Consent to Assignment of Development Agreement By and Between the City of Dubuque, Iowa and Carmac Management, Inc. to Linseed Lofts, LLC Copyrighted
April 6, 2026
City of Dubuque ITEMS SET FOR PUBLIC HEARING # 4.
City Council
ITEM TITLE: Consent to Assignment of Development Agreement By and
Between the City of Dubuque, lowa and Carmac
Management, Inc. to Linseed Lofts, LLC
SUMMARY: City Manager recommending City Council adopt the
resolution setting a public hearing for April 20, 2026, for the
Consent to Assignment of a Development Agreement by and
between the City of Dubuque, lowa and Carmac
Management, Inc. to Linseed Lofts, LLC.
RESOLUTION Fixing The Date For A Public Hearing Of The
City Council Of The City Of Dubuque, lowa On The
Assignment Of A Development Agreement By And Between
The City Of Dubuque, lowa And Carmac Management, Inc.
To Linseed Lofts, LLC And Providing For The Publication Of
Notice Thereof
SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for
DISPOSITION: April 20, 2026
ATTACHMENTS:
1. MVM Memo Assignment of Development Agreement By and Between the City of
Dubuque, lowa and Carmac Management, Inc. to Linseed Lofts, LLC
2. Staff Memo
3. Carmac Management Memorandum to Council
4. Assignment of Development Agreement signed by Buyer and Seller
5. Carmac Assignment Resolution
6. Notice of Public Hearing Carmac
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Dubuque
THE CITY OF �
uhA�eMa cin
DuB E ; . � ,
I � � I.
Maste iece on the Mississi t 2oo�•zoiz•zois
�P Pp zoi�*zoi9
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Consent to Assignment of Development Agreement By and Between the
City of Dubuque, lowa and Carmac Management, Inc. to Linseed Lofts,
LLC
DATE: March 31, 2026
Senior Counsel Barry Lindahl is recommending City Council adopt the resolution setting
a public hearing for April 20, 2026, for the Consent to Assignment of a Development
Agreement by and between the City of Dubuque, lowa and Carmac Management, Inc.
to Linseed Lofts, LLC.
The property at 151 East 9th Street has transferred through several related entities over
the years to support the project's use of tax credits. Carmac Management, Inc., the
current Developer, has completed the project and the property is now fully operational,
though tax-increment financing payments and other obligations under the Development
Agreement remain. Carmac has reached an agreement to sell the property to Linseed
Lofts, LLC and, as part of that sale, will transfer all of its rights and responsibilities under
the Development Agreement to Linseed Lofts, LLC.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
�
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Barry Lindahl, Senior Counsel
Jill Connors, Economic Development Director
Page 1145 of 2358
Dubuque
THE CITY OF �
ul-A�eriea ciq
DuB E ;,,t : ,
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Masterpiece on the Mississippi �°'�Z°lz
2013•2017
BARRY A. LINDAHL, ESQ.
SENIOR COUNSEL
MEMO
To: City Manager Michael C. Van Milligen
DaTE: March 26, 2026
RE: Consent to Assignment of Development Agreement By and Between the City
of Dubuque, lowa and Carmac Management, Inc. to Linseed Lofts, LLC
Attached to this Memorandum is an Assignment of Development Agreement
executed by Carmac Management, Inc. (Carmac), and Linseed Lofts, LLC.
The City and Wilmac Property Company (Wilmac) entered into a Development
Agreement dated March 7, 2013, for the property at 151 East 9t" Street, which
Development Agreement was assigned by Wilmac to Betty Building, LLC (Betty) by an
Assignment dated October 6, 2014 and further assigned by Betty to Carmac
Management, Inc. by an Assignment dated November 2, 2021. All of these transfers were
between related entities and were necessary to facilitate the use of tax credits for the
project.
Carmac is now the Developer. Carmac has completed the project contemplated by the
Development Agreement and the property is fully operational. Tax increment financing
payments and continuing obligations of the Developer remain under the Development
Agreement.
Carmac has entered into an agreement to sell the property subject to the Development
Agreement to Linseed Lofts, LLC. As a part of that transaction Carmac has agreed to
assign its rights and obligations under the Development Agreement to Linseed Lofts, LLC
and that entity has agreed to accept all such rights and obligations.
