Development Agreement by and between the City of Dubuque, Iowa and CBDC, LLC_InitiateCity of Dubuque
City Council Meeting
Copyrighted
March 18, 2024
Items to be set for Public Hearing #
01.
ITEM TITLE:
Development Agreement by and between the City of Dubuque, Iowa and
CBDC, LLC
SUMMARY:
City Manager recommending adoption of the attached resolution setting a
public hearing for April 1, 2024, on a proposed Development Agreement
by and between the City of Dubuque and CBDC, LLC, including
providing for the issuance of Urban Renewal Tax Increment Revenue
Grant Obligations.
RESOLUTION Fixing the date for a Public Hearing of the City Council
of the City of Dubuque, Iowa on the proposed Development Agreement
by and between the City of Dubuque, Iowa and CBDC, LLC, including
the proposed issuance of Urban Renewal Tax Increment Revenue Grant
Obligations to CBDC, LLC, and providing for the publication of notice
thereof
SUGGESTED
Receive and File; Adopt Resolution(s), Set Public Hearing for April 1,
DISPOSITION:
2024Suggested Disposition:
ATTACHMENTS:
Description
Type
Staff Memo
Staff Memo
Resolution
Resolutions
Development Agreement
Supporting Documentation
Notice of Public Hearing
Supporting Documentation
Dubuque Economic Development
Department
THE CITY OF b:&d 1300 Main street
All-Me1*109ft Dubuque, Iowa 52001-4763
kxv,�. awccrvar Office (563) 589-4393
DUB-1i&E 1 htt (563) w.city fd
® http://www.cityofdubuque.org
2007-2012.2013
Masterpiece on the Mississippi 2017*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Resolution Setting Public Hearing on Development Agreement by
and between City of Dubuque and CBDC, LLC including providing for
the Issuance of Urban Renewal Tax Increment Revenue Grant
Obligations Pursuant to the Development Agreement
DATE: March 11, 2024
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached resolution
setting a public hearing for April 1, 2024 on a proposed Development Agreement by and
between the City of Dubuque and CBDC, LLC, including providing for the issuance of
Urban Renewal Tax Increment Revenue Grant Obligations.
BACKGROUND
CBDC, LLC is a wholly owned subsidiary of Cottingham & Butler, Inc. Cottingham &
Butler, Inc. (C&B) was established in Dubuque in 1887. Over the past 132 years, C&B
has remained headquartered in Dubuque and has since grown to be the 25th largest
insurance brokerage firm in the U.S.
Over the last 20 years, C&B has made a concerted effort to help revitalize Dubuque's
downtown business area through significant investments in commercial buildings, which
in turn have allowed for continued increases in employment. Since 2000, C&B has
partnered with the City of Dubuque and the State of Iowa to invest in projects of $3.6
million, $11.9 million, $2.3 million, $2.4 million and $2.3 million. Over that same period of
time, C&B has grown from approximately 200 employees to over 1,000 employees in the
U.S. with over 700 of those employees located in Dubuque and another 80 within the
state of Iowa.
DISCUSSION
C&B is now one of the top employers in Dubuque and desires to continue to grow in the
community where it was originally established. In order to facilitate additional growth in
Dubuque, C&B intends to once again invest over $12 million — this time to create a
childcare facility. This project is furthered by a $3,000,000 State of Iowa grant for the
creation of childcare centers.
In order to incentivize C&B's continued downtown investment, City staff have negotiated
a Development Agreement with CBDC, LLC. The Agreement proposes the following:
1. CBDC, LLC will make a collective capital investment in building improvements of
at least $12,000,000 by July 1, 2025 for the creation of a childcare facility.
2. The City will provide tax increment rebates to CBDC, LLC, for a total of 20 semi-
annual payments. Tax increment financing incentives are not estimated to exceed
$2,525,000.
3. The City will modify on -street parking restrictions adjacent to the Facility during
certain hours of operation to accommodate pick up and drop off of children.
RECOMMENDATION/ ACTION STEP
I recommend the City Council adopt the attached resolution setting a April 1, 2024 public
hearing on the Development Agreement, including providing for the issuance of Urban
Renewal Tax Increment Revenue Grant Obligations.
