Agreement with Chris Richard for Housing TIF incentives of $10,000 per Low-Income Unit CreatedCity of Dubuque
City Council Meeting
Action Items # 09.
Copyrighted
June 5, 2023
ITEM TITLE: Agreement with Chris Richard for Housing TIF incentives of $10,000 per
Low -Income Unit Created
SUMMARY: City Manager recommending City Council approve city support in the
amount of $110,000 in housing TI F funds as a forgivable loan to Chris
Richard to assist with rehabilitation costs associated with the rehabilitation
of 11 rental units located at 1706 Central Avenue.
SUGGESTED
DISPOSITION:
ATTACHMENTS:
Description
MVM Memo
RESOLUTION Approving a Development Agreement by and between
the City of Dubuque, Iowa and CARich Properties LLC. providing for
funding assistance through Housing Tax Increment Financing in the
amount of $110,000 for the development of 1706 Central Avenue
Suggested Disposition: Receive and File; Adopt Resolution(s)
Staff Memo
Resolution Approving Agreement
Application for Housing TI F
Agreement
Type
City Manager Memo
Staff Memo
Resolutions
Supporting Documentation
Supporting Documentation
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Agreement with Chris Richard for Housing TIF incentives of $10,000 per
Low -Income Unit Created
DATE: June 1, 2023
Housing & Community Development Director Alexis Steger is recommending City
Council approve city support in the amount of $110,000 in housing TIF funds as a
forgivable loan to Chris Richard to assist with rehabilitation costs associated with the
rehabilitation of 11 rental units located at 1706 Central Avenue. CARich Properties LLC
is the first developer to take advantage of this new $10,000 per unit created that is
affordable, incentive provided by Housing TIF.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
LVA14NLVAWAi
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Alexis Steger, Housing & Community Development Director
THE CITY OF
DuB TE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Alexis M. Steger, Housing & Community Development Director
DATE: May 31, 2023
Dubuque
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2007.2012
2013.2017
RE: Agreement with Chris Richard for Housing TIF incentives of $10,000 per
Low -Income Unit Created
Background
Chris Richard is requesting Housing Tax Increment Financing (TIF) funding in the
amount of $110,000 to assist with rehabilitation costs associated with the rehabilitation
of 11 rental units located at 1706 Central Avenue.
In September 2022 the City Council passed new incentives to encourage developers
to create new affordable housing units. One of these incentives was funding in the
amount of $10,000 per unit created that was affordable according to HUD guidelines of
affordable to those make 80% or less of the Area Median Income. The funding for this
program is provided by Housing TIF.
Discussion
CARich Properties LLC is the first developer to take advantage of this new $10,000 per
unit created that is affordable, incentive provided by Housing TIF.
The City of Dubuque is committed to providing safe, healthy and affordable rental
opportunities throughout the City. 1706 Central Avenue needs significant rehabilitation
and is part of the Central Avenue Corridor that is a City Council priority. These units
have been vacant due to their condition and this rehabilitation will put them back on the
rental market as low-income housing opportunities that accept Housing Choice
Vouchers.
The agreement requires these units remain affordable for a period of at least ten years.
The owner will be required to certify the affordability each year with the City of Dubuque
Housing & Community Development Department during that 10-year period.
The total estimated cost of rehabilitation is $2,750,000. The property owner, Chris
Richard, has applied for other city grants in the amount of $35,000 and will be able to
take advantage of the Urban Revitalization/Renewal area tax abatement. Other funding
sources include Federal and State historic tax credits, workforce housing tax credit,
greyfield/brownfield tax credit and grants from Dubuque Main Street. The final funding is
provided through a private party conventional loan issued to the developer.
Consistency with Unified Development Code
Projects requesting City support must be zoned for proposed use prior to receiving a
financial commitment of support from the City. This property does not need to be
rezoned for this project.
Projects requesting City support must be compliant with historic preservation
regulations for proposed use prior to receiving a financial commitment of support from
the City. This project may contain historic preservations efforts, and all requirements will
be followed prior to reimbursement for the project.
Consistency with City Council Goals & Priorities
The City of Dubuque reviews applications for city support to ensure the request is
consistent with the City Council Goals & Priorities. This project supports the City Council
Goal #2: Vibrant Community: Healthy & Safe and Goal #3: Livable Neighborhoods and
Housing: Great Place to Live. Weaved into these goals, the outcome of providing safe,
affordable housing options throughout the city.
Relocation
All units are currently vacant with the exception of a commercial tenant who will vacate
the building prior to construction.
Source of Income Committee
In December 2014, the City Council approved formation of a Source of Income
Committee to conduct a two-year study examining the HCV program and its relationship
to fair housing, with a goal of identifying ways to enhance fair housing in Dubuque (see
Attachment C).
In February 2017, the Source of Income Committee ultimately recommended a
collective impact approach to adopt and implement a mix of educational, outreach, and
financial programs to increase housing provider participation in the HCV program.
These recommendations are found in the Comprehensive Plan:
Adopt and implement a mix of educational / outreach programs to increase
participation in HCV program.
Adopt and implement a mix of financial incentives / policies for creation of HCV
units throughout community.
Based on the Source of Income Committee recommendations, the City now requires
housing developers to accept HCV participants in conjunction with approval of an
affordable housing development agreement. The owner of the property will be required
to follow these guidelines and already accepts Housing Choice Vouchers.
Location
Affordable housing projects are given a priority for city support if they are located
outside an area of concentrated poverty based on the recommendations of the
Voluntary Compliance Agreement and U.S. Department of Housing and Urban
Development. This project is not outside the area of concentrated poverty and therefore
does not meet this objective.
Recommendation
Staff recommends the City support the efforts of the property owner of 1706 Central
Avenue as it meets the goals and priorities of the City Council as well as many other
outcomes that the city has identified through the consolidated plan. Chris Richard has
proven to be a responsible landlord and has established his want to be a good partner
with the City in Economic Development and the cities goals for Economic Prosperity
and Livable Neighborhoods & Housing. The property owner already accepts housing
choice vouchers and works closely with the Section 8 caseworkers to ensure he is
continuing to be an outstanding landlord. Chris Richard is placing significant personal
resources into making better units for lower income residents and allowing the units to
stay affordable.
Action Requested
I respectfully request the City Council approve city support in the amount of $110,000 in
housing TIF funds as a forgivable loan to Chris Richard for the rehabilitation of 1706
Central Avenue.
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Prepared by Alexis Steger, mousing & Community Devel., 350 W. 61h St., Suite 312, (563) 690-6072
Return to Adrienne N. Breitfelder, City Cleric, 50 W. 131h St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 186-23
APPROVING A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF
DUBUQUE, IOWA AND CARICH PROPERTIES LLC. PROVIDING FOR FUNDING
ASSISTANCE THROUGH HOUSING TAX INCREMENT FINANCING IN THE AMOUNT
OF $110,000 FOR THE DEVELOPMENT OF 1706 CENTRAL AVENUE
Whereas, it is the determination of the City Council that approval of the
Development Agreement, for development of the Property at 1 706 Central Avenue by
CARich Properties LLC according to the terms and conditions set out in the Development
Agreement is in the public interest of the City of Dubuque.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Development Agreement by and between the City of
Dubuque and CARich Properties, a copy of which is attached hereto, is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the
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 Development Agreement as herein approved.
Passed, approved and adopted this 5th day of June, 2023.
.• 114 1 1.• •
Attest:
Adrienne N. Breltfelder, City Clerk
Requesting City Support for Housing Development Projects
1706 Central Ave.
1) Location of Project:
The Project is located on the South East corner of the 1700 Block of Central Avenue. A
completed project will bring 11 quality and affordable units to an area in need of them.
The renovation of the commercial space will hopefully draw new businesses to the
Central Avenue Corridor and provide services to people living in the area. This project
will also be utilizing State and Federal Historic Tax Credits. The Part 1 has already been
approved and the Part 2 has been submitted. We are anticipating an approval very
soon. This will ensure that historic preservation standards are met.
2) Legal Description:
Parcel ID: 1024261008
S 14' OF S 14'2" OF SM 1/5 CITY LOT 440 & S 1/5 CITY LOT 440 (Taken from accessor
website)
See attachment A for map.
3) Description of Project and Proposed Improvements:
a. Number and type of units proposed
a. Mixed -use
b. 7-1 bedroom units, 4-2 bedroom units
c. Workforce and affordable housing
b. Target population
a. Units will be marketed to low/moderate income tenants.
c. Along with the multiple websites we advertise our vacancies, we intend on
marketing our units through the City of Dubuque housing website and will work with
organizations such as ECIA and the VNA to reach non-English speaking, non -majority
and other populations.
d. Amenities and support services
N/A
e. Property management
a. While there is no on -site manager, Chris Richard and CARICH Properties office is
in the building next door.
b. We have a maintenance, cleaning or management person at our properties on a
weekly basis.
c. There are no outside entities other than the City of Dubuque planned to inspect
the property.
f. Will the project accept housing choice vouchers?
a. We intend on accepting housing choice vouchers. We own multiple
properties in the City of Dubuque. See Attachment B.
g. This project fits into many of the City of Dubuque goals for 2022-2024.
1) It helps with the city workforce retention and attraction by creating quality and
affordable housing, as well as new commercial space that could provide a
variety of services, retail or entertainment.