The attached Assignment accomplishes this assignment, subject to the City's agreement
and consent. Carmac Management, Inc. has requested City Council approval and
consent to the Assignment of the Development Agreement and authorizing the Mayor to
execute the Assignment on behalf of the City of Dubuque.
I request that City Council adopt the attached Resolution setting a public hearing for April
20, 2026, on the Assignment.
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 33�, HARBOR VIEW PLACE, 3OO MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563)583-4113/Fax (563)583-1040/EMai� balesq@cityofdubuque.org
Page 1146 of 2358
CC:
Crenna Brumwell, City Attorney
Jill Connors, Economic Development Director
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 33�, HARBOR VIEW PLACE, 3OO MAIN STREET DUBUQUE, IA 52001-6944
TE�EPHONE (563)583-4113/F,vc (563)583-1040/EMai� tsteckle@cityofdubuque.org
Page 1147 of 2358
Drake Law Firm, P.c.
ATTORNEYS
D. Flint Drake* 300 Main Street,Suite323 Samuel M.DeGree
fdrake(a�drakelawpacom Dubuque,IA 52001 sdegree(a�drakelawpc.com
Both admitted in Iowa Telephone:(563)582-2000
Facsimile:(563)583-5225
March 24, 2026
MEMORANDUM
TO: Barry Lindahl, Senior Counsel
RE: Assignment of Development Agreement by and between Carmac
Management, Inc. and Linseed Lofts,LLC
FROM: Drake Law Firm, PC
Barry:
Attached to this Memorandum is an Assignment of Development Agreement
executed by Carmac Management, Inc, and Linseed Lofts, LLC.
The City and Wilmac Property Company (Wilmac) entered into a Development
Agreement dated March 7, 2013, for the property at 151 E. 9th St., Dubuque, lowa,
which Development Agreement was assigned by Wilmac to Betty Building, LLC (Betty)
by an Assignment dated October, 2014 and further assigned by Betty to Carmac
Management, Inc. by an Assignment dated October, 2021. All of these transfers were
between related entities and were necessary to facilitate the use of tax credits for the
project.
Carmac is now the Developer. Carmac has completed the project contemplated by the
Development Agreement and the property is fully operational. Tax increment financing
payments and continuing obligations of the Developer remain under the Development
Agreement.
Carmac has entered into an agreement to sell the property subject to the Development
Agreement to Linseed Lofts, LLC. As a part of that transaction Carmac has agreed to
assign its rights and obligations under the Development Agreement to Linseed Lofts,
LLC and that entity has agreed to accept all such rights and obligations.
Page 1148 of 2358
The attached Assignment accomplishes this assignment, subject to the City's
agreement and consent. On behalf of Carmac Management, Inc., we request that the
City Council approve and consent to the Assignment of the Development Agreement
and authorize the mayor to execute the Assignment on behalf of the City of Dubuque.
Please advise of any additional questions. Thank you.
Page 1149 of 2358
ASSIGNMENT OF DEV�LOPMENT AGREEMENT'
This Assignment of Developnlent Agreement�is entered into this��"day of March, 2026
by and between , Caimac Management�, Inc. ("Carmac"), Linseed Loft�s, LLC ("Buyer") and the
C�ity of Dubuqne, Iowa("City").
� RECITALS
A. Ciry and Wilmac Property Company("Wilmac") e�ntered into a Development
Agreement dated March 7, 2013 which agreement was assigned by Wilmac to Betty Building,
LLC ("Betty")by an Assignment dated Oct�ober, 2014 and further assigned by Betty to Carmac
by Assignment dated in October, 2021 (the"Development Agreeinent");
B. PursuanY to the terms of the Development Agreement Witnlac was to prov�ide certain
improvements to real estate owned by Wilmac, such property locally known as 151 East 9`'' St.,
Dubuque, Iowa and legally described as: City Lot 379 and the South 15 feet of City Lot 380 in
Dubuque, Iowa(the "Property"). Subject to the requirements and restrictions of that�
Development Agreement City agreed to take certain actions to a�id in the rehabilitation of the
Property.