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Prepared by: Jill Connors, Economic Development, 50 W. 13'h Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 13E1 Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 64-24
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA ON THE PROPOSED DEVELOPMENT AGREEMENT BY AND
BETWEEN THE CITY OF DUBUQUE, IOWA AND CBDC, LLC, INCLUDING THE
PROPOSED ISSUANCE OF URBAN RENEWAL TAX INCREMENT REVENUE GRANT
OBLIGATIONS TO CBDC, LLC, AND PROVIDING FOR THE PUBLICATION OF
NOTICE THEREOF
WHEREAS, CBDC, LLC, as Developer, is or will be the owner of the following
described real property:
Lot 625, Lot 626, and Lot 627, in the City of Dubuque, Iowa, according to the recorded
deed instrument number 2023-00001758 thereof; locally known as 781 Locust Street;
and Lot 1 of Dubuque Art Plaza according to the plat recorded on the 11th day of March,
2024, Instrument No. 2024-00001914
(the Property)
; and
WHEREAS, Developer has determined that it requires a new childcare facility (the
Facility) to maintain and expand its operations and employment in the project area; and
WHEREAS, City of Dubuque, Iowa (City) and CBDC, LLC have entered into a
Development Agreement, subject to the approval of the City Council, pursuant to which
CBDC, LLC will construct on the Property certain Minimum Improvements described in the
Development Agreement; and
WHEREAS, the City Council has tentatively determined that it would be in the best
interests of City to approve the Development Agreement; and
WHEREAS, the Development Agreement provides for the issuance by City of
economic development grants to CBDC, LLC, referred to therein as Urban Renewal Tax
Increment Revenue Grant Obligations, payable from the tax increment revenues collected
in respect of the Improvements to be constructed by CBDC, LLC in accordance with the
Development Agreement, for the purpose of carrying out the objectives of an Urban
Renewal Plan as hereinafter described; and
WHEREAS, before said obligations may be approved, Chapter 403 of the Code of
Iowa requires that the City Clerk publish a notice of the proposal and of the time and place
of the meeting at which the City Council proposes to take action thereon and at which
meeting the City Council shall receive oral and/or written objections from any resident or
property owner of said City to such proposed action.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. The City Clerk is hereby authorized and directed to cause this
Resolution and a Notice to be published as prescribed by Iowa Code Section 364.7 of a
public hearing on the City Council's intent to approve the proposed Development
Agreement, to be held on the 15t day of April, 2024 at 6.30 p.m.
Section 2. The City Council will also meet at said time and place for the purpose
of taking action on the matter of authorizing Urban Renewal Tax Increment Revenue
obligations, the proceeds of which obligations will be used to carry out certain of the special
financing activities described in the Urban Renewal Plan for the Greater Downtown Urban
Renewal District, consisting of the funding of economic development grants to CBDC, LLC,
pursuant to the Development Agreement under the terms and conditions of said Urban
Renewal Plan. It is expected that the aggregate amount of the Tax Increment Revenue
obligations will be approximately $2,525,000.
Section 3. The City Clerk is hereby directed to cause at least one publication to
be made of a notice of said meeting, in a newspaper, printed wholly in the English
language, published at least once weekly, and having general circulation in said City, said
publication to be not less than four days nor more than twenty days before the date of
said meeting on the approval of the Development Agreement and the issuance of said
obligations.
Section 4. That the Notice of the proposed action shall be in substantially the
form attached hereto.
Passed, approved and adopted this 18th day of March, 2024.
f'
rad M. Caia ag , Mayor
Attest. -
Adrienne N. Breitfelder, City Clerk
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
CBDC, LLC
This Development Agreement, dated for reference purposes the day of
, 2024, by and between the City of Dubuque, Iowa, a municipality
(City), established pursuant to the Iowa Code and acting under authorization of Iowa
Code Chapter 403, as amended (Urban Renewal Act) and CBDC, LLC, an Iowa limited
liability corporation with its principal place of business in Dubuque, Iowa (Developer).
WITNESSETH:
WHEREAS, in furtherance of the objectives of the Urban Renewal Act, City has
undertaken an Urban Renewal Project as described herein to advance the community's
ongoing economic development efforts; and
estate:
WHEREAS, Developer is or will be the owner of the following described real
Lot 625, Lot 626, and Lot 627, in the City of Dubuque, Iowa, according to
the recorded deed instrument number 202300001758 thereof; locally
known as 781 Locust Street; and Lot 1 of Dubuque Art Plaza according to
the plat recorded on the 11t" day of March, 2024, Instrument No. 2024-
00001914.
(the Property); and
WHEREAS, the Property is located in the Greater Downtown Urban Renewal
District (the Area) which has been so designated by City Council Resolution 410-23 as a
slum and blighted area defined by Iowa Code Chapter 403 (the Urban Renewal Law);
and
WHEREAS, Developer has determined that it requires a new office and childcare
facility to maintain and expand its operations and employment in the Area (the Facility);
and
WHEREAS, Developer will construct a building (the Facility) on the Property for
the purpose of providing childcare services; and
WHEREAS, Developer will make a capital investment in building improvements,
equipment, furniture and fixtures in the Facility, all of the foregoing referred to herein as
the Project; and
WHEREAS, pursuant to Iowa Code Section 403.6(1), and in conformance with the
03122024ba1
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Urban Renewal Plan for the Area adopted on May 18, 1967 and last amended on
December 18, 2023, City has the authority to enter into contracts and agreements to
implement the Urban Renewal Plan, as amended; 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.
