9 11 17 City Council Proceeding Official_Special CITY OF DUBUQUE, IOWA
CITY COUNCIL PROCEEDINGS
SPECIAL SESSION
OFFICIAL
The Dubuque City Council met in special session at 6:40 p.m. on September 11 , 2017
in Room 250 of the Historic Federal Building, 350 W. 6th Street.
Present: Mayor Buol; Council Members Jones, Resnick (via phone), Rios; City
Manager Van Milligen, City Attorney Brumwell
Absent: Council Members Connor, Del Toro, Lynch
Mayor Buol read the call and stated this is a special session of the City Council called
for the purpose of conducting such business that may properly come before the City
Council.
CONSENT ITEMS
1 . Dubuque Yacht Basin — Refinance: City Attorney recommending approval of loan
documents related to the Dubuque Yacht Basin's leasehold interests on City-owned real
estate. Motion by Jones to receive and file the documents and adopt Resolution No. 318-
17 Approving for the benefit of Dubuque Yacht Basin, Inc. and in favor of Citizens State
Bank of La Crosse, Wisconsin a Landlord Consent, Open-End Real Estate Mortgage,
Assignment of Leases and Rents, General Business Security Agreement, and Fixtures
Disclaimer. Seconded by Rios. Motion carried 4-0.
RESOLUTION NO. 318-17
APPROVING FOR THE BENEFIT OF DUBUQUE YACHT BASIN, INC. AND IN FAVOR
OF CITIZENS STATE BANK OF LA CROSSE, WISCONSIN A LANDLORD CONSENT,
OPEN-END REAL ESTATE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS,
GENERAL BUSINESS SECURITY AGREEMENT, AND FIXTURES DISCLAIMER
Whereas, the City of Dubuque, Iowa (City) has entered into the following leases with
Dubuque Yacht Basin (Yacht Basin), shown on the attached map and aerial photos:
Lease Agreement, April 8, 1970, as amended;
Lease Agreement, February 5, 1974, as amended; and
Lease Agreement, November 23, 1987, as amended; and
Whereas, the terms of all of the leases expire in 2031 ; and
Whereas, in 2010, Yacht Basin financed its leasehold interests with American Trust
and Savings Bank; and
Whereas, Yacht Basin is now refinancing its debt with Citizens State Bank of
La Crosse, Wisconsin; and
Whereas, Yacht Basin is requesting City approval of the following documents (the Loan
Documents), attached hereto:
Landlord Consent;
Open-End Real Estate Mortgage;
Assignment of Leases and Rents;
General Business Security Agreement; and
Fixtures Disclaimer
; and
Whereas, the City Council has determined that it is in the best interests of the City of
Dubuque to approve the Loan Documents.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
1 . The Loan Documents are hereby approved.
2. The City Manager and the City Attorney are authorized to take such further action
as may be necessary to carry out the intent of the Loan Documents.
Passed, approved and adopted this 11th day of September, 2017.
Roy D. Buol, Mayor
Attest: Kevin S. Firnstahl, City Clerk
There being no further business, upon motion the City Council adjourned at 6:41 p.m.
/s/Kevin S. Firnstahl, CMC
City Clerk