Dubuque Bank & Trust Acknowledgment of Local Match_1501 Jackson-Steeple Square Copyright 2014
City of Dubuque Consent Items # 27.
ITEM TITLE: Dubuque Bank& Trust Acknowledgment of Local Match -
1501 Jackson Street Project
SUMMARY: City Manager recommending approval of a resolution
acknowledging Dubuque Bank& Trust's local match, as
required by the Workforce Housing Tax Credit Project for
the St. Mary's Project at 1501 Jackson Street.
RESOLUTION Acknowledging required match funding
from Dubuque Bank and Trust for the rehabilitation project
at 1501 Jackson Street
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
1501 Jackson Acknowledgment of Local Match-MVM City Manager Memo
Memo
Staff Memo Staff Memo
Resolution Resolutions
THE CITY OF Dubuque
UBE 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: Workforce Housing Tax Credit Application —Acknowledgment of Local
Match and Support for St. Mary's Project at 1501 Jackson Street
DATE: April 12, 2016
Economic Development Director Maurice Jones recommends City Council approval of a
resolution acknowledging Dubuque Bank & Trust's $25,000 local match, as required by
the Workforce Housing Tax Credit Project for the St. Mary's Project at 1501 Jackson
Street. The City believes this donation meets the local match requirement for the
Workforce Housing Tax Credit Program of at least $1,000 per unit ($12,000 for the 12
units).
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: Workforce Housing Tax Credit Application — Acknowledgment of
Local Match and Support for St. Mary's project at 1501 Jackson St.
DATE: April 6, 2016
INTRODUCTION
The purpose of this memorandum is to request City Council acknowledgment of
Dubuque Bank & Trust's local match, as required by the Workforce Housing Tax Credit
program.
BACKGROUND
Several buildings on the St. Mary's campus have sat vacant for several years, including
the former Catholic Church, the former parish rectory, and the old school building (1501
Jackson Street). A committee was formed, called the Friends of St. Mary's, to begin
creating a vision for the best use of these buildings. The committee has decided to
create housing options on the campus in the 1501 Jackson Street building, along with
additional programming in other buildings as funds become available.
DISCUSSION
Planned funding sources for the redevelopment of 1501 Jackson St. include a local
match in the form of$25,000 from Dubuque Bank & Trust as well as $10,000 from
another donor. The City believes this donation meets the local match requirement for
the Workforce Housing Tax Credit program of at least $1,000 per unit ($12,000 for the
12 units).
Although the City has not made a formal commitment at this time, the FY16 approved
budget process includes contemplated incentives for this project in the amounts of
$35,000 for fagade/design/financial consultant grants, and an additional $120,000 in
housing incentives in the event it meets all of the qualifications.
This project promotes the City's goal of providing quality, affordable housing in the
downtown area.
RECOMMENDATION/ ACTION STEP
I recommend the City Council authorizes the Mayor to sign the attached resolution.
Prepared by: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 150-16
ACKNOWLEDGING REQUIRED LOCAL MATCH FUNDING FROM DUBUQUE BANK
AND TRUST FOR THE REHABILITATION PROJECT AT 1501 JACKSON STREET
WHEREAS, the Friends of St. Mary's (Developer) have committed to the
redevelopment of property at 1501 Jackson Street to create twelve (12) affordable
housing units (the Project); and
WHEREAS, Developer intends to apply to the Iowa Economic Development
Authority (IEDA) for Workforce Housing Tax Credits; and
WHEREAS, the Workforce Housing Tax Credit application requires a local match
of funds in the amount of at least $1,000 per housing unit; and
WHEREAS, Dubuque Bank and Trust has committed $25,000 to the Project and
an anonymous donor has committed $10,000 to the Project; and
WHEREAS, the City Council of the City of Dubuque believes these donations
comply with the IEDA's requirements for aIocal match in the amount of at least $1,000
per housing unit.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the City Council of the City of Dubuque acknowledges the $25,000
contribution from Dubuque Bank and Trust and the $10,000 donation from the
anonymous donor as fulfilling the IEDA's requirement for a local match of at least $1,000
per unit for the Workforce Housing Tax Credit application.
Passed, approved and adopted this 18th d ' o April, 2016.
W. Jo
Attest:
40F".00,"
Kevin Firnstahl, bity erk
Ric ne ayor ` - em