Dbq Hardwoods Prop DeedsBany A. Lindahl, Esq.
Corporation Counsel
Suite 330, Harbor View Place
300 Main Street
Dubuque, Iowa 52001-6944
(563) 583~tI13 office
(563) 583-1040 fax
balesq~nwci.net
December 11, 2002
Mayor Terrance Duggan and
Members of the City Council
City Hall - City Clerk's Office
50 West 13th Street
Dubuque, IA 52001
RE: Resolutions Accepting the Deeds to Dubuque Hardwoods, Inc. Property
Dear Mayor and Council Members:
The purchase of the Dubuque Hardwoods, Inc. property by the City closed on
December 2nd and the sale of the property to Dubuque Initiatives closed on December
3rd.
Attached are two resolutions accepting the deeds from Dubuque Hardwoods, Inc.,
Robert and Lynn Miller, and Midwest Hardwoods, Inc. Upon adoption of these
resolutions, the deeds to the Dubuque Hardwoods property as well as the City's deed to
Dubuque Initiatives can be recorded with the Dubuque County Recorder.
Very Sincerely,
Corporation Counsel
BAL:tls
Enclosure
CC:Jeanne Schneider, City Clerk
Dave Clemens, Esq.
Service People Integrity Responsibility Innovation Teamwork
Prepared by Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
RESOLUTION NO. 644-02
ACCEPTING THE DEED TO CERTAIN REAL ESTATE IN
DUBUQUE COUNTY, IOWA FROM MIDWEST HARDWOODS,
INC.
WHEREAS, the City of Dubuque entered into an Agreement with
Dubuque Hardwoods, Inc. and Robert and Lynn Miller for the purchase of
the following described real property in Dubuque County, Iowa:
Market Square; Cypress Street, Wall Street, Washington Street and alleys
located between the NE'LY line of Sixth Street and the NW'LY line of Market
Street and the SE'LY fight of way line of the Canadian National Illinois Central
Railroad in the City of Dubuque, Dubuque County, Iowa
Lots 1, 2, 37, and 38 in Block 21 in Dubuque Harbor Improvement Co.'s Addition,
In the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 15, 16, 17, 18, 19, 20, 21, and 22; and,
That part of lots 1,2, 3, 4, 5, 6, 7, 8, 12, 13, and 14, lying southerly
Of a line which is parallel to and 50 feet southerly from the
Centerline of the Illinois Central Gulf Railroad Company's main
Tract, as now located; all in Block 18,
In Dubuque Harbor Improvement Company's Addition, in the City of
Dubuque, Iowa, according to the recorded Plat thereof.
Lot lA of vacated alley in Block 18 of Dubuque Harbor Improvement
Company's Addition from Market Square to the I.C.R.R.R.O.W.
In the City of Dubuque, Iowa, according to the recorded Plats thereof.
Lots 31, 32, 33, 34, 35, and 36, in Block 21,
Lots 1 to 38, both inclusive, in Block 27, and
Lots 31, 33, 34, and 35, in Block 28,
All in Dubuque Harbor Improvement Co.'s Addition,
In the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 1, 33, 34, 35, 36, in Block 20;
Lots numbered 3 to 19, inclusive, in Block 21;
That part of lots 2, 3, 4, 31 and 32, in Block 20, and,
That part of lots 8 and 27, in Block 28, lying easterly of the
Dubuque & Dunleith Bddge Company's dght of way;
Lots 1, 2, 3, 4, 5, 6, 7, 28, 29, 30, and 32, in Block 28;
All in Dubuque Harbor Improvement Company's Addition, in the
City of Dubuque, Iowa, according to the respective recorded
Plats thereof.
AND WHEREAS, the Agreement required that Dubuque Hardwoods, Inc.
deliver to City a deed to the property from Midwest Hardwoods, Inc. to the City of
Dubuque, a copy of which deed is attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF DUBUQUE, IOWA, AS FOLLOWS:
1. The City of Dubuque hereby accepts the Deed from Midwest
Hardwoods, Inc., a copy of which is attached hereto.
2. The City Clerk is hereby authorized and directed to record this
Resolution and the Deed with the Dubuque County Recorder.
16th December
Passed, approved and adopted this 16th day of December, 2002.
Terrance M. Duggan, Mayor
Attest:
Karen M. Chesterman, Deputy City Clerk
QUIT CLAIM DEED
Informatlo. Brian J. Kane, 2100 P, sbur? Road, Suite 2~ Dubuque, Iowa 52001~ (563) 582-7980
QUIT CLAIM DEED
Dollar(s) and other valuable consideration,
Dubuque County, Iowa:
MIDWEST Hgl~DWOODS, I~C. (Grantor)
On this __ day of ,~:. (Grantor)
before me, the undemigned, a Notary SY;2t~ /~l. ~ -
Public in and' for said State, personally appeared~, ~.o~.~9..~t~/-~
~ '- <~ (Grantor)
to me known to be the identical persons named in (Grantor)
and who executed the foregoing instrument and
(Grantor)
(Grantor)
STATE OF COUNTY. ss:
On this __ day of __, before me, the undersigned, a
Notary Public in and for said County and said State. personally appeared
to me known to be the identical persons named in and who executed the foregoing instTument, and
acknowledged that they executed the same as their volunta,7 act and deed.
Nota~7 Public
STATE OF [OW& - . DUBU~U~ COUNTY. ss:
On this ';'9~:h day of ~o~eabe~ 200Z ~m me, ~e undemign~; a
No~ ~btic in e~ for ~id ~un~ and ~ S~to. ~nal~ ap~ar~
Ste~en R.. Sie~th a~ ~chael F. Wes~ark
~ ~ ~mal~ ~own. who. ~ing by ~ du~ ~m. did ~y ~at ~ey am ~e
m~ly, ~ ~id ~m~; ~at (~ ~ h~ ~n p~ur~ ~ ~e ~i~
~mnt ~s sign~ ~} ee ~h~ of mid ~on by au~ofi~ of i~ B~ of ~om;
as su~ offi~m, a~n~l~g~ ~e ~a~ of ~d ins~m~ b be ~e ulun~ act and deed of
~id m~n, by it ~d by ~em ~n~d~ ex~t~.
MARY E HOSCH
I
Notary Public
Addendum
Market Square; Cypress Street, Wall Street, Washington Street and alleys located between
the NE'LY line of Sixth Street and the NW'LY line of Market Street and the SE'LY right of
way line of the Canadian National Illinois Central Railroad in the City of Dubuque,
Dubuque County, Iowa;
Lots 1,2, 37, and 38 in Block 21 in Dubuque Harbor Improvement Co.'s Addition in the
City of Dubuque, Iowa, according to the recorded plat of said Addition.
Lots 15, 16, 17, 18, 19, 20, 21, and 22; and, that part of lots 1, 2, 3, 4, 5, 6, 7, 8, l 2, 13, and
14, lying southerly of a line which is parallel to and 50 feet southerly from the canterline of
the Illinois Central Gulf Railroad Company's main met, as now located; all in Block 18, in
Dubuque Harbor Improvement Company's Addition, in the City of Dubuque, Iowa,
according to the recorded Plat thereof.
Lots 1, 33, 34, 35, 3.6, in Block 20; Lots numbered 3 to 19, inclusive, in Block 21; That part
of lots 2, 3, 4, 31 and 32, in Block 20, and, That part of lots 8 and 27, in Block 28, lying
easterly of the Dubuque & Durdalth Bridge Company'o right of way; Lots 1, 2, 3, 4, 5, 6, 7,
28, 29, 30, and 32, in Block 28; All in Dubuque Harbor Improvement Company's Addition,
in the City of Dubuque, Iowa, according to the respective recorded Plats thereof.
Lot IA of vacated alley in Bltmk 18 of Dubuque Harbor Improvement Company's Addition
from Market Square to the I.C.R.IL 1LO.W. in the City of Dubuque, Iowa, according to the
recorded Plats thereof.
Lots 31, 32, 33, 34, 35, and 36, in Block 21, Lots 1 to 38, both inclusive, in Block 27, and
Lots 31, 33, 34, and 35, in Block 28, all in Dubuque Harbor Improvement Co.'s Addition,
in the City of Duboque, Iowa, according to the recorded plat of said Addition.
NO ACTUAL CONSIDERATION; NO REAL ESTATE TRANSFER TAX REQUIRED.
Prepared by Barry A. Lindah1300 Main Street Suite 330 Dubuque IA 52001 563 583-4113
RESOLUTION NO. 643-02
ACCEPTING THE DEEDS TO CERTAIN REAL ESTATE IN
DUBUQUE COUNTY, IOWA FROM DUBUQUE HARDWOODS,
INC. AND ROBERT AND LYNN MILLER
WHEREAS, the City of Dubuque entered into an Agreement with
Dubuque Hardwoods, Inc. and Robert and Lynn Miller for the purchase of
the following described real property in Dubuque County, Iowa:
Market Square; Cypress Street, Wall Street, Washington Street and alleys
located between the NE'LY line of Sixth Street and the NW'LY line of Market
Street and the SE'LY dght of way line of the Canadian National Illinois Central
Railroad in the City of Dubuque, Dubuque County, Iowa
Lots 1, 2, 37, and 38 in Block 21 in Dubuque Harbor Improvement Co.'s Addition,
In the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 15, 16, 17, 18, 19, 20, 21, and 22; and,
That part of lots 1, 2, 3, 4, 5, 6, 7, 8, 12, 13, and 14, lying southerly
Of a line which is parallel to and 50 feet southerly from the
Centedine of the Illinois Central Gulf Railroad Company's main
Tract, as now located; all in Block 18,
In Dubuque Harbor Improvement Company's Addition, in the City of
Dubuque, Iowa, according to the recorded Plat thereof.
Lot lA of vacated alley in Block 18 of Dubuque Harbor Improvement
Company's Addition from Market Square to the I.C.R.R.R.O.W.
tn the City of Dubuque, Iowa, according to the recorded Plats thereof.
Lots 31, 32, 33, 34, 35, and 36, in Block 21,
Lots 1 to 38, both inclusive, in Block 27, and
Lots 31, 33, 34, and 35, in Block 28,
All in Dubuque Harbor Improvement Co.'s Addition,
In the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 1, 33, 34, 35, 36, in Block 20;
Lots numbered 3 to 19, inclusive, in Block 21;
That part of lots 2, 3, 4, 31 and 32, in Block 20, and,
That part of lots 8 and 27, in Block 28, lying easterly of the
Dubuque & Dunleith Bddge Company's dght of way;
Lots 1, 2, 3, 4, 5, 6, 7, 28, 29, 30, and 32, in Block 28;
All in Dubuque Harbor Improvement Company's Addition, in the
City of Dubuque, Iowa, according to the respective recorded
Plats thereof.
AND WHEREAS, the terms of the Agreement have now been met.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF DUBUQUE, IOWA, AS FOLLOWS:
1. The City of Dubuque hereby accepts the Deeds from Dubuque
Hardwoods, Inc. and Robert and Lynn Miller, copies of which are attached
hereto.
2. The City Clerk is hereby authorized and directed to record this
Resolution and the Deeds with the Dubuque County Recorder.
16th December
Passed, approved and adopted this day of ,2002.
Terrance M. Duggan, Mayor
Attest: Karen M. Chesterman, Deputy City Clerk
WARRANTY DEED
Preparer B tiall J.'Kana, 2100 Asbur~' Road, Suite 2, Dubuque, (563) 582-7950
"^**~ Dubuque, Iowa 52001
~ WARRANTY DEED
(CORPORATE GRANTOR)
For the consideration of 'F~ ($10.00)
Dollar(s) and other valuable consideration,
DUBUQUE HARDWOODS, INC.
a corporation organized and existing under the laws of
does hereby Convey to
THE CITY OF DUBUQUE, IOWA
the following described reel estate in Dubuque County. Iowa:
Lots 15, 16, 17,18, 19, 20, 21, and 22; and, that part of lots 1, 2, 3, 4, 5, 6, 7, 8, 12,'13, and 14, lying southerly of a lice
which is'parallel to and 50 feet southerly from the ceat~rlin¢ of thc Illinois Central Gulf Railroad Company's main tract,
now located all in Block I8, in Dubuque Harbur Improvement Company s Addition, in the City of Dubuque, Iowa,
according to the recorded Plat thereof.
Lot tA of vacated alley in Block 18 of Duboque Harbor Improvement Company's Addition from Market Square to thc
LC.R.R.R.O.W. ic the City of Dubuque, Iowa, according to the recorded Plats thereof.
Lots 31,32, 33, 34, 35, attd 36, in Block 21, Lots 1. to 38, both icclusive, ic Block 27, amt Lots 31, 33, 34, and 35, ~n Block
2g, all ic Dubuque Harbor Improvement Co.'s Addition, in the City of Dubuqua, Iowa, according to thc rccordcd pht of
said Addition.
The Carppmllon hereby covenants with grantees, and successors in interest, that it holds the real
estate by tille in fee simple; that it has good and. lawful authority to sell and convey the real estate; that
the real estate is free and clear of all liens and encumbrances, except as may be above stated; and it
eevenanta to Warrant and Defend the real estate against the lawful claims of all persons, except as may
be above stated.
Words and phrases herein, including aeimowledgment hereof, shall be eenstmed as in the singuier or
plural number, according to the eentexL
DUBUQUE HARDWOODS, INC.
Rol~rt D. Miller, Pr~ide~t Title
'F~lfe
STATE OF IOWA , ,~ DUBUQUE COUNTY,
On this ¢~ day of /./~'~-~ '~fi~:~" before me, the undersigned, a Notary
Public in and for said State. personally appeared Robert D. Miller
and to me personally known, who being by me
duly sworn, did say that they are the ~'~sidont
and - ~. , respectively, of said corporation;
that (no seal has been procured by the said) (the seal a~xed thereto is the seal of said) corporation that
said instrument was signed (and sealed) on behalf of said corporallon by authority of its Board of
Directors; and that the said Rotor D. ~filicr and
· as such officers, adm~tledged th~ execution
of said icstrument to be the voluntary act and deed of said c9:~poratiee~J~by it~An~bA$'y them voluntarily
~ COMMmS~ON.O.~2~03 ,'-7~7~'/ ~ [ -~-7 UOieryPuUic
~ Briau J. Krone, 2100 Asbury Road, Suite 2~ Dubuque, Iowa 52001, (563) 582-7950
WARRANTY DEED
Dol{ar(s) ~nd other valuable consideration,
do hereby Convey to
above stated. Each of the undersigned hereby relinquishes all rights of dower, homestead andJistributJve
STATE OFIOWA Dated:
Db~uqu:~ _ ~J COUN-n',
2002 . before me, the ,nders~ned. a Notary Rot~-tD.M~r - ' (Grantor)
Public in and f~ said State. p~monally appeared
Ly~.n A. ~g'~ (Granter)
voluntary act and~deed. /~. //~ (Grantor)
~' Notary Public (Granter) -.