2) Central Avenue Revitalization Plan —This property is an important piece of
revitalizing Central Avenue. Its location, size and historic importance are all
reasons to restore this building. Along with directly helping revitalize Central
Avenue it will hopefully draw other developers to invest in other buildings with
the neighborhood.
3) This project will help with poverty prevention and reduction by creating new
quality and affordable units. Working with outreach programs, the homeless or
at risk of being homeless will have new options with these units.
4) Current Valuation of Property:
2023 Assessed Value
Land - $46,900
Building - $94,430
Dwelling - $4970
5) Anticipated Impact of Improvements:
A. The impact of the improvements will make the assessed value of the building go up
based on the scope of work and quality of the final product.
B. The quality of life for residents and the neighborhood will be impacted positively with
the addition of these units. They will be affordable and of very high quality. The
improvements on the first floor commercial, allows for new business to come to the
area and serve the neighborhood needs.
C. We feel Central Avenue, the City of Dubuque, current and future residents and
businesses of the downtown area will all benefit from this project.
6) Zoning and Historic Preservation Reviews:
a. Zoning Classification: The current zoning of the property is appropriate for the
project.
b. Zoning Regulations: No variance is needed for this project.
c. Historic Preservation: This project will be utilizing Historic Tax Credits so all work will
be approved by the State Historic Preservation Office.
7) Engagement
a) Property Ownership and Neighborhood Participation:
1. We request the names and addresses of the neighbors from the City of
Dubuque.
2. We will hold a meeting with the required neighbors willing to attend at my office
located at 1732 Central Ave.
b) Review by Boards and Commisions:
1. N/A
2. N/A
3. N/A
8) Acquisition of City Property:
We do not request an acquisition of City Property or an easement.
9) Relocation:
No families or individuals will be displaced as a result of this project. All residential units
in the building are currently vacant and have been for quite some time. There is
currently one business located on the first floor of the building, a tavern, Next Phase.
They are currently on a month -to -month lease and will have to move out of space. We
will give as much notice as possible when we know the project is a go.
10) Funding Sources
The funding sources I will identify below include some funding which we are currently
applying for. Those sources are not currently promised to the project. This funding
would put the project very close to being feasible.
Total Project Cost - $2,750,000
Conventional Loan - $800,000
State Historic Tax Credit - $540,000
Federal Historic Tax Credit - $382,000
Workforce Housing Tax Credit - $141,000
Greyfield/Brownfield Tax Credit - $168,000
City Triple Grant -
$35,000
Central Ave Forgivable Loan -
$110,000
Dubuque Main St. Fagade Grant -
$2500
Dubuque Main St. Swap Grant -
$130,000
Main St. Challenge Grant -
$100,000
Deferred Developer Fee -
$120,000
Total -
$2,528,500
11) Economic Justification:
I will attach a spreadsheet showing cashflow. This was used with my bank and the
maximum loan amount they will allow is $800,000. Without this funding and the others
listed the project will not work.
Attachment B
Property List
505 W. 17t" —Single Family
1560 Iowa St. — 7 residential units
1734 Central — 8 residential units, 2 commercial units
1798 Central — 4 residential units, 4 commercial units
1812 Central — 8 residential units, 2 commercial units
278 W. 171h — 30 residential units
All of our units currently accept housing choice vouchers and have multiple housing choice tenants.
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
CARich Properties LLC
THIS DEVELOPMENT AGREEMENT (Agreement) dated for reference purposes
theme' day of j,; n `' 2023, is made and entered into by and between the
City of Dubuque, Iowa (City), and CARich Properties LLC a Wisconsin limited liability
company (Developer).
WHEREAS, Developer is the owner of the real estate locally known as 1706
Central Avenue, Dubuque, Iowa and legally described as follows (the Property):
The South one -fifth and the South 14 feet of the South Middle
one -fifth of Out Lot 440 in the City of Dubuque, Iowa
WHEREAS, the Property is located in the Greater Downtown Urban Renewal
District (the District) which has been so designated by City Council Resolution 104-19 as
a slum and blighted area (the Project Area) defined by Iowa Code Chapter 403 (the Urban
Renewal Law); and
WHEREAS, Developer has undertaken the redevelopment of an eleven (11) unit
residential rental property on the Property (the Building) and will be operating the same
during the term of this Agreement; and
WHEREAS, Developer will make an additional capital investment in building
improvements, equipment, and fixtures in the Property (the Project); and
WHEREAS, Developer agrees to rent to low or moderate -income families,
including those with Housing Choice Vouchers; and
WHEREAS, the City Council has identified a need within the community for quality,
affordable rental housing; and
WHEREAS, pursuant to Iowa Code Section 403.22 Housing Tax Increment
Financing funds have limitations on usage for which Developer has agreed to comply;
and
WHEREAS, the Dubuque City Council believes it is in the best interests of the City
to encourage Developer in the development of the Property by providing certain
incentives as set forth herein.
