Assignment of Development Agreement - 299 Main Street_73 CHS Forwards, LLC Copyrighted
July 5, 2017
City of Dubuque Consent Items # 18.
ITEM TITLE: Assignment of Development Agreement- 299 Main Street
SUMMARY: City Manager recommending approval of an assignment of
the Development Agreement with 73 CHS Forwards L.L.C.
to Barker Financial, LLC for the property located at 299
Main Street(Cooper Wagon Works Building).
RESOLUTION Approving the Assignment of the
Development Agreement Between the City of Dubuque and
73 CHS Forwards, LLC from 73 CHS Forwards, LLC to
Barker Financial, LLC
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Assignment of Development Agreement for 299 Main City Manager Memo
Street-MVM Memo
Staff Memo Staff Memo
Assignment of DA Supporting Documentation
Resolution of Approval Resolutions
THE CITY OF Dubuque
fta B E I 11p y
Masterpiece 012 the Mississippi 2007.2012«2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Assignment of Development Agreement with 73 CHS Forwards L.L.C. to
Barker Financial, LLC for Redeveloped Property at 299 Main Street
(Cooper Wagon Works Building)
DATE: June 26, 2017
Economic Development Director Maurice Jones recommends City Council approval of
an assignment of the Development Agreement with 73 CHS Forwards L.L.C. to Barker
Financial, LLC for the property located at 299 Main Street (Cooper Wagon Works
Building). Barker Financial, LLC purchased the property on November 2, 2016 from 73
CHS Forwards L.L.C.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen `
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Maurice Jones, Economic Development Director
Dubuque Economic Development Department
THE CITY OF 50 West 131h Street
All-AmedcaCity Dubuque,Iowa 52001-4864
' k
DUB 1E1 r Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Assignment of Development Agreement with 73 CHS Forwards
L.L.C. to Barker Financial, LLC for redeveloped property at 299
Main Street (Cooper Wagon Works Building)
DATE: June 23, 2017
INTRODUCTION
This memorandum is a request for the City Council to approve the assignment of the
Development Agreement with 73 CHS Forwards L.L.C. for the property located at
299 Main Street to Barker Financial, LLC.
BACKGROUND
On August 16, 2010, the City Council approved a Development Agreement with 73
CHS Forwards L.L.C. for the rehabilitation of 299 Main Street (known as the Cooper
Wagon Works Building) into twenty-one (21) residential apartments and a ground
floor commercial space. The project was awarded a letter of completion from the
City's Building Services department on January 21, 2011.
DISCUSSION
On November 2, 2016, the property at 299 Main Street was sold by 73 CHS
Forwards L.L.C. to Barker Financial, LLC. The new owner is now requesting an
assignment of the agreement with the City. This would assign the rights and
obligations, including the economic development grants listed in Section 3.2 of the
agreement. These grants rebate the allowed property tax increment through May 1,
2027.
RECOMMENDATION/ ACTION STEP
Based on the recent addition of downtown housing and the City's goal to assist in
redeveloping the Greater Downtown, I recommend the City Council adopt the
attached resolution to assign the Development Agreement from 73 CHS Forwards
L.L.C. to Barker Financial, LLC.
Prepared by Jill Connors 50 W 13th Street Dubuaue IA 52001 563 589-4393
Return to Kevin S. Fimstahl, City Clerk, 50 W. 13th Street, Dubuque, IA 52001, 563-589-4100
RESOLUTION NO. 238-17
APPROVING THE ASSIGNMENT OF THE DEVELOPMENT AGREEMENT BETWEEN
THE CITY OF DUBUQUE AND 73 CHS FORWARDS, L.L.C. FROM 73 CHS
FORWARDS, L.L.C. TO BARKER FINANCIAL, LLC.
WHEREAS, the City Council of the City of Dubuque, by Resolution No. 333-10, dated
August 16, 2010 entered into a Development Agreement with 73 CHS Forwards, L.L.C.
