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Full Circle Communities - Request for Urban Revitalization Copyright 2014 City of Dubuque Action Items # 6. ITEM TITLE: Full Circle Communities - Request for Urban Revitalization Verification SUMMARY: City Manager recommending approval of a request for local support from Full Circle Communities for the proposed re- development of the former Four Oaks building at 180 W. 15th Street into 36 residential units targeted to people with disabilities and veterans. RESOLUTION Finding that the designation of the Fifteenth Street Apartments is in the Jackson Park Urban Revitalization District and therefore eligible for Urban Revitalization Tax Abatement for the redevelopment of 180 W. 15th Street, Dubuque, IA providing safe, affordable housing for the residents of the City of Dubuque SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Full Circle Communities-Request for Urban City Manager Memo Revitalization Support-MVM Memo Staff Memo Staff Memo Figure 2, Map Supporting Documentation Staff Memo - Planning Services Manager Supporting Documentation Meeting Notice Supporting Documentation Exhibit 5S Supporting Documentation Resolution Resolutions THE CM OF Dubuque AAA-A m c DUB E 11 1r Masterpiece on the Mississippi -2012I rP PP �oo� .zo13 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Fifteenth Street Apartments (Former Four Oaks Building) Request for Urban Revitalization Support from Full Circle Communities DATE: October 31, 2016 Housing & Community Development Department Director Alvin Nash is recommending City support for the proposed re-development of the former Four Oaks building at 180 West 15th Street to 36 residential units targeted to people with disabilities and veterans. The project, Fifteenth Street Apartments, is located in the Jackson Park Urban Revitalization District and is eligible for a 10-year abatement to the value added by improvements. The Jackson Park Urban Revitalization District was established on December 22, 1980. Improvements made to residential properties in the district are eligible for a 10-year 100% abatement on the value added by the improvements. Full Circles Communities plan for the exterior rehabilitation of the former St. Patrick's School was reviewed by the Historic Preservation Commission. The Commission voted 8-0 to grant the Certificate of Appropriateness for the Jackson Park Historic District with one condition, the cross at the north entrance remain. Full Circles filed an application with the Zoning Board of Adjustments for a Special Exception from zoning regulations to develop the 36 residential units on a 17,000 square foot lot. An application was also filed for a parking variance because there is a deficit of 39 off-street parking spaces in an OR District. After a Public Hearing on October 27, both the Special Exception and parking variance were approved. The development plan provides for the construction of a 36 unit multi-family housing targeted towards veterans and persons with disabilities. Full Circle Communities will provide a mix of one bedroom and two bedroom units that will be highly accessible, including roll in showers, accessible kitchens, grab bars and wider turn radii. Full Circles sets aside 75% of project economics to provide services to residents. Services include on-site case management, tenant advocacy, health awareness, reasonable modifications and accommodations, benefits assistance, meal service, primary care attendants and transportation assistance. The model to deliver services is to contract with local service providers to ensure resident needs are met. The Developer intends to apply for Low Income Housing Tax Credits as the primary source of funding for the housing project and Full Circle has pledged $300,000 towards the project. Local Government participation is very important to the success of the project. The application for state tax credits is competitive. The Urban Revitalization Tax exemption will provide an estimated $291 ,756 over 10 years in tax abatement for the project showing local support for the project, which will strengthen Full Circle Community's Tax Credit application to the Iowa Finance Authority. Full Circles Communities met with neighbors to provide information and receive public comments during the Downtown Neighborhood Association meeting on October 25, 2016. The project was well received by the residents in attendance. Residents asked several questions of the Developer about parking, security for the building, lighting, property management, construction timeline, tenant selection criteria, services and amenities available for residents. A local service provider offering Rapid Rehousing assistance for veterans stated there was a need for affordable housing for veterans who are working with local agencies to receive support services and attain self-sufficiency. Full Circles Communities cited data from the 2014 American Community Survey Five Year estimates that shows approximately 4,400 veterans and 7,900 persons with a disability reside in Dubuque. Of the 4,400 veterans, 3.9% live below the poverty level, 49% are over the age of 65, and 29% live with a disability. The need for affordable housing has also been identified in the City of Dubuque Consolidated Plan. The Consolidated Plan is a five-year plan for the use of Community Development Block Grant funds in the community. The plan examines housing needs for low and moderate income populations, earning up to 80% area median income. The City Consolidated Plan, updated for Fiscal Years 2016-2020, identifies a need for housing for elderly populations, homeless, and persons with disabilities. These populations often have limited income and housing choices. The Consolidated plan identified housing cost burden as the primary housing problem faced by low and moderate income renters in Dubuque. The American Community Survey five year estimates for Selected Housing Characteristics provides information on the number of households experiencing cost burden. Economists call a household "cost burden" when housing costs exceed 30% of the household income. 2014 American Community Survey estimates show 52% of renter households are cost burdened, compared with 21% owner occupied with a mortgage. With over half of the renters in Dubuque experiencing cost burden, the addition of tax credit rental units will provide opportunity for renters to live in housing they can afford. When households pay 30% or less of their income for housing, a number of benefits occur. Households are able to save for real wealth building assets, like down payment on a home and continuing education. 2 The Fifteenth Street Apartments will be located at 180 W. 15th Street, directly across from Jackson Park. It is the former St. Patrick's School Building. The location is in the heart of downtown Dubuque, a historic area with historic housing. Due to the historic nature of the housing stock, few of the historic buildings downtown are ADA accessible. The Fifteenth Street apartments will be fully accessible to persons with a disability and will assist to affirmatively further fair housing by offering more housing choices for low and moderate income renters. The project location is outside of the area of concentrated poverty, but still within a neighborhood were many low and moderate income residents reside. This will allow area residents to take advantage of quality, affordable housing options in their neighborhood and is consistent with the City's goals to de-concentrate poverty as identified in the Analysis of Impediments. The Analysis of Impediments examines the barriers to fair housing and identifies strategies to eliminate these barriers. The location of this project will assist to affirmatively further fair housing by creating affordable, accessible housing options in areas of low poverty concentration. The property value, based upon 2016 Beacon data, the land is valued at $50,150 Buildings are valued at $226,150. The property has a total assessed value of$276,300. This property is currently tax exempt. The estimated abatement for the project after improvements for a 10 year period is $291 ,756. After the abatement period expires, the property will be taxed based on the assessed value for taxation as determined by the assessor. I concur with the recommendation and respectfully request Mayor and City Council approval. z 6&4.4� Mic ael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Alvin Nash, Housing & Community Development Department Director 3 THE CITY OF Dubuque kwftwl All-America City DUB t 1 r Masterpiece on the Mississippi 2007.2012.2013 TO: Michael Van Milligen, City Manager FROM: Alvin Nash, Housing & Community Development Director DATE: October 31, 2016 RE: Fifteenth Street Apartments (Former Four Oaks Building) request for Urban Revitalization support from Full Circle Communities Introduction This memorandum presents for City Council a request for local support from Full Circle Communities, the Developer, for the proposed re-development of the former Four Oaks building at 180 West 15th Street to 36 residential units targeted to people with disabilities and veterans. The project, Fifteenth Street Apartments, is located in the Jackson Park Urban Revitalization District and is eligible for a 10-year abatement to the value added by improvements. Background Urban Revitalization Chapter 404 of the Iowa Code (Urban Revitalization Act) authorizes cities to designate areas as urban revitalization areas. Improvements to qualified real estate within these designated areas may receive a total or partial exemption from property taxes for a specified number of years. The exemptions are intended to stimulate private investment by reducing tax increases that usually accompany property improvements. This additional private investment provides a long-term increase or stabilization in the area's tax base, enhances the visibility of revitalization areas and/or supports important city objectives such as historic preservation, economic development and affordable housing development. In order to implement the provisions of Chapter 404, the City determine the area is eligible for exemption, prepare a revitalization plan for each