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NOW, THEREFORE, the parties to this Development Agreement, in consideration
of the promises, covenants and agreements made by each other, do hereby agree as
follows:
SECTION 1. REPRESENTATIONS AND WARRANTIES.
1.1 Representations and Warranties of City. 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 perform its obligations under this Agreement.
City's attorney shall issue a legal opinion to Developer at the time of closing
confirming the representations contained herein, in the form attached hereto as
Exhibit A.
(2) City shall exercise its best efforts to cooperate with Developer in the
development process.
(3) City shall exercise its best efforts to resolve any disputes arising during the
development process in a reasonable and prompt fashion.
(4) 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.
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(5) 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 the Agreement or City's ability to perform its obligations under
this Agreement.
(6) No ordinance or hearing is now before any local governmental body that
either contemplates or authorizes any public improvements or special tax levies,
the cost of which may be assessed against the Property. To the best of City's
knowledge, there are no plans or efforts by any government agency to widen,
modify, or re -align any street or highway providing access to the Property and there
are no pending or intended public improvements or special assessments affecting
the Property which will result in any charge or lien be levied or assessed against
the Property.
(7) The representations and warranties contained in this article shall be correct
in all respects on and as of the Closing Date with the same force and effect as if
such representations and warranties had been made on and as of the Closing
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 under the laws of
the State of Wisconsin and validly existing under the laws of the State of Iowa
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
creditors' rights generally. Developer's counsel shall issue a legal opinion to City,
at the time of closing, confirming the representations contained herein, in the form
attached hereto as Exhibit B.
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(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
articles of incorporation or the bylaws 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 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 business, financial position or
result of operations of Developer or which affects the validity of the Agreement or
Developer's ability to perform its obligations under this Agreement.
(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 permanent financing for the Project in
an amount sufficient, together with equity commitments, to successfully complete
the requirements of this Agreement and shall provide evidence thereof to City prior
to the Closing Date.
1.3 Closing. The closing shall take place on the Closing Date which shall be the 2na
day of October, 2023, or such other date as the parties shall agree in writing but in no
event shall the Closing Date be later than the 1st day of December, 2023. Consummation
of the closing shall be deemed an agreement of the parties to this Agreement that the
conditionsof closing shall have been satisfied or waived.
1.4 Conditions to Closing. The closing of the transaction contemplated by this
Agreement and all the obligations of Developer under this Agreement are subject to
fulfillment, on or before the Closing Date, of the following conditions:
(1) The representations and warranties made by City in Section 1.1 shall be
correct as of the Closing 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 consummation of the closing on the Closing Date if Developer determines
in its sole discretion that conditions necessary for the successful completion of the
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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 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 City 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 City's Obligations at Closing. At or prior to the Closing 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. Developer must make a capital investment to
improve the Property of no less than $2,500,000. The Minimum Improvements must
include a minimum of eleven (11) residential rental units.
2.2 [This section intentionally left blank]
2.3 Plans for Construction of Minimum Improvements. Plans and specifications with
respect to the development of the Property and the construction of the Minimum
Improvements thereon (the Construction Plans) shall be in conformity with Urban
Renewal Plan, this Agreement, and all applicable 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, Iowa.
Developer shall submit to City, for approval by City, plans, drawings, specifications, and
related documents with respect to the improvements to be constructed by Developer on
the Property. All work with respect to the Minimum Improvements shall be in substantial
conformity with the Construction Plans approved by City.
2.4 Timing of Improvements. Developer hereby agrees that construction of the
Minimum Improvements on the Property shall be commenced within sixty (60) days after
the Closing Date and shall be substantially completed by October 31, 2024. The time for
the performance 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
A
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
extraordinary delays. The time for performance of such obligations shall be extended
only for the period of such delay.
2.5 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 form attached as Exhibit J and shall be a conclusive determination of the
satisfaction of Developer's obligations to make the Minimum Improvements under this
Agreement and completion of the Minimum Improvements by Developer as required by
this Agreement.
SECTION 3. CITY PARTICIPATION.
3.1 Financial Incentives. The financial incentives set forth in this Section 3 are the
only incentives City has agreed to provide Developer. The incentives cannot be modified
except by amendment to this Agreement. City is under no obligation to approve any such
amendment.
3.2 Housing Tax Increment Financing (TIF) Grant.
(1) City will provide Developer a grant of Housing TIF funds of $110,000.
(2) Developer acknowledges and understands the usage of Housing TIF funds
is governed by Iowa Code Section 403.22.
(3) Housing TIF grants are required to provide direct family housing assistance
to low or moderate -income families.
(4) Low and moderate -income families include families, including single person
households, earning no more than eighty percent of the higher of the median family
7
income of the county or the statewide nonmetropolitan area as determined by the
latest United States department of housing and urban development, section 8
income guidelines.
(5) Developer will provide direct family housing assistance to low or moderate -
income families through:
a. Accepting Housing Choice Vouchers at the Property.
b. Giving low or moderate -income families priority in the application
process over non -income qualified families for units at the Property.
C. Developer shall strive to reach a goal of 80% occupancy or higher by
low or moderate -income families at the Property.
(6) Developer agrees to provide annual certifications to the City, on a form
provided by the City, related to the income of occupants at the Property. Said
certifications shall be submitted to the City by February 1 of each year.
(7) The parties recognize there may not be an income qualified family applying
for tenancy every time a rental unit is available at the Property. Developer shall
make a good faith effort to rent to low or moderate -income families.
(8) Developer may be required to show proof of good faith efforts to City, upon
request. If, after a good faith effort, Developer is unable to locate a low or
moderate -income family to rent an available unit Developer may rent to a family
which is not income qualified.
(9) The Housing TIF Grant shall be payable from and secured solely and only
from the Low or Moderate -Income Housing TIF set-asidefund.
3.3 All of City's obligations under this Agreement, including but not limited to City's
Obligation to make a Housing Tax Increment Financing Grant to Developer, shall be
subject to City having completed all hearings and other procedures required to amend
the Urban Renewal Plan to describe the Urban Renewal Project being undertaken in
accordance with this Agreement.
SECTION 4. COVENANTS OF DEVELOPER.
4.1 Minimum Improvements. The Minimum Improvements shall conform to the City of
Dubuque Downtown Design Guidelines.
4.2 [This section intentionally left blank.]
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 PropertyT. 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 Insurance Requirements.
(1) Developer shall provide and maintain or cause to be maintained at all times
during the process of constructing the Minimum Improvements and at its sole cost
and expense builder's risk insurance, written on a Completed Value Form in an
amount equal to one hundred percent (100%) of the building (including Minimum
Improvements) replacement value when construction is completed. Coverage
shall include the "special perils" form and developer shall furnish City with proof of
insurance in the form of a certificate of insurance.
(2) Upon completion of 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.
(3) The term "replacement value" shall mean the actual replacement cost of the
building with 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.
(4) 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
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
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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 Minimum
Improvements whether or not the Net Proceeds of insurance received by
Developer for such purposes are sufficient.
4.6 Preservation of Property. During the term 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.
4.7 Non -Discrimination. In carrying out the project, Developer shall not discriminate
against any employee or applicant for employment because of race, religion, color,
creed, sex, sexual orientation, gender identity, national origin, age or disability.
4.8 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.
4.9 Non -Transferability. Until such time as the Minimum Improvements are complete
(as certified by City under Section 2.5), this Agreement may not be assigned by Developer
nor may the Property be transferred by Developer to another party. Thereafter, with the
prior written consent of City, which shall not be unreasonably withheld, Developer shall
have the right to assign this Agreement, and upon assumption of the Agreement by the
assignee, Developer shall no longer be responsible for its obligations under this
Agreement.
4.10 No change in Tax Classification. Developer agrees that it will not take any action
to change, or otherwise allow, the classification of the Property for property tax purposes
to become other than commercial/multi-residential and to be taxed as such under Iowa
law. This restriction shall terminate upon the termination of this Agreement.
4.11 Restrictions on Use. Developer agrees for itself, and its successors and assigns,
and every successor in interest to the Property or any part thereof, for the duration of this
Agreement, that they, and their respective successors and assigns, shall:
10
(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 a bar/restaurant and upper -story housing, 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, creed, 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).
4.12 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 in
violation of the provisions of this Agreement prior to the issuance of the final
Certificate of Completion.
(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.
5.2. Remedies on Default by 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
11
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 performance 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) Until the Closing Date, City may cancel and rescind this Agreement;
(3) Until issuance of the Certificate of Completion, City shall be entitled to
recover from Developer the sum of all amounts expended by City in connection
with the funding of the Economic Development 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; or
(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 performance and observance of any obligation,
agreement, or covenant under this Agreement.
5.3 No Remedy 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 Agreement 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.
HIP)
5.6 Remedies on Default by City. If City defaults in the performance 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 their performance under this Agreement until they receive 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.
