First Amendment to Development Agreement with Limestone Legacy LLCCity of Dubuque
City Council
CONSENT ITEMS # 12.
Copyrighted
March 3, 2025
ITEM TITLE: First Amendment to Development Agreement by and
between the City of Dubuque and Limestone Legacy LLC
SUMMARY: City Manager recommending City Council approval of the
First Amendment to Development Agreement with Limestone
Legacy LLC for development of the property at 1602 Central
Avenue.
RESOLUTION Approving The First Amendment To
Development Agreement By And Between The City Of
Dubuque, Iowa And Limestone Legacy LLC
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo
2. MVM First Amendment 02252025
3. First Amendment Resolution_ Limestone
4. 1602 Central DA First Amendment - Developer Signed
Page 156 of 629
Dubuque
THE CITY OF
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: First Amendment to Development Agreement by and between the City of
Dubuque and Limestone Legacy LLC
DATE: February 26, 2025
Senior Counsel Barry Lindahl is recommending City Council approval of the First
Amendment to Development Agreement with Limestone Legacy LLC for development of
the property at 1602 Central Avenue.
The Development Agreement provided for a closing date not later than December 31,
2024. The parties were not able to close on that date and therefore are requesting that
the closing date be rescheduled as set forth in the attached First Amendment.
Limestone Legacy LLC is also requesting that the Minimum Improvements estimate be
revised from $2,000,000.00 to $1,000,000.00. The Minimum Improvements include
creating three (3) new residential market rate units and rehabilitating the fagade
including doors and windows.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Barry Lindahl, Senior Counsel
Jill Connors, Economic Development Director
Page 157 of 629
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BARRY A. LINDAHL,
SENIOR COUNSEL
MEMO
To: Michael C. Van Milligen
City Manager
DATE: March 3, 2025
RE: First Amendment to Development Agreement by and between the City of
Dubuque and Limestone Legacy LLC
On December 2, 2024, the City of Dubuque, Iowa and Limestone Legacy LLC (Developer)
entered into a Development Agreement for the development of the property:
The South Half of the South one -fifth of Out Lot 441, in the City of Dubuqu, Iowa,
according to the United States Commissioners' Map of the Survey of the Town of
Dubuque, Iowa.
This is the building at 1602 Central Avenue.
The Development Agreement provided for a closing date not later than December 31,
2024. The parties were not able to close on that date and therefore are requesting that
the closing date be rescheduled as set forth in the attached First Amendment.
The Developer has also requested that the Minimum Improvement estimate be revised
from $2,000,000.00 to $1,000,000.00. The Developer believes the $2,000,000.00 was in
error. The Minimum Improvements include creating three (3) new residential market rate
units and rehabilitating the facade including doors and windows.
I recommend that the attached Resolution approving the First Amendment to
Development Agreement be submitted to the City Council for consideration and adoption.
BAL:JLM
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 583-4113 / FAX (563) 583-1040 / EMAIL balesq@cityofdubuque.org
Page 158 of 629
cc: Jill Connors, Economic Development Director
Sam DeGree, Esq.
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 583-4113 / FAX (563) 583-1040 / EMAIL tsteckle@cityofdubuque.org
Page 159 of 629
Prepared by Barry A. Lindal, Esq. 300 Main St., Ste. 330, Dubuque IA 52001-6944, (563) 583-4113
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 1311 St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 75-25
APPROVING THE FIRST AMENDMENT TO DEVELOPMENT AGREEMENT BY AND
BETWEEN THE CITY OF DUBUQUE, IOWA AND LIMESTONE LEGACY LLC
WHEREAS, the City of Dubuque (City) and Limestone Legacy (Developer) entered
into a Development Agreement dated December 2, 2024; and
WHEREAS, City and Developer desire to amend the Development Agreement as
set forth in the attached First Amendment to Development Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The First Amendment to Development Agreement by and between the
City of Dubuque, Iowa and Limestone Legacy LLC, a copy of which is attached hereto, is
hereby approved.
Section 2. The Mayor is hereby authorized and directed to execute the First
Amendment to Development Agreement on behalf of the City of Dubuque.