designated area, and hold at least one public hearing after proper notice. The law mandates specific criteria and procedures must be followed. The Jackson Park Urban Revitalization District was established on December 22, 1980 Improvements made to residential properties in the district are eligible for a 10-year 100% abatement on the value added by the improvement. Full Circles Communities plan for the exterior rehabilitation was reviewed by the Historic Preservation Commission. The Commission voted 8-0 to grant the Certificate of Appropriateness for the Jackson Park Historic District with one condition. Full Circles filed an application with the Zoning Board of Adjustments for a Special Exception from zoning regulations to develop the 36 residential units on a 17,000 square foot lot. An application was also filed for a parking variance because there is a deficit of 39 off-street parking spaces in an OR District. After a Public Hearing on October 27, both the Special Exception and parking variance were approved (see attached memo from Planning Services Manager, Laura Carstens). Discussion The development plan provides for the construction of a 36 unit multi-family housing targeted towards veterans and persons with disabilities. Full Circle Communities will provide a mix of one bedroom and two bedroom units that will be highly accessible, including roll in showers, accessible kitchens, grab bars and wider turn radii. Full Circles sets aside 75% of project economics to provide services to residents. Services include on-site case management, tenant advocacy, health awareness, reasonable modifications and accommodations, benefits assistance, meal service, primary care attendants and transportation assistance. The model to deliver services is to contract with local service providers to ensure resident needs are met. The Developer intends to apply for Low Income Housing Tax Credits as the primary source of funding for the housing project and Full Circle has pledged $300,000 towards the project. Local Government participation is very important to the success of the project. The application for state tax credits is competitive. The Urban Revitalization Tax exemption will provide an estimated $291 ,756 in tax abatement for the project showing local support for the project, which will strengthen Full Circle Community's Tax Credit application to the Iowa Finance Authority. Full Circles Communities met with residents to provide information and receive public comments during the Downtown Neighborhood Association meeting on October 25, 2016. The project was well received by the residents in attendance. Residents asked several questions of the Developer about parking, security for the building, lighting, property management, construction timeline, tenant selection criteria, services and amenities available for residents. A local service provider offering Rapid Rehousing assistance for veterans stated there was a need for affordable housing for veterans who are working with local agencies to receive support services and attain self-sufficiency. Full Circles Communities cited data from the 2014 American Community Survey (ACS) Five Year estimates that shows approximately 4,400 veterans and 7,900 persons with a disability reside in Dubuque. Of the 4,400 veterans, 3.9% live below the poverty level, 49% are over the age of 65, and 29% live with a disability. The need for affordable housing has also been identified in the City of Dubuque Consolidated Plan. The Consolidated Plan is a five-year plan for the use of Community Development Block Grant funds in the community. The plan examines housing needs for low and moderate income populations, earning up to 80% area median income. The City Consolidated Plan, updated for Fiscal Years 2016-2020, identifies a need for housing for elderly populations, homeless, and persons with disabilities. These populations often have limited income and housing choices. The Consolidated plan identified housing cost burden as the primary housing problem faced by low and moderate income renters in Dubuque. The ACS five year estimates for Selected Housing Characteristics provides information on the number of households experiencing cost burden. Economists call a household cost burden when housing costs exceed 30% of the household income. 2014 ACS estimates show 52% of renter households are cost burdened, compared with 21% owner occupied with a mortgage (Figure 1). Housing Cort Burden Dubuque, IA Five Year ACS Estimates ZM M10 aul M2 M13 M14 ry�re s.amewn�mnwnw�ns�,.evs veo.c.omore:,see�ree w���e w.o�ren:o�:, mea wa With over half of the renters in Dubuque experiencing cost burden, the addition of tax credit rental units will provide opportunity for renters to live in housing they can afford. When households pay 30% or less of their income for housing, a number of benefits occur. Households are able to save for real wealth building assets, like down payment on a home and continuing education. The Fifteenth Street Apartments will be located at 180 W. 1$° Street, directly across from Jackson Park (see figure 2, attached map). It is the