Development Agreement - Iron Creek Group, LLC for the Redevelopment of 1222-1240 Locust Street Copyrighted
April 20, 2026
City of Dubuque PUBLIC HEARINGS # 5.
City Council
ITEM TITLE: Development Agreement - Iron Creek Group, LLC for the
Redevelopment of 1222-1240 Locust Street
SUMMARY: Proof of Publication on notice of public hearing to consider a
proposed Development Agreement by and between the City
of Dubuque, lowa and Iron Creek Group, LLC providing for
the issuance of Urban Renewal Tax Increment Revenue
Grant Obligations and City Manager recommending approval.
RESOLUTION Approving a Development Agreement by and
between the City of Dubuque, lowa and Iron Creek Group,
LLC for the Redevelopment of the Property At 1222-1240
Locust Street, Including the Issuance of Urban Tax Increment
Revenue Obligations
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Resolution Approving DA Iron Creek Group, LLC Providing for the
Issuance of Urban Renewal Tax Increment Revenue Grant Obligations DA
2. Staff Memo
3. Development Agreement
4. Resolution
Page 506 of 901
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: Resolution Approving a Development Agreement by and between the City
of Dubuque, lowa and Iron Creek Group, LLC Providing for the Issuance
of Urban Renewal Tax Increment Revenue Grant Obligations Pursuant to
the Development Agreement
DATE: April 15, 2026
Assistant Economic Development Director lan Hatch is recommending City Council
adopt the attached Resolution approving a proposed Development Agreement by and
between the City of Dubuque, lowa and Iron Creek Group, LLC providing for the
issuance of Urban Renewal Tax Increment Revenue Grant Obligations.
Iron Creek Group, LLC submitted an application for housing creation and the
rehabilitation of the fa�ade of 1222-1240 Locust Street. The applicant is proposing a
$600,000 project that will create eight new residential rental units and restore the
building fa�ade.
The key elements of the Development Agreement include the following:
1. Developer will make a capital investment of approximately $600,000 to
rehabilitate the property.
2. Developer must create 8 residential rental units.
3. Developer will receive 15 years of tax increment financing incentives in the
form of semi-annual rebates. Tax increment financing incentives are
estimated to not exceed $78,777.
4. City to award a Downtown Housing Incentive Grant in an amount of
$80,000 ($10,000 x 8 units)
5. City to award a Downtown Rehabilitation Grant not to exceed $35,000.
6. City of Dubuque will amend the Greater powntown Urban Renewal District
Plan to accommodate the issuance of tax increment financing incentives.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
Page 507 of 901
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
lan Hatch, Assistant Economic Development Director
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Page 508 of 901
Dubuque Economic Development
THE CITY OF � oepartment
50 West 13th Street
All•AmeriaCity Dubuque,lowa 52001-4864
U� � �'M'v°�"" "'` Office(563)589-4393
, I I�I TTY(563)690-6678
http://www.cityofdu buq ue.org
2007•2012�2013
Masterpiece on the Mississippi 2oi�*Zoi9
TO: Michael C. Van Milligen, City Manager
FROM: lan C. Hatch, Assistant Economic Development Director
SUBJECT: Resolution Approving a Development Agreement by and between the City
of Dubuque, lowa and Iron Creek Group, LLC Providing for the Issuance
of Urban Renewal Tax Increment Revenue Grant Obligations Pursuant to
the Development Agreement
DATE: April 14, 2026
INTRODUCTION
This memorandum is a request for the City Council to adopt the attached Resolution
approving a proposed Development Agreement by and between the City of Dubuque,
lowa and Iron Creek Group, LLC providing for the issuance of Urban Renewal Tax
Increment Revenue Grant Obligations.
BACKGROUND
The property at 1222-1240 Locust Street is largely vacant and underutilized. The
existing units are dilapidated and poorly organized throughout the space. Iron Creek
Group, LLC, operated by Flint Drake, intends to completely rehabilitate the structure by
taking the existing units down to the studs and creating four new two-bedroom units and
four new one-bedroom units. Plans also include new HVAC, electrical, flooring, and
lighting and restoration of the building fa�ade utilizing historic tax credits.
DISCUSSION
Iron Creek Group, LLC submitted an application for housing creation and the
rehabilitation of the fa�ade of 1222-1240 Locust Street. The applicant is proposing a
$600,000 project that will create eight new residential rental units and restore the
building fa�ade.
The key elements of the Development Agreement include the following:
Page 509 of 901
1. Developer will make a capital investment of approximately $600,000 to
rehabilitate the property.
2. Developer must create 8 residential rental units.
3. Developer will receive 15 years of tax increment financing incentives in the
form of semi-annual rebates. Tax increment financing incentives are
estimated to not exceed $78,777.
4. City to award a Downtown Housing Incentive Grant in an amount of
$80,000 ($10,000 x 8 units)
5. City to award a Downtown Rehabilitation Grant not to exceed $35,000.
6. City of Dubuque will amend the Greater powntown Urban Renewal District
Plan to accommodate the issuance of tax increment financing incentives.
The Development Agreement requires Developer to accept applications from
prospective tenants with housing choice vouchers (issued under the U.S. HUD's
Section 8 voucher program or a similar program) that are otherwise qualified
prospective tenants.
RECOMMENDATION/ACTION STEP
I recommend the City Council adopt the attached Resolution approving the
Development Agreement including the issuance of Urban Renewal Tax Increment
Revenue Grant Obligations.
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Page 510 of 901
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
IRON CREEK GROUP, LLC
This Development Agreement (Agreement) dated for reference purposes the
`�c day of /� ,.,,.�� , 2Q26 is made and entered inta by and between the
Cifiy of Dubuque, lowa (City}, and Iran Creek Group, LLC (Developer).
WHEREAS, Developer is the owner of the reai estate locally known as 1222-1240
Locust Street, Dubuque, lowa and [egally described as follows (the Property):
The Southerly 32 feet of the Nar�herly 64 feet of Lot 477A, and The Norther[y 32
feet o# Lot 477A in the City of Dubuque, lowa, according to the United States
Commissioners' Map thereof
; and
WHEREAS,the Praper�y is located in the Greater powntown Urban Renewal District '�
(the District)which has been so designated by City Council Resolution 123-67, on May 18,
1967 as a slum and blighted area (the Project Area) defined by lowa Code Chapfier 403
(the Urban Renewai Law); and
WHEREAS, Developer will underfiake the redevelopment of a building (the Building)
[ocated on the Property (the Project) a�d will be operating the same during the term of this
Agreemenf; and
WHEREAS, it is [n the City's best interest to preserve the Building; and
WHEREAS, pursuant to [owa Code Section 403.6('[}, and in conformance wi#h the
Urban Renewal Plan for the Project Area adopted on May 18, 1967, and last amended on
February '{6, 2026, City has the authority to enter into contracts and agreements to
implement the Urban Renewal Plan, as amended; and
WHEREAS, the Dubuque City Cauncil believes it is in the best interests of the City
to encourage Developer in the devela}�ment of the Property�y providing certain incentives
as set forth herein.
NOW,THEREFORE,the parties ta this DevelopmentAgreement, in consideration af
the pramises, covenants anci agreements made by each other, do hereby agree as follows:
Page 511 of 901
SECTION 1. REPRESENTATIONS AND WARRANTIES
1.1 Reqresentations and Warranties of Citv. In order to induce Developer to enter into
this Agreement, City hereby represents and warrants to Developer#hat to fhe best of City's
knowledge:
(1) City has dufy obtained af�necessary approvals and consents for its execution,
delivery and perFormance af this Agreement and that it has full power and authority
#o execute, deliver and perform its oblEgations under this Agreement. City's attorney
shall issue a legal opinion to Developer at the tims of closing confiirming fihe
representations contained herein, in the form attached hereto as Exhibit A.
(2) City shall exercise its best effarts to cooperate with Developer in the
development process.
(3} City shall exercise its best efforts to resofve any disputes arising during fhe
development pracess in a reasonable and prompt fashion.
(4} The execu#ion and cfelivery of this Agreemenfi, the consummation of the
transactions contemplated hereby, and the fulfillment of or compliance with the
terms and conditians of this Agreemenf are not prevented by, limited by, in conflict
with, or result in a violation ar breach of, the terms, conditions or provisions of the
charter of City, any e�idence of indebtedness,agreement or instrumenfi of whatever
nature to which City is now a party or by which it or its property is bound, or
constifiute a default under any of the foregoing.
{5) There are no actions, suits or proceedings pending or threatened against or
affecting City in any cour�or before any arbitrator or before ar by any governmental
body in which there is a reasanable possibility of an adverse decision which could
materially adversely af�ect fhe financial position or operations of City, or which
affects the validity of the Agreemenf or City's ability to perform i#s obligations under
this Agreement.
