Setting a Public Hearing on a Proposed Development Agreement with Dubuque Racing Association, Ltd.City of Dubuque
City Council
Copyrighted
November 4, 2024
kIW44&1Ai791:A1l1 311[0111111:W_1NIZICT:ail
ITEM TITLE: Resolution Setting a Public Hearing on a Proposed
Development Agreement by and between the City of
Dubuque and Dubuque Racing Association, Ltd. Providing for
the Issuance of Urban Renewal Tax Increment Revenue
Grant Obligations Pursuant to the Development Agreement
SUMMARY: City Manager recommending City Council adopt the attached
resolution setting a November 18, 2024, public hearing on the
Development Agreement providing for the issuance of Urban
Renewal Tax Increment Revenue Grant Obligations for the
development of a PinSeekers facility on Chaplain Schmitt
Island.
RESOLUTION Fixing The Date For A Public Hearing Of The
City Council Of The City Of Dubuque, Iowa On A
Development Agreement By And Between The City Of
Dubuque, Iowa And Dubuque Racing Association, Ltd.,
Including The Proposed Issuance Of Urban Renewal Tax
Increment Revenue Obligations Relating Thereto And
Providing For The Publication Of Notice Thereof
SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for
DISPOSITION: November 18, 2024
ATTACHMENTS:
1. MVM Memo
2. Staff Memo
3. Development Agreement
4. Notice of Hearing
5. Resolution
Page 1358 of 2498
THE C
DUj!BQTE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
Dubuque
AIFAWca Ciq
ni
I
2007-2012.2013
2017*2019
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Setting a Public Hearing on a Proposed Development
Agreement by and between the City of Dubuque and Dubuque Racing
Association, Ltd. Providing for the Issuance of Urban Renewal Tax
Increment Revenue Grant Obligations Pursuant to the Development
Agreement
DATE: October 30, 2024
Economic Development Director Jill Connors is recommending City Council adopt the
attached resolution setting a November 18, 2024, public hearing on the Development
Agreement providing for the issuance of Urban Renewal Tax Increment Revenue
Grant Obligations for the development of a PinSeekers facility on Chaplain Schmitt
Island.
One of the recommendations of the Development Plan is to provide a variety of
entertainment and recreational opportunities on Chaplain Schmitt Island with a unique
mix of uses that are different from existing developments in Dubuque. To this end,
DRA has had conversations with developers of these types of facilities, including the
developers of PinSeekers — a hybrid golf facility, with current locations in Deforest, WI,
and Tiffin, IA. These facilities have a diverse range offerings, including all-weather
Toptracer golf suites, mini bowling, putting greens, multi -sports simulators, and event
spaces for group gatherings.
The DRA has brought a formal proposal to City staff to facilitate an investment of $18
million for the development of a PinSeekers facility to be located on Chaplain Schmitt
Island. Project construction is scheduled to commence on or before April 1, 2025,
and to be substantially completed by September 30, 2026.
The proposed Development Agreement provides for City incentives, including Urban
Renewal Tax Increment Revenue Grant Obligations, for 10 years of Tax Increment
Finance (TIF) rebates to encourage the development of the property.
Page 1359 of 2498
I concur with the recommendation and respectfully request Mayor and City Council
approval.
-/�14)vvx k�� 14 v4e�n' -
ichael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
ION
Page 1360 of 2498
Dubuque Economic Development Department
THE CITY OF , 50 West 131h Street
AIFAmeriaC" Dubuque, Iowa 52001-4864
UB � � � � �� Office (563) 589-4393
I 1 ® TTY (563) 690-6678
http://www.cityofdubuque.org
2007.2011
Masterpiece on the Mississippi 2013.2017
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Resolution Setting a Public Hearing on a Proposed Development
Agreement by and between the City of Dubuque and Dubuque
Racing Association, Ltd. Providing for the Issuance of Urban
Renewal Tax Increment Revenue Grant Obligations Pursuant to the
Development Agreement
DATE: October 24, 2024
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached resolution
setting a public hearing for November 18, 2024 on a proposed Development Agreement
by and between the City of Dubuque and Dubuque Racing Association, Ltd. (DRA)
providing for the issuance of Urban Renewal Tax Increment Revenue Grant Obligations.
