1199 Central Avenue, Release of Real Estate MortgageCity of Dubuque
City Council
ITEM TITLE:
SUMMARY:
SUGGUESTED
DISPOSITION:
ATTACHMENTS:
Copyrighted
August 17, 2026
CONSENT ITEMS # 14.
1199 Central Avenue, Release of Real Estate Mortgage
City Attorney recommending City Council approval of the
attached Release of the Real Estate Mortgage for 1199
Central Avenue.
Receive and File; Approve
1. Council_1199 Central Paid in Full _Release Mortgage_8-12-26
2. scans@kanenorbylaw.com_20260810_170808
THE CITY OF
DUB E
Masterpiece on the Mississippi
CRENNA M. BRUMWELL, ESQ.
CITY ATTORNEY
TO: MAYOR BRAD M. CAVANAGH AND MEMBERS OF THE CITY COUNCIL
DATE: AUGUST 12, 2026
RE: 1199 CENTRAL AVENUE, RELEASE OF REAL ESTATE MORTGAGE
Dubuque
All•A�eNea 6Iq
1ml'o I
I I
2007-2012.2013
2017*2019
Lloyd Singletary & Virtual Velocity, LLC obtained a financing package from the City of
Dubuque to assist in refurbishing the property at 1199 Central Avenue. The City loaned
$300,000 and obtained a mortgage on the property; the City was in second position and
later subordinated to Dubuque Initiatives which also contributed to the project.
A foreclosure petition was eventually filed, and prior to a foreclosure judgment a sale of
the property occurred. The City was paid in full following the real estate closing.
Currently, the City needs to release its mortgage in County records.
I respectfully request City Council approval of the attached Release of the Real Estate
Mortgage and authorize the Mayor to sign.
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 589-4381 / FAx (563) 583-1040 / EMAIL cbrumwel@cityofdubuque.org
Brian J. Kane
Brad J. I-Ieying
Todd L. Stevenson*
Kevin T. Deeny**
Bradley B. Kane
Joseph P. Kane
Nicholas J. Kane
David J. Kane
All admitted in Iowa
*Also admitted in Illinois
**Also admitted in Wisconsin
KANE, NORBY & RE,DDICK, P.C.
ATTORNEYS
2100 ASBURY ROAD, SUITE 2
DUBUQUE, IOWA 52001-3091
Retired:
Gary K. Norby
Les V. Reddick
Phone:(563)582-7980
Facsimile: (563)582-5312
E-mail: tstevensongkanenorbvlaw com
TO: CRENNA BRUMWELL, DUBUQUE CITY ATTORNEY
FROM: TODD STEVENSON, KANE, NORBY & REDDICK, P.C.
RE: 1199 CENTRAL AVE V. CITY OF DUBUQUE ET AL
DATE: AUGUST 10, 2026
FACTS
This case arose out of a financial transaction involving Lloyd Singletary and Virtual
Velocity, LLC ("Borrowers"), Borrowers obtained a financing package in order to acquire and
refurbish property located at 1199 Central. As part of the financing package the City of Dubuque
loaned $300,000 to the Borrowers and obtained a mortgage on the real estate. The mortgage was
second to a mortgage given by Borrowers to their primary lender. The City of Dubuque later
subordinated its mortgage to Dubuque Initiatives which also loaned funds to the Borrowers for
completion of the project.
The Borrowers defaulted in their obligations to the primary lender. As a result thereof, a
Petition to foreclose its mortgage was filed in the Iowa District Court in and for Dubuque County.
The City of Dubuque, along with the Borrowers and their lenders, was named as a Defendant in
that litigation. Prior to any ruling on the Petition, the property was sold by the Borrowers to a third
party. That transaction closed on July 31, 2026. As a result of the sale, the City of Dubuque was
paid in full. A check was issued in the amount of $300,000 from the buyer's lender, Dupaco
Community Credit Union, to the City of Dubuque. The lawsuit was then dismissed by the Plaintiff.
The dismissal terminates the litigation. A copy of the Order of Dismissal is provided herewith.
Because the City was paid in full, a Release of its mortgage must be recorded in the records
of the Dubuque County Recorder. A draft of the Release is attached hereto.
ACTION REQUESTED
It is our recommendation that the Release be approved by the council, and signed by the
mayor. The Release is required by Iowa law since the debt has been paid in full. If the Release is
not recorded, action could be commenced against the City of Dubuque in order to clear the buyer's
title to the property.
Prepared by/Return to: Todd L. Stevenson, Kane, Norby & Reddick, P.C., 2100 Asbury Road, Suite 2, Dubuque, IA
52001, (563) 582-7980
RELEASE OF REAL ESTATE MORTGAGE
The undersigned, the present owner of the mortgage hereinafter described, does hereby
acknowledge that a certain mortgage bearing date of October 3, 2023 made and executed by Virtual
Velocity, LLC to City of Dubuque, Iowa and Recorded in the records of the office of the Recorder
of the County of Dubuque, State of Iowa, as document reference number 2023-9845 on October
17, 2023 is redeemed, paid off, satisfied and discharged in full.
Words and phrases herein, including acknowledgment hereof, shall be construed as in the
singular or plural number, and as masculine, feminine or neuter gender, according to the context.
Dated August 1Q , 2026.
CITY OF DUBUQUE, IOWA
p�
Brad gh, Mayor
STATE OF IOWA, COUNTY OF DUBUQUE
This record was acknowledged before me on August , 2026 by BRAD M.
CAVANAGH as Mayor of City of Dubuque.
ADRIENNE N. IREiTFELDER
Commission Number 1269M Signature of Notary Public
My Comm. Es'.
Mhe Iowa State Bar Association 2026 Form No. 129, Release of Real Estate Mortgage
IowaDocs® Revised January 2016
E-FILED EQCV118141 - 2026 AUG 03 01:24 PM DUBUQUE
CLERK OF DISTRICT COURT Page 1 of 2
IN THE IOWA DISTRICT COURT FOR DUBUQUE COUNTY
1199 CENTRAL AV SERIES OF LOAN
Plaintiff
vs
DUBUQUE CITY OF
RICHARD BIECHLER ELECTRIC LLC
SKOLD CONSTRUCTION SERVICES INC
PARTIES IN POSSESSION
LLOYD G SINGLETARY III
VIRTUAL VELOCITY, LLC
DENISE ERSCHEN
DUBUQUE INITIATIVES
MICHAEL E ERSCHEN
Defendant
Case No: 01311 EQCV118141
ORDER
At the request of the Plaintiff, this matter is now dismissed with prejudice at Plaintiffs cost.
COPIES:
CPPLDF
E-FILED
Case Number
EQCV118141
Type:
EQCV118141 - 2026 AUG 03 01:24 PM
CLERK OF gl$TB1CT COURT
State of Iowa Courts
DUBUQUE
Page 2 of 2
Case Title
1199 CENTRAL AV SERIES OF LOAN LLV VS VIRTUAL
VELO
DISMISSED PER COURT
So Ordered
Thornaass A. Bitter, District Caurt judge;
First judicial District of Iowa
Electronically signed on 2026-08-03 13:24:33