MILLWORK DISTRICT REVITALIZATION

MILLWORK DISTRICT REVITALIZATION. One of the largest renovation projects ever undertaken in Dubuque, the Millwork District Revitalization program was aimed at returning the building historically associated with the lumber/millwork business in Dubuque to useful condition.

In addition to private funding, public options were used:

Federal $5.6 TIGER grant, U. S. Department of Transportation, used to overhaul streets, infrastructure, and underground utilities. $100,000 grant, National Endowment for the Arts to support local arts initiatives $8 million intermodal grant, Federal Transit Authority, for the Intermodal Transit Center and parking garage and other public transit needs. $400,000 Environmental Protection Agency Brownfield Assessment $11.2 million: Historic tax credit $27.5 million: New market tax credit

State $10.2 million Community Development Block Grant, Iowa Economic Development Authority to renovate the Caradco Building (Schmid Innovation Center) $2.2 million Community Development Block Grant, IEDA to renovate the Linseed Oil Paint Works Building $150,000 Iowa Great Places Grant, Iowa Department of Cultural Affairs to install park benches, trash receptacles, and streetscape amenities $14 million: Historic tax credit $1 million: Brownfield/Grayfield tax credit

City $2.17 million in local funds applied to the Complete Streets project $1.48 million: The city can provide $10,000 per-unit development incentive for new apartment complexes downtown. A total of $720,000 was set aside for the Caradco Lofts in the Schmid Innovation Center and $760,000 for the Novelty Iron Works Building, based on the number of planner apartments. Future projects would also be eligible for this incentive. $70,000 Architecture and Engineering, Facade Improvement and Financial Planning grants: Both the Schmid Innovation Center and Novelty Iron Works Building received grants to assist with project management and facade improvement. Each requires an equal or great contribution from the developer. $2.5 million: Gronen Properties received a 15-year Tax Increment Financing Incentive from the city for renovations to the former Caradco Building. The total value of the incentive depended on unknown variables including tax rates, assessed value of the property and future tax law that could afect rollback rates. $2.5 million: The Warehouse Trust, LLC., received a 15-year TIF incentive from the city for renovations to the Novelty Iron Works Building. The TIF incentive would be affected by the same variable as those applied to the Gronen Properties.

See: SUSTAINABILITY