Second Amendment to Development Agreement for 253 Main Street Copyrig hted
March 1, 2021
City of Dubuque Consent Items # 7.
City Council Meeting
ITEM TITLE: SecondAmendmentto DevelopmentAgreementfor253 MainStreet
SUM MARY: City Manager recommending approval of a Second Amendment to the
DevelopmentAgreement with Kenneth Oberbroeckling, as assigned to
Ned Oberbroeckling, for the redevelopment of the property at 253 Main
Street.
RESOLUTION Approving the Second Amendment to Development
Agreement between the City of Dubuque, lowa and Ned Oberbroeckling
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
Second Amendment to Development Agreement for 253 City Manager Memo
Main Street-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
Second Amendment Supporting Documentation
Dubuque
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Second Amendment to Development Agreement for 253 Main Street
DATE: February 23, 2021
Economic Development Director Jill Connors recommends City Council approval of a
Second Amendment to the Development Agreement with Kenneth Oberbroeckling, as
assigned to Ned Oberbroeckling, for the redevelopment of the property at 253 Main
Street.
The agreement was executed with an incorrect Termination Date of June 1, 2026. The
project is scheduled to receive tax increment financing rebates through May 1, 2027.
The Second Amendment will establish a Termination Date of June 1, 2027.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill M. Connors, Economic Development Director
Dubuque Economic Development
Department
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All•America Eity Dubuque,lowa 52001-4763
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TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Second Amendment to Development Agreement for 253 Main Street
DATE: February 21, 2021
INTRODUCTION
This memorandum presents for review and approval a Second Amendment to the
Development Agreement with Kenneth Oberbroeckling, as assigned to Ned
Oberbroeckling, for the redevelopment of the property at 253 Main Street.
BACKGROUND
City Council approved a Development Agreement with Kenneth Oberbroeckling for the
redevelopment of 253 Main Street on April 6, 2015. The Agreement calls for a capital
investment of at least $600,000 and the creation of four (4) market rate apartments. A
First Amendment to Development Agreement was approved on December 21, 2015 by
Resolution No. 429-15 to amend the project completion date.
On March 1, 2021, the City Council considered an assignment of Development
Agreement to Ned Oberbroeckling.
DISCUSSION
The Agreement for the project at 253 Main Street was executed with an incorrect
Termination Date of June 1, 2026. The project is scheduled to receive tax increment
financing rebates through May 1, 2027. The Second Amendment will establish a
Termination Date of June 1, 2027.
RECOMMENDATION/ ACTION STEP
I recommend City Council approval of the attached resolution, authorizing the Mayor to
sign the Second Amendment to Development Agreement for the rehabilitation of 253
Main Street.
2
Prepared by: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 54-21
APPROVING THE SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND NED OBERBROECKLING
WHEREAS, the City of Dubuque (City) and Kenneth Oberbroeckling entered into
a Development Agreement, dated for reference purposes the 6th day of April, 2015, as
amended by the First Amendment to Development Agreement, for the following property,
situated in Dubuque, Iowa:
City Lot 75; and City Lot 74A EXCEPT the north 6 inches thereof; in the
City of Dubuque, Iowa, according to the Commissioners' Map of the Town
of Dubuque, Iowa;
(the Property), locally known as 253 Main Street; and
WHEREAS, Kenneth Oberbroeckling conveyed the Property and assigned the
Development Agreement to Ned Oberbroeckling by Assignment dated the 23rd day of
February, 2021; and
WHEREAS, City and Ned Oberbroeckling, as Developer, desire to further amend
the Development Agreement as set forth in the attached Second Amendment to
Development Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Second Amendment to Development Agreement between
the City of Dubuque, Iowa and Ned Oberbroeckling, a copy of which is attached hereto,
is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the
Second Amendment to Development Agreement on behalf of the City of Dubuque and
the City Clerk is authorized and directed to attest to his signature.
Section 3. That the City Manager is authorized to take such actions as are
necessary to comply with the terms of the Second Amendment to Development
Agreement as herein approved.
Passed, approved and adopted this 1 st day of March, 2021.
Roy D. Bu , Mayor
Attest:
Adrienne N. Breitfelder, City Clerk
SECOND AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
NED OBERBROECKLING
This Second Amendment to Development Agreement, dated for reference
purposes the 1-5+- day of March, 2021, is made and entered into by and between the City
of Dubuque, Iowa (City) and Ned Oberbroeckling.
WHEREAS, City and Kenneth Oberbroeckling previously entered into a
Development Agreement dated for reference purposes the 6th
day of April, 2015, as
r
amended by the First Amendment dated December 21, 2015, fo
situated in Dubuque, Iowa: the following property,
City Lot 75; and City Lot 74A EXCEPT the north 6 inches thereof; in the
City of Dubuque, Iowa, according to the Commissioners' Map of the Town
of Dubuque, Iowa;
(the Property), locally known as 253 Main Street; and
WHEREAS, Kenneth Oberbroeckling conveyed the Property and assigned the
Development Agreement to Ned Oberbroeckling by Assignment dated the 13 day of
2021; and
WHEREAS, City and Ned Oberbroeckling as Developer desire to further amend
the Development Agreement as set forth herein.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES THAT THE
DEVELOPMENT AGREEMENT IS AMENDED AS FOLLOWS:
Section 1. Section 6.3 of the Development Agreement is hereby amended to
read as follows:
Termination Date. This Agreement and the rights and obligations of the parties
hereunder shall terminate on June 1, 2027 (the Termination Date).
Section 2. All other terms and conditions of the Development Agreement
remain in full force and effect.
CITY OF DUBUQUE, IOWA NED OBERBROECKLING
By:
Roy B Mayor
Attest: