Setting a Public Hearing on a Proposed Assignment of Development Agreement - Franklin Investments, LLC to Franklin Apartments, LLCCity of Dubuque
City Council
Copyrighted
October 20, 2025
111 W4&1A9791:A1l1 311[0111111:W_1NIzley.'W
ITEM TITLE: Resolution Setting a Public Hearing on a Proposed
Assignment of Development 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 of Development 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 Of The Development Agreement By And
Between The City Of Dubuque And Franklin Investments,
LLC To Franklin Apartments, LLC
SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for
DISPOSITION: November 3, 2025
ATTACHMENTS:
1. MVM Memo
2. Staff Memo
3. Assignment of Development Agreement
4. Notice of Hearing
5. Resolution
Page 468 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 of
Development 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 of Development 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
Development Agreement dated April 4, 2011 for the redevelopment of 39 Bluff Street
including the creation of 21 new residential rental units (the Agreement). The
Agreement included a Downtown Rehabilitation Grant, a Downtown Housing Creation
Grant, a Downtown Rehabilitation Loan, and a 15-year tax increment financing
incentive. The Agreement is still in effect and terminates on June 1, 2028.
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 will
assign the terms and conditions of the Development Agreement to Franklin Apartments,
LLC, which agrees to be bound by said terms and conditions. The assignment of the
Development Agreement requires the consent of the City Council of the City of
Dubuque.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:sv
Attachment
Page 469 of 817
CC' Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Page 470 of 817
Dubuque
THE CITY OF
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2007-2012.2013
Masterpiece on the Mississippi 2017*2019
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 of
Development Agreement by and between the City of Dubuque, Iowa and
Franklin Investments, LLC to Franklin Apartments, LLC
DATE: October 14, 2025
1► III I:lei 110L01111 0Is] L
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 of Development
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
Development Agreement dated April 4, 2011 for the redevelopment of 39 Bluff Street
including the creation of 21 new residential rental units (the Agreement). The Agreement
included a Downtown Rehabilitation Grant, a Downtown Housing Creation Grant, a
Downtown Rehabilitation Loan, and a 15-year tax increment financing incentive. The
Agreement is still in effect and terminates on June 1, 2028.
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 will assign the terms and
conditions of the Development Agreement to Franklin Apartments, LLC, which agrees to
be bound by said terms and conditions. The assignment of the Development Agreement
requires the consent of the City Council of the City of Dubuque.
Page 471 of 817
BUDGET IMPACT
There is no budget impact for City consent of the Assignment of Development Agreement.
RECOMMENDATION
I recommend the City Council adopt the attached Resolution setting a November 3, 2025
public hearing on the proposed Assignment of Development Agreement by and between
the City of Dubuque, Iowa and Franklin Investments, LLC to Franklin Apartments, LLC.
2
Page 472 of 817
Prepared by and Return to: Flint Drake, Drake Law Firm, PC 300 Main St., Suite 323, Dubuque, Iowa 52001 (563) 582-2000
ASSIGNMENT OF DEVELOPMENT AGREEMENT
RE. Lot 2-1 & 2-2 of City Lot 595 City Lots 596, 597, & 597A, Lot 2-1-2 & 2-2 of
City Lot 600 & Lots 3 thru 6 of City Lot 600 in the City of Dubuque, Iowa
(the `Real Estate"),
This Assignment of Development Agreement is made effective on the t" day of
November, 2025 (the "Effective Date"), and is entered into by Franklin Investments, LLC
("Assignor"), and Franklin Apartments, LLC ("Assignee").
RECITALS
A. Assignor is the Developer under a Development Agreement with the City of
Dubuque, Iowa ("City") dated April 4, 2011 (the "Development Agreement");
B. The Development Agreement specifies various rights and obligations of the Assignor
and the City related to the development of the Real Estate;
C. Assignor desire to assign all of its interest in and to the Development Agreement to
Assignee and Assignee desires to accept such assignment and agrees to be bound by
the terms thereof;
D. The assignment by Assignor to Assignee hereunder is permanent and complete as of
the Effective Date;
E. The City has authorized this Assignment of the Development Agreement ; and,
E The parties desire to reduce this Assignment to writing.
