Release of Mortgage_Security Partners, LP, 800 Main St. Copyrighted
February 5, 2018
City of Dubuque Consent Items # 23.
ITEM TITLE: Signed Contract(s)
SUMMARY: I IW, PC Technical Services Task Order No. 17-03 for the
17th Street/W. Locust Street Storm Sewer Improvements
Project; I IW, PC Technical Services Task Order No. 18-01
for 22nd St./Kaufmann Ave. Storm Sewer Improvement
Project; Pillar Design Studios, LLC for Dubuque Skate Park
Designer and Landscape Architect; Releases of Mortgage
for Duaine Greenfield (190 Main St.); Hartig Realty I I,
LC (703 Main St.); Don Junk (65-73 Main St.); Security
Investments, LLC (800 Main St.); Security Partners, LP
(800 Main St.); and Town Clock Building Co. (823-835 Main
St.).
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
II W, PC Technical Services Task Order No. 17-03 Supporting Documentation
II W, PC Technical Services Task Order No. 18-10 Supporting Documentation
Pillar Design Studios, LLC ContacVBond Supporting Documentation
Release of Nbrtgage- Duaine Greenfield Supporting Documentation
Release of Nbrtgage- Hartig Realty I II, LC Supporting Documentation
Release of Nbrtgage- Don Junk Supporting Documentation
Release of Nbrtgage- Town Clock Building Co. Supporting Documentation
Release of Nbrtgage- Security Investments, LLC Supporting Documentation
Release of Nbrtgage- Security Partners, LP Supporting Documentation
�l1bUGll2 Emnomic Development Department
THE CITY OF �, so west 13b street
AI4A�eiwGry Dubuque, lowa 52001-0564
�UB E 'I����I�' o�ce,s63,s��93
TTV(563)690b6]8
http://www.dryofdu buqu e.org
Masterpiece on the Mississippi ?�°;.i�;;
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Release of Real Estate Mortgages to Security Partners, L.P. and Security
Investments, LLC on the Property at 800 Main Street
DATE: January 19, 2018
INTRODUCTION
The purpose of this memorandum is to inform you of final loan payments and to request
your signature on two releases of mortgage.
BACKGROUND
Security Partners, L.P. obtained a $300,000 Downtown Rehabilitation Loan from the
City on November 13, 1998 (Loan #3-98) to help finance window replacement and the
creation of 57 jobs at 800 Main Street. The loan was secured by a mortgage
(Instrument#18110-98) on the property, also known as the Security Building.
A second $300,000 Downtown Rehabilitation Loan (Loan #1-07) was entered into by
Security Investments, LLC on November 19, 2007, secured by a mortgage (Instrument
# 2008-00001182) on the same property.
Both mortgages have since been assigned to Cottingham & Butler, Inc.
DISCUSSION
According to the Finance Director Jean Nachtman, Loan #1-07 was repaid in full on
January 28, 2013 with a payment of $110,000.00, and Loan #3-98 was repaid in full on
September 27, 2017 with a payment of 21,405.94.
RECOMMENDATION/ ACTION STEP
I request that you sign the attached hnro Releases of Real Estate Mortgage on the
property at 800 Main Street.
cc: Maurice Jones, Economic Development Director
Jean Nachtman, Finance Director
i iieiiii iiioii iii iiiii ieiii iiiii iiiis iiiii iiiii iiiii oiiii isiii iiiii iiiii iiai iiii
Doc ID: 008769240001 Type: GEN
Kind: RELEASE OF MORTGAGE
Recorded: 01/19/2018 at 03:37:31 PM
Fee Amt: $7.00 Paqe 1 of 1
Dubuque County Iowa
John Murphy Recorder
File20 1 V�Vo00o I I �
Prepared by and return to: Jill Connors, Economic Development Department, 50 W. 13th Street,
Dubuque, IA 52001, (563) 589-4393
i
RE: CITY LOTS 29, 30, AND S 1/3 OF CITY LOT 31 (800 MAIN ST)
RELEASE OF REAL ESTATE iVIORTGAGE
The City of Dubuque, lowa, Economic Development Department, the present owner of the Real
Estate Mortgage hereinafter described and encumbering the above-described real estate, hereby
acknowledges that said Real Estate Mortgage, bearing date of the 13t"of November,1998, made and
executed by Security Partners, L.P., mortgagor, to the City of Dubuque Economic Development Department,
mortgagee, and recorded in the records of the office of the Recorder of the County of Dubuque, State of
lowa, as Instrument No. 18110-98 on the 16t"of November, 1998, is redeemed, paid off, satisfied and �
discharged in fulL �
Dated this�day of .� �p� ;
___����
City of Dubuque, lowa
By:
Mich el C. Van Milligen
City Manager
City of Dubuque
State of lowa )
) ss:
Dubuque County )
On #his �"� day of ��l , before me, a Notary Public, in and for the state of
lowa, personally appeared Michael C. Van illigen, to me personally known, and, who being by me duly
sworn, did say that she is the City Manager of the City of Dubuque, lowa; and that the instrument was signed
on behalf of the said City of Dubuque, lowa, by Michael C. Van Milligen, City Manager and that said Michael
C. Van Milligen, acknowledged the execution of the instrument to be her voluntary act and deed and the
voluntary act and deed of the City of Dubuque, lowa, by it voluntarily executed.
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