NOW, THEREFORE, in consideration of the premises and the mutual obligations
of the parties hereto, each of them does hereby covenant and agree with the other 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 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
affects the validity of the Agreement or City's ability to perform its obligations under
this Agreement.
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(6) 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. Developer makes the following
individual representations and warranties-
(1) Developer is duly organized and validly existing or authorized 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 the
Agreement in the State of Iowa.
(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 legal opinions to the
City, at time of closing, confirming the representations contained herein, in the form
attached hereto as Exhibit C.
(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 good faith 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.
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(7) Developer either: (a) has commitments for permanent financing for the
Development Project and all of its obligations under this Agreement in an amount
sufficient; and/or (b) sufficient equity commitments, to successfully complete the
requirements of this Agreement and shall provide evidence thereof to City prior to
the Closing Date.
1.3 Conditions to Closing. The closing of the transaction (the Closing) 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 in the form of Exhibit E.
(2) Developer having obtained any and all necessary governmental approvals,
including without limitations approval of zoning, subdivision, or platting which might
be necessary or desirable in connection with the development of the Property. Any
conditions imposed as a part of the zoning, platting or subdivision must be
satisfactory to Developer, in its sole opinion. City shall cooperate with Developer
in attempting to obtain any such approvals and shall execute any documents
necessary for this purpose, provided that City shall bear no expense in connection
therewith. In connection therewith, City agrees (a) to review all of Developer's
plans and specifications for the Project and to either reject or approve the same in
a prompt and timely fashion; (b) to issue a written notification to Developer,
following City's approval of same, indicating that City has approved such plans and
specifications, and that the same are in compliance with the Urban Renewal Plan
and Developer agrees to comply with any amendments to the Urban Renewal
Plan, this Agreement and any other applicable City or affiliated agency
requirements, with the understanding that Developer and its lenders, if any, shall
have the right to rely upon the same in proceeding with the Project; (c) to identify
in writing within ten (10) working days of submission of said plans and
specifications, any and all permits, approvals and consents that are legally
required for the construction, use and occupancy of the Project with the intent and
understanding that Developer and its lenders and attorneys will rely upon same in
establishing their agreement and time frames for construction, use and occupancy,
lending on the Project and issuing legal opinions in connection therewith; and (d)
to cooperate fully with Developer to streamline and facilitate the obtaining of such
permits, approvals and consents.
(3) Developer having acquired the Property on or before the 4th day of April,
2024.
(4) Developer and City shall be in material compliance with all the terms and
provisions of this Agreement.
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
(5) Receipt of an opinion of counsel to Developer in the form attached hereto
as Exhibit C.
(6) 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
Project contemplated herein have not been satisfied to the full satisfaction of such
party in such party's sole and unfettered discretion. Upon the giving of notice of
termination by such terminating party to the other parties to this Agreement, this
Agreement shall be deemed null and void.
(7) City agrees to grant Developer within sixty (60) days after Closing irrevocable
right of way licenses for the permanent building and foundation encroachments in the
City right of way easement of Locust St. and 8th St. as show on Exhibit G.
City also agrees within such sixty days to grant to Developer irrevocable right of way
licenses for the private driveway pavement, storm sewer and catch basin, and
pavement markings in the City alley right of way easement for the alley between 71n 8tn
Locust and Bluff Streets as shown on Exhibit H.
1.4 Closing. The closing shall take place on the Closing Date which shall be on or
before the 4tn day of April, 2024, or such other date as the parties shall agree in writing.
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.
1.5 City's Obligations at Closing. At or prior to 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 Minimum Improvements. Developer will make certain minimum improvements in
the buildout of a childcare facility on the Property in an amount not less than
$12,000,000.00 (the Minimum Improvements).
2.2 Timing of Improvements. Developer agrees that construction of the Minimum
Improvements shall be commenced within ninety (90) days after the Closing Date and
shall be substantially completed by July 1, 2025.
2.3 Security Cameras. Developer shall install security cameras on the exterior of all
newly constructed buildings on the Property and register said cameras with the "Secure
Dubuque Personal Surveillance System" described at
https://cityofdubugue.org/2980/Secure-Dubuque .
SECTION 3. COVENANTS OF CITY.
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
3.1 Parking Adjustments. City shall modify parking restrictions in the public street
contiguous to the Property along the west side of Locust Street and the south side of 8th
Street to facilitate the drop off and pick up of children from the Facility, as shown on Exhibit
F, between the hours of 6.00 AM and 9.00 AM and between the hours of 4.00 PM and
6:00 PM, from Monday through Friday, excepting holidays. These times may be revised
as mutually agreed upon in writing by the parties. City shall ensure proper signage is
posted in the area regarding these restrictions.
SECTION 4. CITY PARTICIPATION.
4.1 Economic Development Grants.
(1) Developer Economic Development Grants
(a) For and in consideration of Developer's obligations hereunder, and
in furtherance of the goals and objectives of the Urban Renewal Plan for the
Project Area and the Urban Renewal Law, City agrees, subject to Developer
being and remaining in compliance with the terms of this Agreement, to
make twenty (20) semi-annual payments (such payments being referred to
collectively as the Developer Economic Development Grants) to Developer
as follows:
November 1, 2027
May 1, 2028
November 1, 2028
May 1, 2029
November 1, 2029
May 1, 2030
November 1, 2030
May 1, 2031
November 1, 2031
May 1, 2032
November 1, 2032
May 1, 2033
November 1, 2033
May 1, 2034
November 1, 2034
May 1, 2035
November 1, 2035
May 1, 2036
November 1, 2036
May 1, 2037
Pursuant to Iowa Code Section 403.9 of the Urban Renewal Law, in
amounts equal to the actual amount of tax increment revenues collected by
City under Iowa Code Section 403.19 (without regard to any averaging that
may otherwise be utilized under Iowa Code Section 403.19 and excluding
any interest that may accrue thereon prior to payment to Developer) during
the preceding six (6) month period in respect of the Property and Minimum
Improvements constructed by Developer (the Developer Tax Increments).
City and Developer agree that for purposes of this Section 4.1(1), the
assessed value of the Property as of January 1, 2024 is $124,300.00.
Developer recognizes and agrees that the Economic Development Grants
shall be paid solely and only from the incremental taxes collected by City in
respect to the Property and any improvements thereon, which does not
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
include property taxes collected for the payment of bonds and interest of
each taxing district, and taxes for the regular and voter -approved physical
plant and equipment levy, instructional support levy, and any other portion
required to be excluded by Iowa law, and thus such incremental taxes will
not include all amounts paid by Developer as regular property taxes.
(b) To fund the Developer Economic Development Grants, City shall
certify to the County prior to December 1 of each year, commencing
December 1, 2025, its request for the available Developer Tax Increments
resulting from the assessments imposed by the County as of January 1 of
that year, to be collected by City as taxes are paid during the following fiscal
year and which shall thereafter be disbursed to Developer on November 1
and May 1 of that fiscal year. (Example: If City so certifies by December 1,
2025, the Developer Economic Development Grants in respect thereof
would be determined on November 1, 2027, and May 1, 2028.)
(c) The Developer Economic Development Grants shall be payable from
and secured solely and only by the Developer Tax Increments paid to City
that, upon receipt, shall be deposited and held in a special account created
for such purpose and designated as the CBDC LLC TIF Account of City.
City hereby covenants and agrees to maintain its TIF ordinance in force
during the term and to apply the incremental taxes collected in respect of
the Property and Minimum Improvements and allocated to the CBDC LLC
TIF Account to pay the Developer Economic Development Grants, as and
to the extent set forth in Section 4.1(1) hereof. The Developer Economic
Development Grants shall not be payable in any manner by other tax
increments revenues or by general taxation or from any other City funds.
City makes no representation with respect to the amounts that may be paid
to Developer as the Developer Economic Development Grants in any one
year and under no circumstances shall City in any manner be liable to
Developer so long as City timely applies the Developer Tax Increments
actually collected and held in the CBDC LLC TIF Account (regardless of the
amounts thereof) to the payment of the Developer Economic Development
Grants to Developer as and to the extent described in this Section.
(2) City shall be free to use any and all tax increment revenues collected in
respect of other properties within the Project Area, or any available Developer Tax
Increments resulting from the termination of the annual Economic Development
Grants under this Section 4.1 hereof, for any purpose for which such tax increment
revenues may lawfully be used pursuant to the provisions of the Urban Renewal
Law, and City shall have no obligations to Developer with respect to the use
thereof.
(3) All of City's obligations under this Agreement, including but not limited to
City's obligation to pay the Economic Development Grants to Developer, shall be
subject to City having completed all hearings and other procedures required to
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amend the Urban Renewal Plan to describe the Urban Renewal Project being
undertaken in accordance with this Agreement by no later than December 31,
2024.
4.2 Other than the Economic Development Grants required by Section 4.1, City shall
have no obligation to provide any other funds to Developer related to the Property except
as it relates to and/or forms part of the City's performance of its obligations under this
Agreement.
SECTION 5. NOW APPROPRIATION / LIMITED SOURCE OF FUNDING.
5.1 Non -Appropriation.
(1) Notwithstanding anything in this Agreement to the contrary, the obligation
of City to pay any installment of the Economic Development Grants from the
pledged tax increment revenues shall be an obligation limited to currently budgeted
funds, and not a general obligation or other indebtedness of City or a pledge of its
full faith and credit within the meaning of any constitutional or statutory debt
limitation, and shall be subject in all respects to the right of non -appropriation by
the City Council of City as provided in this Section. City may exercise its right of
non -appropriation as to the amount of the installments to be paid during any fiscal
year during the term of this Agreement without causing a termination of this
Agreement. The right of non -appropriation shall be exercised only by resolution
affirmatively declaring City's election to non -appropriate funds otherwise required
to be paid in the next fiscal year under this Agreement.
(2) In the event the City Council of City elects to not appropriate sufficient funds
in the budget for any future fiscal year for the payment in full of the installments on
the Economic Development Grants due and payable in that future fiscal year, then
City shall have no further obligation to Developer for the payment of any
installments due in that future fiscal year which cannot be paid with the funds then
appropriated for that purpose.
5.2 The right of non -appropriation reserved to City in this Section is intended by the
parties, and shall be construed at all times, so as to ensure that City's obligation to pay
future installments on the Economic Development Grants shall not constitute a legal
indebtedness of City within the meaning of any applicable constitutional or statutory debt
limitation prior to the adoption of a budget which appropriates funds for the payment of
that installment or amount. In the event that any of the provisions of this Agreement are
determined by a court of competent jurisdiction to create, or result in the creation of, such
a legal indebtedness of City, the enforcement of the said provision shall be suspended,
and the Agreement shall at all times be construed and applied in such a manner as will
preserve the foregoing intent of the parties, and no event of default shall be deemed to
have occurred as a result thereof. If any provision of this Agreement or the application
thereof to any circumstance is so suspended, the suspension shall not affect other
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provisions of this Agreement which can be given effect without the suspended provision,
and to this end the provisions of this Agreement are severable.
SECTION 6. COVENANTS OF DEVELOPER.
6.1 Developer shall utilize the Property only for the purpose of operating a childcare
center.
6.2 Books and Records. During the term of this Agreement, Developer shall keep at
all times 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.
6.3 Real Property Taxes. From and after the Closing Date, Developer shall pay or
cause to be paid, when due and before delinquency, 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.
6.4 No Other Exemptions. During the term of this Agreement, Developer agrees not
to apply for any state or local property tax exemptions which are available with respect to
the Property that may now be, or hereafter become, available under state law or city
ordinance during the Term of this Agreement, including those that arise under Iowa Code
Chapters 404 and 427, as amended.
6.5 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, naming City
as a lender loss payable. 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) Up to the Termination Date, Developer shall maintain, or cause to be
maintained, at its cost and expense (and from time to time at the request of City
shall furnish proof of insurance in the form of a certificate of insurance) property
insurance against loss and/or damage to the Property and any improvements
thereof under an insurance policy written in an amount not less than the full
insurable replacement value the Improvements, listing City as lender loss payable.
Coverage shall include the "special perils" form.
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(3) The term "replacement value" shall mean the actual replacement cost of the
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 agrees to notify City immediately in the case of damage
exceeding One Hundred Thousand Dollars ($100,000.00) in amount to, or
destruction of, the Improvements or any portion thereof resulting from fire or other
casualty. The net proceeds of any such insurance (the Net Proceeds) shall be paid
directly to Developer as its interests may appear, and Developer shall forthwith
repair, reconstruct and restore the Improvements to substantially the same or an
improved condition or value as they 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.
(5) Developer shall be responsible for deductibles and self -insured retention.
6.6 Preservation of Property. During the term of this Agreement, Developer shall
maintain, preserve and keep, or cause others to maintain, preserve and keep, the
Improvements in good repair and working order, ordinary wear and tear excepted, and
from time to time shall make all necessary repairs, replacements, renewals and additions.
Nothing in this Agreement, however, shall be deemed to alter any agreements between
Developer or any other party including, without limitation, any agreements between the
parties regarding the care and maintenance of the Property.
6.7 Non -Discrimination. In carrying out the project, Developer shall not discriminate
against any employee or applicant for employment because of age, color, familial status,
gender identity, marital status, mental/physical disability, national origin, race,
religion/creed, sex, or sexual orientation.
6.8 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
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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.
6.9 Non -Transferability. During the Term of this Agreement, this Agreement may not
be assigned by Developer, nor may any portion of the Property be sold or otherwise
transferred by Developer without the prior written consent of City, which consent shall not
be unreasonably withheld. City has no obligation to consent to any assignment or sale,
but such consent will not be unreasonably withheld. The sole remedy for the Developer
breach of this Section 6.9 shall be the forfeiture of any Economic Grant Payments due
after the unauthorized transfer of the Property.
6.10 Restrictions on Use. Developer agrees for itself, and its successors and assigns,
and every successor in interest to the Property or any part thereof that they, and their
respective successors and assigns, shall:
(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 consistent with its current zoning is in full compliance with the Urban
Renewal Plan and Developer agrees to comply with any amendments to 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 age, color, familial status, gender identity,
marital status, mental/physical disability, national origin, race, religion/creed, sex,
or sexual orientation 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).
6.11 Release and Indemnification Covenants. City and Developer agree to indemnify
each other and their respective officers, agents, and employees from any against any and
all claims or damages arising out of each party's negligence in the performance of this
Agreement. The provisions of this Section shall survive the termination of this Agreement.
6.12 Compliance with Laws. Developer shall comply with all federal, state, and local
laws, rules and regulations relating to its businesses, other than laws, rules and
regulations for which 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 7. EVENTS OF DEFAULT AND REMEDIES.
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7.1 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 Improvements and the Property.
(2) Transfer of any interest by Developer in any portion of the Property or the
Improvements in violation of the provisions of this Agreement.
(3) Failure by Developer to substantially observe or perform any other material
covenant, condition, obligation or agreement on its part to be observed or
performed under this Agreement.
7.2 Remedies on Default by Developer. Whenever any Event of Default referred to in
Section 7.1 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
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 the 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 the default and continue the performance under this Agreement;
(2) Until the Closing Date, City may cancel and rescind this Agreement;
(3) 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.
7.3 No Remedy Exclusive. Except as specifically identified as the sole or exclusive
remedy of a Party, no remedy herein conferred upon or reserved to either Party 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.
7.4 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
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shall be limited to the particular breach so waived and shall not be deemed to waive any
other concurrent, previous or subsequent breach hereunder.
7.5 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.
7.6 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 performance under this Agreement until it receives assurances from City,
deemed adequate by Developer, that City will cure its default and continue its
performance under this Agreement.
SECTION 8. GENERAL TERMS AND PROVISIONS.
8.1 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: CBDC, LLC
Attn: David O. Becker, President and CEO
800 Main Street
Dubuque, IA 52001
Phone: 563-587-5103
Email: DBecker@Cottinghambutler.com
With copy to: CBDC, LLC
Attn: Maureen Quann
800 Main Street
Dubuque, IA 52001
Phone: 563-207-7039
Email: MQuann@cottinghambutler.com
If to City: City Manager
50 W. 13t" Street
Dubuque, Iowa 52001
Phone: (563) 589-4110
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Fax: (563) 589-4149
With copy to: City Attorney
City Hall
50 W. 13t" Street
Dubuque, Iowa 52001
or at such other address with respect to any party as that party may, from time to time
designate in writing and forward to the other as provided in this Section.
8.2 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit
of City and Developer and their respective successors and assigns.
8.3 Force Majeure. A party shall be excused from its obligations under this Agreement
if and to the extent and during such time as the party is prevented, impeded, or hindered,
unable to perform its obligations or is delayed in doing so due to events or conditions
outside of the party's reasonable control and after the party has taken reasonable steps
to avoid or mitigate such event or its consequences (each a "Force Majeure Event")
including, without limitation in any way, as the result of any acts of God, war, fire, or other
casualty, riot, civil unrest, extreme weather conditions, terrorism, strikes and/or labor
disputes, pandemic, epidemic, quarantines, government stay-at-home orders, municipal
and other government orders, failure of Internet, or other matter beyond the control of
such party. Upon the occurrence of a Force Majeure Event, the party incurring such
Force Majeure Event will promptly give notice to the other party identifying the Force
Majeure Event, explaining how it impacts performance and the estimated duration,
identifying the relief requested, agreeing to limit damages to the other party and to
immediately resume performance upon termination of the Force Majeure Event, and
agreeing to supplement the notice as more information becomes available, and thereafter
the parties shall meet and confer in good faith in order to identify a cure of the condition
affecting its performance as expeditiously as possible. No obligation to make a payment
required by this Agreement is excused by a Force Majeure Event. The nonperforming
party shall not be entitled to any damages or additional payments of any kind for any such
delay.
8.4 Termination Date. This Agreement and the rights and obligations of the parties
hereunder shall terminate on June 1, 2037.
8.5 Execution By Facsimile. The parties agree that this Agreement may be transmitted
among them by email or facsimile machine. The parties intend that the emailed or faxed
signatures constitute original signatures and that an emailed or faxed Agreement
containing the signatures (original, emailed or faxed) of all the parties is binding on the
parties.
8.6 Memorandum of Development Agreement. City shall promptly record a
Memorandum of Development Agreement in the form attached hereto as Exhibit E in the
office of the Recorder of Dubuque County, Iowa. Developer shall pay the costs for so
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recording.
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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.
CITY OF DUBUQUE, IOWA CBDC, LLC
By:
Brad M. Cavanagh
Mayor
Attest:
By:
Adrienne N. Breitfelder, City Clerk
Bv- %b,4 ed
David O. Becker
President & CEO
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LIST OF EXHIBITS
EXHIBIT A
Urban Renewal Plan
EXHIBIT B
City Attorney Certificate
EXHIBIT C
Opinion of Developer Counsel
EXHIBIT D
City Certificate
EXHIBIT E
Memorandum of Development Agreement
EXHIBIT F
Parking Adjustments
EXHIBIT G
Locust Street and 8t" Street Encroachments
EXHIBIT H
Alley Encroachments
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EXHIBIT A
URBAN RENEWAL PLAN
(on file in City Clerk's office, 50 W. 1311 Street, Dubuque, IA 52001)
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EXHIBIT B
CITY ATTORNEY CERTIFICATE
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
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
balesq a)cityofdubuquc.ore
RE:
Dear
THE CITY OF
DUB E
Masterpiece on the Mississippi
(DATE)
Dubuque
All•Amerin pq
Mil Ml.lnk; I �iy ill
2007-2012-2013
2017*2019
I have acted as counsel for the City of Dubuque, Iowa, in connection with the execution
and delivery of a certain Development Agreement by and between CBDC, LLC
(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.
:7_1a]ILTA
I
Very sincerely,
Barry A. Lindahl, Esq.
Senior Counsel
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EXHIBIT C
OPINION OF DEVELOPER'S COUNSEL
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Mayor and City Councilmembers
City Hall
13t" and Central Avenue
Dubuque IA 52001
Re: Development Agreement By and Between the City of Dubuque, Iowa, and CBDC,
LLC
Dear Mayor and City Councilmembers:
I have acted as counsel for CBDC, LLC (Developer) 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 , 20_
I 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 I 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
have deemed appropriate, I am of the opinion that:
1. Developer is an Iowa limited liability company with its principal place of
business at Dubuque, Iowa and has full power and authority to execute, deliver and
perform in full 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 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. 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 the best of our knowledge, 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.
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I have examined such documents and certificates of public officials and officers of
the Developer as we have deemed necessary for the purposes of this opinion. As to the
existence of facts which are material to this opinion, we have relied upon certificates of
public officials, statements by officers and resolutions of the Members of the Developer.
In rendering my opinion, I have assumed (i) the legal capacity of all natural persons and
the capacity and corporate power of all parties to the documents examined by us other
than the Developer, (ii) the due authorization, execution and delivery of each document
examined by us, by all parties to such documents other than the Developer, (iii) the
genuineness of all signatures other than the signatures of the representatives of the
Developer, (iv) the authenticity of all documents submitted to us as originals; (v) the
conformity to original documents of all documents submitted to me as copies; and (vi) the
City has no knowledge, direct or through their counsel, which would render any of the
representations set forth herein inaccurate or incorrect. I have not made any independent
investigation to verify any assumptions made herein, and have not undertaken any factual
investigation into the business, properties, agreements or litigation of the Developer for
the purpose of rendering the opinions expressed herein. There may exist matters of a
factual nature which could have a bearing on my opinions expressed herein, with respect
to which I have not been consulted or am otherwise unaware. Where used herein, the
language "to the best of my knowledge" or language of similar nature means to my actual
knowledge with no duty to inquire further of any person or document. Said language is
intended to be limited to the actual knowledge of the attorneys within our firm who have
been directly involved in representing the Developer, or whom I reasonably believe have
knowledge of the affairs of the Developer. I have assumed that all representations and
warranties made by any party to the Development Agreement are true and correct. I have
examined the law, the resolutions of the members of Developer, the Development
Agreement, and such company proceedings of the Developer and such other documents,
certificates, instruments and matters as we deem necessary to render this opinion.
The foregoing opinions are subject to:
(a) Equitable principles of general applicability (including, without limitation,
concepts of materiality, reasonableness, good faith and fair dealing, public policy,
equitable subordination and the possible unavailability of specific performance or
injunctive relief), regardless of whether considered in a proceeding in equity or at law or
whether codified by statute;
(b) The unenforceability of provisions purporting to waive rights, claims,
demands, liabilities or defenses to obligations, known or unknown, suspected or
unsuspected, where such waivers are contrary to any applicable law or against public
policy;
(c) The unenforceability, under certain circumstances, of provisions of
agreements to the effect that rights or remedies are not exclusive, that every right or
remedy is cumulative and may be exercised in addition to or with any other right or
remedy, or that the election of some particular remedy or remedies does not preclude
recourse to one or another remedy;
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(d) The unenforceability under certain circumstances, of provisions which
purport to govern forum selection or consent to jurisdiction; and
(e) The potential to vary the terms of the Development Agreement on the basis
of parol evidence.
The opinions set forth herein are given as of the date hereof. I disclaim any
obligation to notify you or any other person after the date of this letter if any change in
fact and/or law should change my opinion with respect to any matters set forth herein.
This opinion is for your benefit only and may not be quoted in whole or in part or otherwise
referred to in any documents, or delivered to or filed with any person or entity, or relied
upon by any other person or entity, without my prior written consent.
Very truly yours,
Maureen Quann
Corporate Counsel
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EXHIBIT D
CITY CERTIFICATE
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
THE CITY OF
Masterpiece on the Mississippi
Dubuque
All-Amerin My
NAA hNAI 4 n9C I A d II
I I I if
2007*2012-2013
2017*2019
(DATE)
City Manager's Office
City Hall
50 West 131h Street
Dubuque, Iowa 52001-4864
(563) 589-4110 office
(563) 589-4149 fax
ctymgr@cityofdubuque.org
Re: Development Agreement By and Between the City of Dubuque, Iowa, and CBDC,
LLC
Dear
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
CBDC, LLC (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 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.
(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
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
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) 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.
MCVM:jh
Sincerely,
Michael C. Van Milligen
City Manager
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
EXHIBIT E
MEMORANDUM OF DEVELOPMENT AGREEMENT
28
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
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 between the City of Dubuque, Iowa, an Iowa municipal
corporation, of Dubuque, Iowa, and CBDC, LLC was made regarding the following
described premises:
Lot 625, Lot 626, and Lot 627, in the City of Dubuque, Iowa, according to the recorded
deed instrument number 202300001758 thereof; locally known as 781 Locust Street; and
Lot 1 of Lot 624 according to the plat recorded on the day of , 2024, Instrument
No.
The Development Agreement is dated for reference purposes the day of
, 20_, and contains covenants, conditions, and restrictions concerning the
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 120
CITY OF DUBUQUE, IOWA
IN
Barry A. Lindahl, Esq., Senior Counsel
STATE OF IOWA
: ss:
DUBUQUE COUNTY
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Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
On this day of , 20_, before me, a Notary Public in and for the State of
Iowa, in and for said county, personally appeared Barry A. Lindahl, , to me personally
known, who being by me duly sworn did say that he is Senior Counsel of the City of
Dubuque, a Municipal Corporation, created and existing under the laws of the State of
Iowa and that said instrument was signed on behalf of said Municipal corporation by
authority and resolution of its City Council and said Senior Counsel acknowledged said
instrument to be the free act and deed of said Municipal Corporation by it voluntarily
executed.
Notary Public, State of Iowa
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EXHIBIT F
PARKING ADJUSTMENTS
31
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
M
k "STREET
W. TTi STREET
r
32
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EXHIBIT G
LOCUST STREET AND 8TH STREET ENCROACHMENTS
33
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rUEGTION
- LOGU5T 5T ENGROAGHMENT
�'u 9no=itic
1
�1•� :1. � as .ul��
EXHIBIT G
n
34
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
a I
� I
I
I
rUITE PLAN - PLAY6ROUND FOOTIN6 ENGROAGHMENT
EXHIBIT G
F
wLL
T
zp
vU
35
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
EXHIBIT H
ALLEY ENCROACHMENTS
36
Document ID: 3049558eec584b0097f757560f53ca80491e9dc7
EXHIBIT H
37
NOTICE OF A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON A PROPOSED DEVELOPMENT AGREEMENT BY AND
BETWEEN THE CITY OF DUBUQUE, IOWA AND CBDC, LLC, INCLUDING
AUTHORIZING THE ISSUANCE OF URBAN RENEWAL TAX INCREMENT REVENUE
GRANT OBLIGATIONS PURSUANT TO THE DEVELOPMENT AGREEMENT
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque,
Iowa, will hold a public hearing on the 11t day of April, 2024, at 6:30 p.m. in
the City Council Chambers at the Historic Federal Building, 350 W. 6th St.,
Dubuque, Iowa, at which meeting the City Council proposes to take action to
approve a Development Agreement between and between the City of
Dubuque, Iowa and CBDC, LLC, for the construction of a childcare facility
located at 781 Locust Street. A copy of Development Agreement is now on file
at the Office of the City Clerk, City Hall, 50 W. 1311 Street, Dubuque, Iowa,
including the issuance of economic development grants (Urban Renewal Tax
Increment Revenue Grant Obligations) described therein in order to carry out
the purposes and objectives of the Urban Renewal Plan for the Greater
Downtown Urban Renewal District, consisting of the funding of economic
development grants for CBDC, LLC, under the terms and conditions of the
Urban Renewal Plan for the Greater Downtown Urban Renewal District. The
aggregate amount of the Urban Renewal Tax Increment Revenue Grant
Obligations cannot be determined at the present time, but is not expected to
exceed $2,525,000.
At the meeting, the City Council will receive oral and written objections from any resident
or property owner of the City to the above action. After all objections have been received
and considered, the City Council may at this meeting or at any adjournment thereof,
authorize such issuance of the Urban Renewal Tax Increment Revenue Grant Obligations
or abandon the proposal. By order of the City Council the hearing and appeals therefrom
shall be held in accordance with and governed by the provisions of Section 403.9 of the
Code of Iowa.
This notice is given by order of the City Council of the City of Dubuque, Iowa, as provided
by Chapter 403 of the Code of Iowa.
Dated this 18t" day of March 2024.
Adrienne N. Breitfelder City Clerk of Dubuque, Iowa