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: CARich Properties LLC
Attn: Chris Richards
1118 Nealmar Road
Platteville, WI 53818
With copy to: Flint Drake
Drake Law Firm
300 Main Street, Suite 323
Dubuque, IA 52001
Phone: (563) 582-2000
If to City: City Manager
50 W. 13th Street
Dubuque, Iowa 52001
Phone: (563) 589-4110
Fax: (563) 589-4149
With copy to: City Attorney
City Hall
50 W. 13t" 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 Binding 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 June 5, 2033 (the Termination Date).
13
6A Execution By Facsimile. The parties agree that this Agreement may be transmitted
between them by facsimile machine or electronic transmission. The parties intend that
the faxed or electronic signatures constitute original signatures and that a faxed or
electronically transmitted Agreement containing the signatures (original, electronically
transmitted or faxed) of all the parties is binding on the parties.
6.5 Memorandum of Development Agreement. 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, Iowa. Developer shall pay the costs for so
recording.
6.6 Governing Law. The law governing this Agreement shall be that of the State of
Iowa. In the event suit is brought by either Party to this Agreement, the Parties agree that
venue shall be exclusively vested in Iowa District Court in and for Dubuque County.
6.7 Entire Agreement and Amendments. This Agreement contains all the agreements
of the Parties with respect to any matter covered or mentioned in this Agreement, and no
other agreement or understanding pertaining to any such matter shall be effective for any
purpose. No provision of this Agreement may be amended or added, except by an
agreement in writing signed by the Parties.
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 first above written.
CITY OF DUBUQUE, IOWA
:..
Attest:
vrz
Adrienne N. Breitfelder, City Clerk
CARICH PROPERTIES, LLC
By:
Chris Richards, Managing Member
14
(City Seal)
STATE OF IOWA
SS
COUNTY OF DUBUQUE
On this U day of JWit'- 20 before me the undersigned, a Notary
Public in and for the said County and State, personally appeared Brad M. Cavanagh
and Adrienne N. Breitfelder, to me personally known, who, being by me duly sworn,
didsay that they arethe Mayor and City Clerk, respectively, of the City of Dubuque, Iowa,
amunicipal corporation executing the instrument to which this is attached; that
the sealaffixed hereto is the seal of said municipal corporation; that said instrument was
signedand sealed on behalf of the City of Dubuque, Iowa, by authority of its City
Council; andthat said Mayor and City Clerk acknowledged the execution of said
instrument to be thevoluntary act and deed of said City, by it and by them voluntarily
aecuted.,
--�-
Notary Public
STATE OF IOWA
SS
COUNTY OF DUBUQUE
�•+ i.+ TUSDEE L"Id BL1l5
COMM1551011member $42A79
my Comm. Exp. A- "
On this day of 20_, before me the undersigned, a Notary
Public in and for the State of Iowa, personally appeared Chris Richards, to me personally
known, who, being by me duly sworn, did say that he is Managing Member of CARich
Properties ILL. the limited liability company executing the instrument to which this is
attached and that as said Managing Member of CARich Properties LLC 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
I&
LIST OF EXHIBITS
EXHIBIT A
— City Attorney's Certificate
EXHIBIT B
— Opinion of Developer's Counsel
EXHIBIT C
— City Certificate
EXHIBIT D
— Memorandum of Development Agreement
EXHIBIT E
— Urban Renewal Plan
EXHIBIT F —
Certification of Completion
16
*:1:1I 3 k r_1
CITY ATTORNEY'S CERTIFICATE
17
Barry A. Lindahl, Esq.
Senior Counsel
Suite 330, Harbor View Place
300 Main Street
Dubuque, Iowa 52001-6944
(563) 583-4113 office
(563) 583-1040 fax
balesc@a cityofdubuque.org
Office Hours: 8:00 AM — 5:00 PM, T-W-Th
8:00 AM — 12:00 PM, F
N =1
Dear
THE COF
DtUB E
Masterpiece on the Mississippi
(DATE)
Dubuque
111•Anenee City
2007.2012
2013.2017
I have acted as counsel for the City of Dubuque, Iowa, in connection with the execution
and delivery of a certain Development Agreement between
(Developer) and the City of Dubuque, Iowa (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
*:1:113k9 1
OPINION OF DEVELOPER'S COUNSEL
19
Mayor and City Councilmembers
City Hall
13th and Central Avenue
Dubuque IA 52001
Re: Development Agreement Between the City of Dubuque, Iowa and
Dear Mayor and City Councilmembers:
We have acted as counsel for . in connection with the execution
and delivery of a certain Development Agreement (Development Agreement) between
Developer and the City of Dubuque, Iowa (City) dated for reference purposes the day
of 2023.
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 Iowa 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 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 creditors' rights generally.
