Consent to Assignment of Development Agreement - and Carmac Management, Inc. to Linseed Lofts, LLC Copyrighted
April 20, 2026
City of Dubuque PUBLIC HEARINGS # 7.
City Council
ITEM TITLE: Consent to Assignment of Development Agreement - and
Carmac Management, Inc. to Linseed Lofts, LLC
SUMMARY: Proof of Publication on notice of public hearing to consider
approving the Consent to the Assignment of Development
Agreement executed by Carmac Management, Inc, and
Linseed Lofts, LLC and authorizing the Mayor to execute the
Assignment on behalf of the City of Dubuque and City
Manager recommending approval
RESOLUTION Approving the Consent to Assignment of the
Development Agreement by and between the City of
Dubuque, lowa and Carmac Management, Inc. to Linseed
Lofts, LLC
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Consent to assignment DA Dubuque Carmac Management Linseed
Lofts
2. Staff Memo
3. Carmac Management Memorandum to Council
4. Resolution
5. Assignment of Development Agreement signed by Buyer and Seller
Page 612 of 901
Dubuque
THE CITY OF �
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Approving Consent to Assignment of Development Agreement
By and Between the City of Dubuque, lowa and Carmac Management,
Inc. to Linseed Lofts, LLC
DATE: April 13, 2026
Senior Counsel Barry Lindahl is recommending City Council adopt a resolution
approving the Consent to the Assignment of Development Agreement executed by
Carmac Management, Inc, and Linseed Lofts, LLC and authorizing the Mayor to
execute the Assignment on behalf of the City of Dubuque.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
�
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Barry Lindahl, Senior Counsel
Jill Connors, Economic Development Director
Page 613 of 901
Dubuque
THE CITY OF �
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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: April 20, 2026
RE: Resolution Approving 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 a Resolution approving the Consent to the
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 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. (Carmac) 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 consent to the
Assignment of the Development Agreement and authorizing the Mayor to execute the
Assignment on behalf of the City of Dubuque.
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 614 of 901
I request that City Council adopt the attached Resolution approving the Consent to the
Assignment.
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 615 of 901
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 616 of 901
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 617 of 901
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. 13lh St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 141-26
APPROVING THE CONSENT TO ASSIGNMENT OF THE DEVELOPMENT AGREEMENT BY
AND BETWEEN THE CITY OF DUBUQUE, IOWA AND CARMAC MANAGEMENT, INC. TO
LINSEED LOFTS, LLC
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 9th 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 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; and
WHEREAS, pursuant to published notice, a public hearing was held on April 20, 2026, on
the consent to the Assignment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The Assignment of the Development is hereby approved.
Section 2. The Mayor is hereby authorized and directed to sign the consent to the
Assignment on behalf of the City of Dubuque.
Passed, approved and adopted this 20th day of April, 2026.
Attest:
Trish L. Gleason, Assistant City Clerk
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 620 of 901
Betty from any obligations that accrue under 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 assigns and shall be governed by and construed under the laws of the state of Iowa.
City of Dubuque, Io a
By:
ad Ca , Mayor
Linseed Lofts, LLC, Buyer
By: / ,,. k
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
Page 621 of 901
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 30.95
Subscribed to before me, a Notary Public in and for
Dubuque County, Iowa,
this loth day of April, 2026
Notary ic in and for Dubuque Cou?►ty, Iowa.
/owA
JANET K. PAPE
Commission Number 199659
My Commission Expires
12/11/2028
Ad text :
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
PUBLIC NOTICE is hereby given that the Dubuque City Council
will conduct a public hearing on the 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 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. 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