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Agreement with Timber Ridge Estates, L.L.C.
Copyrighted August 21, 2017 City of Dubuque Action Items # 1. ITEM TITLE: Agreement with Timber Ridge Estates, L.L.C. SUMMARY: City Manager recommending approval of an agreement with Timber Ridge Estates, L.L.C. for the development of residential housing within the Derby Grange Road Housing Urban Renewal Area. RESOLUTION Approving an Agreement between the City of Dubuque, Iowa and Timber Ridge Estates, L.L.C. for the development of property in the Derby Grange Road Housing Urban Renewal Area Economic Development District SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Timber Ridge Estates-MVM Memo City Manager Memo Staff Memo Staff Memo Resolution Resolutions Agreement Supporting Documentation THE COF Dubuque DtUB E All-America City Masterpiece on the Mississippi 1 1 1 1" 2009•2012•2013•2019 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Timber Ridge Estates, L.L.C. DATE: August 16, 2017 City Attorney Crenna Brumwell recommends City Council approval of an agreement with Timber Ridge Estates for the development of residential housing within the Derby Grange Road Housing Urban Renewal Area. City acknowledges that Developer is developing a residential development on the Development Property as shown on the plats. Developer agrees as follows: • To consent to the inclusion of Developer's property in the Project Area; • To refrain from objecting to City actions to acquire property for facilitation of this Agreement; • To install and dedicate fiber optic conduit, vaults, and appurtenances as part of the infrastructure for the development at the Development Property with an estimated cost of fifty-six thousand two hundred fifty dollars ($56,250.00); • To contribute fifty thousand dollars ($50,000) toward installation of water service on the public right-of-way portion of Kennedy Road along the Development Property. The contribution shall be thirty thousand dollars ($30,000) in cash and twenty thousand dollars ($20,000) of labor and equipment; • To install water service infrastructure at the Development Property per City standards and specifications with proper utility easement(s) as necessary; and • Payment of water connection fees of $23,255.12 at time of connection to the City of Dubuque's water distribution system. City Participation includes: • City will provide city water service to the Development Property no later than August 1, 2017. • City will provide materials for installation of water service in the right-of-way along Kennedy Road which abuts the Development Property. • Pursuant to Iowa Code §403.22 the Project includes assistance for low and moderate income family housing. The amount to be provided for low and moderate income family housing shall be either equal to or greater than the percentage of the original Project cost that is equal to the percentage of low and moderate income residents for Dubuque County which is 38.1%. • Reimburse Developer for the actual cost of development activities as follows: Fiber Optic Installation: Estimated at $56,250 Timber Ridge ROW Water Installation Estimated at $50,000 • Grants, not to exceed a total of$106,250 during the term of the agreement, for development activities will be made as follows: November 1, 2019: 25% of the remaining yearly increment after the deduction of the 38.1% set-aside for low or moderate income families, but not to exceed the actual expenditures by Developer for Development Activities. This formula will be repeated each year through May 1, 2029. • The Economic Development Grants shall be payable from and secured solely and only by the Developer Tax Increments paid to City. I concur with the recommendation and respectfully request Mayor and City Council approval. t lt '1Gvk Micliael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager 2 THE CITY OF DUB-�6 E MEMORANDUM Masterpiece on the Mississippi CRENNA M . BRUMWELL , ESQ. CITY ATTORNEY To: Michael C. Van Milligen City Manager DATE: August 16, 2017 RE: Timber Ridge Estates, L.L.C. The Derby Grange Road Housing Urban Renewal Area is an urban renewal area which allows the City of Dubuque to capture tax increment revenue from improvements made in the Area in order to promote housing and residential development activities. The Area was created April 3, 2017 primarily for the development of two residential districts (Rustic Point Estates and Timber Ridge Estates) and improvements along portions of Kennedy Road and Derby Grange Road. In addition to funding the development of infrastructure, tax increment financing will be used to benefit Low and Moderate Income individuals in our community at large. Attached is an agreement with Timber Ridge Estates for the development of residential housing within the Derby Grange Road Housing Urban Renewal Area. I respectfully submit the agreement for review and approval of the City Council. Thank you. 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 RESOLUTION NO. 308-17 APPROVING AN AGREEMENT BETWEEN THE CITY OF DUBUQUE, IOWA AND TIMBER RIDGE ESTATES, L.L.C. FOR THE DEVELOPMENT OF PROPERTY IN THE DERBY GRANGE ROAD HOUSING URBAN RENEWAL AREA ECONOMIC DEVELOPMENT DISTRICT Whereas, the City Council, following the public hearing, by Resolution No. 133- 17, approved the Derby Grange Road Housing Urban Renewal Area; and Whereas, Timber Ridge Estates, L.L.C. is the owner of property in the Derby Grange Road Housing Urban Renewal Area (the Property); and Whereas, the City Council and Timber Ridge Estates, L.L.C. desire to enter into the Agreement attached hereto for the development of the Property; and Whereas, it is the determination of the City Council that approval of the Agreement according to the terms and conditions set out in the Agreement is in the public interest of the City of Dubuque. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Agreement by and between the City of Dubuque and Timber Ridge Estates, L.L.C. is hereby approved. Section 2. That the Mayor is hereby authorized and directed to execute the Agreement on behalf of the City and City Clerk is authorized and directed to attest to his signature. Section 3. That the City Manager is authorized to take such actions as are necessary to comply with the terms of the Agreement as herein approved. PASSED, APPROVED, AND ADOPTED this 21St day oAugust, 2017. / Roy D. BuolC/layor ATTEST: 47-7 Kevin Firnstahl, City Clerk IIIIllII JJIIIIIIIIII II II III 11111 II J II Doc ID 008701170024 Type: GEN Kind AGREEMENT Recorded: 09/07/2017 at 03:30:22 PM Fee Amt: $122.00 Page 1 of 24 Dubuque County Iowa John Murphy Recorder F11e2017_00011140 RECORDER'S COVER SHEET AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE, IOWA AND TIMBER RIDGE ESTATES, L.L.C. FOR THE DEVELOPMENT OF THE DERBY GRANGE ROAD HOUSING URBAN RENEWAL AREA ECONOMIC DEVELOPMENT DISTRICT Preparer Information: City of Dubuque, Iowa, 50 West 13th Street, Dubuque, Iowa 52001 Taxpayer Information: Timber Ridge Estaes, L.L.C., PO Box 305, Epworth, IA 52045 Return Document To: Kevin S. Firnstahl, City of Dubuque City Clerk, 50 West 13th Street, Dubuque, IA 52001 Legal Description: See Page 2: Section 1. Legal Description of Project Area. Grantors: Grantees: Timber Ridge Estates, L.L.C. City of Dubuque, Iowa Attachments: Certified Resolution No. 308-17 Agreement AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE, IOWA AND TIMBER RIDGE ESTATES, L.L.C. This Agreement, dated for reference purposes the 074/. -" day of /lot , 2017, by and between the City of Dubuque, Iowa, a municipality (City), established pursuant to Iowa Code and acting under authorization of Iowa Code Chapter 489, as amended (Urban Renewal Act), and Timber Ridge Estates, L.L.C., an Iowa limited liability company with its principal place of business in Dubuque, Iowa (Developer). WHEREAS, in furtherance of the objectives of the Urban Renewal Act, City has undertaken an urban renewal project (the Project) to advance the community's ongoing economic development efforts; and WHEREAS, the Project is located within the Derby Grange Road Housing Urban Renewal Area Economic Development District (the Project Area); and WHEREAS, as of the date of this Agreement an urban renewal plan for the Project Area consisting of the urban renewal plan for the Derby Grange Road Housing Urban Renewal Area Economic Development District, was approved by the City Council of City on the 3rd day of April, 2017, (the Urban Renewal Plan); and WHEREAS, a copy of the Urban Renewal Plan, as constituted on the date of this Agreement, attached hereto as Exhibit A, is on file with the Clerk for the City; and WHEREAS, the Developer plans a development of single-family homes in the area owned by Developer, legally described as: The North 1/2 of the Southeast 1/4 of the Northeast % of Section 9, Township 89 North, Range 2 East of the 5th P.M., (except 10 feet of the East side of said 20 acres of land reserved for a private roadway,) subject to highway, in Dubuque County, Iowa, according to the United States Government Survey. (the Development Property), located within the foregoing Project Area, and thereafter to cause the same to be operated in accordance with this Agreement; and WHEREAS, the Developer is willing to cause certain infrastructure improvements to be constructed on and within the Development Property; and WHEREAS, the City intends to assist the Project through grants toward infrastructure improvements; and WHEREAS, City believes that the development of the Development Property pursuant to this Agreement, and the fulfillment generally of this Agreement, are in the vital and best interests of City and in accord with the public purposes and provisions of the applicable federal, state, and local laws and the requirements under which the Project has been undertaken and is being assisted. NOW THEREFORE, in consideration of the promises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: SECTION 1. LEGAL DESCRIPTION OF PROJECT AREA. All that part of the right of way of John F. Kennedy Road lying between the Northwesterly right of way line of Northwest Arterial (Iowa State Highway #32) and the Northeasterly extension of the Northerly line of Lot 2 of Barton Randle Addition, City of Dubuque, Iowa; and All that part of the Easterly half of the right of way of John F. Kennedy Road lying between the Northeasterly extension of the Northerly line of Lot 2 of Barton Randle Addition, City of Dubuque, Iowa, and the Easterly extension of the Southerly line of Lot 2 of Lot 1 of the Subdivision of the Southeast Quarter of the Southwest Quarter of Section 9, T89N, R2E of the 5th P.M., Dubuque County, Iowa; and A part of Lot 2 the Subdivision of Lot 1 of the Southeast 1/4 of the Southwest' of Section 9, Township 89 North, Range 2 East of the 5th Principal Meridian, in the County of Dubuque, Iowa, more particularly described as follows: Commencing as a point of reference at the Northwest corner of Lot 2 of the Subdivision of Lot 1 of the Southeast % of the Southwest 1/4 of Section 9, Township 89 North, Range 2 East of the 5th Principal Meridian, in the County of Dubuque, Iowa; Thence North 88 Degrees 39 Minutes 26 Seconds East along the North line of said Lot 2 a distance of 731.49 feet to the point of beginning; Thence continuing North 88 Degrees 39 Minutes 26 Seconds East along the North line of said Lot 2 a distance of 137.55 feet to the Northeast corner of said Lot 2; Thence Southeasterly along the East line of said Lot 2, being a circular curve concave to the East, having a radius of 955.37 feet, a chord of 191.31 feet which bears South 06 Degrees 13 Minutes 07 Seconds East, an arc length of 191.63 feet; Thence South 11 Degrees 58 Minutes 32 Seconds East along said East line a distance of 258.07 feet to the Southeast corner of said Lot 2; Thence South 88 Degrees 05 Minutes 36 Seconds West along the South line of said Lot 2 a distance of 33.52 feet to a point on the West right of way line of Kennedy Road; Thence North 11 Degrees 58 Minutes 32 Seconds West along said west right of way line a distance of 279.21 feet; Thence Northwesterly along said West right of way line, being a circular curve concave to the East having a radius of 988.37 feet, a chord of 34.46 feet which bears North 10 Degrees 57 Minutes 57 Seconds West, an arc length of 34.46 feet; Thence North 47 Degrees 24 2 Minutes 27 Seconds West along said West right of way line a distance of 159.58 feet to a point on the South right of way line of Derby Grange Road; Thence North 02 Degrees 06 Minutes 27 Seconds West a distance of 52.00 feet to the point of beginning; and All that part of Lot 2 of the Northeast 1/4 of the Southwest' of Section 9, T89N, R2E of the 5th P.M., Dubuque County, Iowa, lying within the existing right of way of North Cascade Road; and All of Lot 1 of Tscharner Place No. 4, Section 9, Township 89 North, Range 2 East of the 5th P.M., Dubuque County, Iowa; and All that part of Lot 2 of Tscharner Place No. 3, Dubuque County, Iowa, lying South of the North line of the Southwest Quarter of Section 9, T89N, R2E of the 5th P.M. and East of the Westerly right of way line of John F. Kennedy Road; and All of Lot 1-A of The Barony, Dubuque County, Iowa; and All that part of the Northwesterly half of the right of way of John F. Kennedy Road lying Westerly of the West line of Lot 1 of Hope Evangelical Free Church 1st Addition, Dubuque County, Iowa, and lying Easterly of the Southerly extension of the West line of Lot 1-A of The Barony, Dubuque County, Iowa; and The West 19.85 acres of the North Half of the Southeast Quarter of the Northeast Quarter of Section 9, Township 89 North, Range 2 East of the 5th P.M., Dubuque County, Iowa (also known as the North Half of the Southeast Quarter of the Northeast Quarter of Section 9, Township 89 North, Range 2 East of the 5th P.M., except 10 feet on the East side of said 20 acres of land reserved for a private roadway, in Dubuque County, Iowa). SECTION 2. DEVELOPMENT ACTIVITIES. 2.1 Reauired Improvements. City acknowledges that Developer is developing a residential development on the Development Property as shown on the plats attached hereto as Exhibit B. Developer agrees as follows: A. To consent to the inclusion of Developer's property in the Project Area; B. To refrain from objecting to City actions to acquire property for facilitation of this Agreement; C. To install and dedicate fiber optic conduit, vaults, and appurtenances as part of the infrastructure for the development at the Development Property with an estimated cost of fifty-six thousand two hundred fifty dollars ($56,250.00), Developer to be reimbursed for actual expenditures up to fifty-six thousand two hundred fifty dollars ($56,250.00) certified to the City of Dubuque and subject to 3 approval by the City, the availability of TIF revenues, and according to the terms of Section 3.4; D. To contribute fifty thousand dollars ($50,000) toward installation of water service on the public right-of-way portion of Kennedy Road along the Development Property. The contribution shall be thirty thousand dollars ($30,000) in cash and twenty thousand dollars ($20,000) of labor and equipment. Developer to be reimbursed for actual expenditures up to fifty thousand dollars ($50,000.00) certified to the City of Dubuque and subject to approval by the City; E. To install water service infrastructure at the Development Property per City standards and specifications with proper utility easement(s) as necessary. Developer shall contract with a consulting firm to prepare plans and specifications with respect to these improvements which shall be in conformity with all applicable state and local laws and regulations. Plans and Specifications must be prepared using the latest City of Dubuque Engineering Standards and SUDAS Standards. Developer must submit to the City for approval all plans, drawings, specifications, easement documents and other related documents with respect to the improvements. All work with respect to these improvements must be in conformity with the Construction Plans approved by the City. Developer shall be responsible for all any and all construction staking and surveying necessary to construct the project according to approved plans. Developer shall be responsible for any and all materials testing services as required by the approved plans and specifications. Developer shall pay City an inspection fee of 3% of total project cost estimate and City will conduct all construction inspection activities. Developer shall submit to the City Clerk securities (form of Letter of Credit or Bond) in the amount of 110% of the total project cost estimate. After the two (2) year bonding period, water service infrastructure and appurtenances shall be dedicated to the City; and F. Payment of water connection fees of $23,255.12 at time of connection to the City of Dubuque's water distribution system. 2.2 Plans for Construction of Improvements. Plans and specifications with respect to the Development Property and the construction of improvements thereon (the Construction Plans) shall be in conformity with the Urban Renewal Plan, this Agreement, and all applicable state and local laws and regulations, including but not limited to any covenants, conditions, restrictions, reservations, easements, liens, and charges applicable to the Development Property, in the records of Dubuque County, Iowa. Developer shall submit to City, for approval by City, plans, drawings, specifications, and related documents with respect to the improvements to be constructed by Developer on the Development Property. All work with respect to the improvements shall be in substantial conformity with the Construction Plans approved by City. 4 2.3 Timing of Improvements. Developer hereby agrees that construction of improvements on the Development Property shall be commenced by July 1, 2017, and shall be built in conjunction with the streets within the Development. The time frames for the performance of these obligations shall be suspended due to unavoidable delays, meaning delays outside the control of the party claiming its occurrence in good faith, which are the direct result of strikes, other labor troubles, unusual shortages of materials or labor, unusually severe or prolonged bad weather, acts of God, fire, or other casualty to the improvements, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion directly results in delays, or acts of any federal, state, or local government which directly result in delays. The time for performance of such obligations shall be extended only for the period of such delay. SECTION 3. CITY PARTICIPATION. 3.1 Water Service. City will provide city water service to the Development Property no later than August 1, 2017. 3.2 Supply of Materials. City will provide materials for installation of water service in the right-of-way along Kennedy Road which abuts the Development Property. 