[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6353228,"mediaKeyId","2221525-149432adba7d64d2dfad93b36688b633","parentId",2221525,"title","City reports $2,053,691 recovered from Dubuque Bank & Trust; council expands investment and cash-management oversight","audioSeconds",167,"startMs",3396000,"endMs",3563000,"viewUrl","/Search/View?dp=1&key=2221525-149432adba7d64d2dfad93b36688b633&start=3396&end=3563","thumbnailUrl","https://assets.pipeline.soar.com/2221525-149432adba7d64d2dfad93b36688b633/thumbnail_3396000.jpg","articleUrl","/articles/6353228/Dubuque-City/Dubuque-County/Iowa/City-reports-2053691-recovered-from-Dubuque-Bank-Trust-council-expands-investment-and-cash-management-oversight","mediaUrl","https://secure.pipeline.soar.com/6353228-af6672a03cc53330edb4624372602a2f/orig.mp4?Expires=1771203039&Signature=Z2u7As2I7kVNJRf9VcXmYUqK4282B2RxnB860W9x~Ra1A2dUJcddiJvgC9S8NnnEtjfGZRu3WVLwbQP0Shodxb098j0TxeZ96~4l9ZPW78EuVvRVsRgKPZmgh0-bATMA6BoyNchRdWNmt4boHps9L~jL0LCTMv3Rt~~V-hClSV1RsNGNQBY3WJbH22cKPUU5YcGwxOvvU6T9HGlnCMF7m4uyl1Y6y0hRPGUHF6ySVrcxnGYzcG2HeldiiYT9T2abHobi14-EfzHbrPC4Qtzo3nlAmft3LvZLMnWlAa74LtVC8SM3GZu52lzbfBaEUN8PXxDgkGxLWDPWwcP0lpQtSA__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Dubuque Government","date","2025-01-06T00:00:00Z","article","The Dubuque City Council on Monday received a staff report that Dubuque Bank & Trust (DB&T) paid $2,053,691 in interest earnings after a review of a 2007 banking services agreement covering city accounts.

City staff said the discrepancy was identified during a recent competitive banking selection process. According to the staff summary, DB&T had previously paid a fixed interest rate during a period of Federal Reserve rate decline but did not adjust the city's rate upward once rates rose. City finance staff and DB&T conducted an analysis and resolved the discrepancy; DB&T paid the city $2,053,691 in corrected interest earnings.

Chief Financial Officer Jennifer Larson and city staff described steps to reduce the risk of similar oversights: assigning a finance staff member to closely monitor accounts and rates, amending the Investment Oversight Advisory Commission’s charter to add cash-management responsibilities, and scheduling quarterly meetings between DB&T and city finance staff to review accounts and opportunities.

The council received and filed the press-release summary on the payment by voice and later unanimously approved an ordinance amendment renaming the Investment Oversight Advisory Commission as the Investment and Cash Management Advisory Commission and expanding its purpose and powers to include review of internal cash-management practices and external agreements (for example, banking services agreements, U.S. Treasuries and certificates of deposit) for compliance and recommended changes.

Mayor Brad Cavanaugh and several council members praised staff work and DB&T’s prompt cooperation. The council voted 7-0 to receive and file the DB&T report and later voted 7-0 to waive three readings and give final passage to the ordinance amendment.

City staff said the $2,053,691 will generally be budgeted as one-time revenue through the Fiscal Year 2026 capital improvement program process, with final allocation decided by the council during the April 2025 budget process. Staff identified finance staff (Jennifer Larson, finance manager Brian DeMoss and purchasing and risk management coordinator Tony Breitbach) and the city attorney’s office as key participants in the review and resolution.","mediaType","Video","parentTitle","City of Dubuque Council Meeting | January 6, 2025","oneSentenceSummary","The council received and filed a staff report that Dubuque Bank & Trust paid $2,053,691 in interest earnings owed under a 2007 banking services agreement, and council amended the city code to expand the Investment Oversight Advisory Commission's duties to include cash management and external banking agreements.","taxTitle","Dubuque City, Dubuque County, Iowa","taxId",4967,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6353231,"Council approves proceedings to issue up to $24.25 million in general obligation bonds for capital projects",664,1901000,2565000,"/Search/View?dp=1&key=2221525-149432adba7d64d2dfad93b36688b633&start=1901&end=2565","https://assets.pipeline.soar.com/2221525-149432adba7d64d2dfad93b36688b633/thumbnail_1901000.jpg","/articles/6353231/Dubuque-City/Dubuque-County/Iowa/Council-approves-proceedings-to-issue-up-to-2425-million-in-general-obligation-bonds-for-capital-projects","https://secure.pipeline.soar.com/6353231-dac276327343698eae53c841a0dd486e/orig.mp4?Expires=1771203039&Signature=JZ0UpY4MC5hw5o~qf4jQnO2p1g7egnG4q1uLePoEbkW1NPy8aKUQDSyRezhYrjLhddT5rsnP4I-BqONdcguLre1JPmpfRSM9Ffs1i8Hq-w5SvIzHXWl03SkMMWUHzKDZ-9bwtn3z~-obVVCeiKLVcWxaExUrmfRlC58F6UvW3X46qSZRR87b7iH4uKD8JOM5C4QwUNU2jmt~QrMD6JPJDcr4Y7GsZAxbXGL7NkBq8tQdeLPxYFv4MquHkUeetvNRYF-q9dqwhZK0msmjGcJ4zHIPKRorO2qTvgom7vacQCBxFmJLL0nuJLDYNE~0xmmUV-ZDOSmA9vufuSA2ok0EAg__&Key-Pair-Id=KUT5TJCACFTXG","The Dubuque City Council on Monday approved proceedings to issue not to exceed $24,250,000 in general obligation bonds, clearing the next procedural step toward a scheduled March bond sale.