BACKGROUND
In 2014, a Master Plan for Chaplain Schmitt Island was adopted which laid out key
community desires for the creation of a destination area on the Island. This was followed
in 2017 with a Placemaking Plan, updated in 2022 to include an amphitheater and
improved trails, resulting in the City being awarded a number of grants to accomplish this
work.
More recently, a Development Plan for Chaplain Schmitt Island has been prepared for
review and adoption by City Council. This 2024 Development Plan sets forth a plan for
implementing the recommendations of the accumulated planning work for the area.
DISCUSSION
One of the recommendations of the Development Plan is to provide a variety of
entertainment and recreational opportunities on Chaplain Schmitt Island with a unique
mix of uses that are different from existing developments in Dubuque. To this end, DRA
Page 1361 of 2498
has had conversations with developers of these types of facilities, including the
developers of PinSeekers — a hybrid golf facility, with current locations in Deforest, WI,
and Tiffin, IA. These facilities have a diverse range offerings, including all-weather
Toptracer golf suites, mini bowling, putting greens, multi -sports simulators, and event
spaces for group gatherings.
The DRA has brought a formal proposal to City staff to facilitate an investment of $18
million for the development of a PinSeekers facility to be located on Chaplain Schmitt
Island. Project construction is scheduled to commence on or before April 1, 2025 and to
be substantially completed by September 30, 2026.
The proposed Development Agreement provides for City incentives, including Urban
Renewal Tax Increment Revenue Grant Obligations, for 10 years of Tax Increment
Finance (TIF) rebates to encourage the development of the property.
RECOMMENDATION/ ACTION STEP
I recommend the City Council adopt the attached resolution setting a November 18, 2024
public hearing on the Development Agreement providing for the issuance of Urban
Renewal Tax Increment Revenue Grant Obligations for the development of a PinSeekers
facility on Chaplain Schmitt Island.
Page 1362 of 2498
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
DUBUQUE RACING ASSOCIATION, LTD.
This Development Agreement (Agreement), dated for reference purposes the 18t"
day of November, 2024 is made and entered into 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 Dubuque
Racing Association, Ltd. ("Developer'), an Iowa nonprofit association with its principal place
of business in Dubuque, Iowa.
WHEREAS, Developer is the lessee of the following described real estate (the
"Property"), said legal descriptions to be reviewed and approved by Developer and City on
or before the Closing Date:
A LEASE AREA LYING WITHIN PARTS OF LOT 1, LOT 2, AND LOT 3 OF CHAPLAIN
SCHMITT ISLAND IN THE CITY OF DUBUQUE, DUBUQUE COUNTY, IOWA, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF LOT 2 OF CHAPLAIN SCHMITT
ISLAND AND RUNNING THENCE SOUTH 23 DEGREES 47 MINUTES 55 SECONDS
WEST ALONG THE EAST LINE OF SAID LOT 2,138.28 FEET;
THENCE SOUTH 66 DEGREES 42 MINUTES 23 SECONDS EAST, 6.00 FEET;
THENCE SOUTH 23 DEGREES 47 MINUTES 55 SECONDS WEST, 170.69 FEET;
THENCE NORTH 66 DEGREES 24 MINUTES 37 SECONDS WEST, 749.48 FEET;
THENCE NORTH 23 DEGREES 17 MINUTES 34 SECONDS EAST, 201.59 FEET TO
THE NORTH LINE OF LOT 1 OF SAID CHAPLAIN SCHMITT ISLAND;
SOUTH 89 DEGREES 12 MINUTES 25 SECONDS EAST ALONG NORTH LINE SAID
LOT 1, 84.00 FEET TO THE NORTHWEST CORNER OF SAID LOT 2;
THENCE SOUTHEASTERLY ALONG SAID NORTH LINE OF LOT 2 THE FOLLOWING
FIVE (5) COURSES AND DISTANCES:
SOUTH 89 DEGREES 12 MINUTES 25 SECONDS EAST, 18.58 FEET;
SOUTH 86 DEGREES 19 MINUTES 09 SECONDS EAST, 132.77 FEET;
SOUTH 73 DEGREES 14 MINUTES 57 SECONDS EAST, 78.96 FEET;
SOUTH 68 DEGREES 22 MINUTES 13 SECONDS EAST, 384.14 FEET;
SOUTH 66 DEGREES 16 MINUTES 54 SECONDS EAST, 63.93 FEET TO SAID
NORTHEAST CORNER OF LOT 2 AND THE POINT OF BEGINNING.
CONTAINING 4.90 ACRES, MORE OR LESS.; and
WHEREAS, the Property is located in the Greater Downtown Urban Renewal District
(the "District") which has been so designated by City Council Resolution 155-11 as a slum
and blighted area (the "Project Area") defined by Iowa Code Chapter 403 (the "Urban
Renewal Law"); and
WHEREAS, Developer will facilitate a capital investment including the construction
Page 1363 of 2498
of a new facility, equipment, furniture and fixtures in the Property (the "Project"); and
WHEREAS, pursuant to Iowa Code Section 403.6(1), and in conformance with the
Urban Renewal Plan for the Project Area adopted on May 18, 1967 and last amended on
September 3, 2024, a copy of which is attached hereto as Exhibit A (the "Urban Renewal
Plan"), City has the authority to enter into contracts and agreements to implement the
Urban Renewal Plan, as amended; and
WHEREAS, the City Council believes it is in the best interests of City to encourage
Developer in the development of the Property by providing certain incentives as set forth
herein.
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 underthis 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
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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 to 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. Developer makes the following
representations and warranties:
(1) Developer is a corporation duly organized and validly existing underthe 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, subject to the approval of the Iowa Racing and Gaming
Commission ("IRGC"), to enter into and perform its obligations under the
Agreement.
(2) This Agreement has been duly authorized, executed and delivered by
Developer and, assuming due authorization, execution and delivery by City and
approval by IRGC, 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 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
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Page 1365 of 2498
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 reasonable commercial 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 entered into a sublease agreement with PinSeekers Dubuque
RE, LLC and PinSeekers Dubuque Operations, LLC (individually and collectively
"PinSeekers"), and PinSeekers has obtained (or will obtain prior to the Closing Date)
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 as agreed
by the Parties but in no event shall the Closing Date be later than the 15t" day of March
2025 . 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.
1.4 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 D.
(2) Developer shall have the right to terminate this Agreement at any time priorto
the Commencement Date set forth in Section 2.3 if Developer determines in its sole
discretion that conditions necessary for the successful completion of the 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 and Developer shall have no liability or obligation whatsoever
as a result of such termination.
(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
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Page 1366 of 2498
PinSeekers 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 and/or PinSeekers' financial ability as
the reasonable judgment of 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 C.
1.5 Cit '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 will facilitate a capital investment of
approximately Eighteen million dollars ($18,000,000) to improve the Property (the
"Minimum Improvements"). The Minimum Improvements including the construction of a
recreational facility and related furnishings.
2.2 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 in City's reasonable discretion, (which approval shall not
be unreasonably refused, conditioned or delayed), plans, drawings, specifications, and
related documents with respect to the improvements to be constructed on the Property,
which construction shall be facilitated by Developer. All work with respect to the Minimum
Improvements shall be in substantial conformity with the Construction Plans approved by
City.
2.3 Timing of Improvements. Developer hereby agrees that construction of the Minimum
Improvements on the Property shall be commenced on or before April 1, 2025
("Commencement Date") and shall be substantially completed by September 30, 2026.
The time frames for the performance of these obligations shall be subject to suspension
and/or extension due to Force Majeure Event in accordance with the terms of Section 9.3
of this Agreement.
