Setting Public Hearing for a Proposed Development Agreement with Greater Dubuque Impact Investment FundCity of Dubuque
City Council
Copyrighted
July 21, 2025
ITEMS SET FOR PUBLIC HEARING # 4.
ITEM TITLE: Setting Public Hearing for a Proposed Development
Agreement between the City of Dubuque, Iowa and Greater
Dubuque Impact Investment Fund
SUMMARY: Assistant City Attorney recommending City Council adopt the
attached resolution setting a public hearing for September 2,
2025, to consider the attached Development Agreement
between the City of Dubuque and Greater Dubuque Impact
Investment Fund for the redevelopment of 1550 Elm Street
as community health and related office facilities.
RESOLUTION 1) Approving The Minimum Requirements,
Competitive Criteria, And Offering Procedures For The
Development And The Sale Of Certain Real Property And
Improvements In The Greater Downtown Urban Renewal
District; (2) Determining That The Offer To Purchase
Submitted By Greater Dubuque Impact Investment Fund
Satisfies The Offering Requirements With Respect To The
Real Property And Improvements And Declaring The Intent
Of The City Council To Approve The Sale To Greater
Dubuque Impact Investment Fund In The Event That No
Competing Proposals Are Submitted; And (3) Soliciting
Competing Proposals
SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for
DISPOSITION: September 2, 2025
ATTACHMENTS:
1. ACA Memo
2. Staff Memo
3. Development Agreement
4. Resolution Setting Public Hearing
Page 560 of 720
Dubuque
THE CITY OF
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TO: The Honorable Mayor and City Council Members
FROM: Jason Lehman, Assistant City Attorney
SUBJECT: Setting Public Hearing for a Proposed Development Agreement between
the City of Dubuque, Iowa and Greater Dubuque Impact Investment Fund
DATE: July 17, 2025
Economic Development Director Jill Connors is recommending City Council adopt the
attached resolution setting a public hearing for September 2, 2025, to consider the
attached Development Agreement between the City of Dubuque and Greater Dubuque
Impact Investment Fund for the redevelopment of 1550 Elm Street as community health
and related office facilities.
The proposed Development Agreement includes the following:
• Developer will purchase approximately 0.59 acres at 1550 Elm Street for
$174,800, to be offset by a land acquisition grant of the same amount, contingent
upon the construction of the improvements required by the agreement.
• Developer will construct community health and related office facilities to be
operated by a nonprofit healthcare provider for a total estimated cost of
$5,000,000.00.
• Developer will begin construction on or before October 1, 2027 and shall be
substantially completed by April 1, 2029. This timeline allows for an anticipated
18-24-month environmental assessment/mitigation process ahead of
construction.
• If the property is subject to real property taxes, City will provide 10 years of tax
increment financing rebates. If the property qualifies for exemption as nonprofit
use, the owner is allowed to apply for that exemption.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
JL:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Page 561 of 720
Dubuque Economic Development
Department
THE CITY OF 1300 (wain street
All-AM111094 Dubuque, Iowa 52001-4763
UB E vxxwi Office (563) 589-4393
1 I I TTY (563) 690-6678
I® http://www.cityofdubuque.org
2007-2012*2013
Masterpiece on the Mississippi 2017*2019
TO: Jason D. Lehman, Assistant City Attorney
FROM: Jill Connors, Economic Development Director
SUBJECT: Setting Public Hearing for a Proposed Development Agreement between
the City of Dubuque, Iowa and Greater Dubuque Impact Investment Fund
DATE: July 17, 2025
INTRODUCTION
This memo presents for City Council consideration a resolution that sets a public hearing
on the proposed Development Agreement between the City of Dubuque, Iowa and Greater
Dubuque Impact Investment Fund.
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The Greater Dubuque Impact Investment Fund (Developer) is a non-profit community
development organization designed to coordinate difficult or complex redevelopment
projects that are critical to the prosperity of the greater Dubuque community. Using Impact
Investment principles, where multiple sources of funds come together to achieve social
impact and economic return, it will support project funding, coordinate implementation
strategies, advocate for property redevelopment and coordinate the collaboration of public
and private entities.
DISCUSSION
The Impact Fund has analyzed critical challenges and opportunities for the Greater
Dubuque region, one of which is community health care capacity. Its board of directors
has identified an initial project for the redevelopment of 1550 Elm Street to address this
challenge. The property is located in an area of town which could benefit from expanded
healthcare offerings but is part of a former junkyard, which makes its redevelopment
challenging from a process and financial standpoint. For this reason, the Impact Fund has
decided to step in to advance the redevelopment of the property.
Page 562 of 720
The proposed Development Agreement includes the following:
• Developer will purchase approximately 0.59 acres at 1550 Elm Street for $174,800,
to be offset by a land acquisition grant of the same amount, contingent upon the
construction of the improvements required by the agreement.
• Developer will construct community health and related office facilities to be
operated by a nonprofit healthcare provider for a total estimated cost of
$5,000,000.00.
• Developer will begin construction on or before October 1, 2027 and shall be
substantially completed by April 1, 2029. This timeline allows for an anticipated
18-24-month environmental assessment/mitigation process ahead of
construction.
• If the property is subject to real property taxes, City will provide 10 years of tax
increment financing rebates. If the property qualifies for exemption as nonprofit
use, the owner is allowed to apply for that exemption.
The attached resolution directs City staff to publish a notice of public hearing to consider
this Development Agreement, and by Iowa Code the public hearing must be held at least
30 days following the public notice due to the property being location in an urban renewal
area. During those 30 days, other potential developers have the opportunity to bring
forward a competing proposal for development of the property. If a competing proposal is
received, the City Council may consider the two proposals and select the proposal it
determines is in the best interest of the community.
RECOMMENDATION
I recommend the City Council adopt the attached resolution setting a public hearing for
September 2, 2025 to consider the attached Development Agreement for the
redevelopment of 1550 Elm Street as community health and related office facilities.
F,
Page 563 of 720
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
GREATER DUBUQUE IMPACT INVESTMENT FUND
THIS DEVELOPMENT AGREEMENT, dated for reference purposes the
day of , 2025, 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 Greater Dubuque
Impact Investment Fund, an Iowa nonprofit corporation (Developer).
WITNESSETH:
WHEREAS, City is the owner of 0.59 acres of real estate located in the City of
Dubuque, County of Dubuque, State of Iowa, legally described as
LOTS 182, 183,184,185 & 186 EAST DUBUQUE ADD, locally known as
1550 Elm Street (the Property)
and
WHEREAS, the Property is located in the Greater Downtown Urban Renewal
District which has been so designated by City Council Resolution 123-67, as
subsequently amended through and including the date hereof (the Urban Renewal Plan)
attached hereto as Exhibit A, as a slum and blighted area (the Project Area) defined by
Iowa Code Chapter 403 (the Urban Renewal Law); and
WHEREAS, Developer has requested that City sell the Property to Developer with
all easements, tenements, hereditaments, and appurtenances belonging thereto so that
Developer may redevelop the Property for purposes of creating a community health and
related office facilities with the uses specified in the Urban Renewal Plan and Developer
agrees to comply with any amendments to the Urban Renewal Plan, in accordance with
this Agreement; and
WHEREAS, in furtherance of the objectives of the Urban Renewal Act, City has
undertaken an Urban Renewal project (the Project) to advance the community's ongoing
economic development efforts; and
WHEREAS, a copy of the Urban Renewal Plan, as constituted on the date of this
Agreement, has been recorded among the land records in the office of the Recorder of
Dubuque County, Iowa and is on file with the City of Dubuque City Clerk; and
WHEREAS, City believes that the development of the Property pursuant to this
Agreement, and the fulfillment generally of this Agreement, are in the vital and best
07172025bal
Page 564 of 720
interests of City and in accord with the public purposes and provisions of the applicable
federal, state and local laws and the requirements under which the Project has been
undertaken and is being assisted.
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. CONVEYANCE OF PROPERTY TO DEVELOPER
1.1 Purchase Price. The purchase price for the Property (the Purchase Price) shall be
One Hundred Seventy -Four Thousand Eight Hundred Dollars ($174,800) (for 0.59 net
usable acres) which shall be due and payable by Developer in immediately available
funds in favor of City, on or before September 10, 2025, or on such other date as the
parties may mutually agree (the Closing Date) but in no event shall the Closing Date be
later than the 12th day of September, 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.
1.2 Title to Be Delivered. City agrees to convey good and marketable fee simple title
in the Property to Developer subject only to easements, restrictions, conditions, and
covenants of record as of the date hereof to the extent not objected to by Developer as
set forth in this Agreement or after examination of the abstract of title, and to the
conditions subsequent set forth in Section 6.3, below:
(1) City, at its sole cost and expense, shall deliver to Developer an abstract of
title to the Property continued through the date of this Agreement reflecting
merchantable title in City in conformity with this Agreement and applicable state
law. The abstract shall be delivered together with full copies of any and all
encumbrances and matters of record applicable to the Property, and such abstract
shall become the property of Developer when the Purchase Price is paid in full in
the manner as aforesaid.
(2) Developer shall have until time of the Closing to render objections to title,
including any easements or other encumbrances not satisfactory to Developer, in
writing to City. Developer agrees, however, to review the Abstract promptly
following Developer's receipt of Developer's land survey and the Abstract and to
promptly provide City with any objections to title identified therein. Nothing herein
shall be deemed to limit Developer's rights to raise new title objections with respect
to matters revealed in any subsequent title examinations and surveys and which
were not identified in the Abstract provided by the City. City shall promptly exercise
its best efforts to have such title objections removed or satisfied and shall advise
Developer of intended action within ten (10) days of such action. If City shall fail to
have such objections removed as of the Closing, or any extension thereof
consented to by Developer, Developer may, at its sole discretion, either (a)
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Page 565 of 720
terminate this Agreement without any liability on its part, and any sums previously
paid to City by Developer (or paid into escrow for City's benefit) shall be returned
to Developer with interest, or (b) take title subject to such objections. City agrees
to use its best reasonable efforts to promptly satisfy any such objections.
1.3 Rights of Inspection, Testing and Review. Developer, its counsel, accountants,
agents, and other representatives, shall have full and continuing access to the Property
and all parts thereof, upon reasonable notice to City. Developer and its agent and
representatives shall also have the right to enter upon the Property at any time after the
execution and delivery hereof for any purpose whatsoever, including inspecting,
surveying, engineering, test boring, and performing environmental tests, provided that
Developer shall hold City harmless and fully indemnify City against any damage, claim,
liability or cause of action arising from or caused by the actions of Developer, its agents,
or representatives upon the Property (except for any damage, claim, liability or cause of
action arising from conditions existing prior to any such entry upon the Property), and
shall have the further right to make such inquiries of governmental agencies and utility
companies, etc. and to make such feasibility studies and analyses as they consider
appropriate.
1.4 Representations and Warranties of City. In order to induce Developer to enter into
this Agreement and purchase the Property, City hereby represents and warrants to
Developer that to the best of City's knowledge-
(1) There is no action, suit or proceeding pending, or to the best of City's
knowledge, threatened against City which might result in any adverse change in
the Property being conveyed or the possession, use or enjoyment thereof by
Developer, including, but not limited to, any action in condemnation, eminent
domain or public taking.
(2) 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.
(3) All leases, contracts, licenses, and permits between City and third parties
in connection with the maintenance, use, and operation of the Property have been
provided to Developer and City has provided true and correct copies of all such
documents to Developer.
(4) City has good and marketable fee simple title interest in the Property.
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Page 566 of 720
(5) The Property has a permanent right of ingress or egress to a public roadway
for the use and enjoyment of the Property.
(6) City has notified Developer in writing of any past notices, orders, suits,
judgments or other proceedings relating to fire, building, zoning, air pollution, or
health violations as they relate to the Property of which it has actual notice.
(7) Payment has been made for all labor or materials which have been
furnished to the Property or will be made prior to the Closing so that no lien for
labor performed or materials furnished can be asserted against the Property.
(8) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated by this Agreement do not and
shall not result in any material breach of any terms or conditions of any mortgage,
bond, indenture, agreement, contract, license, or other instrument or obligation to
which City is a party or by which either the City or the Property being conveyed are
bound, nor shall the execution, delivery and performance of this Agreement violate
any statute, regulation, judgment, writ, injunction or decree of any court threatened
or entered in a proceeding or action in which City may be bound or to which either
City or the Property being conveyed may be subject.
(9) City has duly obtained all necessary approvals and consents for its
execution, delivery and performance of this Agreement, and 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 C.
(10) All city utilities necessary for the development and use of the Property as a
community health and related office facilities adjoin the Property, and Developer
shall have the right to connect to said utilities, subject to City's connection fees.
(11) The Property is free and clear of any occupants, and no party has a lease
to or other occupancy or contract right in the Property that shall in any way be
binding upon Property or Developer.
(12) City represents and warrants that any fees or other compensation which
may be owed to a broker engaged directly or indirectly by City in connection with
the purchase and sale contemplated in this Agreement are the sole responsibility
and obligation of City and that City will indemnify Developer and hold Developer
harmless from any and all claims asserted by any broker engaged directly or
indirectly by City for any fees or other compensation related to the subject matter
of this Agreement.
(13) City shall exercise its best efforts to assist Developer in the development
process.
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(14) City shall exercise its best efforts to resolve any disputes arising during the
development process in a reasonable and prompt fashion.
(15) With respect to the period to and during which City has owned or occupied
the Property, and to City's knowledge after reasonable investigation with respect
to the time before City owned or occupied the Property, no person or entity has
caused or permitted materials to be stored, deposited, treated, recycled, or
disposed of on, under or at the Property, which materials, if known to be present,
would require cleanup, removal or some other remedial action under
environmental laws.
(16) The representations and warranties contained in this Section 1.4 shall be
correct in all respects on and as of the Closing with the same force and effect as if
such representations and warranties had been made on and as of the Closing Date
and shall survive the Closing.