2. To our actual knowledge with no duty to inquire, the execution, delivery and
performance 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 articles
of incorporation and bylaws of Developer, 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. To our actual knowledge with no duty to inquire, there are no actions, suits
or proceedings pending or threatened against or affecting Developer 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 business
(present or prospective), financial position or results of operations of Developer or which
in any manner raises any questions affecting the validity of the Agreement or the
Developer's ability to perform Developer's obligations thereunder.
20
This opinion is rendered for the sole benefit of the City of Dubuque and no other party
may rely on this opinion.
This opinion is rendered and valid as of the date of this letter and we have no duty to
update this opinion for any matters which come to our knowledge after the date of this
letter.
Sincerely,
21
EXHIBIT C
CITY CERTIFICATE
W)
Dubuque
THE CITY OF
AII•AneHu C01
UBEIIII
2007•2012
Masterpiece on the Mississippi 2013.2017
(DATE)
Dear
City Manager's Office
City Hall
50 West 13t" Street
Dubuque, Iowa 52001-
4864
(563) 589-4110 office
(563) 589-4149 fax
ctymgr@cityofdubuque.org
I am the City Manager of the City of Dubuque, Iowa and have acted in that capacity in
connection with the execution and delivery of a certain Development Agreement between
(Developer) and the City of Dubuque, Iowa (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 this Agreement and that it has full power
and authority to execute, deliver and perform its obligations under this Agreement.
City's attorney shall issue a legal opinion to Developer at time of closing confirming
the representation contained herein, in the form attached hereto as Exhibit B.
(2) City shall exercise its best efforts to cooperate with Developer in the
development process.
(3) City shall exercise its best efforts to resolve any disputes arising during the
development process in a reasonable and prompt fashion.
(4) 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.
(5) 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
23
affects the validity of the Agreement or City's ability to perform its obligations under
this Agreement.
(6) No ordinance or hearing is now or before any local governmental body that
either contemplates or authorizes any public improvements or special tax levies,
the cost of which may be assessed against the Property. To the best of City's
knowledge, there are no plans or efforts by any government agency to widen,
modify, or re -align any street or highway providing access to the Property and there
are no pending or intended public improvements or special assessments affecting
the Property which will result in any charge or lien be levied or assessed against
the Property.
(7) The representations and warranties contained in this article shall be correct
in all respects on and as of the Closing Date with the same force and effect as if
such representations and warranties had been made on and as of the Closing
Date.
Sincerely,
Michael C. Van Milligen
City Manager
MCVM:jh
MEMORANDUM OF DEVELOPMENT AGREEMENT
25
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
MEMORANDUM OF DEVELOPMENT AGREEMENT
A Development Agreement by and among the City of Dubuque, Iowa, an Iowa municipal
corporation, of Dubuque, Iowa, and CARich Properties LLC. was made regarding the
following described premises:
The South one -fifth and the South 14 feet of the South Middle
one -fifth of Out Lot 440 in the City of Dubuque, Iowa
The Development Agreement is dated for reference purposes the day of
, 2023, 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 , 2023.
26
CITY OF DUBUQUE, IOWA
Brad M. Cavanagh, Mayor
Attest:
Adrienne F. Breitfelder
City Clerk
STATE OF IOWA )
SS
COUNTY OF DUBUQUE )
CARich Properties LLC
By
Chris Richard, Managing Member
On this day of , 20_, before me, a Notary Public in and for the State of
Iowa, in and for said county, personally appeared Brad M. Cavanagh and Adrienne F.
Breitfelder, 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, a Municipal Corporation,
created and existing under the laws of the State of Iowa, and that the seal affixed to
said instrument is the seal of said Municipal Corporation and that said instrument was
signed and sealed on behalf of said Municipal corporation by authority and resolution of
its City Council and said Mayor and City Clerk acknowledged said instrument to be the
free act and deed of said Municipal Corporation by it voluntarily executed.
