Setting a Public Hearing on a Proposed Assignment and Assumption Agreement - Franklin Investments, LLC to Franklin Apartments, LLCCity of Dubuque
City Council
Copyrighted
October 20, 2025
111 W4&1A9791:A1l1 311[0111111:W_1NIZICT:ail
ITEM TITLE: Resolution Setting a Public Hearing on a Proposed
Assignment and Assumption Agreement by and between the
City of Dubuque, Iowa and Franklin Investments, LLC to
Franklin Apartments, LLC
SUMMARY: City Manager recommending City Council adopt the attached
Resolution setting a public hearing for November 3, 2025 on
a proposed Assignment and Assumption Agreement by and
between the City of Dubuque, Iowa and Franklin Investments,
LLC to Franklin Apartments, LLC.
RESOLUTION Fixing The Date For A Public Hearing Of The
City Council Of The City Of Dubuque, Iowa On An
Assignment And Assumption Agreement Of The Downtown
Rehabilitation Loan Agreement By And Between The City Of
Dubuque, Iowa And Franklin Investments, LLC To Franklin
Apartments, LLC For Property At 39 Bluff Street
SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for
DISPOSITION: November 3, 2025
ATTACHMENTS:
1. MVM Memo
2. Staff Memo
3. Assignment and Assumption Agreement
4. Notice of Hearing
5. Resolution
Page 447 of 817
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Setting a Public Hearing on a Proposed Assignment and
Assumption Agreement by and between the City of Dubuque, Iowa and
Franklin Investments, LLC to Franklin Apartments, LLC
DATE: October 15, 2025
Economic Development Director Jill Connors is recommending City Council adopt the
attached Resolution setting a public hearing for November 3, 2025 on a proposed
Assignment and Assumption Agreement by and between the City of Dubuque, Iowa and
Franklin Investments, LLC to Franklin Apartments, LLC.
The City of Dubuque, Iowa (City), and Franklin Investments, LLC entered into a
Downtown Rehabilitation Loan Agreement dated December 21, 2020, for a $300,000
loan related to the redevelopment of 39 Bluff Street including the creation of 21 new
residential rental units (the Loan). The terms of the Loan were 3% interest amortized
over 20 years with interest only payments for the first five years and $2,000 forgiven
against the Loan balance for each apartment created for a total forgiveness of $42,000
($2,000 x 21 units). As collateral for the Loan, Franklin Investments, LLC granted to City
a Mortgage recorded on March 29, 2021 as Instrument No. 2021-00004804.
The initial rehabilitation and housing creation project at 39 Bluff Street is now complete.
Franklin Investments, LLC intends to sell the property at 39 Bluff to Franklin
Apartments, LLC. As part the real estate purchase, Franklin Investments, LLC has
agreed to the Loan to Franklin Apartments, LLC and Franklin Apartments, LLC has
agreed to assume the loan under the existing terms. The Loan requires consent of the
City Council of the City of Dubuque for any assignment from Franklin Investments, LLC.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Mic ael C. Van Milligen
MCVM:sv
Page 448 of 817
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Page 449 of 817
Dubuque
THE CITY OF
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TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
Economic Development
Department
1300 Main Street
Dubuque, Iowa 52001-4763
Office (563) 589-4393
TTY (563) 690-6678
http://www.cityofdubuque.org
SUBJECT: Resolution Setting a Public Hearing on a Proposed Assignment and
Assumption Agreement by and between the City of Dubuque, Iowa and
Franklin Investments, LLC to Franklin Apartments, LLC
DATE: October 14, 2025
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This memorandum is a request for the City Council to adopt the attached Resolution setting
a public hearing for November 3, 2025 on a proposed Assignment and Assumption
Agreement by and between the City of Dubuque, Iowa and Franklin Investments, LLC to
Franklin Apartments, LLC.
BACKGROUND
The City of Dubuque, Iowa (City), and Franklin Investments, LLC entered into a Downtown
Rehabilitation Loan Agreement dated December 21, 2020, for a $300,000 loan related to
the redevelopment of 39 Bluff Street including the creation of 21 new residential rental units
(the Loan). The terms of the Loan were 3% interest amortized over 20 years with interest
only payments for the first five years and $2,000 forgiven against the Loan balance for each
apartment created for a total forgiveness of $42,000 ($2,000 x 21 units). As collateral for
the Loan, Franklin Investments, LLC granted to City a Mortgage recorded on March 29,
2021 as Instrument No. 2021-00004804.