1.5 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 1.4 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 H.
(2) Title to the Property shall be in the condition warranted in Section 1.4.
(3) Developer, in its sole and absolute discretion, having completed and
approved of any inspections and feasibility studies conducted by Developer
hereunder.
(4) 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 sale, transfer and 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 except those expenses customarily borne by
the City in such reviews. In connection therewith, the 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 the 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
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to the Urban Renewal Plan, this Agreement and any other applicable City or
affiliated agency requirements, with the understanding that Developer and its
lenders 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 acquisition of the Property by Developer, and 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.
(5) City having completed all required notice to or prior approval, consent or
permission of any federal, state, municipal or local governmental agency, body,
board or official to the sale of the Property; and consummation of the Closing by
City shall be deemed a representation and warranty that it has obtained the same.
(6) Developer and City shall be in material compliance with all the terms and
provisions of this Agreement.
(7) Developer shall have furnished City with evidence, in a form reasonably
satisfactory to City (such as a letter of commitment from a bank or other lending
institution), that Developer has firm financial commitments in an amount sufficient,
together with equity commitments, to complete rehabilitation of the Property for
development in conformance with the Development Plans (as defined herein), or
City shall have received such other evidence of such party's financial ability as in
the reasonable judgment of City is required.
(8) Receipt of an opinion of counsel to Developer in the form attached hereto
as Exhibit D.
(9) 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 and Developer shall be entitled to return
of any earnest money paid.
1.6 Closing. The closing of the purchase and sale shall take place on the Closing
Date. Exclusive possession of the Property shall be delivered on the Closing Date, in its
current condition and in compliance with this Agreement, including City's representations
and warranties regarding the same. Consummation of the Closing shall be deemed an
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agreement of the parties to this Agreement that the conditions of closing have been
satisfied or waived.
1.7 City's Obligations at Closing. At or prior to Closing Date, City shall-
(1) Deliver to Developer City's duly recordable Special Warranty Deed to the
Property (in the form attached hereto as Exhibit F) (the Deed) conveying to
Developer marketable fee simple title to the Property and all rights appurtenant
thereto, subject only to easements, restrictions, conditions and covenants of record
as of the date hereof and not objected to by Developer as set forth in this
Agreement, and to the conditions subsequent set forth in Section 6.3 below.
(2) Deliver to Developer the Abstract of Title to the Property.
(3) Deliver to Developer such other documents as may be required by this
Agreement, all in a form satisfactory to Developer.
1.8 Delivery of Purchase Price; Obligations At Closing. At closing, and subject to the
terms, conditions, and provisions hereof and the performance by City of its obligations as
set forth herein, Developer shall pay the Purchase Price to City pursuant to Section 1.1
hereof, but subject to Developer receiving an offsetting credit pursuant to Section 3.1
below.
1.9 Closing Costs. The following costs and expenses shall be paid in connection with
the closing:
(1) City shall pay:
(a) The transfer fee and transfer taxes, if any, imposed on the
conveyance.
(b) A pro-rata portion of all taxes as provided in Section 1.10.
(c) All special assessments, if any, whether levied, pending, or
assessed.
(d) City's attorney's fees, if any.
(e) The cost of recording the satisfaction of any existing mortgage and
any other document necessary to make title marketable.
(f) City's broker and/or real estate commissions and fees, if any.
(g) The cost of the abstract and title work.
(2) Developer shall pay the following costs in connection with the closing:
(a) The recording fee necessary to record the Deed.
(b) Developer's attorneys' fees.
(c) Developer's broker and/or real estate commissions and fees, if any.
(d) A pro-rata portion of all taxes as provided in Section 1.10.
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1.10 Real Estate Taxes. City shall pay all real estate taxes for the Property for all fiscal
years prior to the fiscal year in which Closing Date occurs. Real estate taxes for the fiscal
year in which Closing Date occurs shall be prorated between City and Developer to
Closing Date on the basis of a 365-day calendar year. Developer shall pay or cause to
be paid all real estate taxes due in subsequent fiscal years. Any proration of real estate
taxes on the Property shall be based upon such taxes for the year currently payable.
SECTION 2. DEVELOPMENT ACTIVITIES.
2.1 Required Minimum Improvements. City acknowledges that the Project is the
redevelopment of a building and surrounding land, specifically, Developer agrees to
create a community health and related office facilities to be operated by a nonprofit
healthcare provider for a total estimated cost of Five Million Dollars ($5,000,000.00) (the
Minimum Improvements) all as more particularly depicted and described on the plans and
specifications to be delivered to and approved by City as contemplated in this Agreement.
2.2 Plans for Construction of Minimum Improvements. Plans and specifications with
respect to the development of the Property (the Development Plans) and the construction
of the Minimum Improvements thereon (the Construction Plans) shall be in conformity
with the Urban Renewal Plan, this Agreement, and all applicable state and local laws and
regulations Developer shall submit to City, for approval by City, plans, drawings,
specifications, and related documents with respect to the improvements to be constructed
by Developer on the Property. All work with respect to the Minimum Improvements shall
be in substantial conformity with the Construction Plans approved by City.
2.3 Timing of Improvements. Developer hereby agrees that construction of the
Minimum Improvements on the Property shall be commenced on or before October 1,
2027 and shall be substantially completed by April 1, 2029. The time frames for the
performance of these obligations shall be suspended due to unavoidable delays, meaning
delays outside the control of the party claiming its occurrence in good faith, which are the
direct result of strikes, other labor troubles, unusual shortages of materials or labor,
unusually severe or prolonged bad weather, acts of God, fire or other casualty to the
Minimum Improvements, litigation commenced by third parties which, by injunction or
other similar judicial action or by the exercise of reasonable discretion directly results in
delays, or acts of any federal, state or local government which directly result in
extraordinary delays. The time for performance of such obligations shall be extended
only for the period of such delay.
However, if Developer has not commenced construction by July 1, 2030, City may
terminate this Agreement without any further obligation to Developer hereunder, and the
Property shall re -vest in City as provided in Section 6.3.
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 so certifying. Such certification (the Certificate of Completion)
shall be in recordable form and shall be a conclusive determination of the satisfaction and
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termination of the agreements and covenants in this Agreement and in the Deed with
respect to the obligations of Developer to construct the Minimum Improvements. The
Certificate of Completion, in the form attached hereto as Exhibit G, shall waive all rights
of re -vestment of title to the Property as provided in Section 6.3.
2.5. Security Cameras. Developer shall install security cameras on the exterior of all
buildings on the Property and register said cameras with the "Secure Dubuque Personal
Surveillance System" described at nttps://cityofdubugue.org/2980/Secure-Dubuque.
SECTION 3. CITY PARTICIPATION.
3.1 Acquisition Grant to Developer.
(1) For and in consideration of Developer's obligations hereunder to construct
the Minimum Improvements, City agrees to make an Acquisition Grant to
Developer on the Closing Date in the following amount: One Hundred Seventy
Four Thousand Eight Hundred Dollars ($174,800.00).