(6) Na ordinance ar hearing is now befare any local governmental body that
either contemplates or authorizes any public improvemen#s or special tax levies, the
cost of which may �e assessed against the Property. To the best of City's
knowledge, there are no plans or efforts by any government agency to widen,
modify, or re-align any street or highway providing access to the Property and there
are no pending or intended public improvements or special assessments affecting
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Page 512 of 901
the Property which will result in any charge or lien be levied ar assessed against the
Property.
(7} The representations and warranties contained in this section shaCl be correct
in all respects on and as of the Closing Date with the same force and effect as if
such representations and warranties had been made on and as of the Closing Date.
(8) As of the date of this Agreement there has been prepared and approved by
City an Urban Renewal Plan for the Project Area consisting of the Urban Renewal
Plan for the Greater powntown Urban Renewal Plan, most recently approved by
City Councii of City on April 21, 2025, and as subsequently amended through and
including the date hereof, attached as Exhibit E (the Urban Renewal Plan). A copy
of the Urban Renewal Plan, as constituted on the date of this Agreement and in the
#orm attached herefio, has been recorded among the land records in the office of the
Recorder of Dubuque Caunty, lowa.
1.2 Representations and Warranties of Developer. The Developer makes the follow9ng
representations and warranties:
{'I) Developer is a limited liability corporation duly organized and validly existing
under the laws af the State of lowa and has all requisite power and authority to own
and operate its prope�ties, to carry on its business as now conducted and as
presently proposed fio be conducted, and to enter into and perform its obligations
under fihis Agreement.
(2) This Agreemen� has been duly authorized, executed and de{ivered by
Developer and, assuming due authorizatian, execution and delivery by Cifiy, is in full
force and effect and is a valid and legally binding instrument of Develaper
enforceable in accordance with its terms, except as the same may be limited by
bankruptcy, insolvency, reorganization or other laws relating to or affecting creditors'
rights generally. Developer's counsel shall issue a legal opinion to City, at fhe time
of closing, confirming the representatians contained herein, in the form attached
hereto as Exhibit B.
(3) The execu#ion and delivery of this Agreement, the cansummation vf the
firansactions contemplated hereby, and the fuifillment of or compliance with the
fierms and conditions of this Agreement are not prevented by, limited by, in conflict
with, or result in a vio[atian or breach of, the terms, conditions or provisions of the
articles of incarpvration or the bylaws of Developer or any contractuaf restriction,
evidence of indebtedness, agreement ar instrument of whate�er nature fo which
Developer is naw a party or by which it or its property is bound, or constitute a
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Page 513 of 901
�efault under any of fihe foregoing.
{4) There are no actions, suits or proceedings pending or t�reafiened against or
affecting Devefoper in any court ar before any arbitrator or befiore or by any
governmental body in which fhere is a reasonable possibility of an adverse decision
which could materially adversely affect the business, financial position or result of
operations of Develo�er or which affects the validity of the Agreement or
Developer's ability to perform its obligations under fhis Agreement.
(5} Developer will perform its obligations under this Agreement in accordance
with the material terms of tl�is Agreement, fhe Urban Renewal Plan and all local,
state and federal faws and regulafiions.
(6) Developer will use its best effor�s to obtain, or cause to be obtained, in a
timely manner, all material requiremenfis of all applicable local, state, and federal
laws and regulations which must be obtained or met.
(7) Developer has firm commitments for permanent financing for the Project in an
amount sufficient, together with equity commitments, to successfully complete fihe
requiremsnts of this Agreement and shall provide evidence t�ereof to City prior to
the Public Hearing.
1.3 Glosinq. The closing shall take place on the Closing Date which shall be the 5th day
of May, 2�26, or other such date as the parties shall agree in writing but in no event shall
the Closing date be later than fhe 28th day of May 2026. Consummation of the closing shall
be deemed an agreement of the parties to this Agreement that the conditions of closing
shall �ave been satisfied or waived.
1.4 Conditions to Closin . The cEosing of the transac#ion contemplated by fihis
Agreement and all the obligations of Developer under this Agreemenf are subject to
'fulfillment, on or before the Closing Date, of the following conditions:
(1) The representations and warranties made by City in Section 1.1 shall be
correct as of the Closing Date with the same force and effect as if such
representations were made at such time. At the closing, City shall deliver a
certificate to that effect in the form of Exhibit C.
(2) Developer shall have fhe right to terminate this Agreement at any time prior to
the consummatian of the clasing on the Closing Date if Developer determines in its
sole discretion that conditians necessary forthe successful completion of the Project
contemplated herein have not been satisfied in Developer's soEe discretion. Upon
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Page 514 of 901
the giving notice of termination by Developer to City, this Agreement shalE be
deemed null and void.
{3) Developer and City shall be in material compliance with all the terms and
provisions of this Agreement.
{4) Developer shall have furnished City with evidence, prior fio the Public
Hearing, in a farm satisfactory to City (such as a letter of cammitment from a bank or
other fending institution), that Developer has firm financial commitments in an
amount sufficient, together with equi#y cammitments, to complete the Minimum
Improvements (as defined herein) in conformance with the Construction Plans (as
defined herein), or City shall have received such otf�er evidence of Developer's
financial ability as City in its reasonabfe juc#gment City requires.
(5) Developer's counsel shall issue a legal opinion fo City confirming the
representatians contained herein in the form attached hereto as Exhibit B.
1.5 Citv's Obliqations at Clasinq. At or prior ta the Closing Date, City shall deliver to
Developer such other documents as may be required by this Agreemen#, all in a form
satisfactory to Developer.
SECTION 2. DEVELOPIVIENT ACTIVIT[ES
2.1 Required Minimum Improvements. Develaper will make a capital investment of
approximately Six Hundred Thousand Dollars ($6�0,000) to improve the Building (the
Minimum Improvements). The Minimum ]mprovemenfis include creating eight (8} new
residentiaf units and rehabilitating the farade including doors and windows.
2.2 Plans for Construction of Minimum lmprovements. Plans and specifica#ions with
respect to the development of the Property and fihe construction of the Minimum
Improvements therean (the Construction Plans)shall be in conformity with Urban Renewal
Plan, this Agreemen#, and all applicable state and local laws and regulations, including but
not limitec4 to any covenants, conditions, restrictions, reservations, easements, liens and
charges, recorded in the records of Dubuque County, lowa. Develo�er shall submit to City,
for approval by City, plans, drawings, specifications, and related documents with respect to
the improvements to be constructed by Develaper on the Property. AI[work with respect to
th� Minimum Improvements shall be in subsfiantial conformity with the Construction Plans
approved by City.
2.3 Timin�of lmpravements. Developer hereby agrees that construction of fihe Minimum
Improvements on the Praperty shall begin by June 1, 2026, and shall be substantially
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Page 515 of 901
completed by June 1, 2027. The time for the perFormance of these obligatior�s shall be
suspende� due to unavoidabie delays meaning delays, outside the control of the party
claiming its occurrence in good faith, which are the direct resuft of str�kes, other labor
troubles, unusual shortages of mafierials or labor, unusually severe or prolonged bad
weather, acts af God, fire or other casualty to the Minimum Improvemenfis, litigation
commenced by third parties which, by injunction ar other simifar judicial action or by the
exercise of reasonable discretion directly resul#s in delays, or acts of any federal, state or
local government which directly result in extraordinary delays. The time for performance af
such obligations shall be extended anly for the period of such delay.
2.4 Cer�ificate of Completion. Promptly follawing the request of Developer upon
completion of the Minimum Improvements, City shali furnish Developerwith an appropriate
instrument so certifying. Such certification (the Certificate of Completion) shall be in the
form attached as Exhibifi G and sha�l be a conclusive determination of the satisfaction of
Developer's obligations fio make the Minimum lmprovements under this Agreement and
completion of the Minimum Impro�ements by Developer as required by this Agreement.
2.5 Securitv Cameras. Developer shall install security cameras on fihe exterior of all
buildings on the Property and register said cameras with the "Secure Dubuque Persana[ j
Surveillance System" described at https:llcitvafdubuque.orq/2980/Secure�Dubuque. �
SECTION 3. CITY PARTICIPATION
3.1 Economic Development Grants to Developer. For and i� consideration of
Developer's obligations hereunder, and in furtherance of the goals and objectives of the
urban renewal plan for the Praject Area and the Urban Renewal Law, City agrees, subject
to Developer being and remaining in campliance with the terms of this Agreement,to make
thirty (30) consecutive semi-annua[ payments (such payments being referred to collsctively
as the Economic Development Grants) to Developer:
November 1, 2029 May 1, 2430
November 1, 2030 May 1, 2431
November 1, 2fl31 May 1, 2032
November 1, 2032 May 1, 2033
November 1, 2033 May 1, 2034
November 1, 2034 May 1, 2035
November 1, 2035 May 1, 2036
November 1, 2036 May 1, 2037
November 1, 2037 May 1, 2038
November 1, 2038 May 1, 2039
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November 1, 2039 May 1, 2040
November 1, 2040 May 1, 2Q41
November 1, 2041 May 1, 2042
November 1, 2042 May 1, 2043
November 1, 2043 May 1, 2044
pursuant to lowa Code Section 403.9 af the Urban Renewal Law, in amounts equal to a
portiort of the tax increment revenues collected by City under lowa Code Section 403.19
(wit�out regard to any averaging that may otherwise be utiiized under lowa Code Section
403.�9 and excluding any interest that may accrue thereon prior to payment to Developer)
during the preceding six-month period in respect of the Minimum Improvements
constructad by Develaper{the Develo�er Tax Increments). For purposes of calculating the
amount of the Economic Development Grants provided in tY�is Section, the Developer Tax
Increments shall be only those tax increment revenues collected by City in respect of the
�ncrease in the taxable value of the Property above the assessed value on January 1,2026
of Two Hundred Seven Tnousand One Hundred Dollars ($2Q7,'[00) �the Baseline
Valuation}. The Devsloper Tax [ncrements shall nafi include (i)any property taxes collected
for the payment of bonds and interest of each taxing district, (ii) any taxes for the regular
and voter-approved physical plan#and equipment levy, (iii}the remaining actual amount of
tax ir�crement revenues collected by City in respecf of the valuations of the Property prior to
January 1, 2026 and (iv} any other portion required to be excluded �y iowa law, and thus
such incremental taxes will not include all amounts paid by Developer as regular property
taxes.