DISCUSSION
The initial rehabilitation and housing creation project at 39 Bluff Street is now complete.
Franklin Investments, LLC intends to sell the property at 39 Bluff to Franklin Apartments,
LLC. As part the real estate purchase, Franklin Investments, LLC has agreed to the Loan
to Franklin Apartments, LLC and Franklin Apartments, LLC has agreed to assume the loan
Page 450 of 817
under the existing terms. The Loan requires consent of the City Council of the City of
Dubuque for any assignment from Franklin Investments, LLC.
BUDGET IMPACT
There is no budget impact for City consent of the Assignment and Assumption Agreement.
Since the loan has already been issued, Franklin Apartments, LLC will take over
responsibility for the Loan.
RECOMMENDATION
I recommend the City Council adopt the attached Resolution setting an November 3, 2025
public hearing on the proposed Assignment and Assumption Agreement by and between
the City of Dubuque, Iowa and Franklin Investments, LLC to Franklin Apartments, LLC.
2
Page 451 of 817
Assignment and Assumption Agreement
This Assignment and Assumption Agreement (the "Agreement"), effective as of
November , 2025 (the "Effective Date"), is by and between Franklin Investments, LLC
("Seller") and Franklin Apartments, LLC, an Iowa limited liability company ("Purchaser").
WITNESSETH:
Seller and Purchaser have entered into a certain Purchase Agreement dated effective as of
October 1, 2025 (the "Purchase Agreement"), pursuant to which, among other things, Seller has
agreed to assign all of its rights, title and interests in, and Purchaser has agreed to assume all of
Seller's duties and obligations under, the City Loan Documents (as defined below); and
Seller entered into a Downtown Rehabilitation Loan Agreement with the City of Dubuque,
Iowa ("City") dated December 21, 2020, in the original principal amount of $300,000.00 (the
"Downtown Rehabilitation Loan Agreement");
As security for Seller's obligations wider the Downtown Rehabilitation Loan Agreement,
Seller granted to City a Mortgage recorded in the records of the Dubuque County Recorder on
March 29, 2021 as hlstrument No. 2021-00004804 (the "City Mortgage");
The Downtown Rehabilitation Loan Agreement and the City Mortgage shall collectively
constitute the City Loan Documents;
NOW, THEREFORE, in consideration of the mutual covenants, terms, and conditions set
forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:
1. Assignment and Assumption of City Loan Documents. Purchaser hereby assigns to
Purchaser all of Seller's right, title and interest in the City Loan Documents and Purchaser does
hereby assume all of Seller's rights and obligations under the City Loan Documents. Purchaser
agrees to fully satisfy the obligations of Seller under the City Loan Documents in accordance with
their terms. Purchaser shall defend, indemnify and hold harmless Seller from and against any
liability, damages, causes of action, expenses and attorneys' fees incurred by Seller by reason of
the failure of Purchaser to fulfill, perform, discharge and observe the liabilities under the City Loan
Documents, except that Purchaser shall have no liability for obligations accruing and payable
under the City Loan Documents prior to the Effective Date. Seller shall defend, indemnify and
hold harmless Purchaser from and against any liability, damages, causes of action, expenses, and
attorneys' fees incurred by Purchaser by reason of the failure of Seller to fulfill, perform discharge
and observe any such liability prior to the Effective Date.
2. Further Documents and Instruments. From time to time, as and when requested by
Seller, Purchaser shall execute and deliver such documents and instruments and shall take such
further actions requested to more effectively assume the City Loan Documents or to otherwise
give effect to this Agreement.
1IPage
Page 452 of 817
3. Governing Law. This Agreement shall be governed by and constnted in accordance
with the internal laws of the State of Iowa without giving effect to any choice or conflict of law
provision or rule (whether of the State of Iowa or any other jurisdiction).
4. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall be deemed to be one and the same agreement.
A signed copy of this Agreement delivered by facsimile, email or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.
[Remainder of Page Intentionally Left Blank, Signature Pages to Follow]
Page 453 of 817
IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of
the date first above written.
SELLER:
Frat n Investin s, LC
By: Ca ler
Title: President
City of Dubuque, Iowa
Consenting to Assignment and Assumption
Its
PURCHASER:
Franklin Apartmetns, LLC
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By: Je nders
Title: resident
3 1 i- ,
Signature Page to Assignnient and Assumption Agreement
Page 454 of 817
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the Dubuque City Council will conduct a public
hearing on the 3rd day of November, 2025, at 6.30 p.m., in the Historic Federal Building,
350 W. 6t" Street, 2nd floor, Dubuque, Iowa, at which meeting the City Council proposes
to approve an Assignment and Assumption Agreement of the Downtown Rehabilitation
Loan Agreement by and between the City of Dubuque, Iowa and Franklin Investments,
LLC to Franklin Apartments, LLC, for the property located at 39 Bluff Street.
