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Dubuque approves TIF rebate, $30,000 grant for Fitzgerald Enterprises to create three downtown rental units
Summary
The council adopted a development agreement enabling Fitzgerald Enterprises to invest about $500,000 to create three rental units and rehabilitate commercial space; the package includes a downtown housing grant up to $10,000 per unit and a 15-year TIF rebate estimated not to exceed $150,000.
The Dubuque City Council on May 5 adopted a development agreement with Fitzgerald Enterprises LLC that will fund downtown housing creation and commercial rehabilitation, voting 7-0 to approve a package of a city grant and a tax-increment financing (TIF) rebate.
Economic Development Director Jill Connors told the council the agreement calls for the developer to "make a capital investment of approximately $500,000 to create 3 new residential rental units and rehabilitate the commercial space to support a food service industry tenant." Connors said the city will provide a downtown housing creation grant of up to $10,000 per unit (up to three units) and a 15-year TIF incentive delivered as semi-annual rebates estimated not to exceed $150,000.
Council members voiced support for rehabilitating an older building and for the city's approach to housing incentives. Councilmember Danny Sprank said he was "all in support of this. Mr. Fitzgerald's taking a building in my neighborhood that is in that was in dire need of attention, and he's doing some phenomenal work with it." Councilmember Susan Wessel said the incentives are designed to prioritize housing creation over short-term rental conversions: "we are not incentivizing products, and residences that will be turned over to Airbnbs. And I think that's really important for our, our residents because our whole goal is to create housing, not to create Airbnbs."
City staff estimated the TIF rebate will not exceed $150,000 and the downtown housing grant would total no more than $30,000. The agreement requires typical development conditions and reporting; staff recommended adoption and the council approved the resolution by roll call: Sprank, Jones, Roussell, Farber, Wethal, Cavanaugh and Resnick voted aye; motion passed 7-0.
Councilmembers described the measure as an example of supporting smaller-scale downtown rehabilitation and expanding housing supply in the core.
