Approving the First Amendment to the Development Agreement with Greater Dubuque Impact Investment Fund for the Redevelopment of 1550 Elm StreetCity of Dubuque
City Council
ACTION ITEMS # 1.
Copyrighted
January 5, 2026
ITEM TITLE: Approving the First Amendment to the Development
Agreement by and Between the City of Dubuque, Iowa and
Greater Dubuque Impact Investment Fund for the
Redevelopment of 1550 Elm Street
SUMMARY: City Attorney recommending City Council adopt the attached
resolution approving a First Amendment to Development
Agreement by and between the City of Dubuque, Iowa and
Greater Dubuque Impact Investment Fund for the
redevelopment of 1550 Elm Street in Dubuque.
RESOLUTION Approving The First Amendment To The
Development Agreement By And Between The City Of
Dubuque And Greater Dubuque Impact Investment Fund
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. CB Memo
2. Staff Memo
3. 1 st Amendment
4. Resolution of Approval
Page 525 of 567
Dubuque
THE CITY OF
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Masterpiece on the Mississippi zoo�•*o
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TO: The Honorable Mayor and City Council Members
FROM: Crenna Brumwell, City Attorney
SUBJECT: Approving the First Amendment to Development Agreement by and
between the City of Dubuque, Iowa and Greater Dubuque Impact
Investment Fund for the Redevelopment of 1550 Elm Street
DATE: December 30, 2025
Economic Development Director Jill Connors is recommending City Council adopt the
attached resolution approving a First Amendment to Development Agreement by and
between the City of Dubuque, Iowa and Greater Dubuque Impact Investment Fund for
the redevelopment of 1550 Elm Street in Dubuque.
Due to conditions on the Property identified after execution of the Development
Agreement — specifically, the confirmation of responsibility for removal of a downed
building, which the City has agreed to undertake — the Developer has requested
extensions to several deadlines set forth in the Development Agreement.
The proposed First Amendment to Development Agreement includes the following
modifications:
• The Closing Date has been changed from September 10, 2025 to January 17,
2026, or on such other date as the parties may mutually agree, but no later than
the January 31, 2026.
• The City agrees to remove the downed building identified in a new Exhibit J.
• Requirements related to the type and level of insurance needed during the
project have been modified, as approved by City staff.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
CB:sv
Attachment
cc: Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Page 526 of 567
Dubuque Economic Development
Department
THE CITY OF hCall 1300 (wain street
All•AmerinCily Dubuque, Iowa 52001-4763
UDw " Office (563) 3
1 1111 � r TTY (563) 690-6678
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http://www.cityofdubuque.org
2007-2012.2013
Masterpiece on the Mississippi 2017*2019
TO: Crenna M. Brumwell, City Attorney
FROM: Jill Connors, Economic Development Director
SUBJECT: Approving the First Amendment to Development Agreement by and
between the City of Dubuque, Iowa and Greater Dubuque Impact
Investment Fund for the Redevelopment of 1550 Elm Street
DATE: December 30, 2025
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached resolution
approving a First Amendment to Development Agreement by and between the City of
Dubuque, Iowa and Greater Dubuque Impact Investment Fund.
BACKGROUND
The Greater Dubuque Impact Investment Fund 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.
The Greater Dubuque Impact Investment Fund (Developer) has analyzed critical
challenges and opportunities for the Greater Dubuque region, one of which is the
redevelopment of 1550 Elm Street (the Property). The Property is part of a formerjunkyard,
which makes its redevelopment challenging from an environmental, process, and financial
standpoint. For this reason, the Developer has decided to step in to advance the
redevelopment of the Property. The City of Dubuque, Iowa, and Greater Dubuque Impact
Investment Fund entered into a Development Agreement for the redevelopment of the
Property on September 2, 2025.
DISCUSSION
Due to conditions on the Property identified after execution of the Development Agreement
— specifically, the confirmation of responsibility for removal of a downed building, which the
Page 527 of 567
City has agreed to undertake — the Developer has requested extensions to several
deadlines set forth in the Development Agreement.
The proposed First Amendment to Development Agreement includes the following
modifications-
• The Closing Date has been changed from September 10, 2025 to January 17, 2026,
or on such other date as the parties may mutually agree, but no later than the
January 31, 2026.
• The City agrees to remove the downed building identified in the photo exhibit below
and per a new Exhibit J.
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• Requirements related to the type and level of insurance needed during the project
have been modified, as approved by City staff.
BUDJECT IMPACT
The estimated cost to remove and dispose of the collapsed building section is
approximately $50,000 and the City has sufficient funds available in Project CIP No.