At the meeting, the City Council will receive oral and written comments from any resident
or property owner of said City to the above action. The official City Council agenda will be
posted the Friday before the meeting and will contain public input options. The agenda
can be accessed at https://dubugueia.portal.civicclerk.com/ or by contacting the City
Clerk's Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Written comments on the public hearing may be submitted to the City Clerk's Office by
email at ctyclerk@cityofdubuque.org or by mail to City Hall, 50 W. 13t" St., Dubuque, IA
52001, before the scheduled hearing. The City Council will review all written comments
at the time of the hearing.
Documents related to the public hearing are on file in the City Clerk's Office and may be
viewed Monday through Friday between 8:00 a.m. and 5.00 p.m.
Individuals requiring special assistance should contact the City Clerk's Office as soon as
feasible. Deaf or hard -of -hearing individuals can use Relay Iowa by dialing 711 or (800)
735-2942.
Published by order of the City Council given on the 20th day of October 2025.
Adrienne N. Breitfelder, CIVIC, City Clerk
Page 455 of 817
Ian C. Hatch Assistant Economic Development Director, 1300 Main Street Dubuque IA 52001 (563) 589-4105
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13'' St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 338-25
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA ON AN ASSIGNMENT AND ASSUMPTION AGREEMENT OF THE
DOWNTOWN REHABILITATION LOAN AGREEMENT BY AND BETWEEN THE CITY OF
DUBUQUE, IOWA AND FRANKLIN INVESTMENTS, LLC TO FRANKLIN APARTMENTS, LLC
FOR PROPERTY AT 39 BLUFF STREET
Whereas, the City of Dubuque, Iowa (City), and Franklin Investments, LLC entered into a
Downtown Rehabilitation Loan Agreement dated December 21, 2020; and
Whereas, Franklin Investments, LLC granted to City a Mortgage recorded on March 29,
2021 as Instrument No. 2021-00004804; and
Whereas, Franklin Investments, LLC and Franklin Apartments, LLC have entered into a
certain Purchase Agreement dated October 1, 2025, pursuant to which, Franklin Investments,
LLC has agreed to assign all of its rights, title, and interests in, and Franklin Apartmetns, LLC has
agreed to assume all of Franklin Investments, LLC's duties and obligations under the Downtown
Rehabilitation Loan Agreement and Instrument No. 2021-00004804; and
Whereas, the City Council of the City of Dubuque finds that consent to the Assignment and
Assumtion Agreement is in the best interests of the City of Dubuque; and
Whereas, before said consent may be given, Iowa Code Section 364.7 requires that the City
Clerk publish a notice of the City's intent to consent and of the time and place of the meeting at
which the City Council proposes to take action thereon and at which meeting the City Council
shall receive oral and/or written objections from any resident or property owner of said City to
such proposed action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The City Clerk is hereby authorized and directed to cause a notice to be published
as prescribed by Iowa Code Section 364.7 of a public hearing on the City's intent to approve the
Assignment and Assumtion Agreement by and between Franklin Investments, LLC and Franklin
Apartments, LLC, to be held on the 3rd day of November, 2025 at 6:30 p.m. The official agenda
will be posted the Friday before the meeting and will contain listening, viewing, and public input
options. The City Council agenda may be accessed at https://dubuqueia.portal.civicclerk.com/ or
by contacting the City Clerk's Office at 563-589-4100, ctyclerk@cityofdubuque.org.
Section 2. The City Council will meet at said time and place for the purpose of taking action on
the matter of approving the Assignment and Assumtion Agreement by and between Franklin
Investments, LLC and Franklin Apartments, LLC
Section 3. The City Clerk is hereby directed to cause at least one publication to be made of a
notice of said meeting, in a newspaper, printed wholly in the English language, published at least
once weekly, and having general circulation in said City, said publication to be not less than four
days nor more than twenty days before the date of said meeting on the issuance of said
Obligations.
Section 4. That the notice of the meeting shall be in substantially the form attached hereto.
Passed, approved, and adopted this 20th day of October, 2025.
Brad M. Cavana h, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk