Cornerstone Pl - MDI - ParkingPARKING AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
MDI LIMITED PARTNERSHIP #47
This Agreement is made and entered into on this day of , 2001
by and between the City of Dubuque, Iowa (City), a municipal corporation organized
and existing under the laws of the State of Iowa, and MDI Limited Partnership #47
(MDI), an Iowa Limited Partnership.
WHEREAS, MDI has purchased the former Iowa Inn for redevelopment as one
and two bedroom affordable senior housing to be known as Cornerstone Place; and
WHEREAS, City, in consideration for MDI’s development of the Cornerstone
Place, has agreed to provide for parking for residents of Cornerstone Place; and
WHEREAS the parties now desire to set out the terms of the Parking Agreement.
NOW, THEREFORE, the parties agree as follows:
1. With respect to Municipal Lot #1, City agrees that one (1) residential permit per
unit, up to twenty-nine (29) permits may be issued to persons whose principal
th
address is listed as Cornerstone Place, located at 9 and Iowa Streets.
2. City agrees to provide the residential permits described in Paragraph 1 so long
as MDI continues to operate Cornerstone Place as a multi-residential facility
upon the terms and conditions provided in the Loan Agreements between City
and MDI approved by the City Council on May 1, 2000 and March 5, 2001, but
only for the twenty-year term of the March 5, 2001 Loan Agreement.
3. This Agreement shall not be assignable by MDI without the prior approval of the
City Council.
4. All other terms and conditions of the Loan Agreements referred to in Paragraph 2
shall continue in full force and effect.
Dated this day of , 2001.
CITY OF DUBUQUE, IOWA
Michael C. Van Milligen
City Manager
MDI LIMITED PARTNERSHIP #47
General Partner
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