former St Patrick School Building. The location is in the heart of downtown Dubuque, a historic area with historic housing. Due to the historic nature of the housing stock, few of the historic buildings downtown are ADA accessible. The Fifteenth Street apartments will be fully accessible to persons with a disability and will assist to affirmatively HaTerfair housing by offering more housing choices for low and moderate income renters. The project location is outside of the area of concentrated poverty, but still within a neighborhood were many low and moderate income residents reside. This will allow area residents to take advantage of quality, affordable housing options in their neighborhood and is consistent with the City goals to de concentrate poverty as identified in the Analysis of Impediments. The Analysis of Impediments examines the barriers to fair housing and identifies strategies to eliminate these barriers. The location of this project will assist to affirmatively further fair housing by creating affordable, accessible housing options in areas of low poverty concentration. Budgetary Impact The property value, based upon 2016 Beacon data, the land is valued at $50,150 Buildings are valued at $226,150. The property has a total assessed value of $276,300. This property is currently tax exempt. The estimated abatement for the project after improvements for a 10 year period is $291 ,756. After the abatement period expires the property will be taxed based on the assessed value for taxation as determined by the assessor. Recommendation I recommend that the City Council approve the attached resolution directing City Staff to work with the City Assessor to complete exhibit 5S showing local support for the Full Circle Community application for Low Income Housing Tax Credits to rehabilitate the former Four Oaks building. Action Requested The Action Step is for the City Council to adopt the attached resolution. Prepared by: Erica Haugen, Community Development Specialist cc. Maurice Jones Laura Carstens F:\USERS\CDBG\Urban Revite\Petitions for Districts\Full Circle\Memo to Council.docx 2 0mff— A DIESEL Z O A •0 to SAPPHIR TE ra Q' ROOSEVELT ANT �G o The Analysis of Impediments identified Ny Tract 6 Block Group 2, Tract 5 Block Group 3, �N r O and Tract 1 Block Group 3 as being close to, but below ` the 37.7% benchmark level for poverty concentration ANSEN as defined by HUD for smaller communities. OLYMPIC p'JEDITHDAVIS O A Z PL2 OG �USK\N °o OOs S9G� Tract 5 Block Group 4 exceeds 1 the 37.7% benchmark for poverty A29� with a below poverty level of 51.4%. s° °�o o I ' dP l yKV, g Sr ' Q � n 92 CERRO 2 2aK�` gTFORO .9 61/1 LORI ✓ONE'S FRr ° NAPIER KAUFMANN Q\��9 k q 1SK Q2 °j 3 LOWELL 2 q Q C CLgRKE 19KN 1gKN w ym Q O VLP 1�KN m� 1RKN 12KN pUR/�y o ➢ Z JAIRWAYw m ➢ N tK 1 Tract 1 Block Group 1 exceeds x o 11 Fifteenth Street Apartments - Full Circle Communities the 37.7 benchmark for poverty 9 ROSE < <o�% T" PEN with a below poverty N ` ` 9 o aK o\ yKN sTN " ' level of 43.7%. 2 KN '4/O '�GVAN o", — Y.. °v �r Ut -11 '1 Z S Mp,\OON X14 R = �vv m 3RD ti mz �ENEL LU F U 7S �° SOLON� MAZZUCHELLI m T m 20 22 YMyw C<q `� ' DODGE Z 41R/ p SRT/s Pc GZ PSE ON m Aq >J o�G \Q E `7 ¢ CPMh Y WIN U)i z w .c �6 (D O M1 FRESSA J� T 0 W ILCensus TractBlock Group 1 Census TractBlock (1 J 1\ ORTH mM Census Tract 1 Block • BlockY !UB T OCensus Tract 5 TTy Du, buglle BCitylock JL Ill�ill S' MI stelpie e mi the Mississippi THE CITY OF Dubuque ftk-r-fty- A DUB E A11-America City 1 Masterpiece on the Mississippi 2007•2012•2013 MEMORANDUM TO: Alvin Nash, Housing & Community Development Director FROM: Laura Carstens, Planning Services Manager SUBJECT: UDC Compliance— Full Circle Communities Proposal for Fifteenth Street Apartments at 180 West Street DATE: October 31, 2016 Introduction The purpose of this memorandum is to confirm that the Fifteenth Street Apartments proposal filed by Full Circles Communities for the re-use of the former Four Oaks building at 180 West Street as 36 residential units targeted to people with disabilities and veterans is in compliance with Dubuque City Code Title 16 - Unified Development Code (UDC) as described below. The property is located in the Jackson Park Historic District and zoned OR Office Residential. Certificate of Appropriateness Full Circles Communities filed an application with the Historic Preservation Commission for a Certificate of Appropriateness in the Jackson Park Historic District to install new windows on the building and to remove the concrete cross built into the entrance on the north elevation. After a Public Meeting on October 20, 2016, the Commission voted 8-0 to grant the Certificate of Appropriateness for the request, in accordance with UDC Section 10-6, with the condition that the concrete cross must remain. Special Exception Full Circles Communities filed an application with the Zoning Board of Adjustment for a Special Exception from zoning regulations to develop 36 residential units on a 17,000 square foot lot, 43,200 square feet minimum required in an OR District. After a Public Hearing on October 27, 