2.4 Certificate of Completion. Promptly following the request of Developer upon
completion of the Minimum Improvements, the City Manager shall furnish Developer with
an appropriate instrument certifying such completion. Such certification (the "Certificate of
Completion") shall be in recordable form and shall be a conclusive determination of the
satisfaction and termination of the agreements and covenants in this Agreement with
respect to the obligations of Developer to facilitate the construction of the Minimum
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Improvements.
SECTION 3. CITY PARTICIPATION
3.1 Economic Development Grant to Developer. 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)
consecutive semi-annual payments (such payments being referred to collectively as the
"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 a portion of the 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 Minimum Improvements constructed by Developer (the "Developer
Tax Increments"). City and Developer agree the Property Parcel 118476004 will be
assessed on January 1, 2025.
An agreement of value will be acknowledged and signed by the parties' post assessment
and added as an addendum to this Agreement.
For purposes of calculating the amount of the Economic Development Grants provided in
this Section, the Developer Tax Increments shall be only those tax increment revenues
collected by City in respect of the increase in the assessed value of the Property above the
assessed value on January 1, 2025 (the "Baseline Valuation").
The Developer Tax Increments shall not include (i) any property taxes collected for the
payment of bonds and interest of each taxing district, (H) any taxes for the regular and
voter -approved physical plant and equipment levy, (iii) any taxes for the instructional
support levy, (iv) any tax increment revenues collected by City in respect of the Baseline
Valuation of the Property during the term of this Agreement and (v) any other portion
required to be excluded by Iowa law, and thus such incremental taxes will not include all
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amounts paid by Developer as regular property taxes.
(1) To fund the Economic Development Grants, City shall certify to the County
prior to December 1, 2026, its request for the available Developer Tax Increments
resulting from the assessments imposed by the County as of January 1 of that year
and each year thereafter until December 1, 2036 to be collected by City as taxes are
paid during the following fiscal year and which shall thereafter be disbursed to
Developer on November 1st and May 1st of that fiscal year. (Example: upon City's
certification in December 2026, the Economic Development Grants in respect
thereof would be paid to Developer on November 1, 2027, and May 1, 2028.)
(2) The 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 DRA TIF Account of City. City hereby covenants and agrees to maintain its TIF
ordinance in force during the term hereof and to apply the incremental taxes
collected in respect of the Minimum Improvements and allocated to the DRA TIF
Account to pay the Economic Development Grants, as and to the extent set forth in
Section 3.1 hereof. The 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 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 DRA
TIF Account (regardless of the amounts thereof) to the payment of the Economic
Development Grants to Developer as and to the extent described in this Section.
(3) City shall be free to use any and all tax increment revenues collected in
respect of other properties within the Project Area and the remaining actual amount
of the property taxes paid by Developer to City, or any available Developer Tax
Increments resulting from the termination of the annual Economic Development
Grants under Section 3.1 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.
SECTION 4. NON -APPROPRIATION 1 LIMITED SOURCE OF FUNDING
4.1 Non -appropriation.
(1) Notwithstanding anything in this Agreement to the contrary, the obligation of
City to pay any installment of the Economic Development Grant 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 under the meaning of any
constitutional or statutory debt limitation, and shall be subject in all respects to the
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right of non -appropriation by the City Council as provided in this Section 4.1(1). 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 to Developer in the next fiscal year under this
Agreement.
(2) In the event the City Council 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 Grant due and payable in that fiscal year, then: i) City
shall have no further obligation to Developer for the payment of all installments
due in the next fiscal year which cannot be paid with the funds then appropriated
for that purpose; and, ii) Developer shall be released from all further obligations
under this Agreement during that same fiscal year.
(3) Each installment of the Economic Development Grant shall be paid by City
solely from funds appropriated for that purpose by the City Council from taxes
levied on the Property that are allocated to the special fund pursuant to Iowa
Code §403.19(2).
4.2 Limited Source of Funding. The right of non -appropriation reserved to City in this
Section 4.1(1) 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 provisions of this Agreement which can be given effect without the
suspended provision. To this end the provisions of this Agreement are severable.