Chief Financial Officer Jennifer Larson outlined that approximately $23.64 million of the proposed issuance is intended to fund projects already approved in the city budget, including fire truck and ambulance replacements, fire equipment and station improvements, solid waste collection vehicles, airport taxiway improvements, parking ramp maintenance, federal building renovations, the Iowa Amphitheater project on Schmidt Island, ice-arena dehumidification and other capital repairs and upgrades. The remaining $610,000 is budgeted for bond issuance costs and a contingency to cover potential interest-rate fluctuations and other transaction costs.

Larson said the issuance will be marketed after Moody's Investor Service provides a credit rating; the city expects a Moody’s rating release on Jan. 23 and plans an electronic bid sale on March 3 with closing the same day. She told the council bond bids received on March 3 will determine final interest rates and that the results would be returned to the council that evening.

Although the bonds are general obligation in form, Larson said repayment sources for the issues will include local option sales tax, the refuse collection fund, the Dubuque Racing Association and the greater downtown tax increment financing district, depending on the portion of proceeds used.

Council members asked whether the issuance would change the city's bond rating. Larson reported a preliminary Moody’s review indicated the city’s financial ratios and debt load are favorable, and staff expected affirmation of the current double-A2 rating. City Manager Van Milligen and council members asked staff to include summary materials about the city's longstanding debt-reduction policy when the official statement is brought forward.

The council approved the proceedings on a 7-0 roll call. Staff will return with the official statement for approval in late January or early February and proceed to sale in March if timelines hold.","The council voted 7-0 to take the prescribed steps to issue up to $24.25 million in general obligation bonds; proceeds will fund a list of municipal capital projects and will be repaid from specified local revenue sources.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6353236,"City approves property exchange with Tyson's Warehouse LLC to support roadwork and Tyson expansion",235,1665000,1900000,"/Search/View?dp=1&key=2221525-149432adba7d64d2dfad93b36688b633&start=1665&end=1900","https://assets.pipeline.soar.com/2221525-149432adba7d64d2dfad93b36688b633/thumbnail_1665000.jpg","/articles/6353236/Dubuque-City/Dubuque-County/Iowa/City-approves-property-exchange-with-Tysons-Warehouse-LLC-to-support-roadwork-and-Tyson-expansion","https://secure.pipeline.soar.com/6353236-767e18fd239d98e2f81c08f99187c472/orig.mp4?Expires=1771203039&Signature=W2BL22U-M8QzkolStbEpJ79ExNMYX8M-P-nmtbEomkoS2JlJ10PzeAR1gr3vI32TItKyTRSpKDx39J5zWCCmE0g4YhpzE2K~TcbBd3W2T6znNmv9ypkVzOwm1JjsH94VFvvKf4H4ViLf6VYpswZjMLUD8gBsfkSY3A3COQO3BA1U4f6PUudZENY38TiEcY5PP3TfjIvZ0fb4Xn7GdDVjSLg-uLCQlaUMjPgvpjr5k599WCdXzsi21~VVrwu3sMpYDTE3rj32MB~UhXmIZEHm0BihWeYwXxg9Md8QF~Q04R0ZLhK9gpYMrosU9oWDemyvPa0hHmQM5y928vYwh9Tvww__&Key-Pair-Id=KUT5TJCACFTXG","The Dubuque City Council voted 7-0 to approve a purchase agreement with Tysons Warehouse LLC that swaps city-owned land for a portion of Tyson's expansion property and sets terms for grading and future road improvements.

Under the agreement, the city will convey a 2.54-acre parcel adjacent to the Butte Industrial Center West to Tysons for $1; Tysons will convey a 0.74-acre portion of its expansion area to the city for $1. The city will complete a mass-grading project on both parcels at no cost to Tysons and will take possession of the graded fill for use in grading South Heacock Road and a future development pad. The grading project must be completed within five years of closing. A city-funded roundabout is planned adjacent to the 2.54-acre parcel; the city agreed to hold Tysons harmless for property damage arising from that construction.