2016, the Board voted 5-0 to grant the Special Exception in accordance with UDC Section 8- 7.3. Variance Full Circles Communities filed an application with the City's Zoning Board of Adjustment for a Variance from zoning regulations to develop 36 residential units with a deficit of 39 off-street parking spaces in an OR District. After a Public Hearing on October 27, 2016, the Board voted 4-1 to grant the Variance in accordance with UDC Section 8-6.3. Please contact me if you have questions or need additional information. Thank you. cc: Michael Van Milligen, City Manager Erica Haugen, Community Development Specialist F:\Users\LCARSTEN\WP\Housing Projects\Full Circle Communities\Memo Alvin Nash UDC Compliance.doc rFULLCIRCLE coI"71n'lU ►lit', `� 416* October 18, 2016 Dear Property Owner: Please be advised that a presentation will be given regarding a proposed development at 180 West 15th Street. The presentation will happen at the Downtown Neighborhood Association meeting at 6:30pm on Tuesday October 25, 2016 at St. Mark's located at 1201 Locust Street. The proposed Fifteenth Street Apartments will be owned, developed, and managed by Full Circle Communities, Inc. a non-profit dedicated to providing quality housing and services to residents. The development will include 36 apartments and amenity space including a library, computer room, and community and service space. The units will have accessible features and be targeted to people with disabilities and veterans. There will be on-site property management, maintenance, and service staff. At this meeting you will be able to view the plans and discuss this new proposed development. We look forward to seeing you there. S' ereLy Joshua Wilmoth r-� C"; President c3 Full Circle Communities, Inc. c.- C:, r-, (D 310 south peoria street • suite 500 • chicago, 1160607 * 847.849.5300 • www.fccommunities.org housing is the foundation RESOLUTION NO. 385-16 RESOLUTION FINDING,THAT THE FIFTEENTH STREET APARTMENTS IS IN THE JACKSON PARK URBAN REVITALIZATION DISTRICT AND THEREFORE ELIGIBLE FOR URBAN REVITALIZATION TAX ABATEMENT FOR THE REDEVELOPMENT OF 180 W 15TH STREET, DUBUQUE, IA PROVIDING SAFE, AFFORDABLE HOUSING FOR THE RESIDENTS OF THE CITY OF DUBUQUE. Whereas, the City of Dubuque supports the development and construction of housing and residential properties which provide quality, affordable housing; and Whereas, Fifteenth Street Apartments Limited Partnership, an Iowa limited partnership (the "Owner"), and Full Circle Communities, Inc., and Illinois not-for-profit corporation authorized to do business in Iowa (the "Developer") has proposed to develop the property at 180 W. 15th St., Dubuque IA (the "Property") and to create 36 units of multi -family housing at the Property targeted towards veterans and people with disabilities; a Whereas, the Property is located in an area eligible for the Urban Revitalization Tax Exemption program; and Whereas, through the Urban Revitalization Program, the Property is eligible to receive a one hundred percent exemption from taxation on the actual value added by the improvements for a period of ten years so long as it is assessed as residential property, multi -family residential, or assessed as commercial property, if the commercial property consists of three or more separate living quarters with at least seventy-five percent of the space used for residential purposes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the construction of the hereinafter described Property legally described as: The North 3/5 of City Lot 463 in the City of Dubuque, Iowa, according to the recorded Plat thereof; is deemed necessary in the interest the residents of the City. Section 2. That the City Council supports the Owner's and the Developer's Urban Revitalization Application and the Owner's and Developer's efforts to receive a tax credit award from the Iowa Finance Authority and the Iowa Economic Development Authority for the development of the Property. Section 3. That the City Council approve the resolution supporting the project and authorize staff to work with the City Assessor to complete the form 5S for submission by Developer prior to the November 17, 2016 deadline for consideration. The estimated amount of the tax exemption is $291,755.63. Section 4. That the proposed development of the Property is consistent with the City of Dubuque's affordable housing strategies and its goal to implement its comprehensive plan. Passed, approved and adopted this 7th day of November, 2016. Attest: Kevi F. Firnstahl, Ci _ erk ,o oy D. Buol, Mayor EXHIBIT 5S IOWA FINANCE AUTHORITY LOCAL GOVERNMENT CONTRIBUTION Form(s) shall be completed by the qualified Government Entity or Political Subdivision along with any additional supporting documents as required in QAP Section 6.2.4.1. Project Name Project Address Ownership Entity Name Fifteenth Street Apartments 180 W. 15th St, Dubuque, IA 52001 Fifteenth Street Apartments Limited Partnership Iowa Finance Authority (IFA) encourages developers to coordinate with Iowa communities regarding community revitalization plans, where applicable. A Local