Cigna Trilog Town Clock CertifiCITY OF DUBUQUE, IOWA
MEMORANDUM
February 15, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Certificates for Completion of CIGNA Project
Acting CorrLmunity and Economic Development Director Pam Myhre is recommending approval
of two CertificateS of Completion for the CIGNA project, one for Town Clock Associates, LLC
(Developer) and one for Trilog, Inc. (Employer). The Developer, Anthony Izzo, is providing a
certified statement that the obligations as required in the Development Agreement to construct a
minimum 100,000 square foot building at a cost of not less than $10 million ~vithin the allotted
time period have been met. The issuance of a Certificate of Completion waives all rights of
reveslxnent of title that the City retains through the Development Agreement to assure that the
project is completed in accordance with the provisions of the Agreement and that certain Events
of Default have not occurred. It also allows the property to be transferred to another party
without City approval.
I concur with the recommendation and respectfully request Mayor and City Council approval.
M~chael C Van M~lhgen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Pam Myhre, Acting Community and Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
SUBJECT:
February 9, 2001
pM~ la i 1MVyhanr eM, ~]i~e~ir ector
Certificates of Completion for CIGNA Project
Introduction
This memorandum provides for City Council review and approval two Certificates of Completion
for the CIGNA project. The Development Agreement of October 18, 1999 by and among the
City, Town Clock Associates, LLC (Developer) and Trilog, Inc. (Employer) stipulated that
Certificates of Completion would be issued to both the Developer and the Employer upon the
completion of the Minimum Improvements (building construction and interior furnishing).
Discussion
Anthony Izzo, the Developer, has requested issuance of the Certificates. He has provided
verification, through a certified statement, that the obligations as required in the Development
Agreement to construct a minimum 100,000 square foot building at a cost of not less than
$10,000,000 within the allotted time period have been met. The issuance of a Certificate of
Completion waives all rights of revestment of title that the City retains through the Development
Agreement to assure that the project is completed in accordance with the provisions of the
Agreement and that certain Events of Default have not occurred.
The Development Agreement also allows the property to be transferred to another party without
City approval after issuance of the Certificate of Completion. It is my understanding that a sale
of the property is pending and that issuance of the Certificates prior to closing is being requested
to accommodate that transaction.
Recommendation
I recommend issuance of a Certificate of Completion to both the Developer and Employer
acknowledging completion of their obligations to complete Minimum Improvements as stipulated
in the CIGNA project Development Agreement. The building will be occupied this week by
CIGNA, and the project meets the relevant requirements of the Development Agreement.
Action Step
The action step for the City Council is to approve the attached Certificates of Completion and to
authorize the Mayor and City Clerk to sign the Certificates on their behalf.
F :\US ERS~Prnyhre\VCPDOCSkLOANDOCkCIGNAXcer tifofcompl.wlxl
February 9, 2001
CERTIFICATION
Certification made this ] ~dnay of February, 2001, by TOWN CLOCK PLAZA
ASSOCIATES, LLC, 1100 Rockdale Road, Dubuque, Iowa 52003 to CITY OF
DUBUQUE, IOWA, City Hall, 50 W. 13~ Street, Dubuque, IA 52001
WITNESSETH:
WHEREAS, The City of Dubuque, Iowa, ("City") established an Urban Renewal Plan,
Downtown Dubuque Urban Renewal District, City of Dubuque, Iowa, as amended (the
"Plan"); and
WHEREAS, Pursuant to the Plan, the City, Town Clock Plaza Associates, LLC
("Developer"), and Trilog, Inc. ("Employer") entered into a Development Agreement
dated October 18, 1999 (the "Agreement"); and
WI~REAS, Pursuant to the Agreement, Developer agreed to construct a building (the
"Building") and certain internal systems (Developer's Minimum Improvements"), and
Employer agreed to finish the Building, including all interior improvements (the
"Employer's Minimum Improvements") on Lot 1, Block 13 Dubuque Downtown Plaza
at a cost of not less than $10,000,000; and
WHEREAS, The City, Developer and Employer agreed in the Agreement that the
Building is to contain not less than 100,000 square feet of floor space; and
NOW THEREFORE, the Developer certifies to the City as follows:
1. The Developer's Minimum Improvements and the Employer's M/mum
Improvements have been constructed at a cost of not less than $10,000,000.
