Development Agreement with 3000 Jackson, LC_Redevelopment of Dubuque Malting & Brewing Building_Initiate Copyrighted
May 21 , 2018
City of Dubuque Items to be set for Public Hearing # 1.
ITEM TITLE: DevelopmentAgreementwith 3000 Jackson, LC to
Redevelop Property at 3000-3040 Jackson Street (Former
Dubuque Malting & Brewing Building)
SUMMARY: City Manager recommending that the City Council set a
public hearing for June 4, 2018, on the Development
Agreement with 3000 Jackson, LC for the redevelopment
of property at 3000-3040 Jackson Street(former Dubuque
Malting & Brewing Building)to create between 110 and 120
apartments.
RESOLUTION Fixing the date for a public hearing of the
City Council of the City of Dubuque, lowa on the approval
of a Development Agreement between the City of Dubuque
and 3000 Jackson, LC, including the issuance of Urban
Renewal Tax Increment Revenue Obligations and providing
for the publication of notice thereof
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s), Set Public Hearing for June 4, 2018
ATTACHMENTS:
Description Type
3000 Jackson, LC Development Agreement-NNM City Manager Memo
Memo
Staff Memo Staff Memo
DevelopmentAgreement Supporting Documentation
Artist Rendering - Front View Supporting Documentation
Artist Rendering - Back View Supporting Documentation
Letter of Intent Supporting Documentation
Public Notice Supporting Documentation
Resolution Setting Public Hearing Resolutions
THE CTTY OF Dubuque
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DUB E 'il��i;'
Masterpiece on the Mississippi Z°°' Z°'Z
2013 2017
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Development Agreement with 3000 Jackson, LC to Redevelop Property at
3000-3040 Jackson Street
DATE: May 15, 2018
Economic Development Director Maurice Jones recommends the City Council set a
public hearing for June 4, 2018, on the Development Agreement with 3000 Jackson, LC
for the redevelopment of property at 3000-3040 Jackson Street (former Dubuque
Brewing and Malting building). The project commencement date is no later than
September 28, 2018, with the developer proposing to create at least 110 apartments by
August 2020.
Upon the recommendation of the Historic Preservation Commission, the City Council
established a Conservation District for the H&W property at 30th and Jackson Streets
on November 21 , 2005, in order to prevent the demolition of the historic buildings on the
property. A Conservation District is an area of the city composed of structures that have
historical or architectural value. In a Conservation District, the City Building Official
cannot issue demolition permits without the approval of the City Council.
Several buildings on this former Brewing & Malting Company campus in the 3000 Block
of Jackson Street have continued to fall into disrepair and have sat mostly vacant for a
number of years. There were no fewer than twenty-six (26) enforcement
actions/responses for the property between 2008 and 2016 including: inspections;
engineering reports; letters from City Building Services to the owner requesting repairs;
internal letters among City Legal, Public Works, and Engineering Departments;
municipal infractions; court orders; court settlements; notices of violation; and zoning
and court enforcement actions. In July 2016, part of one building collapsed.
In 2016, discussions began between the developer, Steve Emerson of 3000 Jackson,
LC and City Economic Development staff. A Letter of Intent was signed November 30,
2016 which contemplated $35,000 in Downtown Rehabilitation Grants, up to $500,000
in assistance for up to 50% of deconstruction costs, and 10 years of Tax Increment
Financing Rebates from the City. The developer returned an executed copy of the
Letter of Intent December 9, 2016, indicating the desire to proceed with the negotiation
of a Development Agreement.
In 2017, the developer purchased the properties at 3000 and 3040 Jackson Street with
the intention to create a mixed-use development. The developer has worked with
multiple City departments to ensure the plans are in compliance with all zoning and
other regulations. The developer also began needed deconstruction work on a part of
the building that had collapsed due to the buildings' poor condition at the time.
The key City obligations of the Development Agreement are as follows:
1 . Transition & Stabilization Grant for 50°k of deconstruction costs, up to $500,000,
funded from Greater powntown TIF cash balance;
2. $750,000 grant (maximum of 75-units x $10,000) through the Downtown Housing
Creation Program, $250,000 of which funded from Greater powntown TIF
commercial and industrial State of lowa property tax backfill payments not
budgeted in FY19, and the additional $500,000 from future Tax Increment
Financing (TIF) revenue off the first years of property tax increment from building
improvements;
3. Fa�ade, Design & Planning, and Financial Consultant grants totaling $35,000,
funded from previously issued bond proceeds; and
4. Tax Increment Finance rebates of property tax increases, funded from future TIF
revenue off the increment from building improvements. The first $500,000 in TIF
revenue will reimburse the City for the Transition & Stabilization Grant, with
continued TIF rebates to the developer for a full 10-year period after the City
receives the $500,000, which means the total number of years for TIF rebates
will exceed 10 years.
The Required Minimum Improvements by the Developers are:
1 . Phase I Residential Units. Developer shall improve the Property by creating not
fewer than 80 apartments for market-rate rental during Phase I of the Project,
which apartments may not be financed with Low Income Housing Tax Credits.
2. Phase II Residential Units. Developer shall improve the Property by creating not
fewer than 30 apartments for market-rate or affordable rental.
3. Phase I Parking. Developer shall improve the Property by creating not fewer
than 171 off-street parking spaces for tenants of the building.
4. Phase II Parking. Developer shall improve the Property by creating not fewer
than 23 off-street parking spaces for tenants of the building.
5. Phase II Retail Space. Developer shall create not less than 17,500 square feet
of retail space.
6. The Residential Units, Parking, and the Retail Space are referred to collectively
herein as the Minimum Improvements and shall be a capital investment of
approximately $30,000,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
���� ��
Michael C. Van Milligen
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MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Maurice Jones, Economic Development Director
3
Dubuque Economic Development Department
THE CITY OF �,, 5o West 13�^Street
AI4MEPeelity Dubuque,lowa 52001-4864
�,���N Office(563)589-4393
U B E 1 I I I I I TTY(563)690-6678
http://www.cityofd u buq ue.org
2007•2012
Masterpiece on the Mississippi Zo,3•Zo„
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Development Agreement with 3000 Jackson, LC to Redevelop
Property at 3000-3040 Jackson Street
DATE: May 8, 2018
INTRODUCTION
This memorandum is a request for the City Council to set a public hearing to be held on
June 4, 2018 regarding a Development Agreement for the redevelopment of the
property located at 3000-3040 Jackson Street.
BACKGROUND
Upon the recommendation of the Historic Preservation Commission, the City Council
established a Conservation District for the H&W property at 30�h and Jackson Streets on
November 21 , 2005 by Ordinance 63-05 in order to prevent the demolition of the historic
buildings on the property. A Conservation District is an area of the city composed of
structures that have historical or architectural value. In a Conservation District, the City
Building Official cannot issue demolition permits without the approval of the City
Council.
Several buildings on this former Brewing & Malting Company campus in the 3000 Block
of Jackson Street have continued to fall into disrepair and have sat mostly vacant for a
number of years. There were no fewer than twenty-six (26) enforcement
actions/responses for the property between 2008 and 2016 including: inspections;
engineering reports; letters from City Building Services to the owner requesting repairs;
internal letters among City Legal, Public Works, and Engineering Departments;
municipal infractions; court orders; court settlements; notices of violation; and zoning
and court enforcement actions. In July 2016, an internal collapse in the building was
reported to the City by a resident.
DISCUSSION
In 2016, discussions began between the developer, Steve Emerson of 3000 Jackson,
LC and City Economic Development staff. A Letter of Intent (LOI) was signed
November 30, 2016 which contemplated $35,000 in Downtown Rehabilitation Grants,
up to $500,000 in assistance for up to 50°k of deconstruction costs, and 10 years of Tax
Increment Financing Rebates from the City. The developer returned an executed copy
of the LOI December 9, 2016, indicating the desire to proceed with the negotiation of a
Development Agreement.
In mid-2017, the developer purchased the properties at 3000 and 3040 Jackson Street
with the intention to create a mixed-use development. The developer has worked with
multiple City departments to ensure the plans are in compliance with all zoning and
other regulations. The developer also began needed deconstruction work on a part of
the building that had collapsed due to the buildings' poor condition at the time.
The developer is proposing to create at least 110 apartments between the two buildings
by August 2020. The development also includes proposed retail/commercial space that
would serve both the buildings' tenants and the neighborhood.
The proposed Development Agreement provides for several incentives to encourage
the $30 million redevelopment of the property. The key elements are as follows:
1 . Transition & Stabilization Grant for 50°k of deconstruction costs, up to $500,000,
funded from Greater powntown TIF cash balance;
2. $750,000 grant (maximum of 75-units x $10,000) through the Downtown Housing
Creation Program, $250,000 of which funded from Greater powntown TIF
commercial and industrial property tax backfill not budgeted in FY19, and the
additional $500,000 from future TIF revenue off the increment from building
improvements;
3. Fa�ade, Design & Planning, and Financial Consultant grants totaling $35,000,
funded from previously issued bond proceeds; and
4. 10 years of Tax Increment Finance (TIF) rebates of property tax increases,
funded from future TIF revenue off the increment from building improvements.
The first $500,000 in TIF revenue will reimburse the City for the Transition &
Stabilization Grant, with continued TIF rebates to the developer for a full 10-year
period.
Additional terms and conditions of the disposition of the property are included in the
attached Development Agreement.
