Letter and Price Breakdowns for Purchase of Urban Renewal Land_10.08.1975October n, 1975
Elisabeth Foxley
Archlt7-tural Historian
DivI3to1' of historic Preservation
B- l i '_% ricLean Hall
University of Iowa
Tofu Citv, Io -a 52242
Dear N,. s Foxley;
David Clemens and t!Fayne Nortnan, officers of the Dubuque Five Flags Center
Fund, have requested that the City of Dubu^ue provide you with the following
inforrnation in connection a'tth the purchase of the Oroheur! Theatre and site by
their organization
The Dubu Tua Fl ,e Flags Center Fund has entered into a contract to purchase
certain urban rene-,al land for the purpose of deve'oping thereupon a Five Fla:.s
Center. This Includes the restoration renovation of V? e theater and the con-
situctton of other i:*. proven ents to complement the restored theater and to make
the theater uabl:^ for a greater variraty of oublic uses than .voutd be oop^lble
Mt" only a restored theater
The value of the th ater and site has been establkhed by real estate apnralsats
and the riles and regulattons a pre: cribed by the U �. Department of Housing
and Urban Development covering t•,e> disposition of land in Urban Renewal
Projects
T:: Du'3u ue Five Flags Center Fund has a4reed to purchase t:,o parcels of
land on a staged ta'r.e-down basis. The first parcel is legalk, identified as
Tot I of Downtown Dubu,-ue Plaza This land is also l;no.l.,n for Urban. Renewal
purposes as Reuse Parcels 11-1, 1 -2, 13 -3 and 1 -4. I.ot t includes the
Orpheur Theatre. This parcel is to be purchased i,rH�ediately, and the sale
will be con.sum mated upon our identification th:lt the closing <:vt'! not prejudice
the receipt by the DubuLyue Five Flags Center Fund of the Historic Preservation
grant. The purchase price for the total parcel is $1^6, 133 0 � inciudln(
$26:27 1
representing the pricya
of the theater and th7 lot upon which than
theater I situated
Nis Elisabeth Foxtey
October 0, 117
Page 2
The encto^ed Sun, -.mart' of the Price Breakdown documents the above price
Brea:down. A second enclosure further describes the process of determining
the price breako_it of the theater
Additionay, t-O, Dubueue Five Flap Center Fund cylil ourchase Lot 2 of
Dubu: u� Do- ntov.m Plaza .+,Rhin 18 ;,onths at a price of $92,OP5.62, This is
also net Forth on the attached price breakdown.
There i.fa also enclosed a letter dated September 11, 1975, fro the U. De -
partment of Housing and Urban Davelopinent as evidence of their concurrence
in the sale of the property at the prices indicated.
Additional data which you may need to document this transaction will be
promptly provided upon your rec nest.
Sincerely yours,
Gent i . `^."ttenberg
Gift^ !vt
Enclosures
cc; Per. David Clemens
1,Ar. '.A'ayne Norman
ORPHEUM THEATRE
Computation of Land Value
Land Area from Real Estate Acquisition Appraisal
63.6' x 114' = 7,250.4 square feet.
$3.02 represents square foot value of land for reuse purposes as appraised by
second reuse appraiser and approved by U.S. Department of Housing and Urban
Development on September 11, 1975.
The Urban Renewal Manual stipulates the minimum disposal price for property to
be disposed of subject to rehabilitation is the greater of (a) its fair reuse value,
or (b) 120 percent of the estimated fair reuse value of the land, if cleared. The
special "as is" appraisal indicated a negative reuse value; consequently, the
120% test is applicable.
7,250.4 square feet @ $ 3. 02 = $ 21,896. 21
120% of $ 21,896.21 = $ 26,275.45
Value of Theater 4,379..24.
-$ 21,896.21
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