3.2 To fund the Econornic Development Grants, City shall certify to the County prior to
December 1, 2a27 its request for the available Developer Tax Increments resulting from the
assessments imposed by the County as of January 1 of that year and each year thereafter
until and �ncluding January 1, 2045, to be collected by City as taxes are paid during the
following fiscal year and which s�all thereafter be disbursed to the Developer on November
1 and May '1 of that fiscal year, (Example; if City certifies in December, 2027, the Economic
Develapment Grants in respect thereaf would be paic{ to the Developer on November 1,
2029, and May '!, 203fl.)
3.3 The Economic Development Grants shaEl be payable from and secured solely and
only by the Developer Tax Increments paid to City that, upon receipt, shall be deposited
and held in a special account created far such purpose and designated as the lron Creek
TIF Account of City. City hereby covenants and agrees to maintain its TIF ordinance in
force during the term hereof and to apply the incremental taxes collected in respect of the
Minimum Improvements and allacated to the Iron Creek TIF Account to pay the Econamic
Develapment Grants, as and to the extent set farth in Section 3.1 hereof. The Economic
Development Grants shal! not be payable in any manner by other fax increments revenues,
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Page 517 of 901
or by general taxation ar fram any other City funds. City makes no representation with
respect to the amounts that may be paid to Developer as tY�e Economic Development
Grants in any one year and under no circumstances shall City in any manner be liable to
Deve[oper sa long as City timely applies the Developer Tax Increments actually collected
and hel� in the lron Creek TI F Account(regardless af the amounts thereof)to the payment
of the Economic Development Grants to Developer as and to the extent described in this
Section.
3.4 City shall be free to use any and all tax increment revenues callected in respect of
other properties within the Project Area and the remaining actual amount of the property
taxes paid by Developer to City, or any available Developer Tax lncrements resulting from
the termination of fihe annual Economic Development Grants under Section 3.� hereof, for
any purpose for which such tax increment revenues may law�u�ly be used pursuant to the
provisions of the Urban Renewaf Law, and City shall have no obligafiions fo Developerwith
res�ect to the use thereof.
3,5 Downtown Housing Incentive.
(1) City agrees to provide to Developer on the terms and conditions set forth in
the Downtown Housing Incentive Program attached hereto as Exhibit F, a grant in
an amount not to exceed Eighfiy Thousand Dollars �$80,000.00) (the Grant).
(2) Grant funds wi[I nof be disbursed to Developer ur�til City has issued a
Certificate of Completion for the Project. The Grant shall be paid in Ten Thousand
Doflar �$10,000.00) paymenfs for each apartment that receives a Certificate of
Completion up to a maximum of eight apartments. Prior fo the disbursement of any
funds, Developer shall provide evidence satisfactory fo City fhat the Minimum
Improvements have been completed in accordance with the Plans and other
documentation submitted to Citywith the Downtown Housing Assis#ance application.
3.6. Downtown Rehabilitation Grant. City agrees to provide a matchir�g {1:1)grant not fio !
exceed Thirty-Five Thausand Dollars �$35,QD0} to reimburse Developer for documents
costs related to the following e[igible activities:
(1) Planning & Design predevelapment costs, architectural and engineering fees and
other authorized saft costs associa#ed with the rehabilitation of the Development
Property on the terms and conditions set farth by the State Historic Preservation
Office, as set#orth in Exhibit 1.
(2) Fa�ade documented costs that improve the overal! appearance of the
Development Property, provided the Project meets the criteria of the Farade Grant
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Page 518 of 901
Program and on the terms and canditions setfor�h bythe State Historic Preservation
�ffice, as set forth in Exhibit I,
{3} Financial Cansultant documented costs related to hiring a financial consultant to
evaluate the Project's feasibility on the terms and conditions set forth in Exhibit I.
3.7. Payment of the Grant. The Grant shall be payabfe as follows:
(1} Any and all por�ions af the Grant shall be funded salely and only from
available Pragram funds;
(2) Prior to the release of any grant funds, �i} Grant Recipienfi shail have
submitted dacumentation of its eligible expenses under the corresponding grant
program, and (ii} City shall have issued a Certificate of Com��etion; and
(3} The Grant funds shall be disbursed directly to Grant Recipient.
SECTION 4. NON-APPROPR[ATION ! LIMITED SOURCE QF FUNDING.
4.1 Non-Appropriation.
(1) Notwithstanding anything in this Agreement to the contrary, the obligation of
City to pay any installment ofithe Economic Devefopmen#Granfis from the pledged
tax increment revenues shall be an obligation limited to currenfily budgeted funds,
and not a general obligation or other indebtedness of City ar a pledge of its full faith
and credit within the meaning of any canstitutional or statutory debt limitation, and
shall be subject in all respects ta the right of non-appropriation by the City Council
of Ci#y as provided in this Section. City may exercise its right of non-appropriation
as to the amount of the installmenfs to be paid during any fiscaf year during the
term of this Agreement without causing a termination of this Agreement. The right
of non-appropriation shall be exercised only by resolution affirmatively declaring
City's election to non-appropriate funds otherwise required to be paid in the next
fiscal year under this Agreemenf.
(2) In the event the City Cauncil af City elects to not appropriafie sufficient funds in
�he budget for any future fiscal year for the payment in full of the installments on the
Economic Development Grants d�e and payabie in that future fiscal year,then City
shall have na further obligatian to Emplayer or Deve[opers for the payment of any
installments due in that fufure fiscal year which cannot be paid with the funds then
appropriated for that purpose,
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Page 519 of 901
(3) Developer acknowledges and agrees that the State of lowa retains the
authority to amend, modify, or repeal laws governing property tax, tax increment
financing (TIF}, and any related reba#e mechanisms. City makes no representations
or warranties regarding the continuation of current state law or the availability of
rebates in their preser�t form. In the event that any legislative or regulatory action by
the State of lowa alters or limifs #he availability, calculation, distribution, or
administration af rebates, City shall have no obligation to compensate Developer for
any resulting reduction, loss, or elimination of rebates. Deve[oper assumes alf risk
associated with potential changes to appficable sfiafie law.
4.2 The right of non-apprapria#ion reserved to Cifiy in tt�is Section is intended by the
parties, and shall be consfirued at all times, so as to ensure thafi City's obligatian to pay
future installments on fihe Economic Development Grants shall not constitute a legal
�ndebte�ness of City within the meaning of any appficable constifutional or statutory debt
limitation prior to the adoption of a budget which appropriates funds for the payment of
thafi installment or amount. Ir� fhe event that any af fhe provisians of this Agreement are
determined by a court of campetent jurisdiction to create, or result in the creation of, such
a legal indebtedness af City, #he enfarcement of the said provision shall be suspended,
and the Agreement shall at alf times be construed and applied in such a manner as wiEl
pres�rve the foregoing intent af the parties, and no event of default shafl be deemed to
have occurred as a result thereof. ]f any provision of this Agreement or the appfication
thereof to any circumstance is so suspended, the suspension shall not affect other
pro�isions of this Agreement which can be given effect without the suspended provision,
and ta this end the provisions of fihis Agreement are severable.
SECTION 5. COVENANTS OF DEVELOPER
5.1 The Minimum Impravements shall canfarm to the U.S. Secretary of the Interior's
Standards for Rehabilitatian. .
5,2. Qperation of Propertv.
(9) Housina Vouchers. For and in consideration of the Grant offered under this
Agreement, during the aperation of the Develapment Property as a rental residential
property, as a[lawable by �he Department of Housing and Urban Development,
Developer shall accept, or ca�se to be accepted, applications from prospecfiive
tenants with housing vouchers issued under the U.S. HUD's Section 8 voucher
pragram or a similar program who are otherwise qualified prospective tenants.
Developer sha[I not deny any tenant a lease based on a pub[ic assistance source of
income. A public assistance saurce af income means income and support derived
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Page 520 of 901
from any tax supported federal, state or local funds, including, but not limited ta,
sacial security, supplemental security income, temporary assistance for needy
families, family investment program, general relief,food stamps, and unemploymenfi
compensation, housing choice voucher subsidies and similar rent subsidy programs.
This Section 5.2 shal[ survive the termination of this Agreement. If Developer flr
Developer's successors or assigns violates fihe requirements of this Section 5.2 as
determined by the City Manager in the City Manager`s sole discretion after the
termination of this Agresment, Developer or Developer's successors or assigns shall
not be eligible for any City financial assistance programs.
{2) Short-Term Rental. For and in consideration of the Grant offered under this
Agreement, during the operation of the Development Property as residential rental
property and during the term af this Agreement, no residential rental unit shall be
leased to any tenant for an initial term of fewer than thirty (30) days, and no portian
of the Development Proper�y may be used far short-term rental purposes. Developer
agrees to include similar prohibitians regarding shor�-terms rentals in each [ease
agreement for each residential renfial unit of the Development Property during the
term of this Agreement. Developer further agress to incEude such prohibitions in
each and every Iease agreement for any residential rental uni#of fhe Development �
Property for so Iflng as any single residential rental unit of the Development Proper�y
remains subject to the terms and conditions of this Agreement.
5.3 Books and Records. During the term of#his Agreement, Developer shall keep af a11
times and make available to City upon reasonable request praper books of record and
accoeant in which full, true and correct entries will be made of all dealings and #ransactions
of or in relation to the business and affairs of Developer in accordance with general[y
accepted accounting principles cansisfiently applied throughout the periad involved, and
Developer shall provide reasvnable protection against loss or damage to such books of
record and account.
5.4 Real Propertv Taxes, Deve[oper shall pay or cause to be paid, when due, all real
praperty taxes and assessments payable with respect to all and any parts of the Property
unless Developer's obligations have been assumed by another person pursuant to the
provisions of this Agreement.
�.5 No O#her Exemptions. D�ring the term of this Agreement, Developer agrees not to
apply for any state or local property tax exemptions which are avai[able with respect to the
Property or the Minimum Improvemenfis lacated thereon that may now be, or hereafter
become, available under sfiate law ar city ordinance during the term af this Agreement,
including fhose that arise under [owa Cade Chapters 404 and 427, as amended.
'11
Page 521 of 901
5.6 fnsurance Requirements.
(1) Upon compEetion of constructian of the Minimum Improvements and up to the
Termination Date, Developsr shall maintain, or cause to be maintained, at its cost
and expense property insurance against lass and/or damage to the Building
(including the Minimum Improvements} under an insurance policy written with the
"specia! perils" farm and in an amaunt not less than the full insurable replacement
cost of the Building (including the Minimum lmprovements), listing City as lender
loss payable. Developer shall furnish to City proof of insurance in the form of a
certificate of insurance
(2) The term "replacement cost" shall mean the actuaE replacement cost of ths
building with Minimum lmpro�ements (excluding foundation and excavation costs
and costs of underground fiues, pipes, drains and other uninsurable items) and
equipment, and shall be reasonably determined from time fio time at the request of
City, but not more frequently than once every three (3) years.
(3} Developer shall notify City immediately in the case of damage exceeding Fifty
Thousand Dollars ($50,000) in amount to, or destruct�on of, the Minimum
Improvements ar any portion thereof resulting fram fire or other casualty. Net
proceeds of any such insurance (Net Proceeds}, shail be paid direcfily to Developer
as ifis interests may appear, and Developer shall for�hwith repair, reconstruct and
restore the Minimum �mprovements to substantially the same or an impraved
condition or value as they existed prior ta the event causing such damage and, to
tY�e extent necessary to accomplish such repair, reconstrucfiion and restoration,
Developer shall apply the Net Proceeds af any insurance relating to such damage
received by Develaper to the payment ar reimbursement ofi the costs thereof,
subject, however, ta the terms of any mortgage encumbering title to the Property(as
its interests may appear}. Developer shall complete the repair, reconstruction and
restoration of Minimum lmprovernents wl�ether or notthe Net Proceeds of insurance
received by Develflper for such purposes are sufficient.
5.7 Preservation of Propertv. During the term of t�is Agreemenfi, Developer shall
maintain, preserve and keep, ar cause athers to maintain, preserve and keep,fhe Minimum
Improvemen#s in good repair and working order, ar�inary wear and tear accepted, and from
time to time shall make al1 necessary repairs, replacements, renewals and additions.
�.8 Non-Discrimination. I� carrying out the project, Developers shal[ not discriminate
againsf any employee or applicant for emplayment because of age, color, familial status,
gender identity, maritaf status, mentallphysical disability, nationaf origin, race,
religian/cr�ed, sex, or sexual orientation.
'i 2
Page 522 of 901
5.9 Conf[ict of Interest. D�veloper agrees that no member, officer or employee of City,
or ifs designees or agents, nor any cansuitant or member of the governing body of City,
and no other public official of City who exercises or has exercised any func#ions or
responsibilities with respect to the projecf during his or her fienure, or who is in a posifion to
participate in a decision-making process or gain insider information with regard to #he
project, shall have any interest, direct or indirect, in any co�tract or subcontrac#, or the
proceeds thereof,for work to be performed in connection wi#h the projecfi, or in any ac#ivity,
or benefit therefrom, which is part of fhis project at any time during or after such person's
tenure. In connection with this obligation, Developer shall have fhe right fio rely upon the
representations of any party with whom it does business and shall not be obligated to
perform any fur�her examination into such party's background.
5.10 Non-Transferabilitv. Unti�suc�time as the Minimum Improvements are complete (as
certified by City under Section 2.4), this Agreement may not be assigned by Developer nor
may the Property be transferred by �eveloper to another party. Thereafter, with the priar
written consent of City, whic� shall not be unreasonably withheld, Developer shall have the
right to assign this Agreement, and upan assumption of th� Agreement by the assignee,
Developer shall no longer be responsible �or its obligations und�r this Agreement.
5.11 No chanqe in Tax Classifica�ion. Developer agrees that it will not take any action to
change, or o#heruvise a[law, the classification of the Property for property tax purposes to
become other than commercial property and to be taxed as such under lowa law. This
restriction shal[terminate upon the termination af this Agreement. However, Developer may
ap�ly for a reclassification of the Property in the event lowa law is modified to allow a
building containing four apartments within one building to be classified as residential for
property tax purposes,
5.12 Restrictions on Use. Developer agrees for itself, and its successors and assigns,
and every successor in interest to the Property or any part thereof, far the duration of this
Agreement, that they, and their respecfiive successars and assigns, shall:
(1) Devote the Praperty to, and only to and in accordance with, the uses
specified in the Urban Renewal Plan (and City represents and agrees that use af the
Property as a restaurant and upper-stary housing, is in full campliance with the
Urban Renewal Plan} (however, Developer shall not have any liability to City to the
extent that a successor in interest shall breach this covenant and City shall seek
enforcement of this covenant di�ectly against the party in breach of same); and
(2} Not discriminate upon the basis of race, religion, color, sex, sexual
orientation, gender iden�ity, national origin, age or disability in the sale, lease, rental,
13
Page 523 of 901
use or occupancy of the Property or any improvements erected or to be erected
thereon, or any part tt�ereof{however, Develaper shall not have any Eiability to City
to the extent that a successor in ir�terest shall breach this covenant and City sha{I
seek enforcement of this covenant directly against the party in breach of same).
5.13 Compliance with Laws. Developer shall campfy with aE1 laws, rules and regulations
relating to its businesses, ather than laws, rules and regulations the failure to comply with
or the sanctions and penalties resulting therefrom,would not have a material adverse effect
on the business, property, operations, finartcial or otheruvise, of Developer.
SECTION 6. EVENTS OF DEFAULT AND REMEDIES
6.1 Events of De#ault Defined. The foilowing shall be Events of Default under this
Agreement and the term Event of Default shall mean, whenever it is used in this
Agreement, any one or mare of the following events:
(1) Failure by Developer to pay or cause to be paid, before delinquency, all real
property taxes assessed with respect to the Minimum Improvements and the
Pro pe rty.
{2) Failure by Developer ta cause the construction of the Minimum Improvements
to be commenced and completed pursuant to the terms, conditions and limitations of
this Agreement.
(3) Transfer of any interest by Developer of the Minimum Improvements in
vioiation of the provisians of this Agreement prior to the issuance of the final
Certifiicate of Complstian.
(4) Failure by Developer or City to substantially observe or �erForm any other
material covenant, condition, ablfgation or agreement on its part to be observsd or
performed under this Agreement.