SECTION 5. COVENANTS OF DEVELOPER
5.1 Conformance with Codes. The Minimum improvements shall conform to all city,
state and federal codes.
5.2 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 to verify the cost of the Minimum
Improvements in accordance with generally accepted accounting principles consistently
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applied throughout the period involved, and Developer shall provide reasonable protection
against loss or damage to such books of record and account.
5.3 Real Property Taxes. 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.
5.4 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 or the Minimum Improvements located thereon 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; provided,
however, that the foregoing agreement shall not be deemed to be applicable to any existing
exemption of Developer and/or any other exemption available with respect to any other
property (other than the Property) in which Developer has or may have an ownership or
leasehold interest.
5.5 Insurance Requirements.
(1) Developer shall provide and maintain or cause to be maintained at all times
during the process of constructing the Minimum Improvements (at no cost or
expense to City) 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 no cost
or expense to City) 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 two
hundred thousand dollars ($200,000) 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
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and/or PinSeekers as their interests may appear, and Developer shall forthwith
facilitate the repair, reconstruction and restoration of the Minimum 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 facilitate the application of the Net
Proceeds of any insurance relating to such damage received by Developer and/or
PinSeekers 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).
5.6 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 or cause to be made all necessary repairs, replacements, renewals
and additions. Nothing in this Section 5.8 or in this Agreement, however, shall limit or
otherwise affect Developer's sole discretion with respect to the means, methods and
expenses in carrying out such maintenance and repairs.
5.7 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.
5.8 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 hertenure, orwho 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.
5.9 Non-Transferabilit . 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 prior written consent of City, which shall not be unreasonably
withheld. City has no obligation to consent to any assignment or sale.
5.10 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 property and to be taxed as such under Iowa law.
10
Page 1372 of 2498
5.11 Restrictions on Use. Developer agrees for itself, and its successors and assigns,
and every successor in interest to the Property or any part thereof 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 as retail/commercial, 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 or sublessee (including PinSeekers) 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
or sublessee (including PinSeekers) shall breach this covenant and City shall seek
enforcement of this covenant directly against the party in breach of same).
5.12 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 6. EVENTS OF DEFAULT AND REMEDIES
6.1 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 (it being acknowledged and agreed that Developer's
sublease of the Property to PinSeekers shall not constitute or be deemed to
constitute a breach of this Section 6.1(3)).
11
Page 1373 of 2498
(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.
6.2. Remedies on Default by Developer. Whenever any Event of Default referred to in
Section 6.1 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 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 Developer deemed adequate by City, that Developer will cure its
default and continue its performance under this Agreement;
(2) Until the Closing Date, City may cancel and rescind this Agreement; or
(3) City may withhold the Certificate of Completion; or
(5) City may require Developer to take action, including legal, equitable or
administrative action, which may appear necessary or desirable to enforce
performance and observance of any obligation, agreement, or covenant under this
Agreement or terminate the sublease agreement with PinSeekers.
Notwithstanding to the contrary herein, the parties acknowledge and agree that, due to the
fact that Developer's obligations hereunder relate to the facilitation of the construction of
the Minimum Improvements, Developer shall have no monetary liability upon the
occurrence of any Event of Default hereunder but shall have the affirmative obligation to
attempt to identify a suitable third party capable of completing the Minimum Improvements,
subject to City approval, and that the sole consequence to Developer of any Event of
Default would be the loss of entitlement to the Economic Development Grants hereunder.
6.3 No Remedy Exclusive. Except as otherwise provided in the last sentence of Section
6.2 or elsewhere in this Agreement, 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.
6.4 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
12
Page 1374 of 2498
limited to the particular breach so waived and shall not be deemed to waive any other
concurrent, previous or subsequent breach hereunder.
6.5 [Reserved].
6.6 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 7. GENERAL TERMS AND PROVISIONS
7.1 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: Dubuque Racing Association, Ltd.