(Developer), and;
WHEREAS, pursuant to the Development Agreement Developer provided certain
improvements to real estate owned by 73 CHS Forwards, L.L.C.; known locally as the
Cooper Wagon Works Building located at 299 Main Street, Dubuque, Iowa (the Property);
and
WHEREAS, the Property has been deeded to Barker Financial, LLC, an Iowa limited
liability company; and
WHEREAS, Developer desires to assign the Development Agreement to Barker
Financial, LLC pursuant to the Assignment attached hereto following the sale of the
Property; and
WHEREAS, the City Council finds that it is in the best interests of the City of Dubuque
to approve the Assignment.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The Assignment is hereby approved.
Section 2. The Mayor is hereby authorized and directed to execute the Assignment on
behalf of the City of Dubuque.
Section 3. The City Clerk's Office is authorized and directed to record this resolution
and the Assignment with the Dubuque County Recorder.
Passed, approved and adopted the 5th day of July, 2017.
Attest:
Kevin/S. Firnstaht, City Clerk
21L/
oy D. Buol, Mayor
11111111111111111111 i 1E111111
Doc ID 008684470006 Type GEN
Kind: AGREEMENT
Recorded: 08/04/2017 at 04:14:22 PM
Fee Amt: $32.00 Page 1 of 6
Dubuque County Iowa
John Murphy Recorder
Fi1e2017-00009679
Prepared by Jill Connors, Economic Development, 50 W. 13th St., Dubuque, IA 52001, 563-589-4393
Return to Kevin Firnstahl, City Clerk, 50 W. 13th St., Dubuque, IA 52001, 563-589-4100
ASSIGNMENT OF DEVELOPMENT AGREEMENT
THIS ASSIGNMENT OF DEVELIPMENT AGREEMENT (Assignment) dated for
reference purposes the #1 day of , 2017 is entered into by and between
73 CHS Forwards, L.L.C., an Iowa lim't6d liability company (Developer), Barker Financial,
LLC, an Iowa limited liability company (Barker), and the City of Dubuque, Iowa (City).
WHEREAS, City and Developer entered into a Development Agreement dated
August 16, 2010 (Development Agreement); and
WHEREAS, pursuant to the terms of the Development Agreement Developer was
to provide certain improvements to real estate owned by Developer, such property legally
described as: Lot 73 (except the southerly 3 inches thereof) in the City of Dubuque, Iowa,
according to the United States Commissioner's Map. The real estate conveyed herein is
also locally known as 299 Main Street, Dubuque, Iowa (Property). Subject to the
requirements and restrictions of that Development Agreement, City agreed to take certain
actions to aid in the rehabilitation of the Property; and
WHEREAS, Property was rehabilitated per the terms of the Development
Agreement and was subsequently deeded to Barker. As such Developer desires to
assign all of its rights and obligations under the Development Agreement to Barker and
Barker desires to accept such rights and obligations; and
WHEREAS, the parties desire to set forth their agreement regarding such
assignment in writing.
NOW, THEREFORE, the parties to this Assignment of Development Agreement,
in consideration of the promises, covenants and agreements made by each other, do
hereby agree as follows:
Section 1. ASSIGNMENT. Developer does hereby assign, transfer and convey to
Barker each and every right and obligation of Developer in and under the Development
Agreement.
Section 2. ACCEPTANCE. Barker does hereby accept all rights and obligations of
D11.00 ®&or oy c- 01Lto8-
Developer under the Development Agreement and agrees to be bound by such
agreement and to be responsible for every obligation of Developer thereunder.
Section 3. CONSENT. City does hereby consent to the assignment as set forth herein
and releases Developer from any obligations that accrue under the terms of the
Development Agreement after the date hereof.
Section 4. MISCELLANEOUS. This agreement is binding upon the parties hereto and
their successors and permitted assigns and shall be governed by and construed under
the laws of the state of Iowa.
IN WITNESS WHEREOF, City has caused this Agreement to be duly executed in
its name and behalf by its Mayor and attested to by its City Clerk and Developer has
caused this Agreement to be duly executed on or as of the first above written.
CITY OF DJBUQUE, IOWA
Roy D. Bu "Mayor
Attest:
KevinS Firnstahl, ity 1erk
State of Iowa
) ss:
County of Dubuque )
On this day of . 2017 before me, a Notary Public in and for
said state, personally appear Ro. Buol, and Kevin S. Firnstahl to me known to be
the person(s) named in and who executed the foregoing instrument, and acknowledged
that they executed the same as their voluntary a nd dee,_
7
•r PAMELA ,McC
Mc ARRO�r; 9
Commission Number 7724 t 9
My Comm. Exp.
No ary Publi i; the State of Iowa
My Commission expires:
73 CHS FO ARDS, VL.
ichael t). rai'iaryger
State of )1P IS
) s s :
County of is 00-1F )
On this —5 1 day of ?,(3) , 2017 before me, a Notary Public in and for
said state, personally appeared Michael D. Frantz to me known to be the person(s)
named in and who executed the foregoing instrument, and acknowledged that they
executed the same as their voluntary act and deed.
OFFICIAL SEAL
H J PATEL
Notary Public - State of Illinois
My Commission Expires Aug 6, 2017
Notary Public in the State of */ 0
My Commission expires:
BARKER FINANCIAL, LLC
`ki7
David Barker, President
State of 7.- )
ss:
County of 444,141(-1)
On this c '-7 day of ,,e4 , 2017 before me, a Notary Public in and for
said state, personally ap ared David Barker, to me known to be the person(s) named
in and who executed the foregoing instrument, and acknowledged that they executed
the same as their voluntary act and deed.
A
Notary Public in the State of��
My Commission expires:
CHRISTINE A AMELING
Commission Number 763190
My Commission Expires
-'- q
Prepared by Jill Connors 50 W 13th Street Dubuque IA 52001 563 589-4393
Return to Kevin S. Fimstahl, City Clerk, 50 W. 13th Street, Dubuque, IA 52001, 563-589-4100
RESOLUTION NO. 238-17
APPROVING THE ASSIGNMENT OF THE DEVELOPMENT AGREEMENT BETWEEN
THE CITY OF DUBUQUE AND 73 CHS FORWARDS, L.L.C. FROM 73 CHS
FORWARDS, L.L.C. TO BARKER FINANCIAL, LLC.
WHEREAS, the City Council of the City of Dubuque, by Resolution No. 333-10, dated
August 16, 2010 entered into a Development Agreement with 73 CHS Forwards, L.L.C.
(Developer), and;
WHEREAS, pursuant to the Development Agreement Developer provided certain
improvements to real estate owned by 73 CHS Forwards, L.L.C.; known locally as the
Cooper Wagon Works Building located at 299 Main Street, Dubuque, Iowa (the Property);
and
WHEREAS, the Property has been deeded to Barker Financial, LLC, an Iowa limited
liability company; and
WHEREAS, Developer desires to assign the Development Agreement to Barker
Financial, LLC pursuant to the Assignment attached hereto following the sale of the
Property; and
WHEREAS, the City Council finds that it is in the best interests of the City of Dubuque
to approve the Assignment.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The Assignment is hereby approved.
Section 2. The Mayor is hereby authorized and directed to execute the Assignment on
behalf of the City of Dubuque.
Section 3. The City Clerk's Office is authorized and directed to record this resolution
and the Assignment with the Dubuque County Recorder.
Passed, approved and adopted the 5th day of July, 2017.
Attest:
Kevin /S. I irnstahf, City Clerk
oy D. Buol, Mayor
STATE OF IOWA
CERTIFICATE of the CITY CLERK
) SS:
COUNTY OF DUBUQUE )
I, Kevin S. Firnstahl, do hereby certify that I am the duly appointed, qualified, City Clerk
of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in
my possession or have access to the records of the proceedings of the City Council. I
do further state that the hereto attached Resolution No. 238-17 is a true and correct
copy of the original.
In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque,
Iowa.
Dated at Dubuque, Iowa, on this 7th day of July, 2017.
Kevi S. Firnstahl, C1c7rO, City Clerk