RECOMMENDATION/ ACTION STEP
2
Based on the critical need for downtown housing and the City's goal to assist in
redeveloping the downtown and North End areas, I recommend the City Council adopt
the attached resolution to set a public hearing on the Development Agreement with
3000 Jackson, LC for the redevelopment of the property at 3000-3040 Jackson Street.
3
Prepared by/Return to: Jill Connors, Economic Development. 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 151-18
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA ON THE APPROVAL OF A DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE AND 3000 JACKSON, LC, INCLUDING THE
ISSUANCE OF URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS,
AND PROVIDING FOR THE PUBLICATION OF NOTICE THEREOF
WHEREAS, the City and 3000 Jackson, LC have entered into a Development
Agreement, subject to the approval of the City Council, for the rehabilitation of property
located at 3000-3040 Jackson Street, a copy of which Development Agreement is now on
file at the Office of the City Clerk, City Hall, 50 W. 13th Street, Dubuque, Iowa; and
WHEREAS, the City Council has tentatively determined that it would be in the best
interests of the City to approve the Development Agreement with 3000 Jackson, LC; and
WHEREAS, the Development Agreement provides for the issuance of Urban Renewal
Tax Increment Revenue Obligations, as provided by Iowa Code Chapter 403;
WHEREAS, before said Obligations may be approved, Iowa Code Chapter 403
requires that the City Clerk publish a notice of the proposal and of the time and place of
the meeting at which the City Council proposes to take action thereon and at which
meeting the City Council shall receive oral and/or written objections from any resident or
property owner of said City to such proposed action.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City Clerk is hereby authorized and directed to cause a notice to be
published as prescribed by Iowa Code Section 403.9 of a public hearing on the City's intent
to approve the Development Agreement and the issuance of Urban Renewal Tax Increment
Revenue Obligations, to be held on the 4th day of June, 2018, at 6:00 o'clock p.m. in the City
Council Chambers at the Historic Federal Building, 350 W. 6th St.,Dubuque, Iowa. It is
expected that the aggregate amount of the Tax Increment Revenue obligations to be
issued will be approximately $1,822,000.
Section 2. The Clerk is hereby directed to cause at least one publication to be made
of a notice of said meeting, in a newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in said City, said
publication to be not Tess than four days nor more than twenty days before the date of
said meeting on the issuance of said obligations. The notice of the proposed action to
issue said obligations shall be in substantially the form attached hereto.
Passed, approved and adopted this 21st day of May, 018.
Roy D. BuoVlayor
Attest:
F:\Users\tsteckle\Lindahl\SLE Investments -3000 Jackson -Brewery Bldg\Reso setting hearing on 3000 Jackson DA_050818.docx
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
3000 JACKSON, LC
THIS DEVELOPMENT AGREEMENT (the Agreement) dated for reference
purposes the day of , 2018 is made and entered into by and between
the City of Dubuque, lowa (City), and 3000 Jackson, LC (Developer).
WHEREAS, Developer is the owner of the following described real estate (the
Property):
Phase I: LOT 1 DINOSAUR PLACE & LOT 2 DINOSAUR PLACE (3000 Jackson St)
Phase II: LOT 2-1 LIEBE'S SUB #3 (3040 Jackson St)
; and
WHEREAS, the Property is located in the Greater powntown Urban Renewal
District (the District) which has been so designated by City Council Resolution 90-17 as
a slum and blighted area defined by lowa Code Chapter 403 (the Urban Renewal Law);
and
WHEREAS, Developer has undertaken the redevelopment of a vacant building
located on the Property, will operate the same during the term of this Agreement, and will
make an additional capital investment in building improvements, equipment, furniture and
fixtures in the Property (the Project); and
WHEREAS, the Property is historically significant and it is in City's best interest to
reasonably preserve the Property; and
WHEREAS, pursuant to lowa Code Section 403.6(1), and in conformance with the
Urban Renewal Plan for the District adopted on May 18, 1967 and last amended on
December 4, 2017, City has the authority to enter into contracts and agreements to
implement the Urban Renewal Plan, as amended; and
WHEREAS, the Dubuque City Council believes it is in the best interests of City to
encourage Developer in the development of the Property by providing certain incentives
as set forth herein.
NOW, THEREFORE, the parties to this Agreement, in consideration of the
promises, covenants and agreements made by each other, do hereby agree as follows:
SECTION 1. REPRESENTATIONS AND WARRANTIES.
041318ba1
1 .1 Representations and Warranties of Citv. In order to induce Developer to enter into
this Agreement, City hereby represents and warrants to Developer that to the best of
City's knowledge:
(1) City has duly obtained all necessary approvals and consents for its
execution, delivery and performance of this Agreement and that it has full power
and authority to execute, deliver and pertorm its obligations under this Agreement.
City's attorney shall issue a legal opinion to Developer on or before the Project
Commencement Date confirming the representation contained herein, in the form
attached hereto as Exhibit A.
(2) The execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, and the fulfillment of or compliance with the
terms and conditions of this Agreement are not prevented by, limited by, in conflict
with, or result in a violation or breach of, the terms, conditions or provisions of the
charter of City, any evidence of indebtedness, agreement or instrument of
whatever nature to which City is now a party or by which it or its property is bound,
or constitute a default under any of the foregoing.
(3) There are no actions, suits or proceedings pending or threatened against or
affecting City in any court or before any arbitrator or before or by any governmental
body in which there is a reasonable possibility of an adverse decision which could
materially adversely affect the financial position or operations of City or which
affects the validity of this Agreement or City's ability to perform its obligations under
this Agreement.
(4) The representations and warranties contained in this Section shall be
correct in all respects on and as of the Project Commencement Date with the same
force and effect as if such representations and warranties had been made on and
as of the Project Commencement Date which representations and warranties shall
continue until the Termination Date.
1 .2 Representations and Warranties of Developer. The Developer makes the following
representations and warranties:
(1) Developer is a limited liability company duly organized and validly existing
under the laws of the State of lowa, and has all requisite power and authority to
own and operate its properties, to carry on its business as now conducted and as
presently proposed to be conducted, and to enter into and perform its obligations
under this Agreement.
(2) This Agreement has been duly authorized, executed and delivered by
Developer and, assuming due authorization, execution and delivery by City, is in
full force and effect and is a valid and legally binding instrument of Developer
enforceable in accordance with its terms, except as the same may be limited by
bankruptcy, insolvency, reorganization or other laws relating to or affecting
2
creditors' rights generally. Developer's counsel shall issue a legal opinion to City,
on or before the Project Commencement Date, confirming the representations
contained herein, in the form attached hereto as Exhibit B.
(3) The execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, and the fulfillment of or compliance with the
terms and conditions of this Agreement are not prevented by, limited by, in conflict
with, or result in a violation or breach of, the terms, conditions or provisions of the
organizational documents of Developer or any contractual restriction, evidence of
indebtedness, agreement or instrument of whatever nature to which Developer is
now a party or by which it or its property is bound, or constitute a default under any
of the foregoing.
(4) There are no actions, suits or proceedings pending or threatened against or
affecting Developer or any member of Developer in any court or before any
arbitrator or before or by any governmental body, including but not limited to tax
proceedings, audits, or foreclosure proceedings.
(5) Developer will perform its obligations under this Agreement in accordance
with the material terms of this Agreement, the Urban Renewal Plan and all local,
State and federal laws and regulations.
(6) Developer will use its best efforts to obtain, or cause to be obtained, in a
timely manner, all material requirements of all applicable local, state, and federal
laws and regulations which must be obtained or met.
(7) Developer has firm commitments for construction financing and permanent
financing forthe Project in an amount sufficient, togetherwith equity commitments,
to successfully complete the requirements of this Agreement and shall provide
evidence thereof to City prior to the Project Commencement Date.
(8) No member of Developer owns or has an interest in any property in the city
of Dubuque which is in violation of any provision of the City of Dubuque Code of
Ordinances.
1 .3 Proiect Commencement Date. All conditions to the Project described in Section
1 .4 shall be satisfied on the Project Commencement Date which shall be the 4�h day of
September 2018, or such other date as the parties shall agree upon in writing but in no
event shall the Project Commencement Date be later than the 28�h day of September
2018.
1 .4 Conditions to Proiect. In addition to the other conditions described in Sections 2
and 3 hereof, all the obligations of Developer and City under this Agreement are subject
to fulfillment, on or before the Project Commencement Date, of the following conditions:
3
(1) The representations and warranties made by City in Section 1 .1 shall be
correct as of the Project Commencement Date with the same force and effect as
if such representations were made at such time. At the closing, City shall deliver
a certificate to that effect in the form of Exhibit C.
(2) Developer shall have the right to terminate this Agreement at any time prior
to the Project Commencement Date if Developer determines in its sole discretion
that conditions necessary for the successful completion of the Project
contemplated herein have not been satisfied in Developer's sole discretion. Upon
the giving of notice of termination by Developer to City, this Agreement shall be
deemed null and void.
(3) Developer and City shall be in material compliance with all the terms and
provisions of this Agreement.
(4) Developer shall have furnished City with evidence, in a form satisfactory to
City (such as a letter of commitment from a bank or other lending institution), that
Developer has firm financial commitments in an amount sufficient, together with
equity commitments, to commence construction of and complete the Minimum
Improvements (as defined herein) in conformance with the Construction Plans (as
defined herein), or City shall have received such other evidence of Developer's
financial ability as City in its reasonable judgment requires.
(5) Developer's counsel shall issue a legal opinion to City confirming the
representations contained herein in the form attached hereto as Exhibit B.
1 .5 Citv's Obliqations at Proiect Commencement Date. At or prior to the Project
Commencement Date, City shall deliver to Developer such other documents as may be
required by this Agreement, all in a form satisfactory to Developer.
SECTION 2. DEVELOPMENT ACTIVITIES.
2.1 Required Minimum Improvements.
(1) Phase I Residential Units. Developer shall improve the Property by creating
not fewer than Eighty (80) apartments for market-rate rental during Phase I of the
Project, as shown on attached Exhibit I which apartments may not be financed with
Low Income Housing Tax Credits (LIHTC).
(2) Phase II Residential Units. Developer shall improve the Property by creating
not fewerthan Thirty (30) apartments for market-rate or affordable rental, as shown
on attached Exhibit I.
4
(3) Phase I Parking. Developer shall improve the Property by creating not
fewer than One Hundred Seventy-One (171) off-street parking spaces for tenants
of the building.
(4) Phase II Parking. Developer shall improve the Property by creating not
fewer than Twenty-Three (23) off-street parking spaces for tenants of the building.
(5) Phase II Retail Space. Developer shall create not less than Seventeen
Thousand Five Hundred (17,500) square feet of retail space.
(6) The Residential Units, Parking, and the Retail Space are referred to
collectively herein as the Minimum Improvements and shall be a capital investment
of approximately Thirty Million Dollars ($30,000,000.00).
2.2 Plans for Construction of Minimum Improvements. Plans, specifications,
drawings, and related documents with respect to the development of the Property and the
construction of the Minimum Improvements thereon (the Construction Plans) shall be in
conformity with the Urban Renewal Plan, this Agreement, and all applicable federal, state,
and local laws and regulations, including but not limited to any covenants, conditions,
restrictions, reservations, easements, liens and charges, recorded in the records of
Dubuque County, lowa. Developer shall submit the Construction Plans to City, for
approval by City before construction begins on the Minimum Improvements. All work with
respect to the Minimum Improvements shall be in substantial conformity with the
Construction Plans approved by City or any amendments to the Plan approved by City.
2.3 Timinq of Minimum Improvements.
(1) Developer hereby agrees that construction of the Phase I Minimum
Improvements on the Property as described in Sections 2.1(1) and 2.1 (3) shall
commence by August 1 , 2018, and shall be substantially completed by August 1 ,
2020.
(2) Developer hereby agrees that construction of the Phase II Minimum
Improvements on the Property as described in Sections 2.1(2), 2.1 (4), and 2.1 (5)
shall commence by March 1 , 2019, and shall be substantially completed by August
1 , 2020.
(3) The time frame forthe pertormance of these obligations shall be suspended
due to unavoidable delays meaning delays, outside the control of the party
claiming its occurrence in good faith, which are the direct result of strikes, other
labor troubles, unusual shortages of materials or labor, unusually severe or
prolonged bad weather, acts of God, fire or other casualty to the Minimum
Improvements, litigation commenced by third parties which, by injunction or other
similar judicial action or by the exercise of reasonable discretion directly results in
delays, or acts of any federal, state or local government which directly result in
5
extraordinary delays. The time for pertormance of such obligations shall be
extended only for the period of such delay.
2.4 Certificate of Completion. Promptly following the request of Developer upon
completion of the Minimum Improvements, City shall furnish Developer with an
appropriate instrument so certifying. Such certification (the Certificate of Completion)
shall be in the form attached hereto as Exhibit E and shall be a conclusive determination
of the satisfaction and termination of the agreements and covenants in this Agreement.
2.5 Construction bv Affiliate. For purposes of constructing the Minimum
Improvements, Developer may form one or more intermediary entities for the purpose of
consummating a new market tax credit transaction and/or obtaining historic tax credits in
connection with the construction of the Minimum Improvements (Tax Credit Transaction),
and may transfer the Property to such entity, so long as the Developer retains effective
control of any such entity and the constituent documents executed to establish such entity
and all terms of any such transfer of the Property and the Tax Credit Transaction are
consented to in writing by the City Manager in advance thereof, which consent shall be
subject to the City Manager's sole discretion. Without limiting the foregoing, the City
Manager's consent may be conditioned, among other things, upon receipt by the City of
a representation from both the Developer and the intermediary entity that any and all
mortgages held by the City shall be senior to or on a parity with any mortgages on the
Property being granted to other parties in connection with the Tax Credit Financing. The
Developer shall remain fully responsible for all of its obligations under this Agreement,
notwithstanding any transfer of the Property to such an intermediary entity and the
assumption of any of the Developer's obligations hereunder.
2.6 Irrevocable Direct Pav Letter of Credit. Prior to the Project Commencement Date
and prior to the Deconstruction Grant being funded pursuant to Section 3.1 hereof,
Developer shall obtain and deliver to the City, an Irrevocable Direct Pay Letter of Credit
(Letter of Credit) in the name of the City and in a form acceptable to the City that
guarantees the faithful performance of this Agreement for, in the aggregate, the
anticipated full value of the Deconstruction Grant. The Letter of Credit shall remain in
effect until construction of the Minimum Improvements is completed. Such Letter of Credit
shall be issued by a bank acceptable to the City and shall provide immediate recourse if
Developer fails to construct the Minimum Improvements by the dates described in Section
2.3. Further, such failure shall constitute an Event of Default under Section 5.1 and the
City may exercise all of its rights under Section 5.2. Furthermore, upon such failure, the
City shall immediately pursue all necessary actions against the bank for the full value of
the Deconstruction Grant, and the Developer shall assist the City's efforts. The Letter of
Credit shall be released when the City has issued a Certificate of Occupancy for the
entirety of the Minimum Improvements.
SECTION 3. GRANTS
3.1 . Deconstruction Grant. For and in consideration of Developer's obligations
herein, and in furtherance of the goals and objectives of the urban renewal plan for the
6
District, the City agrees to provide a grant to Developer within 10 days after execution of
this Agreement by the City as reimbursement for fifty percent (50°k) of the certified
deconstruction costs of the Project up to an amount not to exceed Five Hundred
Thousand Dollars ($500,000) (the Deconstruction Grant), subject to the following
conditions precedent:
(1) No Event of Default has occurred and is continuing at the time the
Deconstruction Grant is paid;
(2) Developer has provided City with a certification in a form acceptable to the
City from an lowa-licensed engineer showing all planned deconstruction work is
complete and the costs submitted for reimbursement were reasonable and
associated with the planning and execution of the deconstruction of the
"Deconstruction Area" of the Property (which is described as the Middle of Section
B of the Property, a 60' wide and 144' deep section outlined in red in Exhibit F);
and
(3) Developer has obtained and provided to the City the Letter of Credit
described in Section 2.6.
3.2. General Grant Terms. The following terms apply to those Grants described
herein to be funded through Developer Tax Increment: the Letter of Credit Release Grant
described in Section 3.3, the Semi-annual Economic Development Grants described in
Section 3.4, the $500,000 portion of the Downtown Housing Grant described in Section
3.5(2), and the Transition and Stabilization Grant described in Section 3.9 (collectively
referred to in this Section 3.2 as the "Grants").
(1) As used throughout this Agreement, "Developer Tax IncremenY' means tax
increment revenues collected by City under lowa Code Section 403.19 (without
regard to any averaging that may otherwise be utilized under lowa Code Section
403.19 and excluding any interest that may accrue thereon prior to payment to
Developer) in respect of the Minimum Improvements constructed by Developer on
the Property, with respect to only the increase in the assessed value of the
Property above the assessment of January 1 , 2017, which the parties agree was
$68,018 for Phase I (Parcels 1013106016 & 1013106017) and $183,982 for Phase
II (parcel 1013106015) for a total assessed value of $252,000 as of that date for
the tax parcels (the Baseline Valuation). Developer Tax Increment shall not include
(i) any property taxes collected for the payment of bonds and interest of each taxing
district, (ii) any taxes for the regular and voter-approved physical plant and
equipment levy and instructional support levy, and (iii) any other portion of taxes
required to be excluded from tax increment revenues by lowa law, or (iv) any
amount of tax increment revenues collected by the City with respect to increases
in assessed valuations of the Property prior to January 1 , 2017; and thus such
incremental taxes will not include all amounts paid by Developer as regular
property taxes.
7
(2) The Grants shall be payable from and secured solely and only by the
Developer Tax Increments paid to City that, upon receipt, shall be deposited and
held in a special account created for such purpose and designated as the Brewing
& Malting TIF Account of City. City hereby covenants and agrees to maintain its
TIF ordinance in force during the term hereof and to apply the incremental taxes
collected in respect of the Minimum Improvements and allocated to the Brewing &
Malting TIF Account to pay the Grants. The Grants shall not be payable in any
manner by other tax increments revenues, or by general taxation or from any other
City funds. City makes no representation with respect to the amounts that may be
paid to Developer as the Grants in any one year and under no circumstances shall
City in any manner be liable to Developer so long as City timely applies the
Developer Tax Increments actually collected and held in the Brewing & Malting TIF
Account (regardless of the amounts thereo� to the payment of the Grants to
Developer as and to the extent described in this Agreement.
(3) City shall be free to use any and all tax increment revenues collected in
respect of other properties within the District and the remaining actual amount of
the property taxes paid by Developer to City, or any available Developer Tax
Increments resulting from the termination of the Grants for any purpose for which
such tax increment revenues may lawfully be used pursuant to the provisions of
the Urban Renewal Law, and City shall have no obligations to Developer with
respect to the use thereof.
(4) Non-appropriation/Limited Source of Fundina. Notwithstanding anything in
this Agreement to the contrary, the obligation of City to pay any Grant shall be an
obligation limited to currently budgeted funds, and not a general obligation or other
indebtedness of City or a pledge of its full faith and credit under the meaning of
any constitutional or statutory debt limitation, and shall be subject in all respects to
the right of non-appropriation by the City Council as provided in this Section 3.2.
City may exercise its right of non-appropriation as to the amount of the Grants to
be paid during any fiscal year during the term of this Agreement without causing a
termination of this Agreement. The right of non-appropriation shall be exercised
only by resolution affirmatively declaring City's election to non-appropriate funds
otherwise required to be paid to Developer in the next fiscal year under this
Agreement.