6.2. Remedies on Default bv Developer. Whenever any Event of Defaulfi referred to in
Section 5.1 ofthis Agreement occurs and is continuing, City, as specifie� below, may take
any one or more of the follawing act�ons after the giving of written notice by City to
Developer (and the holder of any mortgage encumbering any interest in the Property of
which City has been notifieci of in writing} of the Event af Qefault, but only if the Event of
Default has not been cured within sixty (6Q) days following such nofice, or if the Event of
Default cannot be cured within sixty(60}days and Developer does not provids assurances
fio City that the Event of Default will be cured as saon as reasonably possible thereaffier:
14
Page 524 of 901
(1) City may suspend its performance under this Agreement until it receives
assurances from the Developer deemed adequate by City, that the Developer will
cure its default and continue its per�ormance under this Agreement;
(2} Until the Closing Date, City may cancel and rescind tY��s A�reement;
(3} Until issuance of the Certiticate of Completion, City shail be entitled to
recover from Developer#he surn af al I amounts expended by City in cannection with
the funding of the Downtawn Rehab Loan/Grant and Economic Development Grant
to Developer and City may take any action, including any legal action it deems
necessary, ta recover such amounts from the Developer;
(4} City may withha�d the Certificate of Completion; or
(5} City may take any action, including legal, equitable or administrative action,
which may appear necessary ar desirable fo collect any payments due under this
Agreement or to enforce perFarmance and observance of any ob[igation, agreement,
or covenant under this Agreement.
6.3 No Remedv Exclusive. No reme�y herein conferred upon or reserved to City is
intended to be exclusive of any ather available remedy or remedies, but each and every
such remedy shall be cumu[afiive and shall be in addition to every other remedy given
under this Agreement or now or hereafter existing af law or in equity or by statute, No
defay or omission to exercise any right or power accruing upon any ciefault shall impair any
such right or power or shall be construed to be a waiver thereof, but any such right and
pawer may be exercised from time to time and as often as may be deemed expedient.
6.4 No Impfied Waiver. In the event any agreement contained in this Agreement should
be breached by any party and thereaf�er waived by any other party, such waiver shall be
�imited to the particular breach so waived and shall not be desmed to waive any other
concurrent, previous or subsequent breach hereunder.
6.5 Aqreement to Pav Attornevs' Fees and Expenses. [f any action at law or in equi#y,
including an action for declaratory relief or arbitratian, is brought to enforce or interpret the
provisions of this Agreement, fihe prevailing party shall be entitled ta recover reasonable
attorneys'fees and cosfis of lifiigation from the other party. Such fees and costs of litigation
may be set by the court in fihe trial of s�ch action or by the arbitra�ar, as the case may be,
or may be enforced in a separate action brought for that purpose. Such fees and costs of
litiga#ion shall be in addition #o any other relief that may be awarded.
15
Page 525 of 901
6.6 Remedies on Default by Citv. If City defaults in the performance of fihis Agreement,
Developer may take any action, including legal, equitable or administrafive action that may
appear necessary or desirable to collect any payments due under this Agreement, to
recover ex�enses of Developer, or to enforce performance and abservance of any
ob[igation, agreement, or cavenant of City under this Agreement. Developer may suspend
their performance under this A�reement until they receive assurances from City, deemed
adequate by Developer, that City will cure its default and continue its performance under
this Agreement.
SECTION 7. GENERAL TERMS AiVD PROVISIONS
7.1 Notices and Demands. Whenever this Agreemenfi requires or permits any notice or
written request by one party to another, it shall be deemed to have been properfy given if
and when delivered in person or three (3) business days after having been deposited in any
U.S. Postal Service and sent by regis�ereci or certified mail, postage�repaid, addressed as
follows:
If fo Developer: Flint Drake
Iron Creek Group, LLC
3Q0 Main Street, Suite 323
Dubuque, lowa 52001
With copy to: Drake Law Firm, P.C.
Attn: Flint Drake
300 Main 5#reet, Suite 323
Dubuque, fA 52001
If to Ci#y: City Manager
50 W. 13th Street
Dubuque, lowa 520Q1
Phone: (563} 589-4110
Fax: {a63) 589-4149
With copy to: City Attorney
City Hafl
50 W. 13th Streef
Dubuque IA 52001
or at such other address with respect to either party as that party may, from time to time
designate in writing and forward ta the other as provided in this S�ction.
16
Page 526 of 901
7.2 Bindinq Effect. This Agreement shall be binding upon and shall inure to the benefit
of City and Developer and their respective successors and assig�s.
7.3 Force Maieure. A party sha11 be excused from its obligations under this Agreement if
and fio the extent and during such time as the party is prevent�d, impeded, or hindered,
unab[e to perform its obligations or is delayed in doing so due to events or conditions
outside of the party's reasonable contral and after the party has tak�n reasonable steps to
avoid or mitigate such event or ifis consequences (each a"Force Majeure Event")including,
without limitation in any way, as the result of any acts of God, war, fire, or other casualty,
riot, civil unrest, extreme wea#her conditions, terrorism, strikes and/or labor dispufies,
pandemic, epidemic, quarantines, government stay-at-home orders, municipal and other
government orders, failure of Internet, or other matter beyond the control of such par�y.
Upon the occurrence of a Force Majeure Event, the party ir�curring such Force Majeure
Event wifl promptly give notice to the other party identifying the Force Ma}eure Event,
explaining how it impacts performance and the estimated duration, identifying the relief
requested, agreeing ta limit damages to the other party and to immediately resume
perFormance upon termination of fhe Farce Majeure Event, ar�d agreeing to supplement the
notice as mare information becomes available, and thereafter the parties shalf ineet and
confer in good faith in order to identify a cure of the condition affecting its perFormance as �
ex�editiously as possible. No abligation ta make a paymen# required by this Agreement is
excused by a Force Majeure Event, The nonperforming party shall not be entitfed to any
damages or additional payments of any kind for any such de{ay.
7.4 Termina#ion Date. This Agreement and the rights and obligations of the parties
hereunder shall terminate on Decernber 3'[, 2044 (the Termination Date).
7.� Execution bv Facsimile. The parties agree that this Agreement may be transmitted
between them by facsimile machine. The parties intend that the faxed signatures constitute
original signatures and that a faxed Agreement containing the signatures (origina[orfaxed)
of all the parties is binding vn the parties.
7.6 Memorandum of Development Aqreement. Developer shall promptly record a
Memorandum of Development Agreemen# in the farm attached hereto as Exhibit D in the
office of the Recarder of Dubuque County, lowa. Develaper shafl pay the costs for so
recording.
7.7 Leqal Compliance. Developer is responsibEe for compliance with afl applicable laws,
statutes, rules, regulations, and or�inances which may apply to the performance of
Developer's obligations under t�is Agreement, including but not limited to the laws outlined
in Exhibit H, and hereby represents and warrants that Developer is in campliance with the
same as of the Closing Date and further represents tha# during the Term Developer will
17
Page 527 of 901
remain in compliance. Developer shall require all contractors and subcontractors providing
services under this Agreement shall also certify compliance with this Section.
Developer further represents and warrants that Developer has obtained all necessary
business permits and licenses that may be required to carry out the obligations pursuant to
this Agreement, including any permits and licenses that might be required by the state or
locality in which Developer performs the Services, and Developer agrees to maintain, at
Developer's sole expense, such required permits and licenses for the duration of the
term(s) of this Agreement.
IN WITNESS WHEREOF, City has caused this Agreement to be duly executed in its
name and behalf by its Mayor and attested to by its City Clerk and Developer has caused
this Agreement to be duly executed on or as of the first above written.
CITY OF DUBUQUE, IOWA
Brad M. C, Mayor
Attest:
IRON CREEK GROUP, LLC
By
Flint Drake, Member
ilfeldei, City Clerk
Trish Gleason, Assistant City Clerk
18
LIST OF EXHIBITS
EXHIBIT A City Attorney's Certificate
EXHIBIT B Opinion of Developer's Counsel
EXHIBIT C Cifiy Certifica#e
EXHIBIT D Memorandum of Development Agreement
EXHIBIT E Urban Renewal Plan
EXHIBIT F Downtown Housing Incentive Program
EXHIBIT G Certificate of Compietion
EXHIBIT H Legal Compliance
EXHIBIT I Planning and Design Grant Program, Farade Grant Program, and
Financiaf Consultant Grant Program
I
19
Page 529 of 901
EXHIBIT A
CITY ATTORNEY'S CERTIFICATE
20
Page 530 of 901
Barry A.f.,ind�lil,Esq. Dubuque
Senior Counsel THE CITY OF �,�,/
Suite 330,H�rbor View Place .,.� ��,���
30DMaiuStreet � �»J � .�.1 1„��;r.,.�,i
Dubuque,Iowa 52001-6944 �� �
(5G3)533�113 oftice
(563}583-1040 fax 2007�2012�2013
balesq(ii;cityofd�Ebttque.or�
Masterpzece on the Mississippi zo1�*zaz9
(DATE)
RE:
Dear �
I have acted as counsel for the City of Dubuque, lowa, in connection with the execution and
delivery of a certain Development Agreement between Iron Creek Group, LLC{Developer)
and the City of Dubuque, lowa (City) dated for reference purposes the day of
, 20_
The City has duly obtained all necessary approvais and consents for its execution, delivery
and performance of this Agreement and has full pawer and authority to execute, deliver and
perform its obligations under this Agreemen#, and to the best of my knowledge, the
repr�sentations of the City Manager in his letter dated the day of , 20_, are
correct.
Very sincerely,
Barry A. Lindahl, Esq.
City Attorney
BAL:JI.M
21
Page 531 of 901
EXHIBIT B
OP[NI�N OF DEVELOPER'S COUNSEL
I
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,
l
22
Page 532 of 901
Mayor and City Councilmembers
City Hall
13t" and Central Avenue
Dubuque IA 52001
Re: Development Agreement Betw�en the Ci#y of Dubuque, lowa and
Dear Mayor and City Councilmembers:
We have acted as caunsel for Iron Creek Group, LLC, in connection with the
execution and delivery of a certain Development Agreement (Development Agreement)
between Developer and the City of Dubuque, lowa {City) dated for reference purposes the
day of , 20�.
We have examined the original certified copy, or copies otherwise identified to our
satisfaction as being true copies, of the Development Agreement and such other
documents and records as we have deemed relevant and necessary as a basis for the
opinions set forth herein.
Based on the ertinent law the fore oin examination and such other in uirie �
p , g g q s as I
we have deemed appropriate, we are of the opinion that:
I
1. Developer is a {imited liability company organized and existing under the laws
of the State of lowa and has full power and authority to execute, de[iver and perform in full
the Development Agreement. The Development Agreement has been duEy and validly
authorized, executed and delivered by Developer and, assuming due authorization,
execut�on and delivery by City, [s in #ull force and effect and is a valid and legally binding
[nstrument of Developer enforceable in accordance with its terms, except as the same may
be limited by bankruptcy, inso[vency, reorganization or other laws relating to or affecting �
creditars' rights general[y.
2. To our actual knowfedge with no duty to inquire, the execution, delivery and
perFarmance by Develaper of t�e Devefopment Agreement and the carrying out of the
terms thereof, will no#result in violafiion of any provision o#, or in default under, the articles
of incorporation and bylaws flf Devefoper, any indenture, mor�gage, deed of trust,
indebtedness, agreement,judgment, decree, order, statute, rule, regulation or restriction to
which Developer is a party or by which Develaper's property is bound or subject.
3. To our actual knowledge with no duty to inquire, there are no actions,suits or
proceedings pending or thr.eatened against or affecting Deve[oper in any court or before
23
Page 533 of 901
any arbitrator or before ar by any governmental body in which there is a reasonab[e
possib[lity of an adverse decision which cauld materially adversely afFect the business
(present or prospec#ive}, financial position ar results of operations of Devefoper or which in
any manner raises any questions affecting the validity of the Agreement orfhe Developer's
a�ility to perform Developer's obligations thereunder.
This apinion is rendered for the soie benefit of the City of Dubt�que and no other party may
rely on this opinion.
This opinion is rendered and valid as of the date of this letter and we have no duty to
update th�s opinion for any matters which come to our [cnowledge after fhe date of this
letter.
SincereEy,
24
Page 534 of 901
EXHIBIT C
CITY CERTIFICATE
25
Page 535 of 901
Dubuque Ci[ylvlanager'sOffice
TI IE CITY OF ��� c�ry x,u
50 WesE 13"�Street
All-Amerisa Ci�t i?ubuque,lowa 52001�86�
�r.w+ � � t�s�x�rw cnw:usr�:i�:
, � �o r (563)589-4110 office
(863)589-4149 fax
ctymgrC�cityofdubuque.org
2007*�012�2013
Mas�erpiece on �he Mississippi �o��*Zo�.9
(DATE)
Dear •
I am the City Manager of the City af Dubuque, lowa and have acte� in that capacity in
cannection with the execution and delivery of a certain Development Agreement between
Iron Creek Group, LLC (Developer) and the City of Dubuque, lowa {City) dated for
reference purposes the day af , 20�. �
Qn behalf of the City af Dubuque, 1 hereby represent and warrant to Developer that:
(1) City has duly obtained alE necessary approvals and consents for its execution,
delivery and perFormance of this Agreemenfi and that it has full power and aufihority
to execute, deliver and perform its abligations under this Agreemenf. City's attorney
shall issus a legal opinion to Developer at time of closing confirming the
representation cantained herein, in the form attached hereto as Exhibit B.
{2} City shall exercise its best efforts to cooperate with Devefoper in the
de�elopment process.
(3} City shall exercise its best efforts to resolve any d�sputes arising during fihe
development process ir� a reasonable and prompt fashion.
(4} The execution and delivery o# this Agreement, the cansummation of the
transactions contemplated hereby, and the fulfillment of or complEance with fihe
terms and conditions af this Agreement are nofi prevented by, limited by, in conflict
with, or resuSt in a violation or breach of, the fierms, conditions ar provisions of the
charter of City, any evidence of indebtedness, agreement or instrument ofwhatever
nature to which City is now a party or by which it or its property is bound, or
constitute a default under any of the foregoing.
26
Page 536 of 901
(5} There are no actians, suits or proceedings pending or threatened against or
affecting City in any court or befare any arbitrator ar before or by any governmental
�ody in which there is a reasonable possibility of an adverse decision which could
materially adversely afFect the financial position or operations of City or which affects
the validity of the Agreement or City's ability to perForm its obligations under this
Agreement.
(6) No ordinance or hearing is now or before any local governmental body that
either contemplates or authorizes any public improvements or special tax levies, the
cost of which may be assessed against the Property. To the best of City's
knowledge, there are na plans or efforts by any government agency to widen,
modify, or re-align any street or highway providing access to the Property and there
are no pending or intended pubfic improvements or special assessments affec#ing
the Property which will result in any charge or lien be levied or assessed against the
Praperty.
(7} The representations and warranties contained ir�this article shall be correct in
all respects an and as of the Clasing Date with the same force and effect as if such
representations and warranties had been rnade on and as of the Closing Date.
Sincerely,
Michael C. Van Milligen
City Manager
MCVM:JLM
27
Page 537 of 901
EXHIBIT D
MEM�RANDUM OF DEVELOPMENT AGREEMENT
i
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28
Page 538 of 901
Prepared by: Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
Return to: Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 520Q1 563 583-4113
ME11lIORANDUM OF DEVEL.4PMENT AGREEMENT
A Development Agreement by and among the City af Dubuque, fowa, an lowa municipa[
corporation, of Dubuque, lowa, and iron Creek Group, LLC was made regarding the
fo�lowing described premises:
The Southerly 32 feet of the Norther[y 64 feet of Lat 477A, and The Northerly 32 feet of
Lot 477A in the City of Dubuque, lowa, according to the United States Commissioners' i
Map thereof �
The Development Agreemen# is dated for reference purposes the day of
, 20_, and contains cavenants, conditions, and restrictions concerning the sale
and use of said premises.
This Memorandum af Development Agreement is recorded for the purpose of
construc#ive notice. In the event of any conflict between the provisions of this
Memorandum and the Develapment Agreement itself, executed by fihe parties, the ferms
and provisions of the Devefopment Agreement shall prevail. A complete counterpart af the
Development Agreement, together wifih any amendments thereto, is in the possession of
the City of Dubuque and may be examined at its offices as above provided.
Dated this day af , 20_.
CiTY OF DUBUQUE, IOWA
By
Barry A. Lindahl, Senior Caunsel
29
Page 539 of 901
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of , 20_, before me, a Notary Public in and for the State of
lowa, in and for said caunty, persanally appeared Barry A. Lindahl, Esq., to me personally
known, who being by me duly sworn did say #hat he is the Senior Counsel of the City of
D�buque, a Municipal Carporation, created and existing under fhe laws of the State of
lowa, and said Senior Counsel acknowledged said instrumenf to be the free act and deed
of said Municipal Corporation by it voluntarily executed.
Notary Public, S#ate of lowa
�
30
Page 540 of 901
EXHIBIT E
URBAN RENEWAL PLAN
(on file in City Clerk's office, 50 W, 13t"Stree#, Dubuque, IA 52001)
�
31
Page 541 of 901
EXHIBIT F
DOWNT�WN HOUSING INCENTIVE PROGRAM
�
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32
Page 542 of 901
�ubuque Economic Development bepartme�it
THE CITY OF ��"�,,.. � 50 WesE 13"'Street
""'""""""' All•dmerleaCiiy Dubuque,Iowa 52001-4864
lJ � �+i ����nz�r
�� e Office(563)589-4393
TTY(563)690-6678
2007•2012 littp://www.cityofdubuque.org
Masterpiece on the Mississippi �o�3.2a1,
Dv�r�t�vv� Housin� In�en�ive Prograrn
Eli��bility Gu�d�l�nes
Project Location &Type
Create new rriultifamily housing units {rental or for-sale condos} within the Greater
Downtown Urban Renewal Disfrict.