Attn: Alex Dixon, President & CEO
1855 Greyhound Park Rd
Dubuque lA 52001
Phone: (563) 585-3002
With copy to: O'Connor & Thomas, PC.
Tonya A. Trumm 1000 Main St.
Dubuque, IA 52001
Phone: (563) 557-8400
ttrumm@octhomaslaw.com
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. 131' Street
Dubuque IA 52001
13
Page 1375 of 2498
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.
7.2 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit
of City and Developer and their respective successors and assigns.
7.3 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, 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.
7.4 Termination Date. This Agreement and the rights and obligations of the parties
hereunder shall terminate on June 1, 2037 (the "Termination Date").
7.5 Execution by Facsimile or Electronic Si nature- Counterparts. The parties agree
that this Agreement may be transmitted between them byfacsimile machine or other
electronic means. The parties intend that the faxed or electronic signatures
constitute original signatures and that a faxed or emailed Agreement containing the
signatures (original, faxed or electronic) of all the parties is binding on the parties.
The parties further agree that this Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which, when
executed and delivered, shall be deemed to be an original and all of which, when
taken together, shall constitute but one and the same Agreement.
7.6 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 recording.
14
Page 1376 of 2498
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
Brad M. Cavanagh
Mayor
Attest:
Adrienne N. Breitfelder
City Clerk
DUBUQUE RACING ASSOCIATION, LTD.
By: ax-,"e;�1
Alex Dixo
President & CEO
15
Page 1377 of 2498
LIST OF EXHIBITS
EXHIBIT A — Urban Renewal Plan
EXHIBIT B — City Attorney's Certificate
EXHIBIT C — Opinion of Developer's Counsel
EXHIBIT D — City Certificate
EXHIBIT E — Memorandum of Development Agreement
16
Page 1378 of 2498
EXHIBIT A
URBAN RENEWAL PLAN
On file at the Office of the City Clerk, City Hall, 50 West 13th Street, Dubuque, Iowa
17
Page 1379 of 2498
EXHIBIT B
CITY ATTORNEY'S CERTIFICATE
m
Page 1380 of 2498
Crenna Brumwell
City Attorney
Suite 330, Harbor View Place
300 Main Street
Dubuque, Iowa 52001-6944
(563) 583-4113 office
(563)583-1040 fax
ebrumwei@cityofdubuque.org
RE:
Dear
Masterpiece on the Mississippi
(DATE)
Dubuque
M-ri■!s^ie1 "
�� IF
2007*2012*2013
2017*2019
have acted as counsel for the City of Dubuque, Iowa, in connection with the execution and
delivery of a certain Development Agreement between Dubuque Racing Association, Ltd.
(Developer) and the City of Dubuque, Iowa (City) dated for reference purposes the 18tb day
of November, 2024.
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,
Crenna Brumwell
City Attorney
19
Page 1381 of 2498
EXHIBIT C
OPINION OF DEVELOPER'S COUNSEL
m
Page 1382 of 2498
Mayor and City Councilmembers
City Hall
1311 and Central Avenue
Dubuque IA 52001
Re: Development Agreement Between the City of Dubuque, Iowa and
Dubuque Racing Association, Ltd.
Dear Mayor and City Councilmembers:
We have acted as counsel for Dubuque Racing Association, Ltd. (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 18ih day of November, 2024.
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 corporation organized and existing under the laws of the State
of 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. 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.
21
Page 1383 of 2498
Very truly yours,
22
Page 1384 of 2498
EXHIBIT D
CITY CERTIFICATE
23
Page 1385 of 2498
City Manager's Office
50 West 13'h Street
Dubuque, Iowa 52001-4864
(563)589-4110 phone
(563)589-4149 fax
ctyrngr@cityofdubuque.or
Dear
_Uff I M 11150- 4
Masterpiece on the Mississippi
(DATE)
Dubuque
ky-ty-T-4
Wwrka cky
2007*2012.2013
2017* 019
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
Dubuque Racing Association, Ltd. (Developer) and the City of Dubuque, Iowa (City) dated
for reference purposes the 18t" day of November, 2024.