(a) In the event the City Council elects to not appropriate sufficient funds
in the budget for any future fiscal year for the payment in full of the Grants
due and payable in that fiscal year, then: (i) City shall have no further
obligation to Developer for the payment of all Grants due in the next fiscal
yearwhich cannot be paid with the fundsthen appropriated forthat purpose;
and, (ii) Developer shall be released from all further obligations under this
Agreement during that same fiscal year.
(b) Each Grant shall be paid by City solely from funds appropriated for
that purpose by the City Council from taxes levied on the Property that are
8
allocated to the special fund pursuant to lowa Code (2017) §403.19(2).
(c) The right of non-appropriation reserved to City in this Section 3.2 is
intended by the parties, and shall be construed at all times, so as to ensure
that City's obligation to pay future installments on the Grants shall not
constitute a legal indebtedness of City within the meaning of any applicable
constitutional or statutory debt limitation prior to the adoption of a budget
which appropriates funds for the payment of that installment or amount. In
the event that any of the provisions of this Agreement are determined by a
court of competent jurisdiction to create, or result in the creation of, such a
legal indebtedness of City, the enforcement of the said provision shall be
suspended, and this Agreement shall at all times be construed and applied
in such a manner as will preserve the foregoing intent of the parties, and no
event of default shall be deemed to have occurred as a result thereof. If
any provision of this Agreement or the application thereof to any
circumstance is so suspended, the suspension shall not affect other
provisions of this Agreement which can be given effect without the
suspended provision. To this end the provisions of this Agreement are
severable.
(5) Written requests for payment of each Grant must be submitted to the
Economic Development Department together with all required documentation.
3.3. Letter of Credit Release Grant. For, and in consideration of Developer's
obligations hereunder, and in furtherance of the goals and objectives of the urban renewal
plan for the District, the City agrees to reimburse Developer for the certified costs of the
Letter of Credit, not to exceed $40,000, (Letter of Credit Release Grant) upon the release
of the Letter of Credit per the terms of Section 2.6.
3.4. Semi-annual Economic Development Grants. For, and in consideration of
Developer's obligations hereunder, and in furtherance of the goals and objectives of the
urban renewal plan for the District and the Urban Renewal Law, City agrees, subject to
Developer being and remaining in compliance with the terms of this Agreement, to make
up to twenty (20) consecutive semi-annual payments to the Developer over a period of
ten (10) years, beginning in the first fiscal year in which Developer Tax Increment is
received by the City, which payments shall be funded solely through Developer Tax
Increment (such payments being referred to collectively as the Economic Development
Grants), under the following terms and conditions.
(1) The Economic Development Grants shall be paid on each November 1 or
May 1 during the ten (10) year period of Economic Development Grants, provided
the Developer remains in compliance with this Agreement and remains otherwise
eligible at the time of payment of each Economic Development Grant.
9
(2) Each Economic Development Grant shall be in an amount equal to 100°k
of the Developer Tax Increment actually collected by the City during the preceding
six-month period.
(3) Developer and City agree that the first Economic Development Grants paid
to Developer shall be reduced by an amount equal to the actual sum of the
Deconstruction Grant and Letter of Credit Release Grant, up to $540,000, and that
the City shall receive the Developer Tax Increment that would otherwise fund the
first Economic Development Grants until the City has received an amount equal to
the Deconstruction Grant and the Letter of Credit Release Grant.
3.5. Downtown Housinq Grant. City agrees to provide to Developer, on the terms and
conditions set forth herein, a grant in an amount equal to Ten Thousand Dollars ($10,000)
for each apartment in the Project for which a Certificate of Occupancy from the City of
Dubuque Building Services Department is issued, but not to exceed Seven Hundred Fifty
Thousand Dollars ($750,000) (the Downtown Housing Grant), which shall be payable as
follows:
(1) The first Two Hundred Fifty Thousand Dollars ($250,000) of the Downtown
Housing Grant shall be funded solely and only from available Downtown Incentive
Program funds and shall be disbursed to Developer in Ten Thousand Dollar
($10,000) installments upon receipt of a Certificate of Occupancy for each
apartment of the first 25 apartments completed as part of the Project.
(2) Developer shall become eligible for an additional Ten Thousand Dollar
($10,000) installment of the Downtown Housing Grant, up to Five Hundred
Thousand Dollars ($500,000), for each additional apartment in the Project beyond
the first 25 apartments for which a Certificate of Occupancy is issued. This portion
of the Downtown Housing Grant shall be funded solely and only from Developer
Tax Increment that is collected by the City during the time Economic Development
Grants are reduced as described in Section 3.3(3) and shall be disbursed to
Developer in Ten Thousand Dollar ($10,000) installments semi-annually, on May
1 and November 1 , as Developer Tax Increment is collected by the City during the
time Economic Development Grants are reduced, until the full amount of the
Downtown Housing Grant that Developer has become eligible for has been paid.
(3) Prior to the disbursement of any Downtown Housing Grant funds (under
either Section 3.5(1) or 3.5(2)), Developer shall provide evidence satisfactory to
City that the Minimum Improvements have been completed in accordance with the
Construction Plans and other documentation submitted to City with the Downtown
Housing Assistance application, on the terms and conditions set forth in Exhibit G.
Further, Downtown Housing Grant funds shall not be disbursed to Developer until
the City has issued a Certificate of Occupancy for the Project.
3.6. Planninq and Desiqn Grant. City agrees to provide a matching (1 :1) grant not to
exceed Ten Thousand Dollars ($10,000) to reimburse Developer for documented
10
predevelopment costs, architectural and engineering fees and other authorized soft costs
associated with the rehabilitation of the Property on the terms and conditions set forth in
Exhibit H, provided the Project meets the criteria of the Planning & Design Grant Program
and the Developer applies in accordance with the terms of that Program. Prior to the
release of any grant funds under the terms of that Program, City must determine to its
satisfaction that the Project is substantially complete and meets the conditions of this
Agreement.
3.7. Facade Grant. City agrees to provide a matching (1 :1) grant not to exceed Ten
Thousand Dollars ($10,000) to reimburse Developer for documented costs for front or
rear fa�ade renovations to the Property to eliminate inappropriate additions or alterations
and to restore the fa�ade to its historic appearance, or to rehabilitate the fa�ade to include
new windows, paint, signage, awnings, etc. to improve the overall appearance of the
Property, and the costs of landscaping or screening with fencing or retaining walls if such
landscaping or screening improves the Property adjacent to the public right-of-way, on
the terms and conditions set forth in Exhibit H, provided the Project meets the criteria of
the Fa�ade Grant Program and the Developer applies in accordance with the terms of
that Program. Prior to the release of any grant funds under the terms of that Program,
City must determine to its satisfaction that the Project is substantially complete and meets
the conditions of this Agreement.
3.8. Financial Consultant Grant. City agrees to provide a matching (1 :1) grant not to
exceed Fifteen Thousand Dollars ($15,000) to reimburse Developer for documented
costs related to hiring a financial consultant to evaluate the ProjecYs feasibility on the
terms and conditions set forth in Exhibit H, provided the Project meets the criteria of the
Financial Consultant Grant Program and the Developer applies in accordance with the
terms of that Program. Prior to the release of any grant funds under the terms of that
Program, City must determine to its satisfaction that the Project is substantially complete
and meets the conditions of this Agreement.
3.9. Transition and Stabilization Grant. For, and in consideration of Developer's
obligations hereunder, including but not limited to the continued maintenance of and
insurance of the Minimum Improvements under Sections 4.6 and 4.7, City agrees, subject
to Developer being and remaining in compliance with the terms of this Agreement, to
provide to Developer a grant in an amount equal to Five Hundred Thousand Dollars
($500,000) (the Transition and Stabilization Grant). The Transition and Stabilization Grant
shall be funded solely and only from Developer Tax Increment. The Transition and
Stabilization Grant shall be paid in semi-annual installments on May 1 and November 1 ,
beginning with the first May 1 or November 1 following the completion of the ten (10)
years of Economic Development Grants described in Section 3.3 and continuing until the
full amount of the Transition and Stabilization Grant has been paid to Developer. Each
semi-annual installment shall be equal to or less than the amount of Developer Tax
Increment collected by City during the preceding six-month period.
SECTION 4. COVENANTS OF DEVELOPER
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4.1 The Minimum improvements shall conform in all respects to the U.S. Secretary of
the Interior's Standards for Rehabilitation.
4.2 Developer shall accept applications from otherwise qualified and financially able
prospective tenants with Section 8 vouchers in its apartments in the Property and in any
other property owned or in which Developer has an interest in Dubuque, lowa.
4.3 Books and Records. During the term of this Agreement, Developer shall keep at
all times and make available to City upon reasonable request proper books of record and
account in which full, true and correct entries will be made of all dealings and transactions
of or in relation to the business and affairs of Developer in accordance with generally
accepted accounting principles consistently applied throughout the period involved, and
Developer shall provide reasonable protection against loss or damage to such books of
record and account.
4.4 Real Propertv Taxes. Developer shall pay or cause to be paid, when due, all real
property taxes and assessments payable with respect to all and any parts of the Property
unless Developer's obligations have been assumed by another person pursuant to the
provisions of this Agreement.
4.5 No Other Exemptions. During the term of this Agreement, Developer agrees not
to apply for any state or local property tax exemptions which are available with respect to
the Property orthe Minimum Improvements located thereon that may now be, or hereafter
become, available under state law or city ordinance during the term of this Agreement,
including, but not limited to, those that arise under lowa Code Chapters 404 and 427, as
amended.
4.6 Insurance Requirements.
(1) At all times during deconstruction and construction of the Minimum
Improvements and up to the Termination Date, Developer shall maintain, or cause
to be maintained, at its cost and expense, property insurance against loss and/or
damage to the building (including the Minimum Improvements) under an insurance
policy written with the "special perils" form and in an amount not less than the full
insurable replacement value of the building (including the Minimum
Improvements). Developer shall furnish to City proof of insurance in the form of a
certificate of insurance.