Be a rehabilitation of an existing structure. i
Have clearIy defined sfiart and completian timelines, �
Eligible Unit Types
Newly Created Units: Createcl in a portion of a structure never previously used as housing,
Rehabilitated Long-Vacant Units: A previously exisfiing housing unit vacant for more than 3
years and undergoing full rehabilitatian that corrects all code deficiencies and
deterioration.
Rehabilitation Standards
Bri�g the structure into full compliance with the 2021 IPMC and 2D21 iBC.
Correct all unsafe, unsanitary, damaged, or deteriorated conditions, inciuding structural,
electrical, mechanical, and plumbing systems.
Repair or repl�ce components that are defective or heyond service life; cosmetic-only
improvements do not qualify.
Mee�all life-saFety,egress, and habitability requirements.
Use durable,long-term residential materials.
Submit a comprehensive scope of work addressing all code corrections,subject to City
approval.
Building Configuration
Units must generally be located abave a first-floor commercial companent,
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Page 543 of 901
Design Review Requirements
Reimbursement covers labor anci rr�aterials that significantly improve appearance
following City of Dubuque Architectural Guidelines or powntown Design Guidelines, as
applicable.
Existing noncompliant signage must be brought into compliance as part of the projecfi.
A detailed rendering/drawing witl� dimensiflns, materials,and architecturai details must
be submitted.
Deviation from the approved plan may disqualify the project,
�dditional City Requirements
City may require soundproofing, lighting, security, or other standards based on a
neighborhood impact review.
Property owners must certify tha�alI properties they own in Dubuque comply w9th all
applicable City ordinances.
Funding Limits
Up to $10,000 per residential unit.
Up to $750,OOD per taxing parcel.
No developer fee may be paid until all C�ty assistance is fully disbursed.
Funds are disbursed after project completion and issuance of aIl Gertificates of
Occupancy/Completion.
Minimum Project Size
Projects must create at least 2 new l�ausing uniCs.
Application Review
Applications are reviewed when camplete.
Funds are awarded to proj ects that meet all criteria and are ready to commence within 12
months.
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Page 544 of 901
EXHIBIT G
CERTIFICATE OF C�MPLETION
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Page 545 of 901
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubu�ue, lowa, a municipa! corporatian (fhe "Grantor"), has
granted incentives ta Iron Creek Group, LLC (the "Grantee"), in accordance with a
Development Agreement dated as af jDate] (the "Agreemenf"), by and among the Grantor,
and the Grantee {collective[y, the "Agreement"), certain rea[ property loca#ed within the
Greafier powntown Urban Renewal District af the Grantor and as more particularly
described as follows:
The Southerly 32 feet of the Northerly 64 feet of Lot 477A, and The Northerly 32 feet �
of Lot 477A in the Cifiy of Dubuque, lowa, according to the United States
Commissioners' Map thereof
(fhe "Development Property"); and �
WHEREAS, said Agreement incorporated and contained certain covenanfis and
condifiions with respect to the rehabilitation of the Development Property, and obligated the
Grantee to construct certain M�nimum Improvements {as defined therein) in accordance
with the Agreement; and
WHEREAS, the Grantee has to the present date performed said covenan#s and
conditions insofar as they relate to the construction of the Minimum Improvements in a �
manr�er deemed sufficient by the Grantor to permit the execution and recording of this
certification; and
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, #his is to certify that
all covenanfis and canditions of the Agreement with respect to the obligations of the
Grantee, and its successors and ass�gns, to canstruct the Minimum Improvements on the
Development Property have been campleted and performed by the Grantee to the
satisfaction ofi the Grantor and such covenants and conditions are hereby satisfied.
The County Recorder of Dubuque County is hereby authorized fo accept for recording and
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Page 546 of 901
to record the filing of this instrument, to be a conclusive determination of the satisfaction of
the covenants and conditions as set forth in said Agreement, and that the Agreement shall
otherwise rernain in fu[I force and effect.
(SEAL) CITY OF DUBUQUE, IOWA
By:
Mike Van Milligen, City Manager
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of , 20_, before me, the undersigned, a Notary Public �
in and for the State of lowa, personally appeared and acknowledged �
said execution of the instrument to be hislher volunfiary act and deed. �
�
Notary Public in and for
Dubuque County, fowa
37
Page 547 of 901
EXHlBIT H
LEGAL COMPLIANCE
38
Page 548 of 901
a} Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d et seq., 78 stat. 252),
(prohibits discrimination on the basis of race, co[or, national origin); and 49 CFR
Part 21;
b} The Uniform Refocation Assistance and Real Property Acquisition Policies Act of
'1970, (42 U.S.C. §4601), (prohibits unfairtreatment of persons dispfaced orwhose
property has been acquired because of Federal or Federal-aid programs and
projects);
c) Federa(-Aid Highway Act of 9 973, (23 U.S.C.§ 324 et seq,), {prohibits discrimination
on the basis of sex);
d} Section 504 of the Rehabilitation Act of 1973, (29 U.S.C. § 794 et seq.), as
amended, (prohibits discrimination on fihe basis of disability); and 49 CFR Part 27;
e} The Age Discrimination Act of 1975, as amended, (42 U.S.C. § 6101 et seq},
(prohibits discrimination on the basis of age);
f) Airport and Ainrvay Improvement Act of 1982, (49 U.S.C. §471, Section 47123), as
amended, (prohibits discriminafion based on race, creed, color, national origin, or
sex);
g) The Civil Rights Restoration Act of 1987, (PL 10�-209); (broadened the scope,
coverage and applicability of Ti#le VI of the Civil Rights Act of 1964 fio include that
entities #hat receive federal funding must comply wifih civil rights legislation,
including the Civil Rights Act of 1964, the Age Discrimination Act of 1975, and
Section 504 of the Rehabilitation Act of 1973, in all operations, not just in the
program or activity receiving federal funding);
h) Tifiles II and I!I of the Americans with Disabilities Act,which prohibit discriminatian on
the basis of disability in the operation of public enfities, public and private
transportation systems, places of public accommodation, and certain testing
entities (42 U.S.C. �§ 12131 - 'f2189) as implemenfied by Department of
Transportation regulations at 49 C.F.R. Parfis 37 and 38;
i) The Federal Aviation Administratian's Non-discrimination sta�ute (49 U.S.C. §
47�23} (prohibits discrimination on the basis of race, color, national origin, and
sex);
j) Section 1557of the AfFordable Care Act (prohibits discrimination on the basis of
national origin);
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Page 549 of 901
k} Title IX of the Education Amendments af 1972, as amended �20 U.S.C. § 1681 et
seq.) (prohibits discrimination because of sex in education pragrams or activities);
�} Drug Ab�se Office and Treatment Act af 1972, as amended (2� U.S.C. § 1101 et
seq.); and
m)Alcohol Abuse and Alcoholism Prevention, Treatment and Rehabilitation Act of
1970, as amended (42 U.S.C. � 4541, et seq.).
�
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Page 550 of 901
EXHIBIT I
PLANNING AND DESiGN GRANT PR�GRAM, FA�ADE GRANT PROGRAM, AND
FINANCIAL CONSULTANT GRANT PROGRAM
I
� 41
Page 551 of 901
Downtown Rehab�litation Grant Program
PROGRAM GUIDELlNES
(2024)
The Downtown Rehabilitatiort Grant Pragram is designed to further the goals and
objecfiives of the Greater powntown Urban Renewal Plan by crea#ing the financiai
incenfiives needed to eliminate conditio�s of blight, encourage revitalization efforts and
to retain or create employment opportunities and/or new housin� units within the district.
This program will address builc{ing code deficiencies as part of each approved project.
Eligible Applicants: Owners of praperty within the Greater powntown Urban Renewal
District (map attached).
Gran� Award: The grant is a 1:1 matching grant up to a maximum of Thirty-Five
Thousand Do[lars ($35,000).
Eligibie Activities
and Assistance: FaCade Costs —to provide assistance on labor or material costs
for front (or accasionally other major) fa�ade renovations ta
restore a building's historicappearanceoreliminate inappropriate
additions or alterafiions to improve overall appearance. �
Financial Consultant Costs —to provide assistance on hiring a
financial consultant used to analyze the feasibility of a project.
Planning & Design Grant Program —to provide assistance on
pre-de�efopment costs associated with a project.
FOR MORE [NFORMAT[ON, �[ease contact:
City of Dubuque Econamic Deveiopment Department
50 West 13th Street, Dubuque, lowa 52001
�563) 589-4393
General Conditions:
• Property must be located in Greater pown#own Urban Renewal District (ses attached
42
Page 552 of 901
map) and with timely cammencement& completion dates identified.
• Projects must be the rehabilitation of an existing structure.
� Property must be classified for tax purposes as a commercial or multi-residential
property.
• All existing code deficiencies within a scope of a project must be correcfied and new
improvements must comply with ail applicable codes and ordinances.
