Q: Why is initial fund raising target $3.5 Million?
A: Interaction with the State Legislature so far indicates that even with substantial partnering by the State in the effort to rebuild the dam, they will not cover the entire cost. Approximately 30% of the currently estimated $10 Million total project cost is a good target for the private funds portion of the project. We expect and plan to raise more than the $3.5 Million, and our target could formally change as events change or unknowns become knowns.
Q: How much should I Pledge towards this effort?
A: A pledge of 5%-10% of your pre-flood assessed property value is a suggested pledge commitment, with 10% of that amount made as a cash donation up front or 1/3 up front with the Scheduled Payment Program. Obviously, if you can contribute more that is fantastic and will be recognized and rewarded.
Q: I have heard we may obtain the ability to further tax ourselves through pending legislation pertaining to the 357E Lake Delhi Taxing District. If this happens, why do we need to do this type of fund raising?
A: Even if the legislation is passed that enhances the tools for our Lake Taxing District to raise more money, this process will take some time, and time is our enemy right now in order to get the lake restored quickly. We have chosen to utilize the Pledge Commitment + 10% of pledge in immediate cash donation approach to address the possibility of alternative sources of funding coming in greater or faster than anticipated. If this were to happen, your Pledge commitment would be reduced.
Q: What if we receive a large amount of State Funding, do we still need these private donations?
A: Yes. Even with the State partnering to help rebuild the dam and restore Lake Delhi, they will not pay for it all. Regardless of what type of public assistance becomes available, local funding will need to happen.
Q: How long do I have to fulfill my Pledge Commitment?
A: The time range of completely fulfilling your Pledge Commitment is estimated to range from 4 months to 18 months, depending on the progress of the project. This is an estimate, and likely to be closer to 12-18 months.
Q: Can I finance my pledge donation to spread out the payments?
A: With the Pledge commitment approach, we are allowing your donation contribution to be spread out to coincide with progress on the dam reconstruction project. We are talking to some local banks about possible individual financing programs for your donation, and will keep you posted via our website.
Q: Who is CFGD?
A: CFGD is the Community Foundation of Greater Dubuque, a highly accredited Eastern Iowa Foundation. For more information, you can go to dbqfoundation.org
Q: Where does the 3 cents for each dollar I contribute go towards?
A: 97 cents of each dollar you donate goes directly toward rebuilding the dam. 3 cents of each dollar covers the cost of the CFGD Foundation to track, administer, and keep your money safe. Also utilizing CFGD allows us to raise a substantially higher amount of money due to their ability to attract donors and provide Grant access and expertise. Additionally, the Community Foundation of Greater Dubuque provides us with many sophisticated tools and significant expertise with respect to being able to accept donations via IRA Distributions, Property or Asset Donations, and other creative means for making gifts to the Community Fund to Rebuild Lake Delhi. The 3 cents is insignificant compared to the increased level of donations we can achieve and has already been proven out so far in our fund raising effort.