Issuance of TIF Bonds POD Parking Ramp Bid AwardTHE CITY OF
DUB E
Nlclsterpiece cm the Mississippi
MEMORANDUM
August 3, 2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Port of Dubuque Public Parking Ramp Bond Sale Date
Economic Development Director Dave Heiar is advising that the date for the Port of
Dubuque Public Parking Ramp Bond Sale and Construction Bid Award is changing from
August 14, 2007 to August 22, 2007 at 5:00 p.m. in the Carnegie Stout Public Library
Auditorium.
l1r~,
Michael C. Van Milligen
MCVM/LW
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
THE CITY OF
DUB E MEMORANDUM
Masterpiece on the Mississippi
August 3, 2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development DirectorC~
SUBJECT: Reschedule of Bid Award/Bond Sale for the Port of Dubuque Public
Parking Facility
BACKGROUND
Previously the City Council had set a special Council meeting for August 14, 2007 at
5:00 p.m. to award a bid and sell the bonds associated with the Port of Dubuque Public
Parking Facility. This date was set based on the bond sale official statement being
mailed to prospective bidders no later than July 30.
DISCUSSION
After the bid was opened on July 25, representatives from the City, Diamond Jo, the
architect (Durrant) and the construction management company (Conlon) met to review
the alternate options and make decisions on which options to include in the bid (and
bond sale). The Diamond Jo also made the City aware of changes they wanted in three
of the agreements associated with this project including the 1) Guaranty Agreement, 2)
The Escrow Agreement, and 3) The Minimum Assessment Agreement. Negotiations on
these changes were finalized earlier today. These prolonged negotiations do not allow
Baird sufficient time to market and sell these specialized bonds prior to August 14.
Therefore, the City will need to delay the bid award and the sale of bonds.
RECOMMENDATION/ACTION STEP
Based on the delays encountered through this negotiation process, I am recommending
that the City Council set Wednesday, August 22 at 5:00 p.m. in the Auditorium at the
Carnegie Stout Public Library as the new date for the award of bid and sale of bonds
associated with the Port of Dubuque Public Parking Facility. This date meets the time
requirements requested by Baird to allow for a successful sale of the bonds and it is
within the 30 days allowed for the award of the construction bids.
F:IUSERS\DHeiar\Diamond Jo\Reschedule of Bid-Bond Port Public Parking Facility.doc