The term "replacement value" shall mean the actual replacement cost of the
building with the Minimum Improvements (excluding foundation and excavation
costs and costs of underground flues, pipes, drains and other uninsurable items)
and equipment, and shall be reasonably determined from time to time at the
request of City, but not more frequently than once every three (3) years.
(2) Developer shall notify City immediately in the case of damage exceeding
$50,000 in amount to, or destruction of, the Minimum Improvements or any portion
12
thereof resulting from fire or other casualty. Net proceeds of any such insurance
(Net Proceeds), shall be paid directly to Developer as its interests may appear,
and Developer shall forthwith repair, reconstruct and restore the Minimum
Improvements to substantially the same or an improved condition or value as they
existed prior to the event causing such damage and, to the extent necessary to
accomplish such repair, reconstruction and restoration, Developer shall apply the
Net Proceeds of any insurance relating to such damage received by Developer to
the payment or reimbursement of the costs thereof, subject, however, to the terms
of any mortgage encumbering title to the Property (as its interests may appear).
Developer shall complete the repair, reconstruction and restoration of the Minimum
Improvements whether or not the Net Proceeds of insurance received by
Developer for such purposes are sufficient.
4.7 Preservation of Property. Until the Termination Date of this Agreement, Developer
shall maintain, preserve and keep, or cause others to maintain, preserve and keep, the
Minimum Improvements in good repair and working order, ordinary wear and tear
accepted, and from time to time shall make all necessary repairs, replacements, renewals
and additions.
4.8 Non-Discrimination. In carrying out the Project, Developer shall not discriminate
against any employee or applicant for employment or tenant of the Minimum
Improvements because of race, religion, color, sex, sexual orientation, gender identity,
national origin, age or disability.
4.9 Conflict of Interest. Developer agrees that no member, officer or employee of City,
or its designees or agents, nor any consultant or member of the governing body of City,
and no other public official of City who exercises or has exercised any functions or
responsibilities with respect to the project during his or her tenure, or who is in a position
to participate in a decision-making process or gain insider information with regard to the
project, shall have any interest, direct or indirect, in any contract or subcontract, or the
proceeds thereof, for work to be performed in connection with the project, or in any
activity, or benefit therefrom, which is part of this project at any time during or after such
person's tenure. In connection with this obligation, Developer shall have the right to rely
upon the representations of any party with whom it does business and shall not be
obligated to perform any further examination into such party's background.
4.10 Non-Transferabilitv. Until the Termination Date, this Agreement may not be
assigned by Developer nor may any portion of the Property be sold or otherwise
transferred by Developer without the prior written consent of City in City's sole discretion.
City has no obligation to consent to any assignment or sale.
4.11 No chanqe in Tax Classification. Developer will not take any action to change, or
otherwise allow, the classification of the Property for property tax purposes to become
other than multi-residential or commercial property or to be taxed as such under lowa law.
13
4.12 Restrictions on Use. Developer agrees for itself, and its successors and assigns,
and every successor in interest to the Property or any part thereof that they, and their
respective successors and assigns, shall:
(1) Devote the Property to, and only to and in accordance with, the uses
specified in the Urban Renewal Plan (and City represents and agrees that use of
the Property as commercial, multiresidential, retail and market rate residential, is
in full compliance with the Urban Renewal Plan) (however, Developer shall not
have any liability to City to the extent that a successor in interest shall breach this
covenant and City shall seek enforcement of this covenant directly against the
party in breach of same); and
(2) Not discriminate upon the basis of race, religion, color, sex, sexual
orientation, gender identity, national origin, age or disability in the sale, lease,
rental, use or occupancy of the Property or any improvements erected or to be
erected thereon, or any part thereof (however, Developer shall not have any
liability to City to the extent that a successor in interest shall breach this covenant
and City shall seek enforcement of this covenant directly against the party in
breach of same).
4.13 Compliance with Laws. Developer shall comply with all laws, rules and regulations
relating to its businesses, other than laws, rules and regulations the failure to comply with
or the sanctions and penalties resulting therefrom, would not have a material adverse
effect on the business, property, operations, financial or otherwise, of Developer.
SECTION 5. EVENTS OF DEFAULT AND REMEDIES
5.1 Events of Default Defined. The following shall be Events of Default under this
Agreement and the term Event of Default shall mean, whenever it is used in this
Agreement, any one or more of the following events:
(1) Failure by Developer to pay or cause to be paid, before delinquency, all real
property taxes assessed with respect to the Minimum Improvements and the
Property.
(2) Failure by Developer to cause the construction of the Minimum
Improvements to be commenced and completed pursuant to the terms, conditions
and limitations of this Agreement.
(3) Transfer of any interest by Developer of the Minimum Improvements or the
Property in violation of the provisions of this Agreement
(4) Failure by Developer or City to substantially observe or perform any other
material covenant, condition, obligation or agreement on its part to be observed or
performed under this Agreement.
14
(5) The holder of any Mortgage on the Development Property owned by
Developer, or any improvements thereon, or any portion thereof, commences
foreclosure proceedings as a result of any default by Developer under the
applicable Mortgage documents.
(6) The Developer:
(a) files any petition in bankruptcy or for any reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under the United States Bankruptcy Act of 1978, as amended, or
under any similar federal or state law; or
(b) makes an assignment for the benefit of its creditors; or
(c) admits in writing its inability to pay its debts generally as they become
due; or
(d) is adjudicated a bankrupt or insolvent; or if a petition or answer
proposing the adjudication of the Developer as a bankrupt or its
reorganization under any present or future bankruptcy act or any similar
federal or state law shall be filed in any court and such petition or answer
shall not be discharged or denied within ninety (90) days after the filing
thereof; or a receiver, trustee or liquidator of the Developer or part thereof,
shall be appointed in any proceedings brought against the Developer and
shall not be discharged within ninety (90) days after such appointment, or if
the Developer shall consent to or acquiesce in such appointment.
(7) Defaults by Developer under other project related agreements.
5.2 Remedies on Default bv Developer. Whenever any Event of Default referred to in
Section 5.1 of this Agreement occurs and is continuing, City, as specified below, may take
any one or more of the following actions after the giving of written notice by City to
Developer (and the holder of any mortgage encumbering any interest in the Property of
which City has been notified of in writing) of the Event of Default, but only if the Event of
Default has not been cured within sixty (60) days following such notice, or if the Event of
Default cannot be cured within sixty (60) days and Developer does not provide
assurances to City that the Event of Default will be cured as soon as reasonably possible
thereafter:
(1) City may suspend its pertormance under this Agreement until it receives
assurances from the Developer deemed adequate by City, that the Developer will
cure its default and continue its performance under this Agreement;
(2) City may cancel and rescind this Agreement;
15
(3) City shall be entitled to recover from Developer the sum of all amounts
expended by City in connection with the funding of all prior Deconstruction Grants,
Economic Development Grants, or powntown Housing Grants to Developer and
City may take any action, including any legal action it deems necessary, to recover
such amounts from the Developer;
(4) City may withhold the Certificate of Completion;
(5) City may take any action, including legal, equitable or administrative action,
which may appear necessary or desirable to collect any payments due under this
Agreement or to enforce pertormance and observance of any obligation,
agreement, or covenant under this Agreement; or
(6) City may enforce the Letter of Credit in Section 2.6 of this Agreement.
5.3 No Remedv Exclusive. No remedy herein conferred upon or reserved to City is
intended to be exclusive of any other available remedy or remedies, but each and every
such remedy shall be cumulative and shall be in addition to every other remedy given
under this Agreement or now or hereafter existing at law or in equity or by statute. No
delay or omission to exercise any right or power accruing upon any default shall impair
any such right or power or shall be construed to be a waiver thereof, but any such right
and power may be exercised from time to time and as often as may be deemed expedient.
5.4 No Implied Waiver. In the event any agreement contained in this Agreement
should be breached by any party and thereafter waived by any other party, such waiver
shall be limited to the particular breach so waived and shall not be deemed to waive any
other concurrent, previous or subsequent breach hereunder.
5.5 Aqreement to Pay Attorneys' Fees and Expenses. If any action at law or in equity,
including an action for declaratory relief or arbitration, is brought to enforce or interpret
the provisions of this Agreement, the prevailing party shall be entitled to recover
reasonable attorneys' fees and costs of litigation from the other party. Such fees and
costs of litigation may be set by the court in the trial of such action or by the arbitrator, as
the case may be, or may be enforced in a separate action brought for that purpose. Such
fees and costs of litigation shall be in addition to any other relief that may be awarded.
5.6 Remedies on Default bv Citv. If City defaults in the pertormance of this Agreement,
Developer may take any action, including legal, equitable or administrative action that
may appear necessary or desirable to collect any payments due under this Agreement,
to recover expenses of Developer, or to enforce performance and observance of any
obligation, agreement, or covenant of City under this Agreement. Developer may
suspend its pertormance under this Agreement until it receives assurances from City,
deemed adequate by Developer, that City will cure its default and continue its
performance under this Agreement.
SECTION 6. GENERAL TERMS AND PROVISIONS
16
6.1 Notices and Demands. Whenever this Agreement requires or permits any notice
or written request by one party to another, it shall be deemed to have been properly given
if and when delivered in person or three (3) business days after having been deposited in
any U.S. Postal Service and sent by registered or certified mail, postage prepaid,
addressed as follows:
If to Developer: 3000 Jackson, LC
c/o Stephen Emerson
221 2nd Ave SE, Ste 400
Cedar Rapids, IA 52401
Phone: (319) 364-7444
With copy to:
Dave Zylstra
Aspect, Inc.
221 2nd Ave SE, Ste 400
Cedar Rapids, IA 52401
Phone: (319) 899-6499
If to City: City Manager
50 W. 13th Street
Dubuque, lowa 52001
Phone: (563) 589-4110
Fax: (563) 589-4149
With copy to: City Attorney
City Hall
50 W. 13�h Street
Dubuque IA 52001
Or at such other address with respect to either party as that party may, from time to time
designate in writing and forward to the other as provided in this Section.
6.2 Bindinq Effect. This Agreement shall be binding upon and shall inure to the benefit
of City and Developer and their respective successors and assigns.
6.3 Termination Date. This Agreement and the rights and obligations of the parties
hereunder shall terminate on (i) June 1 , 2032 or (ii) upon the full payment of the Transition
and Stabilization Grant described in Section 3.8, whichever last occurs (the Termination
Date).
6.4 Execution Bv Facsimile. The parties agree that thisAgreement may be transmitted
between them by facsimile machine or electronic transmission. The parties intend that
the faxed or electronic transmission signatures constitute original signatures and that a
faxed or electronically transmitted Agreement containing the signatures (original, faxed
or electronically transmitted) of all the parties is binding on the parties.
17
6.5 Memorandum of Development Aqreement. City shall promptly record a
Memorandum of Development Agreement in the form attached hereto as Exhibit D in the
office of the Recorder of Dubuque County, lowa. Developer shall pay the costs for so
recording.
IN WITNESS WHEREOF, City has caused this Agreement to be duly executed in
its name and behalf by its Mayor and attested to by its City Clerk and Developer has
caused this Agreement to be duly executed on or as of the date first above written.
18
CITY OF DUBUQUE, IOWA 3000 JACKSON, LC
By By
Roy D. Buol, Mayor Stephen Emerson, Member
Attest:
Kevin S. Firnstahl
City Clerk
(City Seal)
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of 20_, before me the undersigned, a Notary
Public in and for the said County and State, personally appeared Roy D. Buol and Kevin
S. Firnstahl, to me personally known, who, being by me duly sworn, did say that they are
the Mayor and City Clerk, respectively, of the City of Dubuque, lowa, a municipal
corporation executing the instrument to which this is attached; that the seal affixed hereto
is the seal of said municipal corporation; that said instrument was signed and sealed on
behalf of the City of Dubuque, lowa, by authority of its City Council; and that said Mayor
and City Clerk acknowledged the execution of said instrument to be the voluntary act and
deed of said City, by it and by them voluntarily executed.
Notary Public
F:\Users�isteckle\Lindahl\SLE Investments-3000 Jackson-Brewery Bldg\Brewing Malting DA_041318bal.docx
19
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of 20 , before me the undersigned, a Notary
Public in and for the State of lowa, personally appeared Stephen Emerson, to me
personally known, who, being by me duly sworn, did say that he is Member of 3000
Jackson, LC. the limited liability company executing the instrument to which this is
attached and that as said Manager of 3000 Jackson, LC. acknowledged the execution of
said instrument to be the voluntary act and deed of said company, by it and by him
voluntarily executed.
Notary Public
20
LIST OF EXHIBITS
EXHIBIT A City Attorney Certificate
EXHIBIT B Opinion of Developer Counsel
EXHIBIT C City Certificate
EXHIBIT D Memorandum of Development Agreement
EXHIBIT E Certificate of Completion
EXHIBIT F Deconstruction Area
EXHIBIT G Downtown Housing Incentive Program
EXHIBIT H Planning and Design Grant Program, Fa�ade Grant Program, and
Financial Consultant Grant Program
EXHIBIT I Site Plan
21
EXHIBIT A
CITY ATTORNEY CERTIFICATE
22
Barry A.Lindahl,Esq. DUbUqUB Txe ciTY oF
Senior Counsel � �T T� �
Suite 33Q Harbor View Place U
300 Main Street WI-AmericaCiry
Dubuque,Iowa s2oo1-6944 � I I I I � Masterpiece on tlie Mississippi
(563)583-4113 office
(563)583-1040 fax
balesq@cityofdubuque.org 2007
(DATE)
RE: Development Agreement between 3000 Jackson, LC and the City of
Dubuque, lowa
Dear �
I have acted as counsel for the City of Dubuque, lowa, in connection with the execution
and delivery of a certain DevelopmentAgreement between 3000 Jackson, LC(Developer)
and the City of Dubuque, lowa (City) dated for reference purposes the _ day of
, 20_
The City has duly obtained all necessary approvals and consents for its execution,
delivery and performance of this Agreement and has full power and authority to execute,
deliver and perform its obligations under this Agreement, and to the best of my
knowledge, the representations of the City Manager in his letter dated the _ day of
, 20_, are correct.
Very sincerely,
Barry A. Lindahl, Esq.
Senior Counsel
BAL:tIs
23
EXHIBIT B
OPINION OF DEVELOPER COUNSEL
24
Mayor and City Councilmembers
City Hall
13�h and Central Avenue
Dubuque IA 52001
Re: Development Agreement Between the City of Dubuque, lowa and
3000 Jackson, LC
Dear Mayor and City Councilmembers:
We have acted as counsel for 3000 Jackson, LC, (Developer) in connection with
the execution and delivery of a certain Development Agreement (Development
Agreement) between Developer and the City of Dubuque, lowa (City) dated for reference
purposes the _ day of , 20_.
We have examined the original certified copy, or copies otherwise identified to our
satisfaction as being true copies, of the Development Agreement and such other
documents and records as we have deemed relevant and necessary as a basis for the
opinions set forth herein.
Based on the pertinent law, the foregoing examination and such other inquiries as
we have deemed appropriate, we are of the opinion that:
1 . Developer is a limited liability company organized and existing under the
laws of the State of and has full power and authority to execute, deliver
and perform in full the Development Agreement. The Development Agreement has been
duly and validly authorized, executed and delivered by Developer and, assuming due
authorization, execution and delivery by City, is in full force and effect and is valid and
legally binding instrument of Developer enforceable in accordance with its terms, except
as the same may be limited by bankruptcy, insolvency, reorganization or other laws
relating to or affecting creditors' rights generally.
2. The execution, delivery and pertormance by Developer of the Development
Agreement and the carrying out of the terms thereof, will not result in violation of any
provision of, or in default under, the organizational documents, any indenture, mortgage,
deed of trust, indebtedness, agreement, judgment, decree, order, statute, rule, regulation
or restriction to which Developer is a party or by which Developer's property is bound or
subject.
3. There are no actions, suits or proceedings pending or threatened against or
affecting Developer or any member of Developer in any court or before any arbitrator or
before or by any governmental body, including but not limited to tax proceedings, audits,
or foreclosure proceedings.
Very truly yours,
25
EXHIBIT C
CITY CERTIFICATE
26
�U17UCjUe City Managei's OHice
THE CITY OF � City Hall
50 W est 13r�Streek
DT T� � NI-AlllericaCitV Dubuque,Iowa52001-4864
U (563)589-4110 office
(563)589-4149 fax
� ctym�cityofdubuqueorg
Masterpiece on the Mississippi 2012
(DATE)
Dear �
I am the City Manager of the City of Dubuque, lowa and have acted in that capacity in
connection with the execution and delivery of a certain Development Agreement
(Agreement) between 3000 Jackson, LC (Developer) and the City of Dubuque, lowa (City)
dated for reference purposes the_ day of , 20_
On behalf of the City of Dubuque, I hereby represent and warrant to Developer that:
(1) City has duly obtained all necessary approvals and consents for its
execution, delivery and performance of the Agreement and that it has full power
and authority to execute, deliver and perform its obligations under the Agreement.
City's attorney has issued a legal opinion to Developer confirming the
representation contained herein, in the form attached to the Agreement as Exhibit
A.
(2) The execution and delivery of the Agreement, the consummation of the
transactions contemplated thereby, and the fulfillment of or compliance with the
terms and conditions of this Agreement are not prevented by, limited by, in conflict
with, or result in a violation or breach of, the terms, conditions or provisions of the
charter of City, any evidence of indebtedness, agreement or instrument of
whatever nature to which City is now a party or by which it or its property is bound,
or constitute a default under any of the foregoing.
(3) There are no actions, suits or proceedings pending orthreatened against or
affecting City in any court or before any arbitrator or before or by any governmental
body in which there is a reasonable possibility of an adverse decision which could
materially adversely affect the financial position or operations of City or which
affects the validity of the Agreement or City's ability to perform its obligations under
the Agreement.
(4) The representations and warranties contained in Section 1.1 of the
Agreement shall be correct in all respects on and as of the Project Commencement
Date with the same force and effect as if such representations and warranties had
27
been made on and as of the Project Commencement Date which representations
and warranties shall continue until the Termination Date.
Sincerely,
Michael C. Van Milligen
City Manager
MCVM:jh
28
EXHIBIT D
MEMORANDUM OF DEVELOPMENT AGREEMENT
29
Prepared by: Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
Return to: Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
A Development Agreement by and among the City of Dubuque, lowa, an lowa municipal
corporation, and 3000 Jackson, LC., an lowa limited liability company, was made regarding the
following described premises:
Phase I: LOT 1 DINOSAUR PLACE & LOT 2 DINOSAUR PLACE (3000 Jackson St)
Phase II: LOT 2-1 LIEBE'S SUB #3 (3040 Jackson St)
The Development Agreement is dated for reference purposes the day of
, 2018, and contains covenants, conditions, and restrictions concerning the sale and
use of said premises.