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 affects
24
Page 1386 of 2498
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
25
Page 1387 of 2498
EXHIBIT E
MEMORANDUM OF DEVELOPMENT AGREEMENT
26
Page 1388 of 2498
Prepared by: Crenna Brumwell 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
Return to: Crenna Brumwell 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 Dubuque Racing Association, Ltd. was made regarding
the following described premises:
A LEASE AREA LYING WITHIN PARTS OF LOT 1, LOT 2, AND LOT 3 OF
CHAPLAIN SCHMITT ISLAND IN THE CITY OF DUBUQUE, DUBUQUE COUNTY,
IOWA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF LOT 2 OF CHAPLAIN SCHMITT
ISLAND AND RUNNING THENCE SOUTH 23 DEGREES 47 MINUTES 55
SECONDS WEST ALONG THE EAST LINE OF SAID LOT 2,138.28 FEET;
THENCE SOUTH 66 DEGREES 42 MINUTES 23 SECONDS EAST, 6.00 FEET;
THENCE SOUTH 23 DEGREES 47 MINUTES 55 SECONDS WEST, 170.69 FEET;
THENCE NORTH 66 DEGREES 24 MINUTES 37 SECONDS WEST, 749.48 FEET;
THENCE NORTH 23 DEGREES 17 MINUTES 34 SECONDS EAST, 201.59 FEET
TO THE NORTH LINE OF LOT 1 OF SAID CHAPLAIN SCHMITT ISLAND;
SOUTH 89 DEGREES 12 MINUTES 25 SECONDS EAST ALONG NORTH LINE
SAID LOT 1, 84.00 FEET TO THE NORTHWEST CORNER OF SAID LOT 2;
THENCE SOUTHEASTERLY ALONG SAID NORTH LINE OF LOT 2 THE
FOLLOWING FIVE (5) COURSES AND DISTANCES:
SOUTH 89 DEGREES 12 MINUTES 25 SECONDS EAST, 18.58 FEET;
SOUTH 86 DEGREES 19 MINUTES 09 SECONDS EAST, 132.77 FEET;
SOUTH 73 DEGREES 14 MINUTES 57 SECONDS EAST, 78.96 FEET;
SOUTH 68 DEGREES 22 MINUTES 13 SECONDS EAST, 384.14 FEET;
SOUTH 66 DEGREES 16 MINUTES 54 SECONDS EAST, 63.93 FEET TO SAID
NORTHEAST CORNER OF LOT 2 AND THE POINT OF BEGINNING.
CONTAINING 4.90 ACRES, MORE OR LESS.
The Development Agreement is dated for reference purposes the 18t" day of
November, 2024, and contains covenants, conditions, and restrictions concerning the sale
27
Page 1389 of 2498
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 , 20
CITY OF DUBUQUE, IOWA
M
Crenna Brumwell
City Attorney
STATE OF IOWA
SS
COUNTY OF DUBUQUE
On this day of , 20_, before me, a Notary Public in and for the
State of Iowa, in and for said county, personally appeared Crenna Brumwell, to me
personally known, who being by me duly sworn did say that he is the City Attorney for 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 Senior Council
acknowledged said instrument to be the free act and deed of said Municipal Corporation by
it voluntarily executed.
Notary Public, State of Iowa
m
Page 1390 of 2498
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the Dubuque City Council will conduct a public
hearing on the 18t" day of November, 2024, at 6:30 p.m., in the Historic Federal Building,
350 W. 6t" Street, 2nd floor, Dubuque, Iowa, at which meeting the City Council proposes
to take action to approve a Development Agreement between the City of Dubuque, Iowa
and Dubuque Racing Association, Ltd., a copy of which is now on file at the Office of the
City Clerk, City Hall, 50 W 13th Street, Dubuque, Iowa, providing for 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 Area Economic
Development District, consisting of the funding of economic development grants for
Dubuque Racing Association, Ltd., under the terms and conditions of the Urban Renewal
Plan for the Greater Downtown Urban Renewal Area Economic Development 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 $2,275,686.
