Approving an Assignment of Development with Franklin Investments, LLC to Franklin Apartments, LLCCity of Dubuque
City Council
PUBLIC HEARINGS # 1.
Copyrighted
November 3, 2025
ITEM TITLE: Resolution Approving an Assignment of Development
Agreement by and between the City of Dubuque, Iowa and
Franklin Investments, LLC to Franklin Apartments, LLC
SUMMARY: Proof of publication on notice of public hearing to consider
City Council adopt the attached Resolution approving the
Assignment of Development Agreement by and between the
City of Dubuque, Iowa and Franklin Investments, LLC to
Franklin Apartments, LLC, and City Manager recommending
approval.
RESOLUTION Approving 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)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo
2. Staff Memo
3. Assignment of Development Agreement
4. Resolution
Page 422 of 525
Dubuque
THE CITY OF
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DuBE
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Masterpiece on the Mississippi zoo�•*o
rP PP 2017202019
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Approving an Assignment of Development Agreement by and
between the City of Dubuque, Iowa and Franklin Investments, LLC to
Franklin Apartments, LLC
DATE: October 27, 2025
Economic Development Director Jill Connors is recommending City Council adopt the
attached Resolution approving the 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, operated by local
developer Gary Carner, 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, operated by local developer Jeff Manders. 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.
v
Mic ael C. Van Milligen
MCVM:sv
Page 423 of 525
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Ian Hatch, Assistant Economic Development Director
2
Page 424 of 525
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: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Resolution Approving an Assignment of Development Agreement by and
between the City of Dubuque, Iowa and Franklin Investments, LLC to
Franklin Apartments, LLC
DATE: October 27, 2025
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached Resolution
approving an 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, operated by local
developer Gary Carner, 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, operated by local developer Gary Carner, intends to sell the
property at 39 Bluff to Franklin Apartments, LLC, operated by local developer Jeff Manders.
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 425 of 525
BUDGETIMPACT
There is no budget impact for City consent of the Assignment of Development Agreement.
RECOMMENDATION
I recommend, following the public hearing, the City Council adopt the attached Resolution
approving the Assignment of Development Agreement by and between the City of
Dubuque, Iowa and Franklin Investments, LLC to Franklin Apartments, LLC.
K
Page 426 of 525
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'h St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 355-25
APPROVING 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, by Resolution No. 340-25, dated October 20, 2025, declared
its intent to approve the Assignment of Development Agreement; and
Whereas, pursuant to published notice, a public hearing was held on the proposed
Assignment of Development Agreement on November 3, 2025 at 6:30 p.m.; and
Whereas, it is the determination of the City Council that approval of the Assignment of
Development Agreement by and between the City of Dubuque, Iowa and Franklin Investments,
LLC to Franklin Apartments, LLC, according to the terms and conditions set out in the Assignment
of Development Agreement, is in the best interests of the City of Dubuque.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The Assignment of Development Agreement by and between the City of Dubuque,
Iowa and Franklin Investments, LLC to Franklin Apartments, LLC is hereby approved.
Section 2. The Mayor is hereby authorized and directed to execute the Assignment of
Development Agreement on behalf of the City of Dubuque.
Section 3. The City Manager is authorized to take such actions as are necessary to comply
with the terms of the Assignment of Development Agreement as herein approved.
Passed, approved, and adopted this 3rd day of November, 2025.
SM�PPIRFR"-
I_
.• Tagh, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk
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 ,M`*' 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
1006050121 11 P a a e
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:-
-(E-1- !:, --r C cl�
Gary Ca ner, President
STATE OF IOWA )
COUNTY OF ss:
This instrument was acknowledged before me on by Gary
Carner, President of Franklin Investments, LLC. ,
D. FLINT DRAKE
�� Commission No. N136711
My commission F-XpireS
o27
Franklin Apartments, LLC
By: �-
Jeff a d rs, President
STATE OF IOWA )
COUNTY OF 1)yKkrjue ) ss:
()— el", � ,�— ��
Notary Public in and for
State of Iowa
1006050121 2 1 P a g e
This instrument was acknowledged before me on i�(,�c? ( 10 , 7-OZ5 , by Jeff
Manders, as President of Franklin Apartments, LLC
IAN C HATCH
Notarial Seal - Iowa
Commission Number 827446
My Commission Expires Nov 12, 2026
City of Dubuque, Iowa
Consenting to the Assignment Herei
By:
Its c ; ('
STATE OF IOWA )
COUNTY OF ) ss:
Notary Public in and for
State of Iowa
This instrument was acknowledged before me on N11) tCr.6r ). �0�.`7 , by
�rcJ %wn.'^,c'.r1I) , as of the City of Dubuque, Iowa.
K�Al:IRIEMNE N. SREITFEIDER
mission Num r 828956
omm. Exp.^^
Notary Public in and for
State of Iowa
(006050121 3 1 P a g e
STATE OF IOWA SS:
DUBUQUE COUNTY
CERTIFICATE OF PUBLICATION
I, Kathy Goetzinger, a Billing Clerk for Woodward
Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald, a newspaper of general
circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the
attached notice was published in said newspaper on the
following dates:
10/24/2025
and for which the charge is 94.02
Subscribed to before me, a Notary Public and for
Dubuque County, Iowa,
this 24th day of October, 2025
.PAt s- JANET K. PAPE
4 Commission Number 199659
My Commission Expires
/owa 12/11/2025
0
Ad text :
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.
6th 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 Franldin 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://dubuqueia.portal.civicclerk.com/ or by contacting the
City Clerks 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. 13th 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, CMC, City Clerk
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, Franldin 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, Franldin 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
Citys 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.
/s/Brad M. Cavanagh, Mayor
Attest: /s/Adrienne N. Breitfelder, City Clerk
It 10/24