(2) The parties agree that the Acquisition Grant shall be payable in the form of
a credit favoring Developer with the effect of directly offsetting the Purchase Price
obligation of Developer.
3.2 Economic Development Grants.
A. Grants Related to Minimum Improvements.
(1) For and in consideration of Developer's obligations hereunder, if
Developer or subsequent tenant is subject to Iowa real property taxes, 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, 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
November 1, 2037
May 1, 2038
November 1, 2038
May 1, 2039
November 1, 2039
May 1, 2040
November 1, 2040
May 1, 2041
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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-month period in respect of the Property and Minimum
Improvements constructed by Developer thereon (the collected tax
increment revenue being referred to herein as the "Developer Tax
Increments"). City and Developer agree that for purposes of this Section
3.2(1), the assessed value of the Property as of January 1, 2025 is One
Hundred Seventy -Four Thousand Eight Hundred Dollars ($174,800.00).
Developer recognizes and agrees that the Economic Development Grants
shall be paid solely and only from the incremental taxes collected by City in
respect of the Property and Minimum Improvements, which does not 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.
(2) To fund the Economic Development Grants, City has certified to the
County prior to December 1, 2029 and shall certify prior to December 1 of
each year 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, 2029, the
Economic Development Grants in respect thereof would be paid to
Developer on November 1, 2030, and May 1, 2031).
(3) 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 Impact Fund 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 Impact Fund TIF
Account to pay the Economic Development Grants, as and to the extent set
forth in Section 3.2(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
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Developer Tax Increments actually collected and held in the Impact Fund
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 3.2.
(4) 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 or reduction of the
annual Economic Development Grants permitted under this Section 3.2, 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.
B. 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
amend the Urban Renewal Plan to describe the Urban Renewal Project being
undertaken in accordance with this Agreement and to amend the ordinance for the
division of revenue under Iowa Code Ch. 403. In the event City fails to complete
all hearings and other procedures required to take the actions required by this
paragraph, Developer may terminate this Agreement without further obligation to
City and shall be entitled to return of any earnest money paid.
3.3 Site Preparation. City reserves the right to approve, consistent with City's rights,
duties and obligations under applicable laws, ordinances, rules, and regulations, the
design and specifications for any site preparation work.
SECTION 4. NOW APPROPRIATION / 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 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 4.1. 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 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
Page 574 of 720
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.
(3) Developer acknowledges and agrees that the State of Iowa retains the
authority to amend, modify, or repeal laws governing property tax, tax increment
financing (TIF), and any related rebate mechanisms. City makes no
representations or warranties regarding the continuation of current state law or the
availability of rebates in their present form. In the event that any legislative or
regulatory action by the State of Iowa alters or limits the availability, calculation,
distribution, or administration of rebates, City shall have no obligation to
compensate Developer for any resulting reduction, loss, or elimination of rebates.
Developer assumes all risk associated with potential changes to applicable state
law.
4.2 The right of non -appropriation reserved to City in this Section 4.2 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,
and to this end the provisions of this Agreement are severable. Provided, however, in the
event City elects not to appropriate sufficient funds in the budget for any fiscal year for
the payment in full of the installments on the Economic Development Grants due and
payable in that year, then Developer may terminate this Agreement without any further
obligation to City hereunder, provided, however that Developer shall reconvey the
Property to City as provided in Section 6.4, but only if Developer has not constructed any
of the Minimum Improvements on the Property.
SECTION 5. COVENANTS OF DEVELOPER.
5.1 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.
12
Page 575 of 720
5.2 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.
5.3 No Other Exemptions. During the Term of this Agreement, Developer agrees not
to apply for any state or local property tax exemptions, except for any owner or use which
qualifies for exemption as a nonprofit use, 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.
5.4 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, from time to
time at the request of City, furnish City with proof of insurance in the form of a
certificate of insurance for each insurance policy):
All risk builder's risk insurance, written on a Completed Value Form
in an amount equal to one hundred percent (100%) of the
replacement value when construction is completed, naming City as
lender loss payable.
(2) Upon completion of construction of the Minimum Improvements and up to
the Termination Date, Developer shall maintain, or cause to be maintained, at its
cost and expense (and from time to time at the request of City shall furnish proof
of insurance in the form of a certificate of insurance) all risk property insurance
against loss and/or damage to the Minimum Improvements under an insurance
policy written in an amount not less than the full insurable replacement value of
Minimum Improvements, listing City as lender loss payable. The term
"replacement value" shall mean the actual replacement cost of 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.
(3) Developer agrees to notify City immediately in the case of damage
exceeding Two Hundred Thousand Dollars ($200,000.00) in amount to, or
destruction of, the Minimum 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 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
13
Page 576 of 720
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.
5.5 Preservation of Property. During the Term of this Agreement, Developer shall
maintain, preserve and keep, or cause others to maintain, preserve and keep, Minimum
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.
5.6 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.
5.7 Conflict of Interest. Developer agrees that no member, officer or employee of City,
or its designees or agents, nor any consultant or member of the governing body of City,
and no other public official of City who exercises or has exercised any functions or
responsibilities with respect to the project during his or her tenure, or who is in a position
to participate in a decision -making process or gain insider information with regard to the
project, shall have any interest, direct or indirect, in any contract or subcontract, or the
proceeds thereof, for work to be performed in connection with the project, or in any
activity, or benefit therefrom, which is part of this project at any time during or after such
person's tenure. In connection with this obligation, Developer shall have the right to rely
upon the representations of any party with whom it does business and shall not be
obligated to perform any further examination into such party's background.
5.8 Transferability. During the Term of this Agreement, this Agreement may not be
assigned and the Property and any portion of the Property may not be sold or otherwise
transferred by Developer without the prior written consent of City in City's sole discretion.
City has no obligation to consent to any assignment or sale.
5.9 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 a community health and office facilities is in full compliance with
the Urban Renewal Plan and Developer agrees to comply with any amendments
14
Page 577 of 720
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, marital status,
gender identity, 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).
5.10 Release and Indemnification Covenants.
(1) Developer releases City and the governing body members, officers, agents,
servants and employees thereof (hereinafter, for purposes of this Section 5.10, the
Indemnified Parties) from and covenants and agrees that the Indemnified Parties
shall not be liable for, and agrees to indemnify, defend and hold harmless the
Indemnified Parties against any loss or damage to property or any injury to or death
of any person occurring at or about or resulting from any defect in the Minimum
Improvements, unless such loss or damage to property or injury to or death of a
person is caused by the Indemnified Parties' negligent acts or omissions.
(2) Developer agrees to protect and defend the Indemnified Parties, now or
forever, and further agrees to hold the Indemnified Parties harmless, from any
claim, demand, suit, action or other proceedings whatsoever by any person or
entity whatsoever arising or purportedly arising from (1) Developer's acts or
omissions which constitute or purport to constitute a violation of any agreement or
condition of this Agreement; or (2) Developer's acts or omissions connected with
its acquisition, construction, installation, ownership, and operation of the Minimum
Improvements or (3) the condition of the Property and any hazardous substance
or environmental contamination located in or on the Property, caused by
Developer's acts or omissions occurring after Developer takes possession of the
Property.
