Development Agreement Linseed Lofts, LLC Second Amendment Copyrighted
April 20, 2026
City of Dubuque ACTION ITEMS # 6.
City Council
ITEM TITLE: Development Agreement Linseed Lofts, LLC Second
Amendment
SUMMARY: City Manager recommending approval of the Second
Amendment to Development Agreement between the City of
Dubuque and Linseed Lofts, LLC.
RESOLUTION Approving the Second Amendment to
Development Agreement between the City of Dubuque, lowa
and Linseed Lofts, LLC
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Second Amendment to Development Agreement By and Between the
City of Dubuque, lowa and Linseed Lofts, LLC
2. Staff Memo
3. Resolution
4. Linseed Lofts - City - Second Amendment to Development Agreement - signed
Page 803 of 901
Dubuque
THE CITY OF �
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Maste iece on the Mississi t 2oo�•zoiz•zois
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Second Amendment to Development Agreement By and Between the City
of Dubuque, lowa and Linseed Lofts, LLC
DATE: April 16, 2026
Senior Counsel Barry Lindahl is recommending City Council approval of the Second
Amendment to Development Agreement between the City of Dubuque and Linseed
Lofts, LLC.
The Second Amendment to the Development Agreement is clarifying that Linseed Lofts,
LLC is now the Developer under the Development Agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
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 804 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 ZO, 2026
RE: Second Amendment to Development Agreement By and Between the City of
Dubuque, lowa and Linseed Lofts, LLC
Attached to this Memorandum is the Second Amendment to Development
Agreement between the City of Dubuque and Linseed Lofts, LLC.
The City and Wilmac Property Company (Wilmac) entered into a Development
Agreement dated March 7, 2013, for the property at 151 East 9t" Street, which
Development Agreement was assigned by Wilmac to Betty Building, LLC (Betty) by an
Assignment dated October 6, 2014 and further assigned by Betty to Carmac
Management, Inc. by an Assignment dated November 2, 2021. All of these transfers were
between related entities and were necessary to facilitate the use of tax credits for the
project.
Carmac is now the Developer. Carmac has completed the project contemplated by the
Development Agreement and the property is fully operational. Tax increment financing
payments and continuing obligations of the Developer remain under the Development
Agreement.
Carmac has entered into an agreement to sell the property subject to the Development
Agreement to Linseed Lofts, LLC. As a part of that transaction Carmac has agreed to
assign its rights and obligations under the Development Agreement to Linseed Lofts, LLC
and that entity has agreed to accept all such rights and obligations.
The City Council has approved the Assignment to Linseed Lofts, LLC. Linseed Lofts, LLC
is requesting City Council approval of the Second Amendment to the Development
Agreement clarifying that Linseed Lofts, LLC is now the Developer under the
Development Agreement.
I request that City Council adopt the attached Resolution approving the Second
Amendment.
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 805 of 901
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 806 of 901
RESOLUTION NO. 159-26
APPROVING THE SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND 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 approve and consent to
the Assignment of the Development Agreement; and
WHEREAS, the City Council has approved the Assignment; and
WHEREAS, Linseed Lofts, LLC has requested the attached Second Amendment
to Development Agreement stating that Linseed Lofts, LLC is now the Developer under
the Development Agreement; and
WHEREAS, the City Council finds that approving the Second Amendment is in the
bests 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 Second Amendment is hereby approved.
Section 2. The Mayor is authorized and directed to sign the Second
Amendment on behalf of the City of Dubuque.
Passed, approved and adopted this 20th day of April, 2026.
BratIML.Ca danagh, Mayor
Attest:
Trish L. Gleason, Assistant City Clerk
i
�
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;
� SECOND AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN
3 THE CTTY OF DUBUQU�,IOWAAND LINSEED LOFTS, LLC
` This Second Amendment to Development Agreement, dated for reFerence purposes the
� �.��day of April, 2�26, is made and entered into by and between the City of Dubuque,Iowa
� ("City"}and Linseed Lofts, LLC ("Developer"},
WHEREAS, City and Wilmac Property Company previously entered into a Development
Agreement dated the 7th day of March, 2Q13 (the "DevelopmentAgreement"); and,
WHEREAS, Wilmac Property Company, with the consent of City, assigx�ed its rights in
and under ihe Development Agreement to Betty Building, LLC by Assignment of Development
Agreement dated October 10,2014; and,
WHEREAS, City and Betty Building, LLC entered into a First Amendment to the
Developmei�t Agreeinent dated October 20, 2014; and,
WHEItEAS, Betty Building, LLC, �vith the consent oF City, assigned its rights under the -
Development Agreement to Carmac Manageinent, Inc, by Assigninent of Development -
Agreement dated Novemher 2,2021; and, -
W�IEREAS, Carmac Management, Izic., with consent of City, assigned its rights under
the Development Agreement ta Linseed Lofts, LLC by Assignment of Developmexlt Agreen�ent
dated March 19, 2026; and,
WHER�AS, City and Developer desire to amend the Development Agreement as set
forth herein:
NOW,THEREFORE,IT IS AGREED BY AND BETWEEN CITY AND
DEVELOPER THAT THE DEVELOPMENT AGREEMENT IS AMENDED AS =
FOLLOWS:
l) Effective April 1, 2026, alI rights and obligatioi�s of Developer pursuant to the �
I
Development Agreemeni shall be transferred to the Developer{i.e. Linseed Lofts, LLC} '
pursuant to the Assignment from Carmac Management, Inc. dated March 19, 2026.
2) Except as specifzcally provided otherwise herein, in all other respects, the Developrnent
Agreement, as amended, is hereby ratified and confirmed by City and Developer and
shall continue in full force and ef�'ect.
I
Page 809 of 901 ;
CITY OF DUBUQUE, IOWA LINSEED LOFTS, LLC
By: /77/ /
Jejry R'Manders, Its Authorized
Representative
B
Brad Cavanaayor
ATTEST:
Adrienne N. Brcitfcldcr, City Clerk
Trish L. Gl eason, Assistant City Clerk