3.3 Low and Moderate Income Family Housina Assistance. A. Pursuant to Iowa Code §403.22 the Project includes assistance for low and moderate income family housing. The amount to be provided for low and moderate income family housing shall be either equal to or greater than the percentage of the original Project cost that is equal to the percentage of low and moderate income residents for Dubuque County which is 38.1%. B. To fund the low -to -moderate income (LMI) housing assistance, City public improvements, and Developer's development activities, City shall certify to the County prior to December 1 of each year, commencing December 1, 2018, its request for the available Developer Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to Developer on November 1 and May 1 of that fiscal year. (Example: if City so certifies by December 2017, the Economic Development Grants in respect thereof would be paid to Developer on November 1, 2018 and May 1, 2019.) 3.4 Economic Development Grants. A. For and in consideration of Developer's obligations hereunder, and in furtherance of the goals and objectives of the urban renewal plan for the Project Area and the Urban Renewal Law, City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to reimburse 5 Developer for the actual cost of development activities as follows: Fiber Optic Installation: Estimated at $56,250 Timber Ridge ROW Water Installation Estimated at $50,000 B. Grants, not to exceed a total of $106,250 during the term of the agreement, for development activities will be made as follows: City shall certify to the County prior to December 1 of each year, commencing December 1, 2018, its request for the available Developer Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to Developer on November 1 and May 1 of that fiscal year. November 1, 2019: 25% of the remaining yearly increment after the deduction of the 38.1% set-aside per Iowa Code §403.22 for low or moderate income families including single person households, earning no more than eighty percent of the higher of the median family income of the county or the statewide nonmetropolitan area as determined by the latest United States Department of Housing and Urban Development, Section 8 income guidelines (LMI Housing Assistance), but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2020: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2020: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2021: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2021: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. 6 May 1, 2022: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2022: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2023: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2023: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2024: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2024: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2025: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2025: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2026: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2026: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2027: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2027: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2028: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. November 1, 2028: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. May 1, 2029: 25% of the remaining yearly increment after the deduction of the LMI Housing Assistance set-aside, but not to exceed the actual expenditures by Developer for Development Activities. The foregoing grants will be made pursuant to Iowa Code §403.9 of the Urban Renewal Law, in amounts equal to the actual amount of tax increment revenues collected by City under Iowa Code §403.19 (without regard to any averaging that may otherwise be utilized under Iowa Code §403.19 and excluding any interest that may accrue thereon prior to payment to Developer) during the preceding six (6) month period in respect of the Property and improvements constructed by Developer (the Developer Tax Increments). Developer recognizes and agrees that the Economic Development Grants shall be paid solely and only from the incremental taxes collected by City in respect to the Property and improvements, which does not include property taxes collected for the payment of bonds and interest of each taxing district, and taxes for the regular and voter -approved physical plant and equipment levy, instructional support levy, and any other portion required to be excluded by Iowa law, and thus such incremental taxes will not include all amounts paid by Developer as regular property taxes. 8 C. To fund the Economic Development Grants, City shall certify to the County prior to December 1 of each year, commencing December 1, 2018, its request for the available Developer Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to the Developer if Developer owns or leases the Property and/or improvements thereon during the period such tax increment revenues accrue, on November 1 and May 1 of that fiscal year. (Example: If City so certifies by December 2017, the Economic Development Grants in respect thereof would be paid to Developer on November 1, 2018 and May 1, 2019.) D. The Economic Development Grants shall be payable from and secured solely and only by the Developer Tax Increments paid to City that, upon receipt, shall be deposited and held in a special account created for such purpose and designated as the Derby Grange Road TIF Account of City. City hereby covenants and agrees to maintain its TIF ordinance in force during the term and to apply the incremental taxes collected in respect of the Property and improvements and allocated to the Derby Grange Road TIF Account to pay the Economic Development Grants, as and to the extent set forth in Section 3.4(A) hereof. The Economic Development Grants shall not be payable in any manner by other tax increments revenues or by general taxation or from any other City funds. City makes no representation with respect to the amounts that may be paid to Developer as the Economic Development Grants in any one year and under no circumstances shall City in any manner be liable to Developer so long as City timely applies the Developer Tax Increments actually collected and held in the Derby Grange Road TIF Account (regardless of the amounts thereof) to the payment of the Economic Development Grants to Developer as and to the extent described in this Section. City shall be free to use any and all tax increment revenues collected in respect of other properties within the Project Area, or any available Developer Tax Increments resulting from the termination of the annual Economic Development Grants under Section 3.4 hereof, for any purpose for which such tax increment revenues may lawfully be used pursuant to the provisions of the Urban Renewal Law, and City shall have no obligations to Developer with respect to the use thereof. SECTION 4. NON- APPROPRIATION / LIMITED SOURCE OF FUNDING. 4.1 Non -Appropriation. Notwithstanding anything in this Agreement to the contrary, the obligation of City to pay any installment of the Economic Development Grants from the pledged tax increment revenues shall be an obligation limited to currently budgeted funds, and not a general obligation or other indebtedness of City or a pledge of its full faith and credit within the meaning of any constitutional or statutory debt limitation, and shall be subject in all respects to the right of non -appropriation by the City Council of City as provided in this Section. City may exercise its right of non -appropriation as to 9 the amount of the installments to be paid during any fiscal year during the term of this Agreement without causing a termination of this Agreement. The right of non - appropriation shall be exercised only by resolution affirmatively declaring City's election to non -appropriate funds otherwise required to be paid in the next fiscal year under this Agreement. In the event the City Council of City elects to not appropriate sufficient funds in the budget for any future fiscal year for the payment in full of the installments on the Economic Development Grant due and payable in that future fiscal year, then City shall have no further obligation to Developer for the payment of any installments due in that future fiscal year which cannot be paid with the funds then appropriated for that purpose. 4.2 The right of non -appropriation reserved to City in this Section is intended by the parties, and shall be construed at all times, so as to ensure that City's obligation to pay future installments on the Economic Development Grants shall not constitute a legal indebtedness of City within the meaning of any applicable constitutional or statutory debt limitation prior to the adoption of a budget which appropriates funds for the payment of that installment or amount. In the event that any of the provisions of this Agreement are determined by a court of competent jurisdiction to create, or result in the creation of, such a legal indebtedness of City, the enforcement of the said provision shall be suspended, and the Agreement shall at all times be construed and applied in such a manner as will preserve the foregoing intent of the parties, and no event of default shall be deemed to have occurred as a result thereof. If any provision of this Agreement or the application thereof to any circumstance is so suspended, the suspension shall not affect other provisions of this Agreement which can be given effect without the suspended provision, and to this end the provisions of this Agreement are severable. SECTION 5. COVENANTS OF DEVELOPER. 5.1 Books and Records. During the term of this Agreement, Developer shall keep at all times proper books of record and account in which full, true, and correct entries will be made of all dealings and transactions of or in relation to the business and affairs of Developer in accordance with generally accepted accounting principles consistently applied throughout the period involved, and Developer shall provide reasonable protection against loss or damage to such books of record and account. 5.2 No Other Exemptions. During the term of this Agreement, Developer agrees not to apply for any state or local property tax exemptions which are available with respect to the Development Property or the improvements located thereon that may now be, or hereafter become, available under state law or city ordinance during the term of this Agreement, including those that arise under Iowa Code Chapters 404 and 427, as amended. 10 5.3 Preservation of Development Property. During the term of this Agreement, Developer shall maintain, preserve, and keep, or cause others to maintain, preserve, and keep, the improvements in good repair and working order, except for ordinary wear and tear, and from time to time shall make all necessary repairs, replacements, renewals, and additions. Nothing in this Agreement, however, shall be deemed to alter any agreements between Developer or any other party including, without limitation, any agreements between the parties regarding the care and maintenance of the Development Property. 5.4 Non -Discrimination. In carrying out the Project, Developer shall not discriminate against any employee or applicant for employment because of race, religion, color, sex, sexual orientation, gender identity, national origin, age, or disability. 5.5 Conflict of Interest. Developer agrees that no member, officer, or employee of City, or its designees or agents, nor any consultant or member of the governing body of City, and no other public official of City who exercises or has exercised any functions or responsibilities with respect to the Project during his or her tenure, or who is in a position to participate in a decision-making process or gain insider information with regard to the Project, shall have any interest, direct or indirect, in any contract or subcontract, or the proceeds thereof, for work to be performed in connection with the project, or in any activity, or benefit therefrom, which is part of this Project at any time during or after such person's tenure. In connection with this obligation, Developer shall have the right to rely upon the representations of any party with whom it does business and shall not be obligated to perform any further examination into such party's background. 5.6 Non-Transferabilitv. Until such time as the improvements are complete this Agreement may not be assigned by Developer nor may the Development Property be transferred by Developer to another party without the prior written consent of City, which shall not be unreasonably withheld. Thereafter, Developer shall have the right to assign this Agreement and upon assumption of the Agreement by the assignee, Developer shall no longer be responsible for its obligations under this Agreement. 