Section 3. The City Manager is authorized to take such actions as are necessary
to comply with the terms of the First Amendment to Development Agreement as herein
approved.
Passed, approved, and adopted this 3rd day of March, 2025.
ad va agh, Mayor
Attest:
Adrienne N. Breitfeld6r, City Clerk
FIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
LIMESTONE LEGACY LLC
This First Amendment to Development Agreement, dated for reference purposes
the 3rd day of March, 2025, is made and entered into by 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 (the Urban Renewal Act), and Limestone Legacy
LLC (Developer).
WHEREAS, City and Developer entered into a Development Agreement dated
December 2, 2024; and
WHEREAS, City and Developer desire to amend the Development Agreement as
set forth herein.
NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL TERMS AND
COVENANTS CONTAINED HEREIN, CITY AND DEVELOPER AGREE AS FOLLOWS:
Section 1. Section 1.3 of the Development Agreement is hereby amended to
read as follows:
1.3 Closing. The closing shall take place on the Closing Date which shall
be the 5t" day of March, or other such date as the parties shall agree in
writing but in no event, shall the Closing Date be later than the 28t" day of
March without written consent of City in its sole discretion. 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.
Section 2. Section 2.1 of the Development Agreement is hereby amended to
read as follows:
2.1 Required Minimum Improvements. Developer will make a capital
investment of approximately One Million Dollars ($1,000,000.00) to improve the
Building (the Minimum Improvements). The Minimum Improvements include
creating three (3) new residential market rate units and rehabilitating the fagade
including doors and windows.
Section 3. Except as modified herein, the Development Agreement shall remain
in full force and effect.
Page 161 of 629
CITY OF DUBUQUE, IOWA
.• .•
, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk
LIMESTONE LEGACY LLC
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Josh Jansen, Member
By
William Ramsell III, Member
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Jesse Jansen, Member
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Nicholas Carr, Member
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Brad Kueter, Member
2
First DA Amendment Final
Final Audit Report
Created: 2025-02-20
By: Sam DeGree (sdegree@drakelawpc.com)
Status: Signed
Transaction ID: CBJCHBCAABAAekb4n3EngeuX6PHnhgkhQwT80WTsrem-
"First DA Amendment Final" History
Document created by Sam DeGree (sdegree@drakelawpc.com)
2025-02-20 - 3:45:16 PM GMT- IP address: 199.10.4.17
Document emailed to Josh Jansen Qoshj@rrs-dbq.com) for signature
2025-02-20 - 3:45:20 PM GMT
Document emailed to William Ramsell III (billr@rrs-dbq.com) for signature
2025-02-20 - 3:45:20 PM GMT
Document emailed to Jesse Jansen (jessej@rrs-dbq.com) for signature
2025-02-20 - 3:45:21 PM GMT
Document emailed to Nicholas Carr (nickc@rrs-dbq.com) for signature
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Document emailed to Brad Kueter (bradk@rrs-dbq.com) for signature
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Email viewed by Nicholas Carr (nickc@rrs-dbq.com)
2025-02-20 - 5:54:23 PM GMT- IP address: 174.198.67.111
2025-02-21
Document e-signed by Nicholas Carr (nickc@rrs-dbq.com)
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Document e-signed by Brad Kueter (bradk@rrs-dbq.com)
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Page 163 of 629
Document e-signed by Josh Jansen (joshj@rrs-dbq.com)
Signature Date: 2025-02-20 - 11:03:28 PM GMT - Time Source: server- IP address: 72.13.17.97
Email viewed by Jesse Jansen Qessej@rrs-dbq.com)
2025-02-21 - 1:51:04 AM GMT- IP address: 166.181.84.12
Document e-signed by Jesse Jansen Qessej@rrs-dbq.com)
Signature Date: 2025-02-21 - 1:52:21 AM GMT - Time Source: server- IP address: 166.181.84.12
Email viewed by William Ramsell III (billr@rrs-dbq.com)
2025-02-21 - 4:23:50 PM GMT- IP address: 199.241.224.53
Document e-signed by William Ramsell III (billr@rrs-dbq.com)
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.. Agreement completed.
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