Sale of City-owned property at 2247 Central Avenue_InitiateCopyrighted
February 7, 2022
City of Dubuque Items to be set for Public Hearing # 2.
City Council Meeting
ITEM TITLE: Sale of City -owned property at 2247 Central Avenue
SUMMARY: City Manager recommending the City Council set a public hearing for
February 21, 2022, on the disposition of City -owned real property located
at 2247 Central Ave to Armina Odobasic for the amount of $162,000.
RESOLUTION I ntent to dispose of an interest in City of Dubuque real
estate to Armina Odobasic setting a time and place for hearing, and
providing for the publication of notice thereof
SUGGESTED Receive and File; Adopt Resolution(s), Set Public Hearing for February
DISPOSITION: 21, 2022Suggested Disposition:
ATTACHMENTS:
Description Type
2247 Central - Set public hearing to dispose of City Manager Memo
property-MVM Memo
2247 Central Set Public Hearing to dispose of property Staff Memo
2247 Central Set Public Hearing to dispose of property Resolutions
resolution
2247 Central Public Hearing Notice Supporting Documentation
THE C
DUjIBQTE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Sale of City -owned property at 2247 Central Avenue
DATE: February 3, 2022
Dubuque
WAWca 914
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2007-2012.2013
2017*2019
Housing and Community Development Director Alexis Steger recommends the City
Council set a public hearing for February 21, 2022, on the disposition of City -owned real
property located at 2247 Central Ave to Armina Odobasic for the amount of $162,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Alexis Steger, Housing and Community Development Director
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Dubuque
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Masterpiece on the Mississippi
2017*2019
TO: Michael C. Van Milligen, City Manager
FROM: Alexis M. Steger, Housing and Community Development Director
SUBJECT: Sale of City -owned property at 2247 Central Avenue
DATE: January 31, 2022
Introduction
The purpose of this memorandum is to request the City Council to set a Public Hearing
for the purpose of disposing of City -owned real property located at 2247 Central Avenue.
Background
The property at 2247 Central Avenue was originally purchased by True North in
September 2019. The City took ownership as part of the shifting of residential purchase
and rehabilitation component of the Dubuque's True North Corporation to the Housing
Department in January 2020.
Total costs for rehabilitation was approximately $212,380, plus the acquisition cost of
$25,295 bringing the City's investment total to approximately $237,675.
Discussion
This property was identified to have great potential to rehabilitate and create
decent/affordable homeownership options to income -qualifying household under 80%
median income. The City strives to provide affordable housing opportunities throughout
the city of Dubuque. This property is located in the new Washington Neighborhood
targeted area. It offers increased housing choice for an income qualified buyer using
Housing Trust Funds (2601021-62764) and Community Development Block Grant
(CDBG) funds (2601234-62764).
An offer has been made by Armina Odobasic to purchase the property at 2247 Central
Avenue for $162,000. A $25,000, 0% interest 35-year term loan will be made available
to the buyer to assist with down payment, closing costs, other related costs, or simply
by reducing the 1st mortgage. Revenue from the sale of this property will go back to the
original funding source which is Tax Increment Financing (TIF) 3602766-54104.
Financing to Armina Odobasic will be provided through a first mortgage from an area
lender.
This sale/rehabilitation will maintain owner occupied housing in the neighborhood and
increase the tax base. Additionally, it meets the Voluntary Compliance Agreement
(VCA) objectives of increasing homeownership opportunities for low -moderate income
households throughout the City of Dubuque.
Recommendation
I respectfully request the City Council approve the attached resolution, declaring the
City's intent to dispose of the property and set the date for the public hearing to receive
comments on the proposed sale.
Prepared by: Kris Neyen, Rehabilitation Programs Supervisor
Prepared by Kris Neven Housing & Community Devel 350 W 611 St Suite 312 Telephone: (563) 690-6072
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131h St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO.49-22
INTENT TO DISPOSE OF AN INTEREST IN CITY OF DUBUQUE REAL ESTATE TO
ARMINA ODOBASIC SETTING A TIME AND PLACE FOR HEARING, AND
PROVIDING FOR THE PUBLICATION OF NOTICE THEREOF
WHEREAS, the City of Dubuque, Iowa (City) owns 2247 Central Avenue (the
Property) legally described as:
Lot 7 in Tivoli Addition, in the City of Dubuque, Iowa, according to the
recorded plat thereof;
and
WHEREAS, City acquired the Property for the purpose of its restoration and re -sale
for owner -occupied housing; and
WHEREAS, City received an offer to purchase the property from Armina Odobasic;
and
WHEREAS, by accepting the selected offer the City's objectives of providing
homeownership to an income qualified buyer and rehabilitation of a vacated home can be
realized and is consistent with the City's goal of creating opportunities for affordable home
ownership.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the City of Dubuque, Iowa, proposes to dispose of its interest in
the above -described real estate to Armina Odobasic for the sum of $162,000.
Section 2. That the City Council shall conduct a public hearing on the proposed
disposition of real estate in the City Council Chambers at the Historic Federal Building, 350
W. 6th Street, Dubuque, Iowa on the 21st day of February 2022 beginning at 6:30 p.m.
Section 3. That the City Clerk be and is hereby authorized and directed to publish
notice of the public hearing in the form attached hereto, according to law.
Passed, approved and adopted this 7th day of February, 2022.
Brae'V. Cavanagh
Adrienne N. Breiffelder, Ci y Clerk
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