2. The Building contains not less than 100,000 square feet of floor space.
Town ClockPlaza Associates, LLC
By: ~~
Anthony ~. izzo, Partner
CERTIFICATION
CertifiCation made this ~L day of February, 2001, by CONLON CONSTRUCTION
COMPANY, 1100 Ro~c~e~d~e Road, Dubuque, Iowa 52003 to CITY OF DUBUQUE,
IOWA, City Hall, 50 W. 13 Street, Dubuque, IA 52001 and to TOWN CLOCK PLAZA
ASSOCIATES, LLC., 2150 Post Road, Fairfield, CT 06430
WITNESSETIt:
WI:IE, REAS, The City of Dubuque, Iowa, ("City") established an Urban Renewal Plan,
Downtown Dubuque Urban Renewal District, City of Dubuque, Iowa, as amended (the
"Plan"); and
WI~,REAS, Pursuant to the Plan, the City, Town Clock Plaza Associates, LLC
("Developer"), and Trilog, Inc. ("Employer") entered into a Development Agreement
dated October 18, 1999 (the "Agreement"); and
WltE, REAS, Pursuant to the Agreement, Developer agreed to construct a building (the
"Building") and certain internal systems (Developer's Minimum Improvements"), and
Employer agreed to finish the Building, including all interior improvements (the
"Employer's Minimum Improvements") on Lot 1, Block 13Dubuque Downtown Plaza
at a cost of not less than $10,000,000; and
WHEREAS, The City, Developer and Employer agreed in the Agreement that the
Building is to contain not less than 100,000 square feet of floor space; and
WltEREAS, The Developer retained Conlon Construction Company ("Contractor") to
construct The Developer's Minimum Improvements and the Employer retained the
Contractor to construct the Employer's Minimum Improvements.
NOW TltEREFORE, the Contractor certifies to the City as follows:
1. The Developer's Minimum Improvements and the Employer's Minimum
Improvements have been constructed at a cost of not less than $i0,000,000.
2. The Building contains not less than 100,000 square feet of floor space.
Conlon C~hastruction Comuany
By: ~..~_~ o (~_~
b~:~en Conlon, President
Prepared By: Pamela Myhre 50 West 13th Street Dubuque, IA 52001 319-589~4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a munic~al corporation (the "Grantor"), by a
Special Warranty Deed recorded on November 4, 1999 as Instrument Number 17042-99 in the
office of the County Recorder of Dubuque County, State of Iowa, has conveyed to Town Clock
Plaza Associates, LLC (the "Grantee"), in accordance with a Development Agreement dated as
of October 18, 1999 between the Grantor and the Grantee (the "Agreement"), certain real
property located within the Downtown Dubuque Urban Renewal Project Area of the Grantor and
as more particularly described as follows:
Lot 1 Block 13, Dubuque Downtown Plaza, in the City of Dubuque, Dubuque County,
Iowa (the "Development Property"); and
WHEREAS, said Deed incorporated and contained certain covenants and restrictions
with respect to the development of the Development Property, and obligated the Grantee to
construct certain Minimum Improvements (as defined therein) in accordance with the
Agreement; and
WHEREAS, the Grantee has to the present date performed said covenants and conditions
insofar as they relate to the construction of the Minimum Improvements in a manner deemed
sufficient by the Grantor to permit the execution and recording of this certification.
