The Hotel Dubuque, L.L.C, Seventh Amendment to Development AgreementCity of Dubuque
City Council Meeting
Consent Items # 011.
Copyrighted
January 3, 2023
ITEM TITLE: The Hotel Dubuque, L.L.C, Seventh Amendment to Development
Agreement
SUMMARY: City Manager recommending City Council adopt a resolution approving
the Seventh Amendment to the Development Agreement with The Hotel
Dubuque, L.L.C.
SUGGESTED
DISPOSITION:
ATTACHMENTS:
Description
RESOLUTION Approving the Seventh Amendment to the Development
Agreement between the City of Dubuque and The Hotel Dubuque,
L.L.C.
Suggested Disposition: Receive and File; Adopt Resolution(s)
7th Amendment Hotel Dubuque, LLC-MVM Memo
Memo
Resolution
7th Amendment
Type
City Manager Memo
Staff Memo
Resolutions
Supporting Documentation
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: The Hotel Dubuque, L.L.C, Seventh Amendment to Development
Agreement
DATE: December 28, 2022
Senior Counsel Barry Lindahl is recommending City Council adopt a resolution
approving the Seventh Amendment to the Development Agreement with The Hotel
Dubuque, L.L.0 which will extend the Closing Date to March 30, 2023, to allow The
Hotel Dubuque, L.L.C. to finalize its financing.
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
Barry Lindahl, Senior Counsel
Jason Lehman, Assistant City Attorney
Jill Connors, Economic Development Director
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BARRY A. LINDAHL, ESQ.
SENIOR COUNSEL
MEMO
To: Michael C. Van Milligen
City Manager
DATE: December 28, 2022
Dubuque
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RE: The Hotel Dubuque, L.L.C, Seventh Amendment to Development
Agreement
The City of Dubuque, Iowa (hereinafter "City") and Warehouse Trust, LLC, entered into
a Development Agreement dated for reference purposes the 17th day of June 2013 which
Development Agreement was subsequently assigned to Novelty Iron Landlord, LLC with
the consent of the City.
The Hotel Dubuque, L.L.0 has entered into a Purchase Agreement with Novelty Iron
Landlord, LLC, to purchase the Condominium Units presently owned by Novelty Iron
Landlord, LLC, and constituting the entirety of the assets of Novelty Iron Landlord, LLC.
The Development Agreement was subsequently assigned to The Hotel Dubuque, L.L.0
with the consent of the City.
The Sixth Amendment to Development Agreement established a Closing Date of
December 30, 2022, on the Development Agreement between Novelty Iron Landlord,
LLC and The Hotel Dubuque, L.L.C.
The City and The Hotel Dubuque, L.L.0 now desire to extend the Closing Date to March
30, 2023 to allow The Hotel Dubuque, L.L.0 to finalize its financing.
I recommend the Seventh Amendment be submitted to the City Council for consideration
and approval.
BAL:JLM
cc: Jason Lehman, Assistant City Attorney
Jill Connors, Economic Development Director
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 583-4113 / FAX (563) 583-1040 / EMAIL balesq@cityofdubuque.org
Prepared by Barry A Lindal Esq. 300 Main St.,Ste 330 Dubuque IA 52001-6944 (563) 583 4113
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131" St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 6-23
RESOLUTION APPROVING THE SEVENTH AMENDMENT TO THE DEVELOPMENT
AGREEMENT BETWEEN THE CITY OF DUBUQUE AND THE HOTEL DUBUQUE,
L.L.C.
WHEREAS, the City of Dubuque, Iowa (hereinafter "City") and Warehouse Trust,
LLC, entered into a Development Agreement dated for reference purposes the 17th day
of June 2013 which Development Agreement was subsequently assigned to Novelty
Iron Landlord, LLC with the consent of the City; and
WHEREAS, the Hotel Dubuque, L.L.0 has entered into a Purchase Agreement
with Novelty Iron Landlord, LLC, to purchase the Condominium Units presently owned
by Novelty Iron Landlord, LLC, and constituting the entirety of the assets of Novelty Iron
Landlord, LLC.; and
WHEREAS, the Development Agreement was subsequently assigned to The
Hotel Dubuque, L.L.0 with the consent of the City; and
WHEREAS, the Sixth Amendment to Development Agreement established a
Closing Date of December 30, 2022 on the Development Agreement between Novelty
Iron Landlord, LLC and The Hotel Dubuque, L.L.C.; and
WHEREAS, The City and The Hotel Dubuque, L.L.0 now desire to extend the
Closing Date to March 30, 2023 to allow The Hotel Dubuque, L.L.0 to finalize its
financing; and
WHEREAS, the City Council finds that the Seventh Amendment attached hereto
should be approved.
NOW, THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
SECTION 1. The Seventh Amendment is hereby approved.
SECTION 2. The Mayor is hereby authorized and directed to sign the Seventh
Amendment on behalf of the City of Dubuque.
Passed, approved and adopted this V day of January, 2023.
.• M. Cavacg@or
Attest:
`
Adrienne N. Breitfelder, City Clerk
SEVENTH AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA,
AND
MAIN STREET COMMUNITY CAPITAL
This Seventh Amendment to Development Agreement, dated for reference purposes the
3P day of January 2023, is made and entered into by and between the City of Dubuque and The
Hotel Dubuque, L.L.C, a Minnesota limited liability company (hereinafter "Developer").
WHEREAS the City of Dubuque, Iowa (hereinafter "City") and Warehouse Trust, LLC,
entered into a Development Agreement dated for reference purposes the 1711 day of June 2013
which Development Agreement was subsequently assigned to Novelty Iron Landlord, LLC with
the consent of the City; and
WHEREAS the Developer has entered into a Purchase Agreement with Novelty Iron
Landlord, LLC, to purchase the Condominium Units presently owned by Novelty Iron Landlord,
LLC, and constituting the entirety of the assets of Novelty Iron Landlord, LLC; and
WHEREAS the Development Agreement was subsequently assigned to Developer with
the consent of the City; and
WHEREAS the Sixth Amendment to Development Agreement established a Closing
Date of December 30, 2022, for the Purchase Agreement between Novelty Iron Landlord, LLC
and Developer; and
WHEREAS the City and Developer now desire to extend the Closing Date to March 30,
2023 to allow Developer to finalize its financing.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
FOLLOWS:
1. Section 1.3 of the Development Agreement is amended to read as follows:
1.3 Closing. The closing shall take place on the Closing Date which shall be no later
than the 30t1t day of March, 2023 or such other date(s) as the parties shall agree in writing
prior thereto. Consummation of the closing shall be deemed an agreement of the parties
to this Agreement that the conditions of closing shall have been satisfied or waived.
[END OF AMENDMENT — SIGNATURE PAGE FOLLOWS]
CITY OF DUBUQUE, IOWA
City Clerk
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