Government Contribution creates a presumption that the project is not in conflict with the local government's community revitalization plan, if any. This form will verify the Local Government Contribution effort referenced in the Qualified Allocation Plan (QAP). A Local Government Contribution can be provided by a qualified Government Entity or Political Subdivision. QAP Section 6.2.4.1 states the following items will constitute a Local Government Contribution: Form of Contribution Additional Supporting Documents Cash Contribution Commitment letter Gift of Land or Building Third party MAI certified appraisal Tax Abatement (not tax exemption) Scoring exhibit only Tax Increment Financing Project specific city council resolution Urban Revitalization Tax Exemption (URTE) Project specific city council resolution Enterprise Zone Credits Scoring exhibit only Enterprise Zone Sales Tax Rebate Scoring exhibit only Waiver of Fees Scoring exhibit only City HOME Scoring exhibit only Below Market Interest Rate Loan Calculation showing value of imputed savings using a market rate of six percent (6%) with a maximum 20 year loan term and a maximum 30 year amortization QAP Section 6.2.4.1 states the agency making the Local Government Contribution shall indicate the value of its contribution. The value of the Local Government Contribution is the value of the contribution made by the qualified Government Entity or Political Subdivision minus the value of any consideration or accommodation received by the qualified Government Entity or Political Subdivision in return for the contribution. The Governmental Entity or Political Subdivision completing this form understands that IFA will rely on these valuations to determine whether the Applicant has met the requirements of the QAP to receive points for Local Government Contribution. IFA reserves the right to limit the amount of fees waived by any Government Entity or Political Subdivision to one percent (1 %) of the Total Project Costs. For scoring purposes under this category, a Government Entity or Political Subdivision contribution to a Project provided through a certified Local Housing Trust Fund (LHTF) will be considered a qualified Local Government Contribution only if the Applicant provides documentation from the LHTF showing the Government Entity or Political Subdivision has made contributions to the LHTF during the current fiscal year totaling at least the amount of the proposed Local Government Contribution to the Project. 2017 Round EXHIBIT 5S IOWA FINANCE AUTP10:RiTY Qualified Governmental Entity or Political Subdivision Contribution(s) (8 points maximum) ❑ CASH CONTRIBUTION — Commitment letter attached Amount Source of Cash Name of Entity Making Contribution ❑ GIFT OF LAND — Third party MAI certified appraisal attached Appraised AmountNalue Name of Entity Making Contribution Location/Address of property: Is land held free and clear of encumbrances? ❑ YES El NO If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied. ❑ GIFT OF BUILDING — Third party MAI certified appraisal attached Appraised AmountNalue Name of Entity Making Contribution Address of building(s): Is land held free and clear of encumbrances? ❑ YES ❑ NO If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied. ❑ TAX ABATEMENT (not exemption) — No attachment r AmountNalue Term of Abatement Describe How Amount Was Determined Name of Entity Making Contribution $291,756 10 year Income calculation verified by City Assessor City of Dubuque ❑ TAX INCREMENT FINANCING — Project specific city council resolution attached Amount/Value Name of Entity Making Contribution ® URBAN REVITALIZATION TAX EXEMPTION — Pro AmountNalue Term of Exemption Describe How Amount Was Determined Name of Entity Making Contribution $291,756 10 year Income calculation verified by City Assessor City of Dubuque ❑ ENTERPRISE ZONE CREDIT (equity value) — No attachment required AmountNalue Name of Entity Making Contribution 2017 Round EXHIBIT 5S IOWA FINANCE AUTHORITY ❑ ENTERPRISE ZONE SALES TAX REBATE — No attachment required. AmountNalue Name of Entity Making Contribution ❑ WAIVER OF FEES — Limited to onepercent (1 AmountNalue Type of Fees Describe How Amount Was Determined Name of Entity Making Contribution Name of Entity Making Contribution 6% ❑ CITY HOME LOAN — No attachment required AmountNalue Name of Entity Making Contribution ❑ BELOW-MARKET INTEREST RATE LOAN - Calculation showing value of imputed savings using a market rate of six percent (6%) with a maximum 20 year loan term and a maximum 30 year amortization attached. IFA shall use the imputed savings value or the principal amount of the loan whichever is the lesser. IFA will allow the interest to be calculated only on a simple basis (not compounded) when calculating. Amount/Value Market Interest Rate Below- Market Interest Rate Describe How Calculated Savings Was Determined Name of Entity Making Contribution 6% City of Dubuque Agency Name (Typed) Roy D. Buol Name of Agency Representative (Typed) Mayor Title of Agency, epresentative (Typed) SIA Signature of ,agency Representative 2017 Round November 7, 2016 Date