Iowa Inn - Cornerstone ParkingMEMORANDUM
November 1, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Iowa Inn Parking Agreement
Housing and Community Development Director David Harris is recommending approval
of the Parking Agreement between the City and MDI Limited Partnership #-47 which
provides for 29 residential parking permits in Municipal Lot #1 for residents of the Iowa
Inn/Cornerstone Place Apartments.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
David Harris, Housing and Community Development Director
PARKING 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 MDFs 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:
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
address is listed as Cornerstone Place, located at 9th and Iowa Streets.
City agrees to provide the residential permits described in Paragraph I 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 thirty-year term of the May 1, 2000 Special Purpose Grant Loan
Agreement.
This Agreement shall not be assignable by MDI without the prior approval of the
City Council.
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
CITY OF DUBUQUE, IOWA
Michael C. Van Milligen
City Manager
MDI LIMITED PARTNERSHIP #47
General Partner
,2001.
2
CITY OF DUBUQUE, IOWA
MEMORANDUM
29 October 01
To: Mike Van Milligen, City Manager
From: David Harris, Housing and Community Development Department
Re: Iowa Inn Parking Agreement
Introduction
The purpose of this memorandum is to request the City Council's approval of a
parking agreement for residents of the Iowa Inn/Cornerstone Place Apartments.
Discussion
The Council, by action taken at its 6 August 01 meeting, approved residential
permit parking in Municipal Lot #1 for residents of the Iowa Inn, by passage of
Ordinance No. 53-01. This allows for 29 permits to be issued to residents of the
newly renovated facility.
The attached Agreement, prepared at the request of Heartland Properties Inc -
the limited partner in MDI Limited Partnership #47, owner of the project - further
stipulates that the City agrees to provide the parking permits as long as the Inn
continues to operate as an affordable seniors rental project, under the terms of
the loan agreements previously approved by Council; and that the Agreement is
not assignable without approval by the Council.
Action Step
The action requested of the City Council is to approve the City Manager's
execution of the attached Parking Agreement between the City and MDI Limited
Partnership #-47.