Paragon Square and Marquette Place Senior Housing Projects - Letters of Committment Copyright 2014
City of Dubuque Consent Items # 6.
ITEM TITLE: Paragon Square and Marquette Place Senior Housing Projects - Letters of
Commitment
SUMMARY: City Manager recommending approval of two letters of financial support for
senior housing projects in downtown Dubuque by Paragon Square Senior
Housing, LLLP at 2887-2901 Central Avenue (former Holy Ghost School)
and Marquette Hall, LLC at 2222 Queen Street (former Sacred Heart
School).
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve
ATTACHMENTS:
Description Type
❑ Senior Housing Letters of Comm itment/Support-MVM Memo City Manager Memo
❑ Staff Memo Staff Memo
❑ Letter of Support-Paragon Square Supporting Documentation
❑ Letter of Support-Marquette Hall Supporting Documentation
THE CITY OF Dubuque
UBE I
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Letters of Commitment for Paragon Square and Marquette Hall Senior
Housing Projects
DATE: December 3, 2015
Economic Development Director Maurice Jones recommends City Council approval of
two letters of financial support for senior housing projects in downtown Dubuque
including Paragon Square Senior Housing, LLLP at 2887-2901 Central Avenue (former
Holy Ghost School) and Marquette Hall, LLC at 2222 Queen Street (former Sacred
Heart School).
The City will provide a maximum of$35,000 to each project for fagade, design, and
financial consultant work and a $10,000 grant for each of the market rate units created
(a total of six for the two projects). This will make these projects more competitive in the
application process for state tax credits.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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
Dubuque Economic Development Department
THE CITY OF 50 West 13th Street
AII-AwftlitY Dubuque,Iowa 52001-4864
DUB3 &kE1 I Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Letters of Commitment for Paragon Square and Marquette Hall Senior
Housing Projects
DATE: December 3, 2015
INTRODUCTION
The purpose of this memorandum is to present for City Council approval two letters of
financial support for senior housing projects in Downtown Dubuque.
BACKGROUND
Several developers have approached the City, requesting support for their rehabilitation
projects at two downtown locations — Paragon Square at 2887-2901 Central Avenue
(former Holy Ghost School) and Marquette Hall at 2222 Queen Street (former Sacred
Heart School).
DISCUSSION
The need for senior housing continues to rise in our community, as does the City's
desire to improve its neighborhoods. For these reasons, the Economic Development
Department supports the rehabilitation of these buildings in our downtown. The
proposed projects would create both affordable and market rate residential units for
seniors in buildings that have been empty for a number of years, creating vitality in
several of our historic neighborhoods.
There are sufficient Downtown Rehabilitation Funds to provide a maximum of$35,000
to each project for fagade, design, and financial consultant work. And there are
sufficient Downtown Housing Creation Funds to provide a $10,000 grant for each of the
market rate units created (a total of six for the two projects).
RECOMMENDATION/ ACTION STEP
I recommend approving the attached letters of support for the above mentioned
projects.
Dubuque Economic Development Department
THE CITY OF 50 West 13th Street
AII-AwftlitY Dubuque,Iowa 52001-4864
DUB3 &kE1 I Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
December 3, 2015
To: Paragon Square Senior Housing, LLLP
2887-2901 Central Avenue
From: City of Dubuque
Re: Letter of Support
Please let this letter serve as notice of cash support for your project known as Paragon
Square Senior Housing. Contingent upon an award of Low Income Housing Tax
Credits in 2016, the City of Dubuque will contribute a total of $65,000 toward your
project. These funds will be disbursed locally from the following sources:
• $35,000 Downtown Rehabilitation Grants (fagade, design, financial consultant)
• $30,000 ($10,000 per market rate unit) Urban Housing Incentive
We are pleased to support your efforts to provide a senior housing option to the citizens
of Dubuque.
If you have any questions regarding the conditions of this commitment, please contact
me at (563) 589-4393.
Sincerely,
Maurice Jones
Economic Development Director
Dubuque Economic Development Department
THE CITY OF 50 West 13th Street
All-Am,ftlily Dubuque,Iowa 52001-4864
DUB3 &kE1 I Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
December 3, 2015
To: Marquette Hall, LLC
2222 Queen Street
From: City of Dubuque
Re: Letter of Support
Please let this letter serve as notice of cash support for your project known as
Marquette Hall. Contingent upon an award of Low Income Housing Tax Credits in
2016, the City of Dubuque will contribute a total of$65,000 toward your project. These
funds will be disbursed locally from the following sources:
• $35,000 Downtown Rehabilitation Grants (fagade, design, financial consultant)
• $30,000 ($10,000 per market rate unit) Urban Housing Incentive
We are pleased to support your efforts to provide a senior housing option to the citizens
of Dubuque.
If you have any questions regarding the conditions of this commitment, please contact
me at (563) 589-4393.
Sincerely,
Maurice Jones
Economic Development Director