This Memorandum of Development Agreement is recorded for the purpose of
constructive notice. In the event of any conflict between the provisions of this Memorandum
and the Development Agreement itself, executed by the parties, the terms and provisions of the
Development Agreement shall prevail. A complete counterpart of the Development Agreement,
together with any amendments thereto, is in the possession of the City of Dubuque and may be
examined at its offices as above provided.
Dated this_ day of , 201_.
CITY OF DUBUQUE, IOWA 3000 Jackson, LC
By By
Roy D. Buol Stephen Emerson, Member
Mayor
Attest:
Kevin S. Firnstahl
City Clerk
30
STATE OF IOWA )
) SS
COUNTY OFDUBUQUE )
On this day of 20 , before me the undersigned, a Notary Public
in and for the said County and State, personally appeared Roy D. Buol and Kevin S. Firnstahl,
to me personally known, who, being by me duly sworn, did say that they are the Mayor and City
Clerk, respectively, of the City of Dubuque, lowa, a municipal corporation executing the
instrument to which this is attached; that the seal affixed hereto is the seal of said municipal
corporation; that said instrument was signed and sealed on behalf of the City of Dubuque, lowa,
by authority of its City Council; and that said Mayor and City Clerk acknowledged the execution
of said instrument to be the voluntary act and deed of said City, by it and by them voluntarily
executed.
Notary Public
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of 20 , before me the undersigned, a Notary Public
in and for the State of lowa, personally appeared Stephen Emerson, to me personally known,
who, being by me duly sworn, did say that he is Member of
3000 Jackson, LC. the limited liability company executing the instrument to which this is
attached and that as said Member of 3000 Jackson, LC. acknowledged the execution of said
instrument to be the voluntary act and deed of said company, by it and by him voluntarily
executed.
Notary Public
31
EXHIBIT E
CERTIFICATE OF COMPLETION
32
Prepared By: David J. Heiar 50 West 13'" Street Dubuque, IA 52001 563-589-4393
Return to: David J. Heiar 50 West 13'"Street Dubuque, IA 52001 563-589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, lowa, a municipal corporation (the "City"), has granted
incentives to 3000 Jackson, LC (the "Developer"), entered into a Development Agreement
dated as of , 2018 (the "AgreemenY') regarding certain real property
located within the Greater powntown Urban Renewal District of the City and as more particularly
described as follows:
Phase I: LOT 1 DINOSAUR PLACE & LOT 2 DINOSAUR PLACE (3000 Jackson St)
Phase II: LOT 2-1 LIEBE'S SUB #3 (3040 Jackson St)
(the "Development Property"); and
WHEREAS, said Agreement incorporated and contained certain covenants and
conditions with respect to the rehabilitation of the Development Property, and obligated the
Developer to construct certain Minimum Improvements (as defined therein) in accordance with
the Agreement; and
WHEREAS, the Developer has to the present date performed said covenants and
conditions insofar as they relate to the construction of the Minimum Improvements in a manner
deemed sufficient by the City to permit the execution and recording of this certification; and
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, this is to certify that all
covenants and conditions of the Agreement with respect to the obligations of the Developer,
and its successors and assigns, to construct the Minimum Improvements on the Development
Property have been completed and pertormed by the Developer to the satisfaction of the City
and such covenants and conditions are hereby satisfied.
The Recorder of Dubuque County is hereby authorized to accept for recording and to record
the filing of this instrument, to be a conclusive determination of the satisfaction of the covenants
and conditions as set forth in said Agreement, and that the Agreement shall otherwise remain
in full force and effect.
33
(SEAL) CITY OF DUBUQUE, IOWA
By:
Mike Van Milligen, City Manager
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this _day of , 20 , before me, the undersigned, a notary public in
and for the State of lowa, personally appeared and acknowledged
the execution of the instrument to be his/her voluntary act and deed.
Notary Public in and for
Dubuque County, lowa
34
EXHIBIT F
DECONSTRUCTION AREA
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35
EXHIBIT G
DOWNTOWN HOUSING INCENTIVE PROGRAM
36
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39
EXHIBIT H
PLANNING AND DESIGN GRANT PROGRAM, FA�ADE GRANT PROGRAM, AND
FINANCIAL CONSULTANT GRANT PROGRAM
40
ay o� ououque, iowa
Fagade Grant Program,
Financial Consultant Grant Program,
and Planning & Design Grant Program
PROGRAM GUIOELINES
�xme�
T�e Fapade Grzn( Flnantlal ConsW�an�Grzn�, aM Planning &��Ign Grzn� Pmg�ams
ere a�ig�ea m mm�erme goais e�a oo�e�e�res onne eres�roowri� uma�
reenewai Pian n veaung mennan�iai mwnuves neeaea�o eominare wnamonsor
m^em, e��wreea rem�n�uo� enom a�a�o re�m or rree�e empiovmem oppow�n�
e wor�ewno�smg �m�wi�nm me auma mi:proyam wm eaar�owiamg wae
aeacienrxszs pznorazrn xppmvca prolen.
ere�meronr��u: owrie5 or p�opertv �+mm me a��er oowmo»n uma�
aeoeweiois�nnlmaPa�erseal
ereime n�rmnes
e�aw.sism��e: Fes.aesre�caroer.m—ame.im�mrna�e�mo�a�aaouar
Is�o�000l m matmma eant is avauaoie m pmmae assistanre
renla�o�oimalenalco56b�hoMo�ma�h{aderenova4ois�o
smre e o�mmgs ms�ono app�a�re o eum�a�e
i�eppropne�e aaaso�s or e�auo� m imp�o.e o�reu
aP�eare��
Fme��mi co�s�ne m erem vroarem—n ma.im�m or e rm��
Nousand dollar �5150��) 1] ma1NNg gran� Is avallable �o
pmvlde assRienm on Mnng a finantlal mnsul�en� ussd �o
a�aNre me reazieuM or z prolen.
Planning 6 ceslpn 6mn� P�opmm - A maMlmum of a Rn
moosana aouzr Ia�o�000l m matmmy arem is zvzuzme �o
p�omae assis�a�re o� preae.eiopmem ws�assonaea wim a
o lea
cMmoe�e�eep��mo'e°rcwp m��panmem
isv"'�m`no�e�e�e, i�sino�
41
G mpeMJmw inPremamm
m omlee�in �ree nogwmorm ume�ercr ti�o��
mep)en mm�m omqetm
��ceMm �em�iNmm ^asrvowre.
�Mg�� N� anercr
wt �emrym oceM�� e�Mpg
uepyim ecTyo�
wsepq�feeie e enai eroi�aceomereeee am ewmree M ���M
eppil�ede gwmi� xai ce
� wPci
ree �uK nacm'�wo�:
�cp aen ce newze em
ropeM�� �*�N�cTym
�earycm
aisqeyee em
m ey e eN(e.g Nerarts�erson�le� �aN
re�qme . nppiimmna wniout cemike erewigs mii nm m snaenm
o� remiry
nm reorne oc mezmum amoum o�ma��b eavmnoe mwe man
cMw� wpe��w�reeu�veemmaretmunepwnngg �ecumyeor
ptiy, a
ed �y Me qly W �uWam lolbwing an IMemel
- m Ee1n�emmn� u�M �m un� are bmm m muee-ux
my ey me nnicu ewn m�, .vnaining o�n ieeat
cTyse
�roqi nm
�n%po�ern�int meetme pro�ram unene ane are reaeym mmmencewnnin mrce
42
FAC/�.DE GRANT INFORMATION
mms progam p�oma�ea�� m me sreaer oo»mow� uma� ae��i oi:�nn brrrom
r�r�yaae re�o.euo� �o r�mre me�yaae m B nis�onoep�aa�re or imp�o�re me
o.eauappeara�re.
nmo�moisr.m: mmao-smggrem�o�me.r.�a�emno�a�aaouas�so,000�
snzu oe zwemm oyme crtvm Quzuryma Prolens easea on mai
ene�oiepmle��we. (Eumpia: sa�5oomeoaimeprolenws¢
wo�m rere�re a sa,zw arem mao-raa W sa�zso m pW.a�e
w�mawb�; am�000 o� a��er era�ie ��le�� r.os� owa
rereme me meam�m am,000gam.�
eram spe�m� co�aino�s:
• aeimo�rsemem is ror iaoor e�a ma�enei r.os� a :onaea wim r�seae
m�po�reme��,i�n�amg om�oum��a�o, renaoon�wyortmp�o��e wmaows,
pam�, sie�aee, or�mst�o e�na�re o�reren app�a�re.
• ��asravmqor:�re�mqwi�nre�n�qorreammewausmaymareimo��me
avpenselfaaelemnna4on6maaeNatpmpeMlslmpm�eaaa�ammtopubllc
ng�bf way
�omer�orer.�mereimo�a�memmrrepomu�aamonara�eiwis�moiemay
oe rea���eabrears reqam m�wm eerepom�ea_ mee�rram m�s�aanere
mmeresm�mma�e�mwis��mercreneemetio�.nMes�nrn�nao-epp�o�rea
��le�� Pia�- me cnv mey ree�es� .ennraw� me�me �ew mo�a�mmmg
me re�i�rnme monare�aiw�
• Language hom ��e Na�lorel Paik 9ervlm TeGntral Preserva�lm 9eMm5
Bneh may be atlaclied az a wndl�lon 6� a �ullding ��m� I!�M applPan�
c�ooses�o�Ra�m repoln�ing on��e pmlect
• aeimo�rsaoie�pe�aiw�m�neeao��memea.
• ea�¢ wm oe auo��ea �w� wmp�uo� m.nM a� e a�e m xs� mr eam
a�no ore�eiieea msn
FppmvalPmcess:
1. �eslgnrevlew�yNeCI�yPIanning �epaNnen�andlo���eHkbnmlPreserva�lon
Commlsslon ISle�utre46�eUeno�xnMan Ne pmle«
i. eamappnrauo�:�umrem�aoycirynaraemewcommmeea�aanoo�rea
by��e Clly Managei.
s w�ame �.+ii ee ai:o�sm �w� s�an remew m ao��memaa ewe�aimre: e�a
�ms�evoon ora mmPie�ea o�len.
