HomeMy WebLinkAbout08-13-2010 Council Economic Development Committee
AGENDA
City of Iowa City
City Council Economic Development Committee
Friday, August 13,2010
7:30 a.m.
City Manager's Conference Room
City Hall
1. Call to Order
2. Consider approval of the June 15, 2010 Economic Development
Committee meeting minutes
3. Consider a recommendation on an amendment to an Agreement for
Private Development between City of Iowa City and Moss Green
Development Corporation
4. Consider request from Iowa City Area Development Group for one year
extension of 5-year funding agreement
5. Update on Economic Development Activities
6. Staff time
7. Committee time
8. Adjournment
MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
JUNE 15, 2010
LOBBY CONFERENCE ROOM, 8:00 A.M.
PRELIMINARY
Members Present:
Staff Present:
Others Present:
Regenia Bailey, Matt Hayek, Susan Mims
Wendy Ford, Tracy Hightshoe, Jeff Davidson
Nancy Quellhorst, Andre Perry, Englert Theatre Board of
Directors, Gigi Wood
RECOMMENDATIONS TO CITY COUNCIL:
It was moved by Mims and seconded by Hayek to recommend approval of the contract
with the National Development Council regarding community and economic
development advisement. Motion carried unanimously.
1. CALL MEETING TO ORDER:
The meeting was called to order by Chairperson Bailey at 8:01 A.M. Bailey had all
persons present introduce themselves.
2. CONSIDER APPROVAL OF THE MINUTES OF THE MAY 25,2010, ECONOMIC
DEVELOPMENT COMMITTEE MEETING:
It was moved by Hayek and seconded by Mims to approve the meeting minutes of May
25,2010. Motion carried unanimously.
3. ANNUAL REPORT AND REVIEW OF ENGLERT THEATRE OPERATIONS FOR
YEAR TWO OF THREE-YEAR FUNDING AGREEMENT APPROVED IN
DECEMBER 2008
Ford reviewed the 2009 performance measures submitted by the Englert Theatre. Ford
stated the review of performance measures was part of the annual $50,000 funding of
the Englert by the City.
Andre Perry, Englert Theatre Executive Director, was present and reviewed the current
financial report of the Englert Theatre. Perry stated the Englert was still a cultural
landmark in Iowa City and that the financial condition was improving. Perry stated year-
to-date revenue was ahead of 2009 and that cash flow had improved. Perry stated that
summer programming was soft, creating cash flow issues during the summer. Perry
reviewed the current financial report, debt/cash flow projection, three-year financial
report, ticket sales statistics and demographics, the Englert Theatre in the greater
marketplace, donor relations, and future plans. Perry reaffirmed the Englert's dedication
to local and regional performing arts. Perry stated they would be exploring more uses of
the Englert as a film venue.
Hayek stated he was seeing continued improvement in the Englert Theatre and felt that
they had top-shelf leadership. Bailey asked if there were other performance metrics to
look at. Bailey stated she felt the Englert was a centerpiece of downtown and that it must
be successful for the downtown to be successful. Englert Board member Mark Nolte
stated that the City was a great partner of the Englert's. Nolte stated that anything the
1
Economic Development Committee Meeting
June 15, 2010
City could do to assist the downtown would indirectly assist the Eflglert. Mims stated that
with the 21-only alcohol ordinance going into effect there would be students with
disposable income looking for late night activities, and could some of those activities be
at the Englert? Hayek stated that the University wants additional late night programming
developed to keep students out of bars and that the timing was perfect.
Davidson stated that no official action from the Economic Development Committee was
necessary. Davidson stated that the Englert had requested $50,000 FY11 City funding to
be issued in July to assist with cash flow issues and that subject to additional input from
EDC, staff would process the Englert's check in July. There was no further discussion.
4. CONSIDER CONTRACT WITH NATIONAL DEVELOPMENT COUNCIL
REGARDING COMMUNITY AND ECONOMIC DEVELOPMENT ADVISEMENT:
Hightshoe reviewed the proposed agreement with National Development Council (NDC).