Notary Public, State of Iowa
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 Iowa, personally appeared Chris Richard, to me personally
known, who, being by me duly sworn, did say that he is Managing Member of CARich
Properties LLC, the limited liability company executing the instrument to which this is
attached and that as said Managing Member of CARIch Properties LLC, 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, State of Iowa
27
URBAN RENEWAL PLAN
9.1
AMENDED and RESTATED
URBAN RENEWAL PLAN
Greater Downtown Urban Renewal District
(Including the former Downtown Dubuque, Ice Harbor, Kerper Boulevard, East 7th
Street, Quebecor, Holy Ghost and Dubuque Brewing & Malting
Urban Renewal Districts)
City of Dubuque, Iowa
This Amended and Restated Urban Renewal Plan for the Greater Downtown Urban
Renewal District traces its beginnings to the merger of the Downtown Urban Renewal
Area Project Number Iowa R-15, originally established by Resolution 123-67 by the City
Council of the City of Dubuque, Iowa on May 18, 1967, and subsequently amended and
restated by Resolution 79-71 on March 15, 1971, by Resolution 73-74 on March 11, 1974,
by Resolution 107-82 on May 3, 1982, by Resolution 191-84 on June 25, 1984, by
Resolution 371-93 on December 6, 1993, by Resolution 145-94 on May 2, 1994, by
Resolution 479-97 on November 17, 1997, by Resolution 476-98 on October 19, 1998
and by Resolution 187-02 on April 1, 2002, with the Ice Harbor Urban Renewal District,
originally established by Resolution 403-89 of the City Council of the City of Dubuque,
Iowa on December 18, 1989, and subsequently amended and restated by Resolution
241-00 on June 5, 2000, and by Resolution 114-02 on March 4, 2002. The Urban Renewal
Plan for the Greater Downtown Urban Renewal District resulting from that merger was
later amended by Resolution 170-04 on April 19, 2004, by Resolution 391-06 on August
21, 2006, by Resolution 108-07 on February 201h, 2007, by Resolution 597-07 on
December 17, 2007, by Resolution 300-08 on September 2, 2008, by Resolution 393-09
on October 5, 2009, and by Resolution 26-10 on July 19, 2010. On May 2, 2011 the
Kerper Boulevard Industrial Park Economic Development District originally established
by Resolution 274-94 on August 15, 1994, and the East 7ch Street Economic Development
District, originally established by Resolution 144-97 on April 7, 1997, were merged into
and became part of the Greater Downtown Urban Renewal District, pursuant to
Resolution 155-11 approved on May 2, 2011. The Quebecor Economic Development
District, originally established by Resolution 479-02 on September 16, 2002, was merged
into and became part of the Greater Downtown Urban Renewal District pursuant to
Resolution 271-12 approved on October 1, 2012. The Urban Renewal Plan for the
Greater Downtown Urban Renewal District resulting from that merger and amendment
was thereafter amended and restated by Resolution 173-13 on June 03, 2013. The Holy
Ghost Urban Renewal District, originally established by Resolution 234-11 on July 18,
2011, was merged into and became part of the amended and restated Greater Downtown
Urban Renewal District pursuant to Resolution 178-14 approved on June 16, 2014. The
Urban Renewal Plan for the Greater Downtown Urban Renewal District resulting from that
merger was later amended by Resolution 372-15 approved on October 19, 2015. The
Dubuque Brewing & Malting Urban Renewal District, originally established by Resolution
29
301-08 approved on September 2, 2008, and subsequently amended and restated by
Resolution 170-13 approved on June 3, 2013, was merged into and became part of the
Greater Downtown Urban Renewal District pursuant to Resolution 401-16 approved on
November 21, 2016.
By Resolution 90-17, adopted on March 6, 2017, the City Council approved and adopted
an Amended and Restated Urban Renewal Plan for the Greater Downtown Urban
Renewal District. The Amended and Restated Urban Renewal Plan for the Greater
Downtown Urban Renewal District was subsequently amended and restated by
Resolution 206-17, adopted on June 5, 2017, by Resolution 381-17, adopted on
December 4, 2017, and by Resolution _-19, adopted on , 2019.
30
W:/:11 Oki;
CERTIFICATE OF COMPLETION
31
Prepared by/Return to: Jill Connors, City of Dubuque, 50 W. 13th Street, Dubuque, IA
52001 (563) 589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a municipal corporation (the "Grantor"),
has granted incentives to CARich Properties LLC (the "Grantee"), in accordance with a
Development Agreement dated as of [Date] (the "Agreement"), by and among the
Grantor, and the Grantee (collectively, the "Agreement"), certain real property located
within the Greater Downtown Urban Renewal District of the Grantor and as more
particularly described as follows:
The South one -fifth and the South 14 feet of the South Middle
one -fifth of Out Lot 440 in the City of Dubuque, Iowa
(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 Grantee to construct certain Minimum Improvements (as defined therein) in
accordance with the Agreement; and
WHEREAS, the Grantee 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 Grantor to permit the execution and recording of this
certification; and
NOW, THEREFORE, pursuant to Section 2.5 of the Agreement, this is to certify
that all covenants and conditions of the Agreement with respect to the obligations of the
Grantee, and its successors and assigns, to construct the Minimum Improvements on the
Development Property have been completed and performed by the Grantee to the
satisfaction of the Grantor 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.
(SEAL) CITY OF DUBUQUE, IOWA
M
Michael C. Van Milligen, City Manager
32
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of , 2019, before me, the undersigned, a notary public
in and for the State of Iowa, personally appeared and
acknowledged the execution of the instrument to be his/her voluntary act and deed.
Notary Public in and for
Dubuque County, Iowa
33