(3) The Indemnified Parties shall not be liable to Developer for any damage or
injury to the persons or property of Developer or its officers, agents, servants or
employees or any other person who may be on, in or about the Minimum
Improvements due to any act of negligence of any person, other than any act of
negligence on the part of any such Indemnified Party or its officers, agents,
servants or employees.
(4) All covenants, stipulations, promises, agreements and obligations of City
contained herein shall be deemed to be the covenants, stipulations, promises,
a
Page 578 of 720
agreements and obligations of City, and not of any governing body member,
officer, agent, servant or employee of City in their individual capacity thereof.
(5) The provisions of this Section 5.12 shall survive the termination of this
Agreement.
5.11 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.
5.12 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.
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.
16
Page 579 of 720
(3) Transfer of any interest by Developer in any portion of the Property or the
Minimum Improvements in violation of the provisions of this Agreement.
(4) 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.
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 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 its default and continue its performance under this Agreement;
(2) Until the Closing Date, City may cancel and rescind this Agreement;
(3) City may withhold the Certificate of Completion; or
(4) 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.
6.3 Re -vesting Title in City Upon Happening of Event Subsequent to Conveyance to
Developer and Prior to Issuance of Certificate of Completion. In the event that,
subsequent to Closing and prior to receipt by Developer of the Certificate of Completion,
an Event of Default under Section 6.1 (1) through (4) of this Agreement occurs and is not
cured within the times specified in Section 6.2, or the Property has not been rezoned to
allow for the intended use of the Minimum Improvements, then City shall have the right
to re-enter and take possession of the Property and any portion of the Minimum
Improvements thereon and to terminate Developer's estate, it being the intent of this
provision, together with other provisions of this Agreement, that the conveyance of the
Property was made upon the condition that, in the event of default under Section 6.1 (1)
through (4) on the part of Developer and failure on the part of Developer to cure such
default within the period and in the manner stated herein, City may declare a termination
of this Agreement in favor of City of the title and of all Developer's rights and interests in
and to the Property, and that such title and all rights and interests of Developer, and any
assigns or successors in interests of Developer, and any assigns or successors in interest
to and in the Property, shall revert to City (subject to the provisions of this Section 6.3 of
this Agreement), but only if the events stated in Section 6.1 of this Agreement have not
17
Page 580 of 720
been cured within the time period provided above, or, if the events cannot be cured within
such time periods, Developer does not provide assurance to City, reasonably satisfactory
to City, that the events will be cured as soon as reasonably possible.
6.4 Resale of Reacquired Property; Disposition of Proceeds. Upon the re -vesting in
City of title to the Property as provided in Section 6.3 of this Agreement, City shall pay to
Developer the Purchase Price which Developer paid to City for the Property, less any
amount required to provide clear title to the Property, including but not limited to prorated
taxes and any mortgages, liens, or other encumbrances.
6.5 No Remedy Exclusive. No remedy herein conferred upon or reserved to City is
intended to be exclusive of any other available remedy or remedies, but each and every
such remedy shall be cumulative and shall be in addition to every other remedy given
under this Agreement or now or hereafter existing at law or in equity or by statute. No
delay or omission to exercise any right or power accruing upon any default shall impair
any such right or power or shall be construed to be a waiver thereof, but any such right
and power may be exercised from time to time and as often as may be deemed expedient.
6.6 No Implied Waiver. In the event any agreement contained in this Agreement
should be breached by any party and thereafter waived by any other party, such waiver
shall be limited to the particular breach so waived and shall not be deemed to waive any
other concurrent, previous or subsequent breach hereunder.
6.7 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.
6.8 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 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
18
Page 581 of 720
any U.S. Postal Service and sent by registered or certified mail, postage prepaid,
addressed as follows:
(1) If to Developer: Greater Dubuque Impact Investment Fund
Attn: Waqar Abbas
700 Locust Street, Ste 195
Dubuque, Iowa 52001
With copy to: Flint Drake
Drake Law Firm, PC
300 Main St., Suite 323
Dubuque, Iowa 52001
(2) 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. 13th 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 7.1.
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 Term; Termination Date. The Term of this Agreement and the rights and
obligations of the parties hereunder shall commence upon execution by both parties and
shall terminate at midnight on June 1, 2041 (the Termination Date).
7.4 Execution By Facsimile. The parties agree that this Agreement may be transmitted
among them by facsimile machine or electronic transmission. The parties intend that the
faxed or electronic transmission signatures constitute original signatures and that a faxed
or electronically transmitted Agreement containing the signatures (original or faxed) of all
the parties is binding on the parties.
7.5 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.
19
Page 582 of 720
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
Brad M. Cavanagh, Mayor
ATTEST:
Adrienne Breitfelder, City Clerk
GREATER DUBUQUE IMPACT
INVESTMENT FUND
Kevin Lynch, President
20
Page 583 of 720
LIST OF EXHIBITS
Exhibit A
Urban Renewal Plan
Exhibit B
Plat
Exhibit C
City Attorney Certificate
Exhibit D
Opinion of Counsel to Developer
Exhibit E
Memorandum of Development Agreement
Exhibit F
Deed
Exhibit G
Certificate of Completion
Exhibit H
City Certificate
Exhibit I
Insurance Acknowledgement
21
Page 584 of 720
EXHIBIT A
URBAN RENEWAL PLAN
A copy of the Plan and amendments is on file in the Office of the City Clerk,
City Hall, 50 West 13'" Street, Dubuque, Iowa
22
Page 585 of 720
EXHIBIT B
PLAT
23
Page 586 of 720
Location:
EAST DUBUQUE ADDITION
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24
Page 587 of 720
EXHIBIT C
CITY ATTORNEY'S CERTIFICATE
25
Page 588 of 720
Barry A. Lindahl, Esq. Dubuque
Senior Counsel
Suite 330, Harbor View Place
300 Main Street All-AmericaCky
Dubuque, Iowa 52001-6944
(563) 583-4113 office
(563) 583-1040 fax
balesgLa)cityofdubuque.org 2007.2012.2013
(DATE)
RE:
Dear
THE CITY OF
DUB E
Masterpiece on the Mississippi
I have acted as counsel for the City of Dubuque, Iowa, in connection with the execution
and delivery of a certain Development Agreement between Greater Dubuque Impact
Investment Fund (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.
BAL:tIs
Very sincerely,
Barry A. Lindahl, Esq.
Senior Counsel
26
Page 589 of 720
EXHIBIT D
OPINION OF DEVELOPER'S COUNSEL
27
Page 590 of 720
Mayor and City Councilmembers
City Hall, 13th and Central Avenue
Dubuque IA 52001
Re: Development Agreement Between the City of Dubuque, Iowa and Greater
Dubuque Impact Investment Fund
Dear Mayor and City Councilmembers:
We have acted as counsel for Greater Dubuque Impact Investment Fund,
(Developer) in connection with the execution and delivery of a certain Development
Agreement between Developer and the City of Dubuque, Iowa (City) dated for reference
purposes the day of , 20_
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 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
28
Page 591 of 720
thereunder.
