Loading...
Main Street Challenge Grant - Revisions to Central Avenue Committments Copyright 2014 City of Dubuque Consent Items # 6. ITEM TITLE: Main Street Challenge Grant- Revisions to Central Avenue Fagade Commitments SUMMARY: City Manager recommending approval of revisions to the Main Street Challenge Grant for fagade improvements to properties in the Central Avenue Corridor. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve ATTACHMENTS: Description Type Main Street Challenge Grant-MVM Memo City Manager Memo Staff Memo Staff Memo THE CITY OF Dubuque U E I erica .i Masterpiece on the Mississippi 2007-2012-2013 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Main Street Challenge Grant — REVISED Central Avenue Fagade Commitments DATE: February 25, 2016 In October 2013, City Council endorsed Dubuque Main Street's application to the Iowa Economic Development Authority (IEDA) for a Main Street Iowa Challenge Grant. Dubuque Main Street proposed incenting fagade improvements on five properties in the Central Avenue Corridor, by using funds from both the state and Dubuque's Downtown Rehabilitation funds (TIF) to match those of the developer, essentially providing a two- to-one match for the developer's investment. The intent was to jump start some transformational fagade improvements in the Washington Neighborhood. Economic Development and Planning Department staff worked with Dubuque Main Street to identify the final list of properties, draft design guidelines, and draft letters of commitment, which were brought to the property owners/developers in November 2015: • $19,933 for 2204 Central — the former TNT Framing and Gifts, is located on the prominent corner of 22nd and Central • $10,400 for 1902 Central — Players Bar building, the only historic building remaining in its block • $12,133 for 1838 Central — now owned by Dubuque Main Street, currently with a vacant storefront • $15,600 for 1473 Central — the Conlin Building, currently covered in mosaic tile, will be a transformational project in its block • $6,933 for 1433 Central — Great Dragon restaurant, in combination with the Conlin Building, will transform the 1400 block of Central Since that time, the owners of both 1902 Central and 1433 Central have decided not to participate in the program. However, the City has received an application from Chris Richard for a fagade grant for his recently-acquired property at 1804-1812 Central. His architect has provided renderings, which were sent to Planning for approval. In discussions with Dubuque Main Street and the Planning Department, staff concluded that this would be an appropriate placement of the newly-available funds. The project will not only restore 3 storefronts, but will also provide 8 quality market rate residential units in the neighborhood. In order to provide an incentive that was both motivating and still allowed the other remaining projects to benefit from the available funds, the recommendation is to offer the $10,400 to the 1804-1812 Central project and divide the $6,933 evenly among the four projects. This would distribute the $65,000 budgeted for the Challenge Grant projects as follows: • $21 ,666.50 for 2204 Central –the former TNT Framing and Gifts, is located on the prominent corner of 22nd and Central • $13,866.50 for 1838 Central – now owned by Dubuque Main Street, currently with a vacant storefront • $12,133.50 for 1804-1812 Central – owned by Chris Richard, with three vacant storefronts and multiple upper-level apartments • $17,333.50 for 1473 Central –the Conlin Building, currently covered in mosaic tile, will be a transformational project in its block I concur with the recommendation and respectfully request Mayor and City Council approval. Miclfael C. Van Milligen'-4 s MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Maurice Jones, Economic Development Director 2 Dubuque Economic Development Department THE CITY OF 50 West 13th Street All-AmMmIily 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: Main Street Challenge Grant— REVISED Central Avenue Fagade Commitments DATE: February 18, 2016 INTRODUCTION This memorandum presents for your review and concurrence four letters of commitment to fagade improvement projects, in conjunction with the Main Street Iowa Challenge Grant. It also requests clarification on the balance of CI P 3602436. BACKGROUND In October 2013, City Council endorsed Dubuque Main Street's application to the Iowa Economic Development Authority (IEDA) for a Main Street Iowa Challenge Grant. Dubuque Main Street proposed incenting fagade improvements on five properties in the Central Avenue Corridor, by using funds from both the state and Dubuque's Downtown Rehabilitation funds (TIF) to match those of the developer, essentially providing a two- to-one match for the developer's investment. The intent was to jump start some transformational fagade improvements in the Washington Neighborhood. Dubuque Main Street worked with Tim Reinders (Design Consultant for IEDA) to develop conceptual drawings for multiple buildings along the Central Avenue Corridor, and a committee worked to narrow the field to a short list of transformational projects. Dubuque Main Street then worked with property owners to discern interest and capacity for completing a fagade improvement project. DISCUSSION Economic Development and Planning Department staff worked with Dubuque Main Street to identify the final list of properties, draft design guidelines, and draft letters of commitment, which were brought to the property owners/developers in November 2015: • $19,933 for 2204 Central — the former TNT Framing and Gifts, is located on the prominent corner of 22nd and Central • $10,400 for 1902 Central — Players Bar building, the only historic building remaining in its block • $12,133 for 1838 Central — now owned by Dubuque Main Street, currently with a vacant storefront • $15,600 for 1473 Central — the Conlin Building, currently covered in mosaic tile, will be a transformational project in its block • $6,933 for 1433 Central — Great Dragon restaurant, in combination with the Conlin Building, will transform the 1400 block of Central Since that time, the owners of both 1902 Central and 1433 Central have decided not to participate in the program. However, we have received an application from Chris Richard for a fagade grant for his recently-acquired property at 1804-1812 Central (attached). His architect has provided renderings, which were sent to Planning for approval. In discussions with Dubuque Main Street and our Planning Department, we have concluded that this would be an appropriate placement of the newly-available funds. The project will not only restore 3 storefronts, but will also provide 8 quality market rate residential units in the neighborhood. In order to provide an incentive that was both motivating and still allowed the other remaining projects to benefit from the available funds, our plan to is to offer the $10,400 to the 1804-1812 Central project and divide the $6,933 evenly among the four projects. This would distribute the $65,000 budgeted for the Challenge Grant projects as follows: • $21 ,666.50 for 2204 Central —the former TNT Framing and Gifts, is located on the prominent corner of 22nd and Central • $13,866.50 for 1838 Central — now owned by Dubuque Main Street, currently with a vacant storefront • $12,133.50 for 1804-1812 Central — owned by Chris Richard, with three vacant storefronts and multiple upper-level apartments • $17,333.50 for 1473 Central —the Conlin Building, currently covered in mosaic tile, will be a transformational project in its block An amount of$65,000 had been budgeted for the payment of these amounts, in the Washington Neighborhood Fagade Program CIP (3602436). Although that CIP has a budget shortfall at this time, the program will be covered by a transfer of funds from CIP 3602267 (funds allotted but not used for housing unit creation at Holy Ghost project). That fund has $261 ,728 available at this time. RECOMMENDATION/ ACTION STEP I am requesting your concurrence on committing the above mentioned amounts of downtown rehabilitation grant funding from the City to these projects, pending Planning's approval of the 1804-1812 Central renderings. Cc: Jenny Larson, Budget Director