• Owner of property must ce�tify that all property in the City of �ubuque, for which the
owner has any interest, complies with all applicab(e City af Dubuque ordinances and
regulations, including, but not limited to, housing, buildin�, zonin�, fire, health, and
vacant and abandoned building regulatians.
• Exterior alterations are subject to design review and approval. The Histaric District
Guidelines shall apply to projects located in Historic Preservation Districts. The
Downtown Design Guidelines shall apply to aEl other project locations. Projecfs which
conform to the applicable guidelines may be reviewed anc� approved by the City
Planner. Projects that do not strictly conform to the applicable guidelines will be
forwarded to the Historic Preservation Cammission(HPC)for consideration.Substantial
rehabilitation projects may also be considered by the HPC.The process for review is at
the discretion of the City Planner. Guidelines can be viewed and downloaded at
http;/lcitvofdubuque.org/1295/Desiqn-Guidelines.
• Any signs on the property that do not comply with City zoning regulations and design
guidelines mus# be incEuded in the design review and improved to com�ly with
applicable City Codes. Submittal must include the design materials and colors that will
be used on the sign face, how the sign will be displayed, and any lighting proposed. �
• A detaileci rendering/drawing of the proposed project must be included. The plans �
shouid include dimensions and architectural details and Eabel maferials. Plans prepared
by a design professional {e.g. architect or draftsperson} are required. Applications
without detailed drawings will not be considered complete. Only preliminary eligibility
may be determined until professional drawings are suE�mitted.
• Applicant will not be reimbursed for persona! labor costs or labor costs of family
members, nor can these costs be counted in the total project costs.
• Projects may not receive the maximum amount of each form of assistance more than
once.
• Deviation from an approved project plan shall disquaEify fihe project from the program.
• City funded projects may be required to meet sound proofing, [ighting, security, or other
standards — as determined by the City of Dubuque, in its sole discretion, following an
internal neighborhood impact study —particularly when units are located in mixed-use
neighborhoods.
_ • Applications will be reviewed quarterly by the Economic Development and Planning
department with funda awarded fo projects that meet the program criteria and are ready
to commenca within three months.
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Page 553 of 901
FA�ADE INFORMATIDN
This program provides funding in fhe Greater powntown Urban Renewal District for front
�or occasionally other major) fa�ade renovation to restore the fa�ade to its historic
appearance or improve the overa[I appearance. This assistance is intended to address
historically inappropriate exteriars. It is not intended to address normal building
maintenance.
Specific Conditions:
• Reimbursement is for labor and material costs assaciated with farade
improvements, including bufi nofi limited to, rehabilitating or imprav[ng windows,
paint, signage, ar awnings to significanfly transform overall appearance.
• Landscaping or screening with fencing or retaining walls may be a reimbursable
expense if a determination is made that property is improved adjacenfi to public
right-o#-way.
• ]n order to receive reimbursernent for repointing, a mortar analysis sample may
be requested for each fa�ade that wilf be repointed. The applicant musf adhere
to the results of that analysis in their rehabilita#ion work as part of their approved
project plan. The City may request verification that the new mortar matches fihe ;
results of the mortar analysis. �
• Language from t�e National Park Service Technical Preservation Services Briefs
may be attached as a candition for a building permit if the applicant chooses to
perform repainting on the project.
• Reimbursable expenditures must be documented.
• Funding will be disbursed upon completion of work at a 1:1 match of qualified
costs.
Approval Process:
1. Design review by the City Planning Department and/or the Historical Preservation
Commission is required for ex#erior work on the project.
2. Grant applications will be reviewed by City staff Review Committee and approved by
fihe City Manager.
3. Funding will be disbursed upon staff review of documente� expenditures and
inspection of a completed project.
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Page 554 of 901
FINANCIAL CONSULTANT 1NFORIVIATION
This program provides funding in the Greater powntown Urban Renewal Districtfar hiring a
financial consultant to analyze �he feasibility of projects.
Specific Conditions:
• Reimbursement is for fees associated with hiring a professional financial
consultant (i.e. accountant, attorney, tax credit consultant}
• Reimbursable expenditures must be documented.
• This financial consultant funding shall not exceed ten percent (10%) of totaf
project costs.
• The rehabilitation project must be completed for the Financial Consultant costs
to be reimbursed.
• Funding will be disbursed upon completion of work at a 1:1 match of qualified
costs.
Approval Process:
1. Design review by the City Planning Department and/or the Historical Preservation
Commission is require� for exteriar work on the project.
2. Grant applications will be re�iewed by City staff Review Committee and approved by i
the City Manager. 3
3. Funding will be disbursed upon staff review of documented expendifiures and
inspection of a completed project.
1
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Page 555 of 901
PLA�IN[NG & DESlGN tNFORMATION
This program provides funding in the Greafier Dawntown Urban Renewal District for hiring
architects, engineers or other p�ofessianal services used prior to construction,
Grant Specific Conditions:
• Reimbursement is for architectural and engineerin� fees, feasibility studies,
environmental assessments ar other relafied soft costs.
• Reimbursable expenditures must be documented.
• Owner/developer fees are not permitfied as reimbursable expenditures.
• The planning and design funding shall not exceed ten percent (1 d%) af total
project costs.
• Funding will be disbursed upon campletion of the project at a 1:1 match of
qualified costs.
Approval Process:
1. Design review by the City Planning Department and/or t�e Historical Preservation
Commission is required for exterior work on the project.
2, Grant applications will be reviewed by City staff Review Committee and approved by
the City Manager.
3. Funding will be dis�ursed upon staff review of documented expenditures and
inspection of a completed project.
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Page 556 of 901
Prepared by Ian C. Hatch, Assistant Economic Development Director, 1300 Main St, Dubuque, IA 52001, (563) 589-4105
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 139-26
APPROVING A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE,
IOWA AND IRON CREEK GROUP, LLC FOR THE REDEVLOPMENT OF THE PROPERTY AT
1222-1240 LOCUST STREET, INCLUDING THE ISSUANCE OF URBAN TAX INCREMENT
REVENUE OBLIGATIONS
WHEREAS, Iron Creek Group, LLC will be as of the Closing Date the owner of the property
legally described as follows:
The Southerly 32 feet of the Northerly 64 feet of Lot 477A, and The Northerly 32 feet of Lot
477A in the City of Dubuque, Iowa, according to the United States Commissioners' Map thereof
locally known as 1222-1240 Locust Street (the Property); and
WHEREAS, the City Council, by Resolution No. 108-26, dated April 6, 2026, declared its
intent to enter into a Development Agreement by and between the City of Dubuque, Iowa, and
Iron Creek Group, LLC, for the redevelopment of the Property, including the issuance of Urban
Renewal Tax Increment Revenue Obligations; and
WHEREAS, pursuant to published notice, a public hearing was held on the proposed
Development Agreement on April 20, 2026 at 6:30 p.m.; and
WHEREAS it is the determination of the City Council that approval of the Development
Agreement by and between the City of Dubuque, Iowa, and Iron Creek Group, LLC for
redevelopment of the Property, according to the terms and conditions set out in the
Development Agreement, is in the public interest of the City of Dubuque.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The Development Agreement by and between the City of Dubuque, Iowa, and
Iron Creek Group, LLC, a copy of which is attached hereto, including the issuance of Urban
Renewal Tax Increment Revenue Obligations, is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the Development
Agreement on behalf of the City of Dubuque and the City Clerk is authorized and directed to
attest to his signature.
Section 3. That the City Manager is authorized to take such actions as are necessary to
comply with the terms of the Development Agreement as herein approved.
Passed, approved, and adopted this 20th day of April, 2026.
ad M. Cavanagh, Mayor
Attest:
Trish L. Gleason, Assistant City Clerk
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:
04/10/2026
and for which the charge is 44.38
Subscribed to before me, a Notary Public in and for
Dubuque County, Iowa,
this 10th day of April, 2026
Notary Pin and for Dubuque County, Iowa.
"'A JANET K, PAPE
° Commission Number 199659
My Commission Expires
iowN 12/11/2028
Ad text :
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the City Council of the
City of Dubuque Iowa will conduct a public hearing on the 20th
day of April, 2026, 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 take action to
approve a Development Agreement between the City of Dubuque,
Iowa and Iron Creek Group, LLC, a copy of which is now on file
at the Office of the City Clerk, City Hall, 50 W 13th Street,
Dubuque, Iowa, providing for the issuance of economic
development grants (Urban Renewal Tax Increment Revenue Grant
Obligations) described therein in order to carry out the
purposes and objectives of the Urban Renewal Plan for the
Greater Downtown Urban Renewal Area Economic Development
District, including the funding of economic development grants
for Iron Creek Group, LLC, under the terms and conditions of
the Urban Renewal Plan for the Greater Downtown Urban Renewal
Area Economic Development District. The aggregate amount of
the Urban Renewal Tax Increment Revenue Grant Obligations
cannot be determined at the present time but is not expected
to exceed $78,777.
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. 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 6th day
of April, 2026.
Adrienne N. Breitfelder,
CMC, City Clerk
It 4/10