Hightshoe stated that the City was working with property owners and developers in
Riverfront Crossings and Towncrest redevelopment areas to revitalize the
neighborhoods and ultimately increase property values. Hightshoe stated that NDC
could provide assistance in the coordination of diverse interests and financial resources.
Hightshoe explained the qualifications of NDC. Hightshoe stated she had checked out
NDC's qualifications with several cities that already have NDC under contract. Hightshoe
stated NDC would assist the City in working with existing property owners and
developers to package financing to enable projects to proceed.
Davidson stated that it was necessary to tap into the knowledge that NDC could provide
in packaging redevelopment deals, as well as utilize them so that development projects
could be pursued in a timely manner. Davidson stated that it was possible for the funding
provided by the City to NDC to be reimbursed through other grant sources. Davidson
stated that the hiring of NDC was the next logical step in terms of the Towncrest
redevelopment process. Davidson stated that an analysis to determine the costs and
financial feasibility of various redevelopment project areas had recently been completed
by Eppink Consultants and that this information would be provided to NDC.
Hayek asked about the involvement of ICAD and the Chamber of Commerce packaging
deals. Davidson replied that ICAD dealt principally with interstate commerce type
businesses. Davidson stated ICAD did not work with the types of local businesses found
in Towncrest. Davidson stated the Chamber of Commerce was a good partner of the
City's, but would not be packaging individual redevelopment deals. Nancy Quellhorst,
Chamber of Commerce Executive Director, stated that the Chamber was enthusiastic
about the Towncrest redevelopment area, but would not be brokering individual deals.
Mims stated she was concerned about finding funding for the NDC contract. Davidson
stated the one-year contract was structured on a monthly basis and could be terminated
on 30 days written notice. Davidson stated that funding would be provided through seed
money the City Council had provided in the FY11-12 budget. Bailey stated she felt the
NDC contract was needed to help move things along in Towncrest. Hightshoe stated
timing of the NDC contract was good and that CDBG economic development money
could possibly be used for future projects.
It was moved by Mims and seconded by Hayek to recommend approval to the City
Council. Hayek stated he had come into the meeting skeptical, but had his mind
changed after hearing more about the proposal. The motional carried unanimously.
Economic Development Committee Meeting
June 15, 2010
5. STAFF TIME:
No report.
6. COMMITTEE TIME:
No report.
7. ADJOURNMENT:
Bailey stated the next EDC meeting was tentatively scheduled for 8:00 a.m. on Monday,
July 12. Ford stated the meeting would be cancelled if there were no pertinent agenda
items. Bailey declared the meeting adjourned at 8:51 a.m.
Economic Development Committee Meeting
June 15, 2010
Council Economic Development Committee
ATTENDANCE RECORD
2010
TERM ...... w w ~ 01 0>
EXP. - - - - - -
NAME N N ...... N N ~
0 0) 0 01 01
Regenia 01/02/11 X X X X X X
Bailev
Matt 01/02/11 X X X X X X
Havek
Susan 01/02/11 X X X X X X
Mims
Key:
X = Present
o = Absent
DIE = Absent/Excused
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CITY OF IOWA CITY
MEMORANDUM
Date:
August 2, 2010
To:
Economic Development Committee
><<
Re:
Jeff Davidson, Director; Department of Planning and/7J~unity Development
Wendy Ford, Economic Development Coordinator ~
Agenda Item 3: Consider a recommendation on an amendment to an agreement for
private development between the City of Iowa City and Moss Green Development
Corporation
From:
At your June 15, 2010 meeting, you approved on a 2-1 vote (Bailey voting no) a
recommendation to the City Council to approve the proposed Moss Green Urban Village TIF
Development Agreement. This agreement is on the City Council's meeting agenda but has been
deferred indefinitely pending environmental clearances which need to be received from the U.S.
Army Corps of Engineers.
We have been contacted by the Moss Green project developer and asked to consider an
amendment to the development agreement. The developer would like to increase the not-to-
exceed expense from $13.7 million to $15.3 million. The developer has stated the following
factors:
. Adjustment of the construction cost estimate based on using local contractors and
suppliers.
. The increase in the expense to engineer and construct the project because of
requirements mandated by the U.S. Corps of Engineers for wetland mitigation and
consideration of environmental features on the site.
At your August 5 meeting we will walk through the specific cost factors leading to the request to
increase the expense estimate from $13.7 million to $15.3 million. To clarify, the only change
being requested is in the not-to-exceed amount which would be refunded to the developer
through the TIF agreement. The total economic development grants paid to the developer would
continue to be the lesser of:
a. 20 years of 50% of the tax increment collected; or
b. The actual cost of the minimum improvements; or
c. $15.3 million instead of $13.7 million
Please be prepared to consider a recommendation on this amendment at your August 5
meeting.
ppdadmlmem/ecodev821 Oitem. doc
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CITY OF IOWA CITY
MEMORANDUM
From:
August 2, 2010
City Council Economic Development Committee
Wendy Ford
ICAD funding request
Date:
To:
Re:
In March of 2006, the City of Iowa City entered into an Investment Commitment with the Iowa
City Area Development Group (ICAD) agreeing to provide $100,000 per year for the five fiscal
years ending 2007 through 2011. The $100,000 level was an increase from what had been
$50,000 for previous fiscal years ending 1991 through 2006.
ICAD leadership anticipated commencing a new campaign earlier this year, however, due to
continued strained economic conditions and other regional funding campaigns, decided to
request one year extensions of their prior investment commitments.
Staff recommends that the one year extension be granted.
Joe Raso, President of the Iowa City Area Development Group will be in attendance at your
meeting on August 5th to discuss the request outlined in the following letter and to answer your
questions.
325 East Washington Street, Suite 100 I Iowa City, IA 52240-2567 I 319-354-3939 I FAX: 319-338-9958 I www.lowaCityAreaDevelopment.com
____ ___._...____ _____._ n___.____._._____ '_____n__....___"'___ -.---- ---------
Iowa City Area Development Group
July 13, 2010
Dale Helling
City of Iowa City
410 East Washington Street
Iowa City, IA 52240-1825
As an Iowa City Area Development Group board member, we need your help in continuing our
Creating Advantage Investing For Results campaign for one more year. By extending your
annual pledge of $100,000 through FY2012, you further the vision of this organization to create and
grow companies, wealth and quality jobs in the Iowa City area.
Since the beginning of this campaign, ICAD Group has provided significant assistance with 29
projects, totaling more than $192 million in new capital investment. We have helped new and existing
companies create/retain more than 2,650 jobs with total earnings of nearly $110 million annually.
Our recent strategic planning session produced an aggressive and pioneering course of action to
guide ICAD Group into its third decade. This innovative model of regional development requires:
. new, in-depth industry sector research in five strategic areas
. further exploration on creating a unique space where ideas can be shared and knowledge
transformed into economic opportunity
. ongoing enhancements to our proactive development programming including our Certified
Shovel Ready Sites Program and workforce initiatives
Please complete and return the enclosed pledge form by July 30, 2010, acknowledging City of Iowa
City's investment in the continued growth of the Iowa City area.
Thank you for being such an important influence on our past success. We value your partnership
and investment in our organization and your commitment to enhancing the economic vitality of our
region through your support of the Iowa City Area Development Group.
Sincerely,
ScJr K' ~
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Joe Raso, President
Iowa City Area Development Group
Scott Fisher, Chair
Iowa City Area Development Group
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CITY OF IOWA CITY
MEMORANDUM
Date: July 30,2010
To:
City Council Economic Development Committee
r1f
From:
Jeff Davidson, Director of Planning & Community Development
Re: Economic Development Project Update
Ongoing discussions with our partners in the development community indicate that access to
financing for development projects remains difficult. Although we are encouraged by positive
indicators showing general economic recovery, lending for commercial and residential projects
in our local economy continues to be tight. In this economic climate it is important for public
sector investment in economic activities to be done carefully and shrewdly, but it is imperative
that it occur. As is indicated in the information which follows, in this economic climate the public
sector has the ability to use public money to stimulate private investment.
Following is an update of ongoing economic development activities that the City of Iowa City is
involved in. These eight projects are highlighted because of their ability to have substantial
impact on our local property tax base.
1. Expansion of Southeast Industrial Park
After working through several environmental issues on our new 173-acre industrial property, we
are ready to take the preliminary plat to the Planning and Zoning Commission. When the
platting has been approved by the City Council we will have the ability to sell individual building
lots for industrial development.
The delay in platting the property has not curtailed our marketing efforts. Our partners at ICAD
continue to provide information packets to interested parties, in particular to the wind power
industry. The global economic malaise has significantly impacted the wind power industry. ICAD
is in contact with several wind power related companies that are evaluating location decisions.
They have also provided information to general industrial prospects.
We are currently completing an application to the Iowa Department of Transportation for a grant
which would assist us in constructing the rail infrastructure for the industrial park. We are also
putting the finishing touches on the shovel-ready site certification which we hope to achieve
shortly. This certification will streamline the process by which interested companies contact the
state of Iowa or ICAD and proceed through their evaluation process.
2. Moss Green Urban Village
In June the formal groundbreaking was held for the Moss Green Urban Village development
project. This project will create an office research park with a mix of uses on property west of
Pearson in northeast Iowa City. This project is currently awaiting sign-offs by the U.S. Army
Corps of Engineers on wetland and environmental issues which are required before we can
proceed with the necessary approvals from the City. Once approvals have been secured from
the Corps and a revised plat and wetland mitigation plan have been reviewed by the Planning
July 30,2010
Page 2
and Zoning Commission, the final reading of the rezoning for the property, the preliminary plat,
and the resolution authorizing the development agreement which will enable TIF rebates to be
used to reimburse the developer for infrastructure improvements will be forwarded for the City
Council's consideration and approval.
The developer is actively marketing the project and has indicated a great deal of interest in the
property.
3. Single Family Residence New Construction Program
This project is not in itself an economic development initiative, but it has a significant impact on
our local property tax base. You are aware that the focus of our flood mitigation effort has been
on the buyout of properties which are located in flood hazard areas along the Iowa River. This
has resulted in the ongoing acquisition and demolition of approximately 94 residential
properties. This is approximately $23 million in residential taxable value.
We are fortunate that the state has established a replacement housing program to supplant our
lost residential taxable value from buyouts. The initial round of the program granted us funds for
40 single-family homes. These homes have been constructed in non-flood hazard areas
throughout Iowa City, and most are presently occupied.
We have received approval for an additional 37 single-family residential units in the second
round of funding. Construction of these homes is just commencing. The state has indicated that
there is likely to be one or two more rounds of funding and that we are a good candidate for at
least the remaining 11 units. Hopefully, we can exceed 94 new residential units by the time the
program is completed.
It is great news that we have been able to replace the property tax base of the bought-out
homes and provide new housing stock in non-flood hazard areas throughout Iowa City.
4. Music School/Hieronymus Square
The University of Iowa is expected to go to the State Board of Regents in August and announce
that property acquisition issues have been resolved for the new Music School/Clapp Recital
Hall/Hieronymus Square multi-use development project. Although the University's construction
of the Music School and Clapp Recital Hall facilities will not be property tax producing, it will
spur the construction of the Hieronymus Square multi-use development project on Block 102
adjacent to the Court Street Transportation Center.
We anticipate that the entire multi-use project will create new commercial and residential
property tax generation approximately equal to what was envisioned for the original stand-alone
Hieronymus Square project. The City has a substantial role in this project in terms of providing
two needed parcels of property, an agreement for parking in the Court Street Transportation
Center, and the possible use of TIF property tax rebates to facilitate construction of the non-
University portion of the project. This project is consistent with the City Council's desire to
expand arts and entertainment venues in downtown Iowa City.
5. Downtown Business Incubator
We have completed the Downtown Business Incubator Feasibility Study which was funded
through a $60,000 grant from the Economic Development Administration. We are expecting to
receive the final report from the consultant within the next few weeks. The report lays out a
roadmap for construction of a co-work type downtown business incubator which would provide
business incubator services in a niche not currently provided by the existing business incubators
July 30, 2010
Page 3
in the community. Potential sites have been identified with the associated cost figures and
possible revenue streams for getting up and running.
We will bring a proposal to the City Council for moving forward during FY12 budget discussions.
6. Multi-use Parking Facility on former St. Patrick's Parish Hall Property
We remain in the negotiating stage with two private sector partners who have expressed
interest in locating in our proposed facility. These are multi-million dollar location decisions, so
they involve great deliberation. We have also been awaiting the University's announcement
regarding the Music School/Hieronymus Square project, which is approximately 1'V2 blocks from
our site.
We are prepared to commence design and engineering services this fall with construction
starting during calendar year 2011. Our goal is to create at least 30,000-60,000 square feet of
taxable commercial or residential space on a property which has not generated property taxes
since at least the 1920s. Additionally, we expect 600 new parking spaces to be a catalyst for
further private development in the area.
7. Towncrest
Our Towncrest redevelopment initiative continues to move ahead. We are focused on getting
the overall master redevelopment plan and streetscape design plan prepared. We want to be
ready for private investment once the economy improves. We are currently establishing an
urban renewal area which would allow the use of TIF funds for reinvestment in the area. We
have recently completed a business development analysis which outlines several catalyst
projects for spurring redevelopment in the area.
The general redevelopment model for Towncrest involves higher density development than
exists currently. There will be a mix of residential, office, and commercial retail uses. We have
recently entered into two contractual arrangements: one is with RDG Associates for completion
of a streetscape design plan for the area. We commenced a public input process for the
streetscape plan on July 28, which was well attended by businesses and residents of the area.
This plan will lay out the City's intentions for the public realm and building facades in the area.
We have also entered into a contractual arrangement with the National Development Council.
Their work will begin August 2 and will involve coalescing developers, property owners, and
lenders to enable specific redevelopment projects to move forward. We may also have some
public projects that would be funded by the City for your consideration in the upcoming FY12
CIP process.
8. Riverfront Crossings
We are currently entering into our second contractual arrangement with the Environmental
Protection Agency for consultant services related to the Riverfront Crossings initiative. This
second planning grant will enable us to do a more specific design plan for a Riverfront
Crossings subarea. We also have several other initiatives for the Riverfront Crossings area:
. Design and engineering is proceeding on relocation of the North Wastewater Treatment
Plant. This will eventually include cleanup and redevelopment of the resulting brownfield
site.
July 30, 2010
Page 4
. Johnson County is preparing to demolish the old National Guard Armory. Specific plans
for the property have not been developed. but there are a couple of interesting ideas out
there.
. We are working with the Iowa Department of Transportation and the Chamber of
Commerce on the application for grant funds which would enable Amtrak service to be
extended between Chicago and Iowa City. I attended a meeting with Amtrak in Chicago
on July 22 on adaptive re-use of our old railroad station for the proposed service.
. We have submitted a TIGER II / HUD Community Challenge grant for the Riverfront
Crossings - River Landing Passenger Rail Corridor Land Use Plan. This is a joint project
with Coralville and the University of Iowa which would create a more specific land use
plan for the area along the planned light rail transit service line.
Please bring any questions to the August 5 EDC meeting.
cc: City Council
Dale Helling
Wendy Ford
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