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, this is to certify that all
covenants and conditions of the Deed and the Agreement with respect to the obligations of the
Grantee, and its successors and assigns, to construct the Minimum Improvements on the
Development Property have been completed and performed by the Grantee and that the
provisions for forfeiture of title and right to re-entry for breach of the condition subsequent by the
Grantor contained therein are hereby released absolutely and forever terminated insofar as they
apply to the land described herein. The County Recorder of Dubuque County is hereby
authorized to accept for recording and to record the filing of this instrument, to be a conclusive
determination of the satisfactory termination of the covenants and conditions of said Deed and
the Agreement which would result in a forfeiture by the Grantee and right of the Grantor to re-
enter and take possession of the Development Property as set forth in said Deed and the
Agreement, and that said Deed and the Agreement shall otherwise remain in full force and effect.
(SEAL)
CITY OF DUBUQUE, IOWA
ATTEST:
~//Jeanne F. Sclmeider, City Clerk
By:
Tefrance M. Duggan,/~or
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On thisJ~/~' .day of ~.~.~,~v~.~.~/ ,2001, before me a Notary Public in and
for said County, personally appeared Terrance M. Duggan and Jeanne F. Schneider to me
personally known, who being duly sworn, did say that they are the Mayor and City Clerk,
respectively of the City of Dubuque, Iowa, a Municipal Corporation, created and existing under
the laws of the laws of the State of Iowa, and that the seal affixed to the foregoing instrument
was signed and sealed on behatf of said Municipal Corporation by authority and resolution of its
City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and
deed of said Municipal Corporation by it voluntarily executed. /'7). ~,
/ Notary Public in and for
/ Dubuque County, Iowa
F:\USERS\Pmyhre~WPDOCS\LOAN DOC~CIGNA\certo fcomp2.wpd
Prepared By: Pamela Myhre 50 West 13t~ Street Dubuque, lA 52001 31%589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a municipal corporation (the "City") entered into
a Development Agreement dated as of October 18, 1999 (the "Agreement") by and among the
City, Town Clock Plaza Associates, LLC and Trilog, Inc. (the "Employer") with respect to
certain real property located within the Downtown Dubuque Urban Renewal Project Area of the
Grantor and as more particularly described as follows:
Lot 1 Block 13, Dubuque Downtown Plaza, in the City of Dubuque, Dubuque County,
Iowa (the "Development Property"); and
WHEREAS, said Development Agreement contained certain covenants and restrictions
with respect to the development of the Development Property, and obligated the Employer to
construct certain Minimum Improvements (as defined therein) in accordance with the
Agreement; and
WHEREAS, the Employer has to present date performed said covenants and conditions
insofar as they relate to the construction of the Minimum Improvements in a manner deemed
sufficient by the City to permit the execution and recording of this certification.
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, this is to certify that all
covenants and conditions the Agreement with respect to the obligations of the Employer, and its
successors and assigns, to construct the Minimum Improvements on the Development Property
have been completed and performed by the Employer. The County Recorder of Dubuque County
is hereby authorized to accept for recording and to record the filing of this instmment, to be a
conclusive determination of the satisfactory termination of the covenants and conditions of the
Agreement with respect to the construction of the Minimum Improvements and that said
Agreement shall otherwise remain in full force and effect.
(SEAL)
CITY OF DUBUQUE, IOWA
ATTEST:
~/ Jeanne F. Schneider, City Clerk
By:
TJrrance M. Dugga~or
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
On this J?~zzJ day of ~z'/~r~'~f/ ,2001, before me a Notary Public in and
for said County, personally appeared Terrance M.//Duggan and Jeanne F. Schneider to me
personally known, who being duly sworn, did say that they are the Mayor and City Clerk,
respectively of the City of Dubuque, Iowa, a Municipal Corporation, created and existing under
the laws of the laws of the State of Io~va, and that the seal affixed to the foregoing instrument
was signed and sealed on behalf of said Municipal Corporation by authority and resolution of its
City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and
deed of said Municipal Corporation by it voluntarily executed. ~/~ '~,~
Dubuque County, Iowa