Dubuque Bank & Trust Correspondence_Dubuque Initiatives Develoment AgreementCity Manager's Office
City Hall
50 West 13th Street
Dubuque, Iowa 52001-4864
(563) 589-4110 phone
(563) 589-4149 fax
(563) 690-6678 TDD
ctymgr@cityofdubuque.org
Mr. Leo Hickie
Assistant Vice President, Business Banking
Dubuque Bank & Trust Company
1398 Central Avenue
Dubuque, IA 52001
THE CI~TY~(OF ~ -
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February 12, 2009
Re: City of Dubuque, lowal Dubuque Initiatives Development Agreement
Dear Mr. Hickie,
The City of Dubuque, Iowa has entered into a Development Agreement with Dubuque
Initiatives for the renovation of the Roshek Building for lease to tenants, including
International Business Machines Corporation.
Dubuque Bank & Trust Company and other banks intend to make a loan to Dubuque
Initiatives in the principal amount of not to exceed $25,000,000. The proceeds derived
from the loan are to be applied by Dubuque Initiatives to the payment of costs
associated with the rehabilitation, renovation, and improvement of approximately
255,000 square feet of office/retail space in the Roshek Building located generally at
700 Locust Street, Dubuque, Iowa in fulfillment of Dubuque Initiatives Borrower's
obligations under the Development Agreement.
The City of Dubuque desires that the banks make the loan and has agreed to enter into
a guaranty in the form set forth in the Development Agreement in order to secure the
payment of the loan and as an inducement to the banks to enter into the Loan
Agreement.
The City of Dubuque intends to maintain sufficient bonding capacity to fund any
payments that may be required under that guaranty.
Sincerely,
l ~;
Michael C. Van Milligen
City Manager
MCVM:bal
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