43
FINANCIAL CONSULTANT GRANT INFORMATION
mi:proyam pro.mes ea��m me sreaer oow�mw� uma� aerewai o�o-iamroin�a
e n�a�nai w�s�n��m e�ainameieazmniryorproleas.
a�o�moisr.�c m ma�rnme eam �o� m exreEa n�e� �no���a aouaa
eoe�oe�pmie���orn.l��m�ieuaaMsoo°�eoaiei p�ojnPomai
wo�m rereme a sa,zw arem mao-raa W sa�zso m p�me
w�mowb�; a��000 or ar��er euamie w:¢wowa rerQere me
mz.im�m a�s,000 eam.l
eram spe�m� co�aino�s:
• aeimo�rsemem u mr re� essoue�ea wim nin�y e pror�io�ei e�a�uei
• asw�m
eimo�rsaoie�pe�am��m�neeao��memea.
• mmseamsnzuoo�euzea�eoperc��tm�lorm�eipmle��costc
• mereneematio�prolanm�:�mwmpie�mmrmeFina�naico�:wameam
�o m rwam_
• ea�¢ wm oe auo��ea �w� wmp�uo� m.nM a� e a�e rn as� mr eam
a�no ore�eiieea msn
FppmvalPmcesS:
1. �eslgnrevlew�yNeCI�yPIanning �epaNnen�andlo���eHkbnmlPreserva�lon
Commlsslon ISle�utre46�eUeno�xnMan Ne pmle«
i. er.mappnrauo�:�umrem�aoycirynaraemewcommmeea�aanoo�rea
by��e Clly Managei.
s w�ame �.+ii ee ai:o�sm �w� s�an remew m ao��memm ewe�aimre: e�a
i���uo� ora mmpie�a p�olea
44
PLANNING & DESIGN GRANT INFORMATION
mis p�rem p�oma�aa�¢m me aree�er oowmow� uma� ae��i ois�namroin�e
eRni�ens,e�ym��oromerproressi«iai�mres �sea pnorm w�sw�uo�_
nmo�moisr.m: mmao-smggrem�o�me.r.�a�emno�a�aaouar��s�o,000�
oe zwzmea oy me cMm QuzuNi�e �role�ss �o omet me zcmzi
predevelapment msh. (Fbmple: SBi50] In ellglble pmlect
ws¢.n�m rererre sa,zw eam me�rnea W sa�iso m pn.a�e
w�mowb�; am�000 o� a��er eoe�oie p�ole�� r.os� wowa
rereme me meam�m am,000gam.�
eram spe�m� co�aino�s:
• aeimouaemem is mr eRnnewai zm angmwnne rws, feazieuM smmes,
• aeimen�elass�smemsaramerrelatmsonrvsls.
mo�rsaoie�pe�am�rgm�neeao��memea.
• ow�enae�reioperre�arerq���meaazreimo�r�ameeroe�aiw�
• meeamsnau�me.r.�a�e� pe�mtmvc)orm�aip�ole��r.os�
• eao¢vnu ee aiseorsea upon wmpieuon orme prolan z� z a�e ora�so ror
eacli Slllo N Qualm� msR
FppmvalPmcesS:
1. �eslgnrevlew�yNeCI�yPIanning �epaNnen�andb�NeHkbnmlPreserva�lon
Commlsslon ISle�utre46�eUeno�xnMan Ne pmlect
i. eamappnrauo�:�umrem�aoycirynaraemewcommmeea�aanoo�rea
by��e Clly Managei.
s w�ame �.+ii ee ai:o�sm �w� s�an remew m ao��memm ewe�aimre: e�a
i���uo� ora mmpie�a p�olea
45
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ULlbllC�ile Economic Development Department
THE CITY pF � 50 West 13"'Street
��� � pll-AmericaCitY Dubuque,lowa 52001-4864
� �� �� ' Office(563)589-4393
TfY(563)690-6678
Mnsteaj�ieCC 011 f1iC Mississi��pi http://www.cityofdubuque.org
:uu�•�oix•zcu3
November 30, 2016
S&L Investments �
Attn: Mr. Keith Wiggins
100 1 st Ave N E
Cedar Rapids, IA, 52401
RE: Rehabilitation of 3000 Jackson Street, Dubuque, IA
Dear Mr. Wiggins:
The City of Dubuque is pleased to consider your proposed Rehabilitation Project at
3000 Jackson Street in Dubuque, lowa, and will consider providing the following,
subject to the conditions below:
Source of Funds: Greater powntown Urban Renewal Area Programs
Estimated Total Project Costs: Unknown
Amount of Proposed Commitment:
■ $10,000.00 maximum Fa�ade Grant
• $10,000.00 maximum Planning & Design Grant
• $15,000.00 maximum Financial Consultant Grant
■ Loan not to exceed $500,000 to reimburse Developer for 50°/o of Deconstruction
Costs; 10 years of TIF rebates, applied first to repay the City Loan, balance to
Developer
■ After the initial 10 years of TIF, additional TIF rebates to Developer for a period
as will total $500,000
Purpose of the Proposed
Commitment: To improve the interior and exterior of the building,
including the creation of commercial and residential
spaces, as agreed upon between the parties.
Conditions of this Proposed Commitment:
1. Project must be initiated by December 1, 2017, or a date mutually agreed upon
between the parties.
2. Project must be completed by a date mutually agreed upon between the parties
in a Development Agreement, based upon the scope of the Project.
3. Project work must conform to all requirements as outlined in the City of
Dubuque's Downtown Rehabilitation Grant Program and the City of Dubuque's
Downtown Design Guidelines, and other requirements to be included in a
Development Agreement. Failure to comply with all requirements will result in a
forfeiture of all funds committed herein.
4. Grant will be disbursed upon completion of work, documentation of eligible
expenses, and an inspection of the completed project by Building Services,
Planning Department, and other City Staff as necessary. Determination of
whether the project is complete will be made by City Departments in their sole
discretion.
5. Eligible expenses for the Fa�ade, Planning & Design, and Financial Consultant
Grants will be reimbursed at a rate of$.50 for each $1.00 of costs incurred within
the scope of the approved project application, up to the maximum indicated
above.
6. Loan not to exceed $500,000 to reimburse Developer for 50% of Deconstruction
Costs; 10 years of TIF, rebates applied first to repay the Loan, remaining rebates
to Developer
7. After the initial 10 years of TIF, additional TIF rebates for such a period of time as
will total $500,000
8. Tax Increment Finance (TIF) Rebates will be disbursed bi-annually, with details
to be outlined in a Development Agreement.
This proposal to consider a commitment is valid for thirty(30) days from the date of this
letter.
This letter is non-binding and this proposal and all of the foregoing proposed terms are
subject to final approval of a Development Agreement between the parties by the City of
Dubuque City Council as required by law and which the City Council is under no
obligation to approve.
If you wish to proceed with the negotiation of a Development Agreement, please return
the signed acknowledgment. Failure to return written acknowledgment will be cause for
this proposal to lapse.
If you have any questions regarding the conditions of this commitment, please contact
me at (563) 589-4393.
Sincerely,
Maurice Jone
Economic De ei pment Director
I have reviewed the above proposal and would like to proceed with the negotiation of a
Development Agreement. I understand and agree that this letter is non-binding and the
proposal and all of the foregoing proposed terms are subject to final approval of a
Development Agreement between the parties by the City of Dubuque City Council as
required by law and which the City Council is under no obligation to approve.
� � Z �1 �b
Signature Date
PUBLIC NOTICE
CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA
NOTICE OF A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE APPROVAL OF THE DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE AND 3000 JACKSON, LC INCLUDING THE
PROPOSED AUTHORIZATION OF URBAN RENEWAL TAX INCREMENT REVENUE
OBLIGATIONS
PUBLIC NOTICE is hereby given that the City Council of the City of
Dubuque, lowa, will hold a public hearing on the 4�h day of June, 2018, at
6:00 p.m. in the City Council Chambers at the Historic Federal Building, 350
W. 6th St., Dubuque, lowa, at which meeting the City Council proposes to
take action on the authorization and execution of the Development
Agreement, and on the issuance of economic development grants (Urban
Renewal Tax Increment Revenue Grant Obligations) described therein in
order to carry out the purposes and objectives of the Urban Renewal Plan
for the Greater powntown Urban Renewal District, consisting of the funding
of economic development grants to 3000 Jackson, LC, under the terms and
conditions of said Development Agreement and the Urban Renewal Plan
for the Greater powntown Urban Renewal District. The aggregate amount
of the Urban Renewal Tax Increment Revenue Grant Obligations cannot be
determined at the present time, but is not expected to exceed $1 ,822,000.
At the meeting, the City Council will receive oral and written objections from any resident
or property owner of said City to the above action. After all objections have been received
and considered, the City Council may at this meeting or at any adjournment thereof,
approve the Development Agreement, and authorize such Tax Increment Revenue Grant
Obligations, or abandon the proposal. By order of the City Council said hearing and
appeals therefrom shall be held in accordance with and governed by the provisions of
Section 403.9 of the Code of lowa.
This notice is given by order of the City Council of the City of Dubuque, lowa, as provided
by Chapter 403 of the Code of lowa.
Dated this 21 S� day of May, 2018.
Kevin S. Firnstahl
City Clerk of Dubuque, lowa
F:\Users\tsteckle�I,indahl\SLE Investments-3000 Jackson-Brewery B1dg�Notice of hearing 3000 Jackson 050818.docx