QUIT CLAIM DEED
D~buc~¢ Court, Iowa:
On ~{s ~ day of EE~' , ~: Ro~ D. Mill~ (Gmnt~)
~. , ~fom me, ~ und~gn~, a No~
Public in and f~ ~d
~n~ ~ ~ ~e ~ as ~e~
VO~~ ~ (Grantor)
STATE OF COUNTY, ss:
On this day of __, before me, the undersigned, a
Notary Public in and for said County and said State, pemonally appeared
Notary Public
Notary Public
Addendum
Market Square; Cypress Street, Wall Street, Washington Street and alleys located between
the NE'LY line of Sixth Street and the NW'LY line of Market Street and the SE'LY right of
way line of the Canadian National Illinois Central Railroad in the City of Dubuque,
Dubuque County, Iowa;
Lots 1, 2, 37, and 38 in Block 21 in Dubuque Harbor Improvement Co.'s Addition in the
City of Dubuque, Iowa, according to the recorded plat of said Addition.
Lots 15, 16, 17, 18, 19, 20, 21, and 22; end, that part of lots 1, 2, 3, 4, 5, 6, 7, 8, 12, 13, and
14, lying southerly cfa line which is parallel to and 50 feet southerly from the centerliue of
the Illinois Central Gulf Railroad Company's main tract, as now located; all in Block 18, in
Dubuque Harbor Improvement Company's Addition, in the City of Dubuque, Iowa,
according to the recorded Plat thereof.
Lots 1, 33, 34, 35, 3.6, in Block 20; Lots numbered 3 to 19, inclusive, in Block 21; That part
of lots 2, 3, 4, 31 and 32, in Block 20, and, That part o?lots 8 and 27, in Block 28, lying
easterly of the Dubuque & Durdeith Bridge Company's right of way; Lots 1, 2, 3, 4, 5, 6, 7,
28, 29, 30, and 32, in Block 28; All in Dubuque Harbor Improvement Company's Addition,
in the City of Dubuque, Iowa, according to the respective recorded Plats thereof.
'Lot lA of vacated alley in Block 18 of Dubuque Harbor Improvement Company's Addition
fi'om Market Square to the I.C.1LR. R.O.W. in the City of Dubuque, Iowa, according to the
recorded Plats thereof.
Lots 3 I, 32, 33, 34, 35, and 36, in Block 21, Lots 1 to 3g, both inclusive, in Block 27, and
Lots 31, 33, 34, and 35, in Block 28, ail in Dubuque Harbor Improvement Co.'s Addition,
in the City of Dubuque, Iowa, according to the recorded plat of said Addltiorc
NO ACTUAL CONSIDERATION; NO REAL ESTATE TRANSFER TAX REQUIRED.
MEMORANDUM
TO:
FROM:
SUBJECT:
October 17, 2002
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
and
Offer to Buy Real Estate and Acceptance - Robert and Lynn Miller
Dubuque Hardwoods, Inc.
The City has been negotiating the sale of the Hardwoods property for over two years.
The property was included as an identified Acquisition Parcel in a recent amendment to
the Ice Harbor Urban Renewal Plan. The acquisition will support the adopted Master
Plan for the Port of Dubuque and further the redevelopment activities taking place as
part of the Amedca's River projects.
The negotiated purchase of this property includes the following significant terms:
Purchase price of $2.1 million, half to be paid at closing (on or before
December 1, 2002) and half on the date of possession (July 1, 2003).
$1,641,036 of the purchase price reflects land value, with the remainder covering
relocation and moving expenses for the Millers and Dubuque Hardwoods.
The real property conveyed includes property which Dubuque Hardwoods claims
an interest in but which the City disputes. The disputed real estate will be
conveyed to the City and the City will acknowledge the value of such real estate
for purposes of a charitable contribution by Dubuque Hardwoods.
Dubuque Hardwoods will provide the City with a termination of the lease between
Dubuque Hardwoods and Midwest Hardwoods at closing and will also provide
the City with a Quit Claim Deed from Midwest Hardwoods for any interest it may
claim in the real estate.
As a condition of the purchase, the City has a right to obtain a Phase II
environmental assessment prior to closing December 1, 2002. Permission is
granted to Preston Engineering (they did the Phase I) to access the property and
conduct the study, tfthe Phase II is acceptable, the City will purchase the
property "as is" and agrees to release, indemnify and hold harmless only
Dubuque Hardwoods.
Dubuque Hardwoods will pay $100,000 to Midwest Hardwoods for moving
expenses per a prior agreement between the two companies. The City will be
responsible for the excess of Midwest Hardwoods' moving expenses over the
$100,000 payment.
The terms of the offer result from lengthy negotiation and compromise by both parties.
The conclusion of this purchase will allow both the property owner and the City to move
ahead with their respective redevelopment plans. Midwest Hardwoods, which operates
the saw milling operation on the site as a tenant of Dubuque Hardwoods, will be
required to relocate its operation. Dubuque Hardwoods has a prior agreement with its
tenant to assist in that relocation. Sitco, which is the primary customer of Midwest
Hardwoods, stores logs and finished lumber on the site, and also may require relocation
as part of this project based on inventory on-hand at time of possession.
I want to thank Corporation Counsel Barry Lindahl, Economic Development Director Bill
Baum and former Assistant City Manager Tim Moerman for all their hard work on these
negotiations. Economic Development Director Bill Baum is recommending execution of
this Purchase Agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
October 17, 2002
TO:
FROM:
SUBJECT:
Michael Van Milligen, City Manager
William Baum, Economic Development Director
Offer to Buy Real Estate and Acceptance - Robert and Lynn Miller
and Dubuque Hardwoods, Inc.
Introduction
This memorandum presents for City Council review and approval an Offer to Buy Real
Estate and Acceptance for the sale of land owned by Robert and Lynn Miller and
Dubuque Hardwoods, Inc. on the 4th Street Peninsula to the City.
Background
The City has been negotiating the sale of the Hardwoods property for over two years.
The property was included as an identified Acquisition Parcel in a recent amendment to
the Ice Harbor Urban Renewal Plan. The acquisition will support the adopted Master
Plan for the Port of Dubuque and further the redevelopment activities taking place as
part of the America's River projects.
Discussion
The negotiated purchase of this property includes the following significant terms:
Purchase price of $2.1 million, half to be paid at closing (on or before December
1,2002) and half on the date of possession (July 1, 2003). $1,641,036 of the
purchase price reflects land value, with the remainder covering relocation and
moving expenses for the Millers and Dubuque Hardwoods.
The real property conveyed includes property which Dubuque Hardwoods claims
an interest in but which the City disputes. The disputed real estate will be
conveyed to the City and the City will acknowledge the value of such real estate
for purposes of a charitable contribution by Dubuque Hardwoods.