C. In order to facilitate rehabilitation of the Property, and in particular to accommodate
the �ise of h�istoric tax credits, the �Property was deeded to Bet�ty at the t�ime of the initial
Assignment. The recapture period for the historic tax credit transaction passed, the ownership
structure was simplified a�nd the underlying Property was deeded to Carnlac. Carnlac has now
a�need to sell the underlying Property to Buyer and Carmac desires to assign all of its rights and
obligations under the Developinent� Agreement� to B�ryer and Buyer desires to accept such i-ights
and obligations;
D. The parties desire to set f'arth their agreeinent regarding such assib ment in writing.
Therefore, in consideration of the tnutual ternls and covenants herein, the parties agree as
follows:
AGREEMENT
1. Assi#;nment. Carmac does hereby assign, transfer and convey to Buyer each and every
right and obligation of Carmac in and under the Development Agreement, including the right to
receive tax increment tinancing payinents, effective Apri1 1, 2026.
2. Acceptance. Buyer does hereby accept all rights and obligations of Cannac under the
Development A�,�reement and a��rees to be bound by such agreetnent and to be responsible for
every obli�ation of Developer therellnder.
3. Consent. City does hereby consent to the assignment as set f'orth herein and releases
Page 1150 of 2358
Betry fiom any obligations that accrue ur7der the terms of the Development Agreement after the
date hereof.
4. Miscellaneous. This agreement is binding upon the parties hereto and their successors
and permitted assi�ns and shall be governed by and construed under the laws of the state of Iowa.
City of Dubuque, Iowa
By:
Brad Cavanagh, Mayor
Carmac Manag,�ment, Inc.
_ �
gy. �. ' � ;� --_ - _
Patrick 1VI�cNamara
Linseed Lofts, LLC, Buyer
By: , ' � 1�'"' l� .� !—
3e-S�cr� P� l�and.ec5
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Prepared by Barry A. Lindahl, Esq., 300 Main Street Suite 330, Dubuque, IA 52001, (563) 589-4113
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131h St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 110-26
FIXING THE DATE FOR A PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA ON THE CONSENT TO ASSIGNMENT OF A DEVELOPMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE, IOWA AND CARMAC
MANAGEMENT, INC. TO LINSEED LOFTS, LLC AND PROVIDING FOR THE PUBLICATION
OF NOTICE THEREOF
WHEREAS, the City of Dubuque and Wilmac Property Company (Wilmac) entered into a
Development Agreement dated March 7, 2013, for the property at 151 East 91h Street, which
Development Agreement was assigned by Wilmac to Betty Building, LLC (Betty) by an
Assignment dated October 6, 2014 and further assigned by Betty to Carmac Management, Inc.
(Carmac) by an Assignment dated November 2, 2021; and
WHEREAS, Carmac is now the Developer and has completed the project contemplated
by the Development Agreement and the property is fully operational; and
WHEREAS, Carmac has entered into an agreement to sell the property subject to the
Development Agreement to Linseed Lofts, LLC; and
WHEREAS, as a part of that transaction Carmac has agreed to assign its rights and
obligations under the Development Agreement to Linseed Lofts, LLC and that entity has agreed
to accept all such rights and obligations; and
WHEREAS, Carmac has requested that the City Council approve and consent to the
Assignment of the Development Agreement; and
WHEREAS, the City Council finds that consent to the Assignment 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 City Clerk is hereby authorized and directed to cause a notice to be
published as prescribed by Iowa Code Section 403.9 of a public hearing on the City's intent to
approve the attached Assignment of Development Agreement by and between City of Dubuque
and Carmac Management, Inc. to be held on the 20th day of April 2026 at 6:30 p.m. for the
purpose of receiving public input and comment regarding the proposed Assignment of
Development Agreement.
Section 2. The City Council will meet at said time and place for the purpose of taking
action on the matter of approving the consent to the Assignment of Development Agreement.
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 6th day of April, 2026.
Attest:
-'n-e ��'SJL—
Adrienne N. Breitfelder, City�Clerk
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the Dubuque City Council will conduct a public
hearing on the 20t" day of April, 2026 at 6:30 p.m., in the Historic Federal Building, 350
W. 6th Street, 2�d floor, Dubuque, lowa, at which meeting the City Council proposes to
approve the consent to Assignment of Development Agreement by and between City of
Dubuque and Carmac Management, Inc. to Linseed Lofts, LLC.
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
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 lowa by dialing 711 or (800)
735-2942.
Published by order of the City Council given on the _ day of , 2026.
Adrienne N. Breitfelder, CMC, City Clerk
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