5.7 Restrictions on Use. Developer agrees for itself, and its successors and assigns, and every successor in interest to the Development Property or any part thereof that they, and their respective successors and assigns, shall: A. Devote the Development Property to, and only to and in accordance with, the uses specified in the Urban Renewal Plan (and City represents and agrees that use of the Development Property as a residential development is in full compliance with the Urban Renewal Plan) (however, Developer shall not have any liability to City to the extent that a successor in interest shall breach this covenant and City shall seek enforcement of this covenant directly against the party in breach of same); and 11 B. Not discriminate upon the basis of race, religion, color, sex, sexual orientation, gender identity, national origin, age, or disability in the sale, lease, rental, use, or occupancy of the Development Property or any improvements erected or to be erected thereon, or any part thereof (however, Developer shall not have any liability to City to the extent that a successor in interest shall breach this covenant and City shall seek enforcement of this covenant directly against the party in breach of same). 5.8 Release and Indemnification Covenants. A. Developer releases City and the governing body members, officers, agents, servants, and employees thereof (hereinafter, for purposes of this Section, the Indemnified Parties) from, covenants and agrees that the Indemnified Parties shall not be liable for, and agree to indemnify, defend, and hold harmless the Indemnified Parties against any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the improvements. B. Except for any gross negligence, willful misrepresentation, or any willful or wanton misconduct or any unlawful act of the Indemnified Parties, Developer agrees to protect and defend the Indemnified Parties, now or forever, and further agrees to hold the Indemnified Parties harmless, from any claim, demand, suit, action, or other proceedings whatsoever by any person or entity whatsoever arising or purportedly arising from: (1) any violation of any agreement or condition of this Agreement (except with respect to any suit, action, demand, or other proceeding brought by Developer against City based on an alleged breach of any representation, warranty, or covenant of City under this Agreement and/or to enforce its rights under this Agreement); or (2) the acquisition, construction, installation, ownership, and operation of the improvements; or (3) the condition of the Development Property and any hazardous substance or environmental contamination located in or on the Development Property, caused and occurring after Developer takes possession of the Development Property. C. The Indemnified Parties shall not be liable to Developer for any damage or injury to the persons or property of Developer or its officers, agents, servants, or employees or any other person who may be on, in or about the improvements due to any act of negligence of any person, other than any act of negligence on the part of any such Indemnified Party or its officers, agents, servants, or employees. D. All covenants, stipulations, promises, agreements, and obligations of City contained herein shall be deemed to be the covenants, stipulations, promises, agreements, and obligations of City, and not of any governing body member, officer, agent, servant, or employee of City in their individual capacity thereof. 12 E. The provisions of this Section shall survive the termination of this Agreement. 5.9 Compliance with Laws. Developer shall comply with all laws, rules, and regulations relating to its businesses, other than laws, rules, and regulations for which the failure to comply with or the sanctions and penalties resulting therefrom, would not have a material adverse effect on the business, property, operations, financial, or otherwise, of Developer. SECTION 6. EVENTS OF DEFAULT AND REMEDIES. 6.1 Events of Default Defined. The following shall be Events of Default under this Agreement and the term Event of Default shall mean, whenever it is used in this Agreement, any one or more of the following events: A. Failure by Developer to pay or cause to be paid, before delinquency, all real property taxes assessed with respect to the improvements and the Development Property. After the issuance of the Certificate of Completion, however, such event shall not entitle City to the remedy provided in Section 6.2. B. Failure by Developer to cause the construction of the improvements to be commenced and completed pursuant to the terms, conditions, and limitations of this Agreement. C. Failure by Developer or City to substantially observe or perform any other material covenant, condition, obligation, or agreement on its part to be observed or performed under this Agreement. 6.2 Remedies on Default by Developer. Whenever any Event of Default referred to in Section 6.1 of this Agreement occurs and is continuing, City, as specified below, may take any one or more of the following actions after the giving of written notice by City to Developer (and the holder of any mortgage encumbering any interest in the Development Property of which City has been notified of in writing) of the Event of Default, but only if the Event of Default has not been cured within sixty (60) days following such notice, or if the Event of Default cannot be cured within sixty (60) days and Developer does not provide assurances to City that the Event of Default will be cured as soon as reasonably possible thereafter: A. City may suspend its performance under this Agreement until it receives assurances from the defaulting party, deemed adequate by City, that the defaulting party will cure its default and continue its performance under this Agreement; B. City may take any action, including legal, equitable, or administrative action, which may appear necessary or desirable to collect any payments due 13 under this Agreement or to enforce performance and observance of any obligation, agreement, or covenant under this Agreement. 6.3 No Remedy Exclusive. Except as otherwise provided in this Agreement, no remedy herein conferred upon or reserved to City is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. 6.4 No Implied Waiver. In the event any agreement contained in this Agreement should be breached by any party and thereafter waived by any other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous, or subsequent breach hereunder. 6.5 Agreement to Pav Attorneys' Fees and Expenses. If any action at law or in equity, including an action for declaratory relief or arbitration, is brought to enforce or interpret the provisions of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs of litigation from the other party. Such fees and costs of litigation may be set by the court in the trial of such action or by the arbitrator, as the case may be, or may be enforced in a separate action brought for that purpose. Such fees and costs of litigation shall be in addition to any other relief that may be awarded. 6.6 Remedies on Default by City. If City defaults in the performance of this Agreement, Developer may take any action, including legal, equitable, or administrative action that may appear necessary or desirable to collect any payments due under this Agreement, to recover expenses of Developer, or to enforce performance and observance of any obligation, agreement, or covenant of City under this Agreement. Developer may suspend their performance under this Agreement until they receive assurances from City, deemed adequate by Developer, that City will cure its default and continue its performance under this Agreement. SECTION 7. GENERAL TERMS AND PROVISIONS. 7.1 Notices and Demands. Whenever this Agreement requires or permits any notice or written request by one party to another, it shall be deemed to have been properly given if and when delivered in person or three (3) business days after having been deposited in any U.S. Postal Service and sent by registered or certified mail, postage prepaid, addressed as follows: If to Developer: Timber Ridge Estates, L.L.C. Attn: Matt Horsfield PO Box 305 14 If to City: With copy to: Epworth, Iowa 52045S City of Dubuque Attn: City Manager 50 W. 13th Street Dubuque, Iowa 52001 City Attorney's Office 300 Main Street, Suite 330 Dubuque, IA 52001 or at such other address with respect to any party as that party may, from time to time designate in writing and forward to the other as provided in this Section. 7.2 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of City and Developer and their respective successors and assigns. 7.3 Termination Date. This Agreement and the rights and obligations of the parties hereunder shall terminate on June 30, 2029 (the Termination Date) pursuant to Iowa Code §403.22. 7.4 Execution by Facsimile or Email. The parties agree that this Agreement may be transmitted among them by facsimile machine or email. The parties intend that the faxed or scanned signatures constitute original signatures and that a faxed or scanned Agreement containing the signatures (original, faxed, or scanned) of all the parties is binding on the parties. CITY OF DUBUQUE, IOWA TIMBER RIDGE EST By: Roy D. Bug Mayor Go On this Yi day of Agla By: Matt Horsfield, Managi'rig Member , 200- said state personally apared Matt Horsfield in and who executed the foregoing instrument, same as their voluntary act and deed. 4 MUMMA BRUMWELL SAH Commission Mamba 43jg 15 , before me, a Notary Public in and for known to me to be the person(s) named and ac .a ledge tha try ecuted the d�.ary Public in the State of to , My Commission expires '��`'a J Exhibit A Exhibit B LIST OF EXHIBITS Urban Renewal Plan, on file with the City Cierk Timber Ridge Estates_Plats EXHIBIT A URBAN RENEWAL PLAN On file at the Office of the City Clerk, City Hall, 50 West 13th Street, Dubuque, Iowa 17 EXHIBIT B TIMBER RIDGE ESTATES, L.L.C. PLAT 18 RECORDER'S INDEX ALI9UOT: N/2, SE1/4, NE1/4 SECTION; 9 TOWNSHIP; 89 NORTH RANGE: 2 EAST COUNTY: DUBUQUE LOT(S): 1 THROUGH 17 SUBDIVISION: TIMBER RIDGE ESTATES PROPRIETOR(S): TIMBER RIDGE ESTATES, LLC REQUESTED BY: TIMBER RIDGE ESTATES, LLC c/o MATT HORSFIELO P.O. BOX 3O5 F,.PWDRTH, IOWA 52045 SURVEY DATE: 9/12/2010 Fr Soared by: SCHNEIDEA Laiid SurvGylUg MO Panning, IInp, P,4,7or 1P P FINAL PLAT TIMBER RIDGE ESTATES, DUBUQUE COUNTY, IOWA THE NORTH HALF OF THE SOUTHEAST QUARTER OF THE NORTHEAST 9UARTER OF SECTION 9, TOWNSHIP 69 NORTH, RANGE 2 EAST OF THE 5th P.M..DUBUQUE COUNTY, IOWA, EXCEPT THE EASTpp10 FEET THEREOF. TIMBER RIDGEIESTACES, LLC c/c MATT HORSFIELO P.O. BOX 305 EPWORTH, IOWA 52045 SURVEY REQUESTED BY: MATT HORSFIELD TOTAL AREA 19.000 ACRES TOTAL 0,221 ACRES ROAD (EXISTING) -1,687 ACRES ROAD (PROPOSED] 17,492 ACRES NET WATER SERVICE NOTE: THE DUBUQUE WATER DEPARTMENT WOULD RECOMMEND SERVICE LINES FROM WATER MAIN TO BUILDING STRUCTURES 7O BE COPPER WITH A CONTROL VALVE (CURB STOP AND 80X) NEAR THE RIGHT OF WAY LINE. SUBMIT THE WATER UTILITY FLAN SHOWING GFROH WATER DISTRIBUTION AN©ION FOR INDIVIDUAL BYTTHESDIRIBUQUEvicE LINES WATER DEPARTMENT. ACCESS NOTE' ACCESS TO XENNEDY ROAD IS PROHIBITED ON LOTS 1, 13. 14, 15. 1E,AN0 17. SECTION i1-14(6) OF THE UQC PROHIBITS DOUBLE FRONTAGE LOTS UNLESS ONE FRONTAGE IS AN ARTERIAL STREET WITHOUT ACCESS RIGHTS. EASEMENT NOTE: THE RIGHT DF NAY AREA FDR FOREST GLEN COURT AND TIMBER COURT ARE TO 88 UTILIZED AS A PUBLIC UTILITY EASEMENT AND A PRIVATE ACCESS EASEMENT. SURVEY DESCRIPTION—TIMBER RIDGE ESTATES. DUBUQUE COUNTY, IOWA: THE NORTH HALF OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 9, TOWNSHIP 80 NORTH, RANGE 2 EAST OF THE Sth P.H.. DUBUQUE COUNTY, IOWA. EXCEPT THE EAST 10 FEET THEREOF. MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING A7 THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION B: THENCE 589'02'23'E, 1325,77 FEET ALONG THE NORTH LINE OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 9 TO THE WEST LINE OF THE EAST 10 FEET OF"THE 90UTHEA5T QUARTER OF THE NORTHEAST OUARTER OF SAID SECTION 9: THENCE 50Q'22'55'W, 251.35 FEET TO THE SOUTH LINE OF THE NORTH HALF DF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 9; THENCE N88'37'28"W, 1319,39 FEET TO THE SOUTHWEST CORNER OF THE NORTH HALF OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 9: THENCE 1400'33'24'W. 842.01 FEET TO THE POINT OF BEGINNING. CONTAINING 19,80 ACRES, WHICH INCLUDES 0.221 ACRES OF PUBLIC ROAD RIGHT OF WAY. I hereby cert Prepared and by me a OLP Cu ly�i that this Dena surveying 40222224 woo reinted BUry;,y work was performed y direct per nal supervision and that nn4d Land Surveyor under, the. lade OF der P>t,.S. 414417 001 date le Ooceniber 31. 22037. envere+d by etas 4401: 243.1.333 1.2 9 3 19 SCHNEIDER Land Surveying Planning, Inc. P.O. Box io a 4 urlev, Iowa 24046 PhY 2137 744-3693 402 927-744.2229 A3'0E,Ct: .": 9BWPl at Sneer: 1 of 0 b4' ibb.W17' S80 T2'23.643' KG.% Tagra. A22 L I . •Of,IV4 • Pt lb 1.05 LI 1 1 U1i..11X„P„,,,I14 • I 1 otsg'..,„122.,T,T , t ' I ', • ; .; .. LOT 10 1 lk, LOT 9 1'`''''. LOT1 LOT 7 04 ACRES TOTALIm `',*j 1,00 ACRES TOTA ,r/-1 d,00 Acns TOTAL ..--d ,„11 ACRES TOTAL,11.1 F'4.104 ACRES ROAD' !,,, ya t. OS ACRES 0070' p.i -03 ACRES 00Ao. rzr ,-.03 ACRES ROAC11 ' 1-4,, ACRES NET 1 00 ACRES NET 1", .00 ACRES NET ,n/i00 1 i1,,,", A , 4 , , - ,1.00 ACRES NET ,11,11 1i ,11,' 1",,,,,..,,,,, ,,,,,,,,„„,,,, * ,c i * ;IAA*" L457 5-51157.0 ,3151:57rp5 -2_ . . ' , . •,,,i0'2' rtr,V.V..0'4'700015111 1 t(i.156P1.01,2' 1 . Lu , ,,, r1.57 07 1 .54 I , ,,, ,n,3 07, 04.44,427; d:wrg 42 tszn,- ssO5lisse-.1S" 110 10 „ - 4 fi,) • Al I; - -V TIMBEFT-0131 (EDI 775Th' ' ... ib:_,,__..7„%,__, ic,,,,,,,. L.4.1 or Lii V4 ARi A./ '-. rt 774 , 95 'Op •J '1/4 , , ._„„,,,,,,,,,,_30. ,,,IC 16,:.,11,,,,J,'AIMmi: 01 S.1C11. Ov:Z•P 71V.L-Atn3X L.,5•ZIHO'or 7 1 k-isO..4. it .4....--,..35.0' ' „ ..., 5,,,,,,,loi•o,,,,,:w ! i ' . i Es5,1:0 ) i 1 '411 ,, ..,,,,,,,,,,,..,,,,,,_ , 1 ' 1 '' PqN ''4761 , , . ,, • LOT ii, 4 !.; , , w:„. LOT ,, LOT ig ; ,',....! ' 1 o i1.10 ACRES *TOTAL Ix , 1, 18 ACRES TOTAL r'' i .08 ACRES TOTALi, i -.03 ACRES ROAD ^ . 01ACRES 00140 „,,i' , 1 '- ., 17 ACRES ROAD i 1 -.OE ACRES 0OA0 '7 0.00 ACRES NET tz:' 1 ts LIU a Loa ACIbES NET I,,A ; , 17 oa ACRES NET i 1,00 ACRES NET114 1• ' 7l-gt,d, c. 0'7,',.',-. ..."?.:5':;0:17-M*'-,S7,J,::„,,cE_\k...O,•t,4 1.• r 1111 1. i0M:E-44,4-2•4''E2',.7 07 I"-T4;N+ •,5:2 1 npWA,ri ' 14W 41 i , 1\/ , 07!344 13151 S,— 41 3 SV4tidt 7tA ” 04\ 1JOHN F, KENNEDY ROAD Ya.L00 0311 014417 , '7 : "••• as ...,. , .00bi 0-704- 0 OW rtz 072100 WW1'S! ri 4a0R4 LEGENO )4 aEr MAO NATE. 0 531 1/2' RERan w/ Y5141..070 CAP 1114417 4000 1/2' 008411 8/ YELLOW CAP 1144417 *08Us0 O/O' EIEEAM so, CAP 11171147 *POMO 1/9' 017310 of cfP 114030 1r nuba 7/8' sIESAA >--RUSTIC FOREST tv 1 1151080 1000014 V",• K TRAIL (SO') SHARKS SCAL. 1" -70 lainre.52111r=7:71ormanocurr 0 70 140 210 sciN6180i4 F. I, NAL PLAT Land Surawyino TIMBER RIDGE ESTATES, DUBUQUE COUNTY, IOWA Plann44,0,7,w, T -i NORTH HALF OF THE s0untA5-r OUAFITER OF FarVy.,...• ig"1Da4 THE NORTHEAST QUARTER OF SECTION S. TOWNSHIP 89 NORIFI. Fax 653-7.1-9 ;RANGE 2 EAST OF THE Stli P 11. , DUEUOUE COUNTY. IOWA, f:lakosi.,::_ili,:.npA EXCEPT THE EAST 10 FEET THEREOF , ..51.1 1 , 0 oTI voy ME 77241001 801100 817.EatI 2 Of 8 20 4 r;•,4,14 ?•44, ... , 2,:1 iire' ,4---------_,„N,, ,,,;;;;i5:1; if 41V4VIG:N Mi. N,..,.,"", 4i4N,,,21: i ,5ag "OR a311 12R5. 77 ' ,0 ' 5r'Li.:gf..1111' ..:24‘iC.4i'11'li717WO-d 1..51't,t4, NEV.& "::...'4. NS CORNiggl Mr4"1 n i; Ig 1 '5 r7 .-- ' . POI; b 3 4' 440r440 4. i An:A Br/ cAP ilola4 4,1.1Aa : >4044 14ffUM 4r.11 14-tAJ-J- m CIOta , i*Cr Z , 55121 LOT 5 •111 q .13 ACRES TOTAL 0'4,44 08 ACRES l'IOAN '166 AGREE NET ',Ogg:, 4 g 4g o , 1 LOT 4,"-e,, ,w E. 1,17 ACRES TOTAL1‘, - ..' ''.. 17 ACRES ROAD1?, 1,1 1.00 ACRES RST . JI. . P. : . In 11' 1 4 . 32 ACRES LOT 3 j j.:_f._a:1.j jj_wa.S:4,,,,..4cE, ,_ ,_._.., 4 TIMBER COURT (W) 453,88 '-g-... :, g 104.46, -----J.,---• 14t.37' soE ' Us' N -J• e t47,4d*"' -- '-'"''' ',''''''' '7',.',"‘ 1.4C.09- 44!" tu T 1-• -I . :,.1,1j.::,17,...:,..,.."' .•'".1 1-• ' ' ; - ' •R'A ' ' i '-'7', i_.„ LOT 16 ' .7; ; LOT 17 Liftintf 0 1 .11 ACRES TOTAL! „1 • 1.06 ACRES TOTAL' 7 1.3 7-; ACRES RCIAS 1 -., 39 ACRES ROAS 1._ -,.. - I. .00 ACRES 160 4 1, CO ACRES lqT j Q I , LOT 2 1 1 45 4 0 '17 4 NES ' 2$ • Si 1315, • 16 ACME TOTAL ACRES Ra,,A0 1; 00 ACRES NAT t t0" ( .E7 ACRES TCTAI. .26 ACRES 40604 LOT 1 ' .01 ACRES NST 1 j„.„; 1 J i A KENNEDY ROAD >f" 114 tan 04444, 041/4 6 MF,11 PAW. LEGEND X SSF log NAIL 0 SET I/O P4064 8/ graketi 049 14417 • F01.1:0 1/2' RUMP. w/ YELLOW CAP 844417 701,00 1/9' 0E64=I 6/ 90? 846647 0 04104 018' 1:19.04 egSP 84260 • FOLghlg Ste' PESAF3 L17 I 4,.,45? 4444.445 GRAPHIC ScgV,- 70 140 1110 SCHNEIDER LAnd SuruAying a Pa rm), AL 6,0. tot ra 041164,51,1-1E1* Fr,11it: rmsp„!r 74.1$MAR Of 9 FINAL PLAT TIMBER RIDGE ESTATES, DUBUGUE COUNTY, IOWA THE NORTH HALF OF THE SOUTHEAST QUARTER 09 THE NORTHEAST QUARTER OF SECTION 9, TOWNSHIP 89 NORTH, RANGE 2 EAST OF THE Sth P.M,, DUBUQUE COUNTY, IONA, EXCEPT THE EAST 10 FEET THEREOF. 21 RESOLUTION NO. 308-17 APPROVING AN AGREEMENT BETWEEN THE CITY OF DUBUQUE, IOWA AND TIMBER RIDGE ESTATES, L.L.C. FOR THE DEVELOPMENT OF PROPERTY IN THE DERBY GRANGE ROAD HOUSING URBAN RENEWAL AREA ECONOMIC DEVELOPMENT DISTRICT Whereas, the City Council, following the public hearing, by Resolution No. 133- 17, approved the Derby Grange Road Housing Urban Renewal Area; and Whereas, Timber Ridge Estates, L.L.C. is the owner of property in the Derby Grange Road Housing Urban Renewal Area (the Property); and Whereas, the City Council and Timber Ridge Estates, L.L.C. desire to enter into the Agreement attached hereto for the development of the Property; and Whereas, it is the determination of the City Council that approval of the Agreement according to the terms and conditions set out in the Agreement is in the public interest of the City of Dubuque. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Agreement by and between the City of Dubuque and Timber Ridge Estates, L.L.C. is hereby approved. Section 2. That the Mayor is hereby authorized and directed to execute the Agreement on behalf of the City and City Clerk is authorized and directed to attest to his signature. Section 3. That the City Manager is authorized to take such actions as are necessary to comply with the terms of the Agreement as herein approved. PASSED, APPROVED, AND ADOPTED this 21St day oAugust, 2017. J1 Roy D. BuolMlayor ATTEST: Kevin Firnstahl, City Clerk 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. 308-17 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 22nd day of August, 2017. Kevin' S. irnstahl, CMC, City Clerk