Very truly yours,
29
Page 592 of 720
EXHIBIT E
MEMORANDUM OF DEVELOPMENT AGREEMENT
30
Page 593 of 720
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 Greater Dubuque Impact Investment Fund, was made
regarding the following described premises:
LOTS 182, 183,184,185 & 186 EAST DUBUQUE ADD, locally known as 1550 Elm Street
(the Property)
The Development Agreement is dated for reference purposes the day of
, 20_, and contains covenants, conditions, and restrictions concerning the
sale and use of said premises.
This Memorandum of Development Agreement is recorded for the purpose of
constructive notice. In the event of any conflict between the provisions of this
Memorandum of Development Agreement 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
Barry A. Lindahl, Senior Counsel
31
Page 594 of 720
STATE OF IOWA
: SS:
DUBUQUE COUNTY
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 the Senior Counsel of the City of
Dubuque, a Municipal Corporation, created and existing under the laws of the State of
Iowa, and that the seal affixed to said instrument is the seal of said Municipal Corporation
and that said instrument was signed and sealed on behalf of said Municipal corporation
by authority and resolution of its City Council and said 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
32
Page 595 of 720
EXHIBIT F
DEED
33
Page 596 of 720
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
Tax Statement to:
Greater Dubuque Impact Investment Fund
Attn: Kevin Lynch, President
700 Locust Street
Dubuque, Iowa 52001
SPECIAL WARRANTY DEED
The City of Dubuque, Iowa, a municipal corporation of the State of Iowa (Grantor),
in consideration of the Grantee named below undertaking the obligations of the Developer
under the Development Agreement described below and the sum of Ten and no/100
Dollars ($10.00) in hand paid, and other good and valuable consideration, and pursuant
to the authority of Chapter 403, Code of Iowa, does hereby GRANT, SELL AND CONVEY
unto Greater Dubuque Impact Investment Fund, an Iowa Business Corporation (Grantee),
the following described parcel situated in the County of Dubuque, State of Iowa, to wit
(the Property):
LOTS 182, 183,184,185 & 186 EAST DUBUQUE ADD, locally known as
1550 Elm Street (the Property)
This Deed is given pursuant to the authority of Resolution No. of the City
Council of the City of Dubuque adopted the day of , 2025, the terms and
conditions thereof, if any, having been fulfilled.
This Deed is being delivered in fulfillment of Grantor's obligations under and is
subject to all the terms, provisions, covenants, conditions and restrictions contained in
that certain Development Agreement executed by Grantor and Grantee herein, dated the
day of 2025 (the Agreement), a memorandum of which was recorded on
the day of , 2025, in the records of the Recorder of Dubuque County,
Iowa, Instrument Number -
Promptly after completion of the improvements and payment in full of the Purchase
Price for the Property in accordance with the provisions of the Agreement, Grantor will
furnish Grantee with a Certificate of Completion in the form set forth in the Agreement.
Such certification by Grantor shall be, and the certification itself shall so state, a
conclusive determination of satisfaction and termination of the agreements and covenants
34
Page 597 of 720
of the Agreement and of this Deed with respect to the obligation of Grantee, and its
successors and assigns, to construct improvements and the dates for the beginning and
completion thereof and pay the Purchase Price for the Property, it being the intention of
the parties that upon the granting and filing of the Certificate of Completion that all
restrictions, re -vesting of title, and reservations of title contained in this Deed be forever
released and terminated and that any remaining obligations of Grantee pursuant to the
Agreement shall be personal only.
All certifications provided for herein shall be in such form as will enable them to be
recorded with the County Recorder of Dubuque, Iowa. If Grantor shall refuse or fail to
provide any such certification in accordance with the provisions of the Agreement and this
Deed, Grantor shall, within twenty days after written request by Grantee, provide Grantee
with a written statement indicating in adequate detail in what respects Grantee has failed
to complete the improvements in accordance with the provisions of the Agreement or is
otherwise in default, and what measures or acts will be necessary, in the opinion of
Grantor, for Grantee to take or perform in order to obtain such certification.
In the event that an Event of Default occurs under the Agreement and Grantee
herein shall fail to cure such default within the period and in the manner stated in the
Agreement, then Grantor shall have the right to re-enter and take possession of the
Property and to terminate and re -vest in Grantor the estate conveyed by this Deed to
Grantee, its assigns and successors in interest, in accordance with the terms of the
Agreement.
None of the provisions of the Agreement shall be deemed merged in, affected or
impaired by this Deed.
Grantor hereby covenants to warrant and defend the said premises against the
lawful claims of all persons whomsoever claiming by, through and under it.
Dated this of , 2025 at Dubuque, Iowa.
Attest:
Adrienne N. Breitfelder, City Clerk
CITY OF DUBUQUE IOWA
Brad M. Cavanagh, Mayor
35
Page 598 of 720
STATE OF IOWA )
SS
COUNTY OF DUBUQUE )
On this day of , 20_, before me a Notary Public in and
for said County, personally appeared Brad M. Cavanagh and Adrienne N. Breitfelder to
me personally known, who being duly sworn, did say that they are the Mayor and City
Clerk, respectively of the City of Dubuque, Iowa, a Municipal Corporation, created and
existing under the laws of the State of Iowa, and that the seal affixed to the foregoing
instrument is the seal of said Municipal Corporation, and that said instrument was signed
and sealed on behalf of said Municipal Corporation by authority and resolution of its City
Council and said Mayor and City Clerk acknowledged said instrument to be the free act
and deed of said Municipal Corporation by it voluntarily executed.
Notary Public in and for Dubuque County, Iowa
36
Page 599 of 720
EXHIBIT G
CERTIFICATE OF COMPLETION
37
Page 600 of 720
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
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa (City), and Greater Dubuque Impact
Investment Fund (Developer) have entered into a Development Agreement (the
Agreement) dated as of [Date], with respect to certain real property located within the
Dubuque Industrial Center Economic Development District and as more particularly
described as follows:
LOTS 182, 183,184,185 & 186 EAST DUBUQUE ADD, locally known as
1550 Elm Street
(the "Property"); and
WHEREAS, said Agreement contains certain covenants and conditions with
respect to the development of the Property, and obligates Developer to construct certain
Minimum Improvements in accordance with the Agreement; and
WHEREAS, Developer has performed said covenants and conditions insofar as
they relate to the construction of the Minimum Improvements in a manner deemed
sufficient by City to permit the execution and recording of this certification; and
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, this is to certify
that all covenants and conditions of the Agreement with respect to the obligations of
Developer, and its successors and assigns, to construct the Minimum Improvements on
the Property and pay for the same have been completed and performed by Developer to
the satisfaction of City and such covenants and conditions are hereby terminated.
The Recorder of Dubuque County is hereby authorized to accept for recording and to
record the filing of this instrument, to be a conclusive determination of the satisfaction of
the covenants and conditions of said Agreement which would have resulted in a forfeiture
by Developer and right of City to re-enter and take possession of the Property as set forth
in said Agreement if such covenants and conditions had not been satisfied, and that said
Agreement shall otherwise remain in full force and effect.
