9948 at least 48 hours prior to I the meet ng. Dated this 23th day of October, 2014. Kevin S. Firnstahl City Clerk, City of Dubuque, State of. Iowa it 10/23 NEWSPAPER'S PER LETTER 4F NSTII47 Pp r ; 5 RUa T/ON NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2014, (FOR ESSENTIAL CORPORATE PURPOSES) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, State of Iowa, will hold a public hearing on the 3rd day of November, 2014, at o'clock .M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, for essential corporate purposes of the City, in order to pay costs of aiding in the planning, undertaking and carrying out of urban renewal projects, including, intermodal facility improvements, Millwork District parking improvements, homeownership purchase, rehabilitation and resale program costs, riverfront leasehold improvements, land acquisition and rehab in the Dubuque Industrial Center West Urban Renewal Project, Transit Building roof repairs, Central Avenue Master Plan and bus storage and maintenance facility improvements. Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund. At any time before the date of said meeting, a petition, asking that the question of issuing such Notes be submitted to the legal voters of said City, may be filed with the Clerk of said City in the manner provided by Section 362.4 of the City Code of Iowa, as amended. 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 authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of the City of Dubuque, State of Iowa, as provided by Sections 384.24, 384.24A and 384.25 of the City Code of Iowa, as amended. Dated this day of , 2014. City Clerk, City of Dubuque, State of Iowa (End of Notice) 4