5586500013 to complete this work in the spring of 2026.
RECOMMENDATION
I recommend the City Council adopt the attached resolution approving the First
Amendment to Development Agreement by and between the City of Dubuque, Iowa and
Greater Dubuque Impact Investment Fund for the redevelopment of 1550 Elm Street in
Dubuque.
K
Page 528 of 567
FIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
GREATER DUBUQUE IMPACT INVESTMENT FUND
This First Amendment to Development Agreement, dated for reference purposes
the 5''' day of 2026, is made and entered into by the City of
Dubuque, Iowa, a municipality (City), established pursuant to the Iowa Code and acting
under authorization of Iowa Code Chapter 403, as amended (the Urban Renewal Act),
and Greater Dubuque Impact Investment Fund, an Iowa nonprofit corporation
(Developer).
WHEREAS, the City of Dubuque, Iowa ("City") and Greater Dubuque Impact
Investment Fund ("Developer") entered into a Development Agreement dated
September 2, 2025 (the "Development Agreement") with respect to real estate legally
described as:
Lots 182, 183, 184, 185 & 186 East Dubuque Add, locally known as 1550 Elm
Street (the Property)
and
WHEREAS, City and Developer desire to amend the Development Agreement to
adjust certain dates of performance and related matters; and
WHEREAS, the parties have reached agreement on the terms of an amendment
and desire to set forth their agreement regarding the amendments in writing.
NOW THEREFORE, in consideration of the mutual terms and conditions herein
and in the Development Agreement, the parties agree as follows:
SECTION 1. Section 1.1 is hereby amended to read as follows:
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 January 17, 2026, 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 31s' day of January, 2026.
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.
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SECTION 2. The Development Agreement is hereby amended by adding
thereto a new Section 3.4:
3.4 Building Deconstruction. Prior to closing or on or before May 1, 2026, City shall,
at its cost, remove the downed building identified on Exhibit J. Removal shall include
removal of the entire structure and any foundation.
SECTION 3. Section 5.4(1) is amended to read as follows:
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):
Upon commencement of construction of the Minimum
Improvements, 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 of the then completed
construction, naming City as lender loss payable. Developer shall
provide notice to the City thirty (30) days prior to commencement of
construction and shall update the value of completed construction
on a schedule agreed to with City and update the amount of all risk
builder's risk insurance as agreed with City.
SECTION 5. Except as modified herein, the terms of the Development
Agreement shall govern the rights and obligations of the parties with respect to the
Project and the Property.
SECTION 6. Exhibit I of the Development Agreement is hereby stricken and
placed in lieu thereof is the following:
EXHIBIT I
INSURANCE ACKNOWLEDGEMENT
Acknowledament of Insurance Reauirements
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 then completed construction of
improvements (including Minimum Improvements) replacement value as set forth in
12182025ba1
Page 530 of 567
paragraph 5.4(1), 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 of the then completed construction, that the City must
be named as lender loss payable, and that evidence of builder's risk must be provided
prior to closing.
CITY OF DUBUQUE, IOWA GREATER DUBUQUE IMPACT
INVESTMENT FUND
By: Aeuin I. ,Cw-w- P�.
Kevin Lynch, President
By:
Brad M. Cavanag �,Mayor
Attest:
Adrienne N. Breitfelder, tity Clerk
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EXHIBIT J
DOWNED BUILDING
12182025ba1
Page 532 of 567
Prepared by Jill Connors, Economic Development, 1300 Main St., Dubuque IA 52001 (563) 589-4393
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 10-26
RESOLUTION APPROVING THE FIRST AMENDMENT TO THE DEVELOPMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND GREATER
DUBUQUE IMPACT INVESTMENT FUND
WHEREAS, the City of Dubuque and Greater Dubuque Impact Investment Fund
(Developer) previously entered into a Development Agreement dated the 2nd day of
September, 2025 (the Development Agreement); and
WHEREAS, City and Developer now desire to amend the Development
Agreement as set forth in the First Amendment to Development Agreement attached
hereto to adjust certain dates of performance and related matters.
NOW, THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
SECTION 1. That the First Amendment to Development Agreement between the
City of Dubuque, Iowa, and Greater Dubuque Impact Investment Fund, a copy of which
is attached hereto, is hereby approved.
SECTION 2. The Mayor is hereby authorized and directed to sign the First
Amendment on behalf of the City of Dubuque.
Passed, approved and adopted this 5th day of January, 2026.
Brad M. C awn gh, Mayor
Attest:^
�J" P-
Adrienne N. Breitfelder, City Clerk