At the meeting, the City Council will receive oral and written comments from any resident
or property owner of said City to the above action. The official agenda will be posted the
Friday before the meeting and will contain public input options. The City Council agenda
can be accessed at https://cityofdubuque.novusagenda.com/AgendaPublic/ or by
contacting the City Clerk's Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Written comments regarding the above public hearings may be submitted to the City
Clerk's Office via email at ctyclerk@cityofdubuque.org or by mail to City Clerk's Office,
City Hall, 50 W. 13t" St., Dubuque, IA 52001, before said time of public hearing. At said
time and place of public hearings the City Council will receive any written comments.
Copies of supporting documents for the public hearings are on file in the City Clerk's
Office and may be viewed Monday through Friday between 8.00 a.m. and 5:00 p.m.
Individuals with limited English proficiency, vision, hearing, or speech impairments
requiring special assistance should contact the City Clerk's Office at (563) 589-4100, TDD
(563) 690-6678, ctyclerk@cityofdubuque.org as soon as feasible. Deaf or hard -of -hearing
individuals can use Relay Iowa by dialing 711 or (800) 735-2942.
Published by order of the City Council given on the 4t" day of November, 2024.
Adrienne N. Breitfelder, City Clerk
Page 1391 of 2498
Prepared by: Jill Connors, Economic Development. 50 W. 1311 Street, Dubuque IA 52001, 563 589-4213
Return to: Jill Connors, Economic Development. 50 W. 13th Street, Dubuque IA 52001, 563 589-4213
RESOLUTION NO. 348-24
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA ON A DEVELOPMENT AGREEMENT BY AND BETWEEN THE
CITY OF DUBUQUE, IOWA AND DUBUQUE RACING ASSOCIATION, LTD.,
INCLUDING THE PROPOSED ISSUANCE OF URBAN RENEWAL TAX INCREMENT
REVENUE OBLIGATIONS RELATING THERETO AND PROVIDING FOR THE
PUBLICATION OF NOTICE THEREOF
WHEREAS, City and Dubuque Racing Association, Ltd. have entered into a
Development Agreement, subject to the approval of the City Council, a copy of which is now
on file at the Office of the City Clerk, City Hall, 50 W. 13t" Street, Dubuque, Iowa for the
development of approximately 4.9 acres located on leased property due north of 1855
Greyhound Park Rd, Dubuque, Iowa; and
WHEREAS, the City Council has tentatively determined that it would be in the best
interests of the City to approve the Development Agreement, with Dubuque Racing
Association, Ltd.; and
WHEREAS, it is deemed necessary and advisable that City should authorize
Urban Renewal Tax Increment Revenue obligations, as provided by Iowa Code Chapter
403 pursuant to the Development Agreement; and
WHEREAS, before said obligations may be approved, Iowa Code Chapter 403
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 a notice to
be published as prescribed by Iowa Code Section 403.9 of a public hearing on the City's
intent to authorize Urban Renewal Tax Increment Revenue obligations, to be held on the
18th day of November, 2024, at 6:30 p.m. The official agenda will be posted on Friday,
November, 15, 2024 and will contain listening, viewing, and public input options. The City
Council agenda can be accessed at https://dubugueia.portal.civicclerk.com/ or by
contacting the City Clerk's Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Section 2. The City Council will meet at said time and place for the purpose of
taking action on the matter of authorizing Urban Renewal Tax Increment Revenue
obligations and the execution of the Development Agreement relating thereto with
Dubuque Racing Association, Ltd., 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
developments grants to Dubuque Racing Association, Ltd. pursuant to the Development
Agreement. It is expected that the aggregate amount of the Tax Increment Revenue
obligations to be issued will be approximately $2,275,686.
Section 3. The 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 issuance of said obligations.
Section 4. That the notice of the proposed action to issue said obligations shall
be in substantially the form attached hereto.
Passed, approved and adopted this 4th day of November, 2024.
ra . Ca a ayor
Attest:
Adrienne N. Breitfelder, City Clerk