38
Page 601 of 720
CITY OF DUBUQUE, IOWA
la
STATE OF IOWA
SS
COUNTY OF DUBUQUE
Michael C. Van Milligen, City Manager
On this day of , 20 , before me, the undersigned, a Notary
Public in and for the State of Iowa, personally appeared Michael C. Van Milligen, to me
personally known, who, being by me duly sworn, did say that he is the City Manager of
the City of Dubuque, Iowa, a municipal corporation, and that the instrument was signed
on behalf of the corporation, and Michael C. Van Milligen acknowledged the execution of
the instrument to be his voluntary act and deed.
Notary Public in and for said State
39
Page 602 of 720
EXHIBIT H
CITY CERTIFICATE
40
Page 603 of 720
Dubuque
THE C
All Ame11CaCI�Y
City Manager's Office
City Hall
50 West 131" Street
Dubuque, Iowa 52001-4864
' '
DUjAB9kFE
(563) 589-4110 office
(563) 589-4149 fax
..
Masterpiece on the Mississippi 2012
ctymgr@cityofdubuque.org
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
(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) There is no action, suit or proceeding pending, or to the best of City's
knowledge, threatened against City which might result in any adverse change in
the Property being conveyed or the possession, use or enjoyment thereof by
Developer, including, but not limited to, any action in condemnation, eminent
domain or public taking;
(2) No ordinance or hearing is pending or, to the best of City's knowledge,
contemplated before any local governmental body which 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;
(3) All leases, contracts, licenses, and permits between City and third parties
in connection with the maintenance, use, and operation of the Property have been
provided to Developer and City has provided true and correct copies of all such
documents to Developer;
(4) City has good and marketable fee simple title interest to the Property;
(5) City has notified Developer in writing of any past notices, orders, suits,
judgments or other proceedings relating to fire, building, zoning, air pollution or
health violations as they relate to the Property of which it has actual notice;
(6) The Property will as of the date of the Closing Date be free and clear of all
liens, security interests, and encumbrances and payment has been made for all
labor or materials that have been furnished to the Property or will be made prior to
41
Page 604 of 720
the Closing Date so that no lien for labor performed or materials furnished can be
asserted against the Property;
(7) City has duly obtained all necessary approvals and consents for its
execution, delivery and performance of this Agreement, and that it has full power
and authority to execute, deliver and perform its obligations under this Agreement.
City's attorney shall issue a legal opinion to Developer at the time of each Closing
confirming the representation contained herein, in form and substance attached
hereto as Exhibit C;
(8) All City utilities necessary for the development and use of the Property
adjoin the Property, and Developer shall have the right to tie into and use said
utilities upon payment to City of the required connection and tap fees and all other
applicable fees; provided, however, that the cost of any utility relocation shall be
at the sole cost of Developer;
(9) The Property is free and clear of any occupants, and no party has a lease
to or other occupancy or contract right in the Property which shall in anyway be
binding upon the Property or Developer;
(10) City shall exercise its best efforts to cooperate with Developer in the
development process;
(11) City shall exercise its best efforts to resolve any disputes arising during the
development process in a reasonable and prompt fashion;
(12) City makes no warranties or representations as to the condition of the
Property other than those which are expressly stated in this Agreement;
(13) City has completed all required notice to or prior approval, consent or
permission of any federal, state or municipal or local governmental agency, body,
board or official to the sale of the Property; and consummation of the Closing by
City shall be deemed a representation and warranty that it has obtained the same;
(14) City represents and agrees that use of the Property as a community health
and related office facilities as described in this Agreement is in full compliance with
the Urban Renewal Plan;
(15) The Property has a permanent right of ingress and egress to a public
roadway for the use and enjoyment of the Property;
(16) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated by this Agreement do not and
shall not result in any material breach of any terms or conditions of any mortgage,
bond, indenture, agreement, contract, license, or other instrument or obligation to
which City is a party or by which either the City or the Property being conveyed are
42
Page 605 of 720
bound, nor shall the execution, delivery and performance of this Agreement violate
any statute, regulation, judgment, writ, injunction or decree of any court threatened
or entered in a proceeding or action in which City may be bound or to which either
City or the Property being conveyed may be subject; and
(17) The representations and warranties contained in this letter 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, and such representations and warranties shall survive the Closing.
Sincerely,
Michael C. Van Milligen
City Manager
43
Page 606 of 720
EXHIBIT I
INSURANCE ACKNOWLEDGEMENT
Acknowledgment of Insurance Requirements
Section 5.6(1) of the Development Agreement provides:
(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.
Developer specifically acknowledges that replacement value means one hundred percent
of the replacement value when construction is completed, that the City must be named
as lender loss payable, and that evidence of builders risk must be provided prior to
closing.
By: Kevin Lynch, President
44
Page 607 of 720
Prepared by: Barry A. Lindahl 300 Main Street Dubuque IA 52001 563 583-4113
OFFICIAL NOTICE
RESOLUTION NO. 249-25
RESOLUTION (1) APPROVING THE MINIMUM REQUIREMENTS, COMPETITIVE
CRITERIA, AND OFFERING PROCEDURES FOR THE DEVELOPMENT AND THE
SALE OF CERTAIN REAL PROPERTY AND IMPROVEMENTS IN THE GREATER
DOWNTOWN URBAN RENEWAL DISTRICT; (2) DETERMINING THAT THE OFFER
TO PURCHASE SUBMITTED BY GREATER DUBUQUE IMPACT INVESTMENT FUND
SATISFIES THE OFFERING REQUIREMENTS WITH RESPECT TO THE REAL
PROPERTY AND IMPROVEMENTS AND DECLARING THE INTENT OF THE CITY
COUNCIL TO APPROVE THE SALE TO GREATER DUBUQUE IMPACT INVESTMENT
FUND IN THE EVENT THAT NO COMPETING PROPOSALS ARE SUBMITTED; AND
(3) SOLICITING COMPETING PROPOSALS
Whereas, the City Council of Dubuque, Iowa, did on April 21, 2025 adopt an
Amended and Restated Urban Renewal Plan for the Greater Downtown Urban Renewal
District ("the Plan") for the Urban Renewal Area described therein; and
Whereas, the Plan provides, among other things, for the disposition of properties
for private development purposes as a proposed economic development action; and
Whereas, Greater Dubuque Impact Investment Fund ("Developer") has submitted
to the City a proposal in the form of an offer to purchase (the "Development Agreement")
for the purchase of certain City -owned real property hereinafter described ("the
Property"), which Development Agreement proposes the Developer will undertake the
redevelopment of a building located at 1550 Elm Street as described therein, which
Property is the real estate consisting of approximately 0.59 acres shown on Exhibit A,
and which Development Agreement requests that this Property be made available for sale
as rapidly as possible; and
Whereas, in order to establish reasonably competitive bidding procedures for the
disposition of the Property in accordance with the statutory requirements of Iowa Code
Chapter 403, specifically, Section 403.8, and to assure that the City extends a full and fair
opportunity to all developers interested in submitting a proposal, a summary of
submission requirements and minimum requirements and competitive criteria for the
Property offering is included herein; and
Whereas, said Developer has signed a Development Agreement with the City,
currently on file at the Office of the City Clerk; and
Whereas, to recognize both the firm proposal for sale of the Property and
improvements already received by the City in the form of the Development Agreement,
as described above, and to give full and fair opportunity to other developers interested in
submitting a proposal for the sale and development of the Property, this Council should
by this Resolution:
1) Set the fair market value of the Property for uses in accordance with the
Plan;
2) Approve the minimum requirements and competitive criteria included
herein;
3) Approve as to form the Development Agreement;
4) Set a date for receipt of competing proposals and the opening thereof;
5) Declare that the proposal submitted by Developer satisfies the minimum
requirements of the offering, and that in the event no other qualified proposal is
timely submitted, that the City Council intends to accept such proposal and
authorize the City Manager to sign the Development Agreement;
6) Approve and direct publication of a notice to advise any other person of the
opportunity to compete for sale of the Property on the terms and conditions set
forth herein; and
7) Declare that in the event another qualified proposal is timely submitted and
accepted, another and future notice will be published on the intent of the City to
enter into the resulting contract, as required by law;
Whereas, the City Council believes it is in the best interest of the City and the Plan
to act as expeditiously as possible to sell the Property as set forth herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Property shown on Exhibit A attached hereto, shall be
offered for sale in accordance with the terms and conditions contained in this Resolution.