Economic Development Director Jill Connors presented the terms and explained that staff negotiated the swap to facilitate additional right-of-way and infrastructure work immediately east of the parcels. Connors said staff will request funding for the grading project in a future capital improvement program budget because current TIF flows are not yet known.

There were no public comments at the hearing, though later in the public input period Rick Dickinson, president of the Greater Dubuque Development Corporation, thanked Tysons for its partnership and praised the agreement during general public input.

The motion to adopt the resolution passed on a roll call: Jones, Sprank, Resnick, Farber, Cavanaugh, Wethal and Roussell voted aye. The agreement sets a termination date of the June 30 following completion of the mass-grading project.","Council approved a purchase-and-exchange agreement that conveys a 2.54-acre city parcel to Tysons Warehouse LLC for $1 in exchange for a 0.74-acre expansion area conveyed to the city; the city will grade parcels and take possession of fill, and grading must be completed within five years.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6353241,"Council approves Habitat for Humanity development, authorizes up to $500,000 in TIF rebates",293,1371000,1664000,"/Search/View?dp=1&key=2221525-149432adba7d64d2dfad93b36688b633&start=1371&end=1664","https://assets.pipeline.soar.com/2221525-149432adba7d64d2dfad93b36688b633/thumbnail_1371000.jpg","/articles/6353241/Dubuque-City/Dubuque-County/Iowa/Council-approves-Habitat-for-Humanity-development-authorizes-up-to-500000-in-TIF-rebates","https://secure.pipeline.soar.com/6353241-7cca2bda29fde350e9f392e7a116d9eb/orig.mp4?Expires=1771203039&Signature=FmbJvJpgJoZO4uSCvdUbpRvxpt7IFJrDYSui0VetWq9SB9zd5mRHvNW624BpR2TnF7-h4rWZyxoVDesXdG0YvTNfibKnKl16xDErTxAmNnpMI2HDEz24SkDT68J1pDTb3UmuzeSJ4uwNJ8Kr7HlrKcDQIMWbXXBOIXJFG1oDZ8jrHkOAny7RESdNjb43yKYJmoKvxkyDbgXPbxjzu8Tn7l~RF7E9ZTMuzkCshC681RhZtIp9dDTpe9kkuvrcf3cOEOLojZsLadjpndRfEP-8FhG3qQNME6b60SKDck9i6fG5jSweDEJR1~pvMfd53q3BUu~5W7QN84sl5ldAbf3bwA__&Key-Pair-Id=KUT5TJCACFTXG","The Dubuque City Council on Monday adopted a development agreement with Dubuque and Jackson County Habitat for Humanity to build 14 single-family homes in the Mount Pleasant Place urban renewal area.

The agreement, approved by a 7-0 roll call, requires the developer to construct 14 single-family homes, two detached garage structures, 15 covered parking spaces and 18 surface parking spaces by Dec. 31, 2028. The city agreed to provide 15 years of tax-increment financing (TIF) rebates not anticipated to exceed $500,000 in total, and the developer must accept applications from otherwise-qualified prospective tenants who hold Housing Choice Vouchers.

The project will be constructed in phases; the agreement anticipates a phase 1 delivery of six low- and moderate-income units. City staff said the parcel sits within the Mount Pleasant Place urban renewal area, which the council previously designated as an economic development area.

City Manager Van Milligen and Economic Development Director Jill Connors presented staff recommendations and described the project as a means to increase the local housing supply and support workforce needs. Councilmember Resnick asked whether TIF had been used previously for housing incentives; staff responded that the city adopted a package of housing incentives after a study showing a shortage of housing and that roughly 2,400 units have been built or are planned since those incentives were adopted.

The council asked for and received clarification that most recently proposed projects leveraged incentive packages, though not every housing project used TIF. The council took no additional conditions beyond those in the development agreement.

The measure passed on a roll call vote: Jones, Sprank, Resnick, Farber, Cavanaugh, Wethal and Roussell all voted in favor.

The approved agreement requires the developer to complete the work by the end of 2028 and to provide for parking and garage structures as specified. The city will deliver TIF rebates on a semiannual basis up to the stated maximum. Future enforcement and monitoring responsibilities will be handled by city staff under the terms of the agreement.","The Dubuque City Council voted 7-0 to approve a development agreement with Dubuque and Jackson County Habitat for Humanity for a 14-home project in the Mount Pleasant Place urban renewal area, including up to $500,000 in 15-year tax-increment financing rebates and a requirement to accept qualified Housing Choice Voucher applicants.","actionData","errors"]

Article not found

City reports $2,053,691 recovered from Dubuque Bank & Trust; council expands investment and cash-management oversight

Council approves proceedings to issue up to $24.25 million in general obligation bonds for capital projects

City approves property exchange with Tyson's Warehouse LLC to support roadwork and Tyson expansion

Council approves Habitat for Humanity development, authorizes up to $500,000 in TIF rebates