Dubuque Hardwoods will provide the City with a termination of the lease between
Dubuque Hardwoods and Midwest Hardwoods at closing and will also provide
the City with a Quit Claim Deed from Midwest Hardwoods for any interest it may
claim in the real estate.
=
As a condition of the purchase, the City has a right to obtain a Phase II
environmental assessment prior to closing December 1, 2002. Permission is
granted to Preston Engineering (they did the Phase I) to access the property and
conduct the study. If the Phase I1 is acceptable, the City will purchase the
property "as is" and agrees to release, indemnify and hold harmless only
Dubuque Hardwoods.
Dubuque Hardwoods will pay $100,000 to Midwest Hardwoods for moving
expenses per a prior agreement between the two companies. The City will be
responsible for the excess of Midwest Hardwoods' moving expenses over the
$100,000 payment.
The terms of the offer result from lengthy negotiation and compromise by both parties.
The conclusion of this purchase will allow both the property owner and the City to move
ahead with their respective redevelopment plans. Midwest Hardwoods, which operates
the saw milling operation on the site as a tenant of Dubuque Hardwoods, will be
required to relocate its operation. Dubuque Hardwoods has a prior agreement with its
tenant to assist in that relocation. Sitco, which is the primary customer of Midwest
Hardwoods, stores logs and finished lumber on the site, and also may require relocation
as part of this project based on inventory on-hand at time of possession.
Recommendation
I would recommend that the City Council approve the Offer to Buy Real Estate and
Acceptance for the property on the 4th Street Peninsula owned by Robert and Lynn
Miller and Dubuque Hardwoods, Inc. This action will continue the City's efforts to
redevelop the Port of Dubuque area as envisioned in the recently adopted Master Plan.
Action Step
The action step is to approve the attached Offer to Buy Real Estate and Acceptance.
attachment
F:\USERS\Pmyhre\WPDOCS\LOAN DOC\DBQHARDWOODS\offertobuy. rnem.doc
Barry A. Lindaffi, Esq.
Corporation Counsel
Suite 330, Harbor View Place
300 Main S~ree~
Dubuque, Iowa 52001-6944
(563) 583-4113 office
(563) 583-1040 fax
balesq@mwci.net
October 18, 2002
Mr. Michael Van Milligen, City Manager
City Hall - City Manager's Office
50 West 13th Street
Dubuque, IA 52001
RE: Dubuque Hardwoods
Dear Mike:
I am pleased to deliver to you the Offer To Buy Real Estate And Acceptance signed by
Robert and Lynn Miller on behalf of themselves and Dubuque Hardwoods, Inc.
I believe this agreement meets the requirements established by the City Council for the
acquisition of this property.
I checked through my file and I see that we began these discussions in October of
2000.
I would recommend that you sign the agreement and submit it to the City Council at the
October 21, 2002 City Council meeting for approval.
Corporation Counsel
BAL:tls
Enclosure
Service People Integ~ty Responsibility Innovaiion Teamwork
Prepared By: Brian J. Kane, 2100 Asbury Road, Suite 2, Dubuque, IA 52001 (563) 582-7980
OFFER TO BUY REAL ESTATE AND ACCEPTANCE
TO: ROBERT MILLER and LYNN MILLER, husband and wife, and
DUBUQUE HARDWOODS, INC., an Iowa business corporation (collectively "Sellers")
The undersigned Buyer hereby offers to purchase certain real estate located in Dubuque
County, Iowa, from the Sellers, upon the following terms and conditions:
1. Real Estate Description. Buyer offers to buy real estate in Dubuque County, Iowa,
described as follows:
Market Square; Cypress Street, Wall Street, Washington Street and alleys located between the
NE'LY tine of Sixth Street and the NW'LY line of Market Street and the SE'LY right of way line of
the Canadian National Illinois Central Railroad in the City of Dubuque, Dubuque County, Iowa
Lots 1, 2, 37, and 38 in Block 21 in Dubuque Harbor Improvement Co.'s Addition,
In the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 15, 16, 17, 18, 19, 20, 21, and 22; and,
That part of lots 1, 2, 3, 4, 5, 6, 7, 8, 12, 13, and 14, lying southerly
Of a line which is parallel to and 50 feet southerly from the
Centerline of the Illinois Central Gulf Railroad Company's main
Tract, as now located; all in Block 18,
In Dubuque Harbor Improvement Company's Addition, in the City of
Dubuque, Iowa, according to the recorded Plat thereof.
Lot lA of vacated alley in Block 18 of Dubuque Harbor Improvement
Company's Addition from Market Square to the I.C.R.R.R.O.W.
In the City of Dubuque, Iowa, according to the recorded Plats thereof.
Lots 31, 32, 33, 34, 35, and 36, in Block 21,
Lots 1 to 38, both inclusive, in Block 27, and
Lots 31, 33, 34, and 35, in Block 28,
All in Dubuque Harbor Improvement Co.'s Addition,
Page 1 of 14
in the City of Dubuque, Iowa, according to the
Recorded plat of said Addition.
Lots 1, 33, 34, 35, 36, in Block 20;
Lots numbered 3 to 19, inclusive, in Block 21;
That part of lots 2, 3, 4, 31 and 32, in Block 20, and,
That part of lots 8 and 27, in Block 28, lying easterly of the
Dubuque & Dunleith Bridge Company's right of way;
Lots 1, 2, 3, 4, 5, 6, 7, 28, 29, 30, and 32, in Block 28;
All in Dubuque Harbor Improvement Company's Addition, in the
City of Dubuque, Iowa, according to the respective recorded
Plats thereof,
with any easement and appurtenant servient estates, but subject to any zoning and other ordinances,
any covenants of record, any easements of record for public utilities, roads and highways, and any
other easements of record, hereafter designated the "Real Estate." Sellers acknowledge that Buyer
disputes Sellers' ownership of the highlighted portion shown on Exhibit "C" below. Buyer
acknowledges that Sell~rs dispute Buyer's objection to Sellers' ownership of the highlighted areas
shown on Exhibit "C". This transaction resolves in full such dispute.
2. Bargain Sale/Purchase Price. The parties acknowledge that:
(a)
The Buyer, as a municipal corporation in the State of Iowa, has
commenced eminent domain proceedings to condemn the Real
Estate; and,
(b)
The parties acknowledge that the value of the Real Estate, shown by
the appraisal obtained by Seller, is $3,281,000.00. Attached hereto
as Exhibit "A" and by this reference made a part hereof is the March
8, 2002 cover letter to the appraisal performed for Sellers by Mr.
Thomas Kane, of Tom Kane Appraisals, of Dubuque, Iowa, which the
parties acknowledge to be the value of the Real Estate shown by the
appraisal; and,
(o)
The Sellers (and their predecessors), as long term citizens and as a
corporate citizen of the City of Dubuque, Iowa, and with the intent to
make a gift, are willing to sell the Real Estate to Buyer for:
(i)
$2,100,000.00, which includes relocation expenses, to
be paid pursuant to Section 2(d)(i) below, allocated as
shown on Exhibit "B-l" attached hereto and by this
reference made a part hereof; and,
Page 2 of 14
(d)
(ii)
Sellers, with donative intent, give the balance of the
value of the Real Estate, or $1,181,000.00, to Buyer,
allocated as shown on Exhibit "B-2" attached hereto
and by this reference made a part hereof. Buyer
acknowledges that Buyer is a charitable entity within
the meaning of Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended. Buyer agrees to
execute at the Closing (defined below) the Form 8283,
Non-Trust Charitable Contribution, recognizing the
receipt of, and the value (pursuant to the appraisal) of
the charitable contribution made by Sellers to Buyer
as referred to herein; and,
The bargain sale aspect of this transaction shall be paid as follows:
(i) $2,100,000.00 shall be paid as follows:
$1,050,000.00 to be paid at the
Closing (first allocated to DUBUQUE
HARDWOODS, INC. and next to the
other Sellers) by certified check,
cashi~'s check, electronic funds
transfer or other means which
provides immediately available cash to
the Sellers; and,
(B)
$1,050,000.00 to be paid to Sellers
on the Date of Possession (defined
below).
(ii)
The purchase and bargain sale of this Real Estate, and
the acceptance of the charitable contribution made
herein, is subject only to the conditions and
contingencies described in this Offer to Buy Real
Estate and Acceptance. Buyer represents to Sellers
that Buyer has sufficient funds to close this
transaction in a timely fashion.
3. Real Estate Taxes. Real estate taxes shall be prorated to the date of Closing. Buyer shall
be responsible for real estate taxes, if any, after the date of Closing on the Real Estate.
Page 3 of 14
4. Special Assessments. Buyer shall pay all special assessments which are a lien on the Real
Estate as of the date of acceptance of this offer. All other special assessments shall be paid byBuyer.
The parties acknowledge that there are no special assessments against the Real Estate as of the date
hereof.
5. Risk of Loss and Insurance. The parties acknowledge that the Real Estate is not
susceptible to loss from the date of this Offer through and including the Date of Possession hereof;
therefore, prior to Sellers' delivery of possession of the Real Estate to Buyer, all risk of loss shall be
upon Buyer until possession of the Real Estate shall be delivered to Buyer on the Date of Possession.
Sellers shall maintain existing liabilityinsurance as set out in Exhibit "D" attached hereto and by this
reference made a part hereof from the Date of Closing to the Date of Possession.
6. Care and Maintenance. The Real Estate shall be preserved in its present condition and
delivered intact at the time possession is delivered to Buyer, ordinary and reasonable wear and tear
excepted. See Sections 8 and 19 below.
7. Possession/Date of Closing. If Buyer timely performs all obligations, possession of the
Real Estate shall be delivered to Buy~ flee from all tenancies (except for MIDWEST
HARDWOODS, INC.) on (or at the election of Sellers, before) July 1,2003 ("Date of Possession").
The Closing shall occur on or before December 2, 2002 (herein sometimes referred as the "Closing
Date" or "Closing"). Sellers shall, prior to July 1, 2003, remove at Sellers' cost all of the property
described in the inventory attached hereto as Exhibit "E" and by this reference made a part hereof
and no personal property of Sellers shall be located upon the Real Estate after July 1, 2003. In all
other respects, no personal property of Sellers shall be located upon the Real Estate after the Date
of Possession. The parties agree to physically meet at the Real Estate on the Date of Possession to
inspect the Real Estate. If Sellers fail to deliver possession to Buyer on or before the Date of
Possession, or should Sellers allow any of their personal property to remain on the Real Estate (not
including buildings or fixtures), then Sellers shall be obligated to pay to Buyer $1,000.00 per day as
a penalty until such personal property is removed. The parties agree to cooperate in order to
effectuate the foregoing. Sellers are not responsible to Buyer for moving the personal property of
MIDWEST HARDWOODS, INC.
8. Improvements. All improvements that integrally belong to or are part of the Real Estate
shall be considered a part of the Real Estate and included in this sale. Notwithstanding the
foregoing, Sellers may remove any such improvements or other ftxtures which belong to or are a part
of the Real Estate at or prior to the Date of Possession.
9. Use of the Purchase Price. At time of settlement, funds of the purchase price maybe used
to pay taxes and other liens and to acquire outstanding interests, if any, of others.
10. Abstract of Title. Sellers, at Buyer's expense, shall promptly obtain an abstract of title
to the Real Estate (except for the streets, alleys and other areas depicted on Exhibit "C" attached
hereto and by this reference made a part hereof) continued through the date of this agreement which
Page 4 of 14
shall be examined by Buyer's attorney. Such abstract shall show merchantable title in Sellers to that
portion of the Real Estate to which title is not disputed in conformity with this agreement, Iowa law
and title standards of the Iowa State Bar Association. The Sellers shall make every reasonable effort
to promptly perfect title. The abstract shall become the property of Buyer when the purchase price
is paid in full. Sellers shall pay the cost of any additional abstracting and title work due to any act
or omission of Sellers. The abstract shall be obtained from an abstractor qualified by the Title
Guaranty Division of the Iowa Housing Finance Authority.
11. Deed. On the Closing Date, Sellers shall convey the Real Estate to Buyer by Warranty
Deed (Corporate Grantor or otherwise) (and certain portions Of the Real Estate as designated on
Exhibit "C" via Quit Claim Deed), free and clear of all liens and encumbrances but subject to
easements and restrictions of record. Any general warranties of title contained in the Warranty
Deed(s) shall extend only to the time of acceptance of this Offer to Buy Real Estate and Acceptance,
with special warranties as to acts of Sellers continuing up to time of delivery of the Warranty
Deed(s). Sellers shall additionally deliver to Buyer a termination of the Lease by and between
DUBUQUE HARDWOODS, INC., as Landlord, and MIDWEST HARDWOODS, INC., as
Tenant, effective as of the Date of Possession as well as a Quit Claim Deed from MIDWEST
HARDWOODS, INC. to Buyer with regard to the Real Estate.
12. Time is of the Essence. Time is of the essence in this contract.
13. Remedies of the Parties
(a) If Buyer fails to timely perform this contract, or any of Sellers' conditions herein are not
satisfied (or waived in writing) at or prior to Closing, Sellers shall not be required to close hereunder:
Alternatively, Sellers may, at or prior to Closing, forfeit this Contract as provided by Iowa Code
Chapter 656(2001).
(b) If Sellers fall to timely perform this contract, or if any of Buyer's conditions herein are
not satisfied (or waived in writing) at or prior to Closing, Buyer shall not be required to close
hereunder.
(c) Buyer and Sellers are also entitled to utilize any and all other remedies or actions at law
or in equity available to them and shall be entitled to obtain judgment for costs and attorney's fees
as permitted by law. The parties specifically agree that each of them shall have the remedy of
specific performance in equity notwithstanding any other provision h~ein or by law to the contrary.
14. Contract Binding on Successors in Interest. This contract shall apply to and bind the
successors in interest of the parties.
15. Construction. Words and phrases shall be construed as in the singular or plttral number
and as masculine, feminine or neuter gender, according to the context.
Page 5 of 14
16. Time for Acceptance. If this Offer is not accepted by Buyer on or beT°re October 22,
2002 it shall become void.
17. Conditions Precedent to Buyer's Obligation to Purchase. Buyer's obligation to purchase
the Real Estate under the bargain purchase referred to herein and to accept the charitable contribution
from Sellers as referred to herein is expressly conditioned upon the satisfaction of the following
conditions pr/or to Closing:
(a)
The approval of this Offer to Buy Real Estate and Acceptance by the
City Council of the City of Dubuque, Iowa on or before October 2I,
2002; and,
Co)
Buy~ obtaining an acceptable Phase II report from Preston
Engineering by November 30, 2002. Unless Buyer advises Sellers
in writing that Buyer does not desire to proceed with this transaction
on or before November 30, 2002, this condition shall be deemed
satisfied and of no further force or effect. Preston Engineering may
enter upon the Real Estate for this purpose by contacting Seller,
Robert Miller, in advance.
(c)
Approval by Buyer's City Council of the sale of the Real Estate to
DUBUQUE INITIATIVES by not later than No-~ember 30, 2002.
18. Conditions Precedent to Sellers' Obligation to Make Bargain Sale and Make Contribution
and G/ye Charitable Contribution. Sellers' obligation to make the bargain sale and give the
charitable contribution herein with respect to the Real Estate is expressly conditioned upon the
satisfaction of the following conditions pr/or to Closing:
(a)
Sellers obtaining approval of this Offer to Buy Real Estate and
Acceptance by the Board of Directors and Shareholders of Seller,
DUBUQUE HARDWOODS, INC.
19. Condition and Groundwater Hazards. (a) As of the Closing Date, Buyer shall have
inspected the Real Estate and shall accept it in "AS IS" condition as of the Closing Date. Buyer
shall release, indemnify and hold harmless Sellers with regard to any environmental claim, clean-up
or remediation imposed or threatened by the State of Iowa, the federal government or any other
governmental agency or entity, or any private person, arising Out of or related to the Real Estate,
which indemnity and defense shall survive the closing hereof.
Co) Sellers have disclosed to Buyer the Phase II testing documentation in Sellers' possession
and Sellers incorporate such information herein by this reference.
Page 6 of 14
20. MovinvjRelocation Expenses. Buyer shall have no obligation to pay any moving or
relocation expenses to Sellers in addition to the purchase price referred to in Section 2 hereof.
Further, Sellers specifically acknowledge that Buyer shall have no obligation to pay $100,000.00 to
MIDWEST HARDWOODS, INC. for moving expense pursuant to the Lease wherein Sellers are
the landlord and MIDWEST HARDWOODS, INC., is the tenant, dated effective January 1, 2000.
Seller, DUBUQUE HARDWOODS, INC., shall pay such $100,000.00 to MIDWEST
HARDWOODS, INC. pursuant to the Lease and Sellers shall have no further obligation to Buyer
for moving, relocation or m-establishment expenses to MIDWEST HARDWOODS, INC. Buyer
shall provide moving, relocation and re-establishment consultation lkom Graham & Associates, at
Buyer's expense, to Sellers and MIDWEST HARDWOODS, INC. Buyer, or its designee, shall deal
directly with MIDWEST HARDWOODS, INC. in connection with any other moving, relocation
or re-establishment expense(s) MIDWEST HARDWOODS, INC. may have because of Buyer's
acquisition of the Real Estate in excess of $100,000.00, which excess moving, relocation and re~
establishment expenses shall by paid by Buyer.
21. Recording Costs. Notwithstanding any other provision herein, the Buyer shall be
responsible for all recording costs and abstracting costs in connection with the transactions
contemplated herein.
22. Miscellaneous. The parties agree that all understandings and agreements, if any,
previously made between the parties hereto are merged in this Agreement, Milch alone fully an4
completely expresses their understanding with respect to the purchase and bargain sale of the Real
Estate. This agreement may not be changed or terminated orally, but only by an instrument in
writing executed by all of the parties hereto~ This agreement shall not be transferred or assigned
without the prior written consent of the other party hereto, which consent shall not be unreasonably
withheld. This agreement shall be governed by and construed in accordance with the laws of the
State of Iowa. This Offer to Buy Real Estate and Acceptance may be signed in counterparts or by
facsimile signatures which, when taken together, shall constitute one original agreement. Each party
shall bear and be responsible for its own attorneys' fees.
DATED: OCTOBER~, 2002.
THE CITY OF DUBUQUE, AN IOWA
MLF~C1PAL COI~POI~qTION, t~t~R
Michael C. VanMilligen, Its City Manager
THIS OFFER IS ACCEPTED OCTOBEP, fl~, 2002.
Page 7 of 14
DUBUQUE HARDWOODS, INC.
ROBERT MILLER
Its President
G:\WPD~C~kD~NNAB~D~CSkDubuqueHardw~ds(Mi~arR~ber~)~ert~BuyRea~EstateandAcceptance.wpd~ct~ber 17, 2002
Page 8 of 14
EXItlBIT "A"
See attached March $, 2002 cover letter from Tom Kane Appraisals appraisal of the Real
Estate.
Page 9 of 14
SUMMARY APPRAISAL
OF THE MARKET VALUE
OF THE
DUBUQUE HARDWOODS FACILITY
DUBUQUE ICE HARBOR
205 East 6th STREET
DUBUQUE, IOWA
AS OF: FEBRUARY 20, 2002
DATED: MARCH 8, 2002
PREPARED FOR:
MR. BRIAN KANE- ATTORNEY
2100 ASBURY ROAD, SUITE B
DUBUQUE, IOWA 52002
PREPARED BY
THOMAS P. KANE
KANE APPRAISAL AND REAL ESTATE, INC.
11020 LAKEVIEW DRIVE
DUBUQUE, IOWA 52003
PH: 563-556-2068
FAX: 563-557-8107
March 8, 2002
Mr. Brian Kane-Attorney
2100 Asbury Road, Suite B
Dubuque, iowa 52002
Dear Mr. Kane,
As requested, [ have personally inspected the Dubuque Hardwoods Facility located in the Dubuque ice
Harbor area. The purpose of the Appraisal is to estimate the Market Value of the Fee SimpIe Interest of the
subject property. The function of the Appraisal is for investment analysis purposes, in-lieu of ongoing
negotiations with the City of Dubuque, which intends to acquire the subject parcel for development purposes.
The intended users of the report are you and your designated property representatives.
[ certify that, to the best of my knowledge and belief:
I) The statements of fact contained in this report are true and correct.
2) The reported anaIyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are my personal, unbiased, professional anaIyses, opinions and conclusions.
3) I have no present or prospective interest in the property that is the subject of this report, and I have no
personal interest or bias with respect to the parties involved.
4) My compensation is not contingent upon the reporting of a predetermined value or direction in value that
favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the
occurrence of a subsequent event.
5) My analyses, opinions, and concIusions were developed, and this report has been prepared in
accordance with the final rule by Office of the Comptroller of the Currency (12 CFR Part 34) dated August 24,
1990, as amended, the Uniform Standards of Professional Appraisal Practice and in conformity with the
requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal
institute.
6) I have made a personal inspection of the property that is the subiect ef this report.
7) No one provided significant professional assistance to the person signing this report.
8) The value estimates in this report were not based on a requested minimum valuation, a specific
valuation, or for the approvaf of any loan.
9) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
The prospective vaIues estimated in this report were based on market data and conditions as of
March 8, 2002, which were projected to remain stable. It is impossible to accurately anticipate the future conditions that
could influence the vaiues, f project that market conditions should continue to improve at a moderate rate. Any
substantial changes in market conditions could have a favorable or unfavorable infIuence on the vaIues. I accept no
responsibility regarding future changes in the market that could not be anticipated as of the date of this report. I project
the marketing period for a saie to be about 12 to 48 months.
This transmittal letter and certification precede the Appraisal report, further describing the subject property and
continuing the reasoning and pertinent data leading to the estimated value. Your attention is directed to the "General
Underlying Assumptions" and "Limiting Conditions" which are considered usual for this type of assignment and have
been included at the end of this report.
As a result of my investigation, and based upon the analysis of the following data, it is my opinion that the Market Value
of the subject property, as of March 8, 2002 is as follows:
$3,281,000
THREE MILLION TWO HUNDRED EIGHTY-ONE THOUSAND DOLLARS
Kane Appraisal and Real Estate, Inc.
Certified General Appraiser
Iowa #483-72-5444
EXHIBIT "B-I"
Dubuque Hardwoods, Inc.
Robert & Lynn Miller
$395,000.00
$100,000.00
$495,000.00
$1,605,000.00
$2.100,000.00
Page 10 of 14
EXHIBIT "B-2"
Allocation of charitable contribution:
Robert & Lynn Miller
Dubuque Hardwoods, Inc.
$890,350.00
$290,650.00
$1,181,000.00
Page 11 of 14
EXHIBIT "C"
Streets, alleys and other areas depicted on attached. (Also, generally shows all the Real
Estate.)
Page 12 of 14
EXHIBIT "D"
See attached existing insurance of Sellers for the Real Estate.
Page 13 of 14
OCT.-IT'O2(THU) 12:57 GOOBMANN INS, SERV'S TEL:3195561142 P, O02
CCI 0327157
ASENO¥ BILL
A~ENT COSY
COF~PREHENSIVE INSURANCE POLICY
RENEWAL DECLARATION
general casuolfy
RENEW~.L OF:
CCI 0327157
POUOYNUMBER POLICYpEEIOp ,OOV~RAC-EISPROVIDEDI~E
CCI 0327~57 04/01/2002 I04/01,/2003 GENEF~u_L CASUALTY OO OP TI
NAMEDINSURED~NDApDR~SS AGENT
DUBUQUE ~Ln~DWOODS INC GOODMAN INS SERVICES iNC
2774 UNIV~R$ITY
203 EAST 5TH PO BOX 1088
DUBUQUE IA 52001 DUBUQDiE IA 061 52004
AGSNCY
,0140587
C05~4ERCIAL PROPERTY COVEBAGE PA~T DECLARATIONS
DESCRIPTION OF PREMISES
Pl~u~/~. BLDG. LOCATION, CONSTRUCTION AND OCCUPANCY
001 001 205 EAST 5TH, DUBUQUE, IA
FRAME - OFFICE AND SHOP
COV~KAGES PROVIDED: COV. APPLIES oNLY WHERE A LIMIT OF INS. IS SHOWN BELOW.
PBEM, BLDg. COV. ( + ) LIMIT OF INSURANCE COVERED C2%USKE OF LOSS
001 001 A $ 80,000 SPECIAL
~ $ 20,000
c
DEDUCTIBLE: $ 5,000 THE DEDUCTIBLE APPLIES ON A PER OCCURRENCE BASIS.
O?TION~L COVERAGES: APPLICABLE ONLX RY AN ENTRY IN THE SCHEDULE
AGREED V~LUE P~PLA~EME~T
PBF~. BLD~,
CORNS
80
$0
COV. ( + ) EXPIRATION DATE A~4OUNT COST
C $
VALUA~L~ PAPERS AND RECORDS - COST OF RESEARCH INCREASED LIMIT
IF INDICATED BY AN ( X ) REPLACEMENT COST APPLIES TO "STOCK": (
( + ) A- BUILDING B- ~US!N~SS PERSONAL PROPERTY C- PERSONAL ~ROPERTY OF OTHERS
COVE~:~%,G~ APPL!ES ONLY WHEN A LIMIT OF INSURANCE iS ~0~ BELOW.
BUSINESS INCOME:
C0V. ( *)
COV. CAUSES
OF LOSS
LIMIT OF INS.
EXTP, A EXPENSE:
COINS.
LIMIT OF INS.
MAXIMUM PERIOD MONTHLY LLMiT EXT. PERIOD
OF INDEMNITY OF INDEMNITY OF IND~14NITY
(
A~R~ED V/LLUE - AMOUNT EXPIRATION DAT~
$
COV. CAUSES OF LOSS LIMITS ON LOSS PAYMENTS
( * ) BUSINESS INCONE:
I - INCLUDING RENTJ%LVSQiU~ II - OTHER TNANRENTALV-ALUE
III - RENTAL VALUE
7908 (02-96)
OOT.-17'O2{THU) t2:87 GOOBMANN INS, SERV'S TEL:3195561142 P, O03
CCI 0327157
A~ENCY DILL
REN~W;tL DECLARATION
AGENT COPY
COMPREF~NSIVE INSUR3%NCE POLICY
POLICY NUMBEE } POLICY ISERIO~
COVERAGE IS PROVIDED IN THE
CCI 0927157 [04/01/2002 I 04/01/2003 [ GENERAL CASUALTY CO OF WI
general cosuc~lly
R~NEWAL OF:
CCI 0327157
~ AGeNcY
0140887
NAMEDINSURBD ANO ADDRESS
DUBUQUE HARDWOODS INC
205 EAST 5TH
DUBUQUE IA 52001
GOODMD-W INS SERVICES INC
2774 UNIVERSITY
PO BOX 105~
DUBUQU~ IA 061 52004
005
COVERAGES PROVIDED:
PREM. BLDG. COV.
0ol 002
DEDUCTISLE: $ 5,000
OPTIONAL COVERAGES:
·REM. BLDG. COV.
001 002
C0~SMERCIAL PROPERTY COVERAGE PA~T DECL;%RATIONE (CONTINUED}
SUPPLEMENTAL SCHEDULE
DESCRIPTION OF PREMISES
BLDG. LOCATION, CONSTRUCTION ARD OCCUPAN~
002 205 EAST 5TH, DI/BUQUE, IA
FRAME -ETORAGE
COV. ~PLIES ONLY W~ERE A LIMIT OF INS. IS SHOWN EELOW.
( + ) LIMIT OF INSURANCE COVERED CAUSES OF LOSS
$ ~0,000 SPECIAL
$
THE DEDUCTIBLE APPLIES ON A PER O2C~RENCE BASIS.
APPLICABLE ONLY BY AN ENTRY IN THE SCHEDULE BELOW.
COINS.
%
AGREED VALUE REPLACE~E~T INFLATION
EXPIRATION DATE AMOUNT COST ( X ) OUA_%D ~
$ ( x )
$ N/A
IF INDICATED BY A~ ( X ), R~9L~cE~ENT COST APPLIES TO "STOCK":
{ + ) A- BUILD/NS E- BUSINESS PERSONAL PROPERTY C-
PERSONAL PROPERTY OF OTHERS
COVERAGE APPLIES ONLY W~EN A LIMIT ST INSUR/L~CE !$ SHOW~ BELOW.
EUSINESS INCOME: ~OV. CAUSE~ F~XIMUM PERIOD MONTHLY LIMIT EXT. PERIOD
OOV. ( - ) OF LOSS
LIMIT OF INS. COINS.
EXTRA EXPENSE: LIMIT OF INS.
OF INDEMNTTy OF INDE~N!TY OF INDE14NITy
AGREED VALUE - AMOUNT EXPIRATION DATE
COV. CAUSES OF LOSS LIMITS ON LOSS PAYMENTS
E~SINESS INCOME: ! - INCLUDING ~AL VALUE II - OTHER THAN PS/Q~A.L VALUE
III -RENTD-LVALUE
CP 7904 (01-9!)
OCT.-17' 02(THU) t2:87 GOODMANN INS, SERV'S
TEL:3195561142
No. ,,-,., (ku[)ority ..... Cmmcat No.
P, 004
3140
Name and address
of the Assnr~l
MII)lfSST HARDWOODS, iNC.
205 ~.
D~U~, IA 52001
2 Effective frore 02-0t-2002
to 02-0~-200~
both days at 12:01 a.m. standard time
3 Insuram:e is effective with certain
UNDERWRITERS AT LLOYD'S, LONDON.
4 Amount Coverage
Rate
Pemeur~ge
1001
Premium
$500,000.
50,000,
~'3~ NON-COM~USTIBI2~, ONfi
STORY BUILDING, 0CCUPIHD
AS SAI~{iLL S!IUAT~D AT:
205 E. 5TH, DUBUQIIE, IA
CONTENTS OF [T~f A
1.458
1,458
?J~P~\t-I~NT COST (BUILDING & CONTElgrS)
80% CO- INSURAMSM
$5,000. DED. APPLIES EACH CLAIM
SI:~ICIAL CAUSI~S OF LOSS
17,290.00
729.00
250.00 POLICY FEE
165.~8 S/L TAX
NO FloAT CANCELLATIONS - 25% bffN'iMtN EARNED PRE~MIUM
5 Sp~ial con~ition~ POLICY PROVISIONS, IL0017, IL0276, END. #1,
CP0010, CP1030, IL0935, Abffi-1, CP0090
NIvlA!351, NMAllgl, NMA2918, i'I~!A2.M1, I~tA~342, BlqA1998
DUBU~L!E HARDWOODS, INC. (T!TI,,EIIO, LDBR)
205 E,
6 Service of Suit may be made upon:
Dated
02-22-2002 dlb/jk
-~tEND~S & M0~rr
750 S~VRNTH ST., ~W YORt(, NY 10019
F'gLST
by
AGENT
First W.stem insuranoe
Special Risk Faoillties
Box t~$60
We~t Des Moin~
t~a 50~~
See attached invemory list.
EXItlBIT "E"
Page 14 of 14
Oct. I)~/2~OO_~/_4~O2PM BARRY A LINDAHL, ESQ No.8715 P. 23/26
DUBUQUE I~J~DWOODS
INVENTORY
Sawdust Dryer Unit: $ main components
Portable chipper:
Semi cab:
Storage building N. W. comer of property
200 pallets of used electric motors, parts, etc.
Lathe: 3'Wx 12'L x 5'tt
Fire truck:
Semi ~aetor:
Semi cab:
25 wood pallets:
Semi cab:
4 Truck beds & decl~s:
Semi cab:
Semi cab:
Full size Wagon: ,.
Pile Of steel:
6 Loads of misc. metals outside:
Firewood splitter anlt: Consisting of feeder, saw, control cab, & 120' conveyor
10 End dump loads of firewood
Rail Road Box Car:.
40 pallets of misc. storage
Conveyor: 30'
20 Tmek fires:
Semi trailer: Van.
Small' John Deem Cat:
Boom Truclc
Dump Truck:
20 TraCk fires:
Semi tractor:
2 55 gal. barrels 0f.oil:'
2 Pick-up camper shells:
6 Pallets of misc.
150 Pallets of parts & n/is~.
~f/aiIBIT
Oct.16. 2002 4:02PM BARRY A L]NDAHL, ESQ No.8715 P. 24/26
DUBUQUE HARDWOODS
INVENTORY CONTINUED
Page 2
Shop Area:
10 Pallets of misc.
2 Tool boxes: 100 cu. ft. each
3 Work bench~s: 30 cu. ft. each
Air compressor:
15 Pallets of parts
Work bench: 5' x 5' x 8'
20 Pallets of bolts & misc. parts
Welder:
Fork lift:
Band saw:
Lathe:
Milling machine:
Drill ,press:
Welder:
Tool bOX: 100 cu. ft.
Metal cabinet:
Work bench: 6' x 5' x 4'
Welder:
,8 Pallets of misc.
10 55 gal. barrels of waste oil
20 Pallets of parts
· Refer unit: Semi trailer
8 Pallets of parts
2 Pallets of pipe
30 tires:
8 Loads of hand moved lumber
2 Freezers:
· Model A Auto:'
Auto: Olds Cutlass ,'" '
2 Loads of fire wood
2 Wood burner furnaces:
10 Pallets ofmi~c.
Refrigerator: 100 cu. ff.~
Oct.]6. 2002 4:02PM BARRY A LINDAHL, ESQ No.9715 P. 25/26
DUBUQUE HARDWOODS
INVENTORY CONTINUED
Page 3
BREAK AREA:
Side by side refer: 200 cu. ft.
Freezer:
Refer:
3 Microwaves:
Table: 12' x 3' x 3'
Dishwasher:
4 Dish, acks:
5 Book cartons: '
OFFICE:
Desk: 100 cu ~.
30/S chairs: 40 cu. fa each
Cre~ez~a,
sm refer:
Book ease:
-2 Arm chairs:
Television:
MAIN OFFICE AREA:
20' Counter area:
2 Desks: 1'00 crc ~. each
2 PC's
4 Dishpacks
l0 Book cartons
3 ~0ur drawer fries '
STORAGE RooM:
30 Pallets 0fmisc. '
2 Desks:
1 PC .
2 Drawer file
10 Book cartons '
2002 4:02PM BARRY A LINDAHL, ES@ No.8715 P 26/28
DUBUQUE HARDWOODS
INVENTORY CONTINUED
Page 4
YARD EQU1PIVIENT:
Case loader:. (621) ·
Samsung loader'..
OUTSIDE STORAGE:
Mulch: I00 loads
Tub 1~4nder..
5 End dump loads of(scrap)
Mulch: 75 loads
2 Semi Van Trailers for storage
200 Cement blocks: Portable confinement arc'as 2,000 lbs. Ea.
5 End dump loads of saw dust.
Old.dryer unit (sorap)
Truck frame: (scrap)
Truck motor: (scrap)
Conveyor: (scrap)
13 Old fuel. storage tanksi 500 gal. to 5,000 gal. (scrap)
Old fi.u'nace £or dryer unit: (scrap_
150 Cement blocks: Portable confinement areas 1,000 lbs. Ea.
Truck motor: (sCrap).
12 Culverts: (scrap)
20 ~01d truck and car tires
Auger unit: (scrap) ~
200 Logs:
· 2 T*-ks: (scrap) .
2 Lo~s of stech (scrap) ' '
5 Loads of finished wood
6 Metal storage racks; .