2
Section 2. That it is hereby determined that in order to qualify for consideration
for selection, any person must submit a proposal which meets these minimum
requirements:
1) Contains an agreement to purchase the Parcel A Property, shown on
Exhibit A, at not less than fair market value, which for the purposes of this
resolution is hereby determined to be $174,800;
2) States the redeveloped property will be used as community health and
related office facilities;
3) Sets out or provides to the satisfaction of the City Council the experience of
the principals and key staff who are directly engaged in the performance of contract
obligations in carrying out projects of similar scale and character; and
4) Meets, at a minimum, the terms and conditions of the Development
Agreement submitted by the Developer including an agreement to invest
approximately $5,000,000 to complete redevelopment of the building.
Section 3. That the Development Agreement by and between the City and the
Developer be and is hereby approved as to form for the purposes hereinafter stated.
Section 4. That for the purpose of defining the offering of the Property for sale,
said Development Agreement shall be deemed to be illustrative of the terms acceptable
to the City with respect to:
1) Timely completion of the construction project;
2) Construction of minimum improvements;
3) Developer and City obligations; and
4) General terms and conditions.
Section 5. That the Development Agreement submitted by the Developer
satisfies the requirements of this offering and, in the event that no other qualified
proposals are timely submitted, that the City Council intends to accept and approve the
Development Agreement.
Section 6. That it is hereby determined that the Developer possesses the
qualifications, financial resources and legal ability necessary to purchase the Property
shown on Exhibit A and to construct, manage and operate the site in the manner proposed
by this offering in accordance with the Plan.
Section 7. That the City Clerk shall receive and retain for public examination the
attached Development Agreement submitted by the Developer and, in the event no other
qualified proposals are timely submitted, shall resubmit the Development Agreement to
the City Council for final approval and execution upon expiration of the notice hereinafter
prescribed.
Section 8. That the action of the City Council be considered to be and does
hereby constitute notice to all concerned of the intention of this Council, in the event that
no other qualified proposals are timely submitted, to accept the proposal of the Developer
to purchase the Property shown on Exhibit A and to approve the Development Agreement
by and between City and Developer.
Section 9. That the official notice of this offering and of the intent of the City, in
the event no other qualified proposals are timely submitted, to approve the Development
Agreement, shall be a true copy of this Resolution, but without the attachments referred
to herein.
Section 10. That the City Clerk is authorized and directed to secure immediate
publication of said official notice in the Telegraph Herald, a newspaper having a general
circulation in the community, by publication of the text of this Resolution on or before the
231d day of July, 2025.
Section 11. That written proposals for the sale of the Property shown on Exhibit
A will be received by the City Clerk at or before 10:00 a.m., September 2, 2025, in the
Office of the City Clerk, located on the first floor at City Hall, 50 West 13t" Street, Dubuque,
Iowa 52001. Each proposal will be opened at the hour of 10:00 a.m. in City Hall,
Dubuque, Iowa on September 2, 2025. Said proposals will then be presented to the City
Council at 6:30 p.m., (same date as opening), 2025, at a meeting to be held in the City
Council Chambers, Historic Federal Building at 350 West 6th Street, Dubuque, Iowa.
Section 12. That the method of offering the Property for sale as set forth herein
is in substantial conformance with the provisions of Iowa Code Section 403.8, requiring
reasonable competitive bidding procedures as are hereby prescribed and "fair value."
Section 13. That the required documents for the submission of a proposal shall
be in substantial conformity with the provisions of this Resolution.
Section 14. That the City Clerk is hereby nominated and appointed as the agent
of the City of Dubuque, Iowa to receive proposals for the sale of the Property on that date
and according to the procedure hereinabove specified for receipt of such proposals and
to proceed at such time to formally acknowledge receipt of each of such proposal by
noting the receipt of same in the Minutes of the Council; that the City Manager is hereby
authorized and directed to make preliminary analysis of each such proposal for
compliance with the minimum requirements established by this Council hereinabove. For
each proposal that satisfies these requirements, the City Council shall judge the strength
of the proposal by the competitive criteria established hereinabove. The City Council
shall then make the final evaluation and selection of the proposals.
Section 15. If, and only if, competing proposals are received and determined by
the Council to meet the minimum requirements described herein, the Developer shall be
0
allowed to amend its proposal in response thereto and to deliver same to the City
Manager, by no later than a date determined by the City Council. In such event, the
Council shall schedule a subsequent meeting to be held by the City Manager at which
there shall be a bid -off conducted by the City Manager. During such bid -off, each
competing bidder shall bid against the other, starting with the second proposal received
and continuing until such time as each bidder shall decline to improve its proposal to
acquire and redevelop the Property shown on Exhibit A in response to the last bid of the
other bidder or bidders. The period of time to be allowed for such bid -off shall be
determined by the City Manager. The rules of such bid -off shall be as determined by the
City Manager at or before such bid -off period and shall be absolute.
Section 16. That in the event another qualified proposal is timely submitted and
accepted by the City, another and further notice shall be published of the intent of the
City of Dubuque, Iowa, to enter into the resulting agreement, as required by law.
Passed, approved and adopted this 21 sc day of July, 2025.
rad M. C na , Mayor
Attest:
Adrienne N. Breitfelder,`"City Clerk
EXHIBIT A
THE PROPERTY
�BLUMSITE - NEW PAR,-CEL CONFIGbRAT-I
New Parcel A - Lots 182. 183.184. 185,186 of East Dubuque Add
New Parcel B - Lots 182A. 217, 218. 219. 220. 221 of East Dubuque Add
Page 614 of 720