THEREFORE, Assignor hereby assigns to Assignee the Development Agreement pursuant
to the following terms and conditions:
1. Assignment. Assignor hereby assigns to Assignee, and Assignee hereby accepts from
Assignor, this assignment of the Development Agreement, which assignment
fao6a5o12)
IIPage
Page 473 of 817
includes all rights and obligations of any sort whatsoever of Assignor thereunder
such that, upon acceptance hereof by Assignee, Assignor shall have no right,
obligation or interest whatsoever in and to the Development Agreement as of the
Effective Date.
2. Law/Binding Effect. This Assignment shall be governed by and construed in
accordance with the laws of the State of Iowa. This Assignment shall be binding
upon the parties hereto and their respective successors in interest and assigns. In
the event of a breach of this Assignment the non -breaching party shall be entitled to
all rights and remedies at law or equity and shall be entitled to recover reasonable
attorneys' fees incurred due to the breach.
3. Affirmation. The parties hereby affirm the Development Agreement in all respects,
except that hereafter the Developer thereunder shall be the Assignee; in all other
respects, the Development Agreement shall remain in full force and effect according
to its terms.
Franklin Investments, LLC, Assignor
By:� e2:1 (��
Gary Ca)ner,,Ipresident
STATE OF IOWA J
COUNTY OF_bt^i AwL.C- ) ss:
This instrument was acknowledged before me on
Garner, President of Franklin Investments, LLC.
()_ ell, � ,Xt ��
Notary Public in and for
State of Iowa
D. FLINT DRAKE
Commission No. N136711
zo My Commission Expires
IOV*. 9/20/2027
Franklin Apartments, LLC
y: t
Jeff a d'rs, President
STATE OF IOWA )
COUNTY OF j ss:
by Gary
♦:006050121
21Page
Page 474 of 817
This instrument was acknowledged before me on VirOLZ-'4( 1 U , 702-5 , by Jeff
Manders, as President of Franklin Apartments, LLC.
IAN C HATCH Notary Public in and for
Notarial Seal - Iowa State of Iowa
Commission Number 827446
My Commission Expires Noy 12, 2p26
City of Dubuque, Iowa
Consenting to the Assignment Herein
Its
STATE OF IOWA )
COUNTY OF ] ss:
This instrument was acknowledged before me on
, as
3 1 P a g e
of the City of Dubuque, Iowa.
Notary Public in and for
State of Iowa
by
1006050121
Page 475 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 of the Development 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 476 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. 1311 St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 340-25
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA ON AN ASSIGNMENT OF THE DEVELOPMENT AGREEMENT BY AND
BETWEEN THE CITY OF DUBUQUE AND FRANKLIN INVESTMENTS, LLC TO FRANKLIN
APARTMENTS, LLC
Whereas, Franklin Investments, LLC entered into a Development Agreement dated, April 4,
2011, with the City of Dubuque, Iowa, providing certain rights and obligations with respect to the
property legally described as follows:
Lot 2-1 & 2-2 of City Lot 595 City Lots 596, 597, & 597A Lot 2-1-2 & Lot 2-2 of City Lot 600 & Lots
3 Thru 6 of City Lot 600in the City of Dubuque
Locally known as 39 Bluff Street (the Property); and
Whereas, Franklin Investments, LLC intends to assign its rights under the Development
Agreement to Franklin Apartments, LLC pursuant to an Assignment of Development Agreement,
attached hereto; and
Whereas, Franklin Apartments, LLC in the Assignment of Development Agreement agrees
to be bound by all of the terms and conditions of the Development Agreement; and
Whereas, the City Council of the City of Dubuque, Iowa finds that consent to the
Assignment of Development 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 of Development 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 of Development 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. Cavan, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk