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Rehabilitation Loan and Mortgage_Don Junk (65-73 Main St_Atlas Fluid) Economic Development Department 50 West 13th Street Dubuque, Iowa 52001-4864 Office (563) 589-4393 TTY (563) 690-6678 http://www.cityofdubuque.org TO: Michael Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Project Coordinator SUBJECT: Release of Mortgage for 65-73 Main Street – Downtown Rehabilitation Loan DRLP #1-98 DATE: January 18, 2018 INTRODUCTION The purpose of this memorandum is to inform you of a final loan payment and to request your signature on a release of mortgage. BACKGROUND Don Junk entered into an agreement in 1998 for a $17,200 loan for the redevelopment of 65 Main Street. At the time, a mortgage on the property was held as security on the loan. DISCUSSION Regular payments have been made on this loan, and a final payment of $1,517.46 was made to the Finance Department as of May 30, 2017. This closes out the principal balance due on the loan, with $3.25 in interest being forgiven per Finance Director, Jean Nachtman. RECOMMENDATION/ ACTION STEP I recommend signing the release of mortgage attached to this memo, which will subsequently be recorded with the County. Cc: Maurice Jones, Economic Development Director Jean Nachtman, Finance Director Reqular Session, 112 Economic Development responsibilities for review, decision making, and action assumed and carded out by the Ctiy-of Dubuque as to environment'a[ issues. Section 5. That the Mayor of the City of Dubuque is hereby authorized to consent personally, in his official capacity and on behalf of the City of Dubuque, to accept the judsdictJon of the federal courts if an action is brought to enforce responsibilities in relation to environmental review, decision making and action. Section 6. That the Mayor of the City of Dubuque be and he is hereby author~ed and directed zo execute a certification pertaining to the environmental review procedures. Passed. approved and adopted this 16th day of March, 1998_ Terrsnca M. Duggan, Mayor Attesl: Mary A. Davis, City Clerk Voetberg moved adoption of the Resolution. Seconded by Dual. Motion carded 7-0. City Manager submitting Adopted Fiscal Year 1999 Budget Summaries, presented and read. Voetberg moved that the communication be received and tiled. Seconded by Dual Motion carried 7-0. Diamond Jo Casino requesting fireworks display on Sunday, May 31st at approx. 9:00 p.m. with June 1st as alfematJve dats, presented and read. Voetberg moved that the request be referred to City Manager. Seconded by Dual. Motion carried 7-0. An Ordinance Amending Chapter 44, Utilities, Section 44-55, Abandonment of Private On-Site Sewage Treatment and Disposal System upon availability of Public Sewer, first reading only given on 3-2-9£, now presented for further action. Voetberg moved [hat this be considered the second reading of the Ordinance. Seconded by BuoL Motion carded 7-0. An Ordinance Establishing the Stout Place Urban Revitalization Area as an Urban Revitalization Area pursuant to Chapter 404 of the Cede of Iowa, first reading gi?n on 1-19-98; seconc reading given on 3-2-9~,, now presented for further action. (OFFICIAL PUBLICATION} ORDINANCE NO. 12- 98 AN ORDINANCE ESTABLISHING THE STOUT PLACE URBAN REVITALIZATION AREA AS AN I URBAN REVITAUZATION AREA PURSUANT TO CHAPTER 404 OF THE CODE OF IOWA. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL 'OF THE CITY OF DUBUQUE, IOW. A: Section 1. That the Staut Place Urban Revitalization Area as hereinafter described shall hereafter be designated an urban revitalization area pursuant to Chapter 404 of the Code of Iowa 1997, to wit: South ~ of City Lot 167, City Lot 168 and City Lot 168A all in Sec~on 24, Township 89 North, Range 2 Eas[ 5th P.M., Dubuque, County, Iowa Sec'don 2. That the Stout Place Urban Revitalizador Area Plan as hereto attached is hereby adopted and approved and the propedJes within said described area shall be subject to the provisions of said Plan. Sectior. 3. That the Stout Place Urban Revitalization Area Plan shall hereafter be on file in the City Clerk's Office, Cb Hall, Dubuque, Iowa PASSED, APPROVED and ADOPTED this 18th day of March, 1998. Torrance M. Duggan, Mayor ATTEST: Mary A. Davis, City Clerk Published \officially in the Telegraph Herald newspaper this 23rd day of March, 1998. Mary A. Davis CMC. City Clerk 1 t 3/23 Voatberg moved tinal consideratior and passage of the Ordinance. Seconded by Dual Moficn carded 7-0. Human Rights Director. Elizabeth Creger, subm~ng copy of communication submitting to Iowa CiviJ Rights Commission requesting they conduct housing tests in Dubuque, presented and read. Voetberg moved that the communicafion be received and filed. Seconded by Dual Motion carded 7-0 City Manager recommending approval of a Down~owr Rehabilitation Loan to Don Junk for reeavaUon of the Atiast Fluid Company, presented and read. Voetberg moved that the communication be received and filed. Seconded by Dual. Motion carded 7-0. RESOLUTION NO. 110-98 A RESOLUTION AUTHORIZING A LE'FrER OF COMMITMENT AND ADDITIONAL ACTIONS i CONCERNING A DOWNTOWN REHABILITATION LOAN TO DON D. 113 Regular Session, March 16, 1998 JUNK Whereas the City of Dubuque, Iowa, has created s Downtown Rehabilitation Loan Program for the purpose of stimulating reinvestment in the Downtown Dubuque Urban Renewal District; Whereas. the City of Dubuque, Iowa, is encouraging the use of this can program to finance code compliance activities and to spur job creation activities; and Whereas, the loan application from Don D. Junk meets the requirements of this program; and Whereas. a Commitment Letter. hereto attached and by this reference made a par[ hereof sets forth the terms and conditions of Don D. Junk's' participation in the Downtown Rehabilitation Loan Program. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the application of Don D. Junk for pantJaipation in the Downtown Rehabilitation Loan Prograrr is hereby accepted ana approved. Section 2. That the Mayor is hereby authorized m execute, on behalf of the City Council of the City of Dubuque, Iowa, the attached Commitment Letter and to forward said letter to Don D. Junk for review and approval. Section 3. That the City Manager be aaa he is hereby directed to prepare, upon execution and receipt of the attached Commitment Letter by the applicant me necessary loan documents n accordance with the terms and conditions set forth in said Commitment Letter. Section 4. That the City Manager is hereby authodzedm execute on behalf of the City Council of the City of Dubuque, Iowa, all necessary loan documents and is fur[her authorized to disburse loan funds from the Downtowr, Rehabilitation Loan Program, accordance with the terms anc conditions of the executed agreement. Passed. approved and adopted this 16th day of March, 1998. Torrance M. Duggan, Mayor Attest: Mary A. Davis, City Clerk Voetberg moves adoption of me Resolution. Seconded by BuoL Melior carried 7-0. RESOLUTION NO. 111-98 NOW. THEREFORE, BE IT ~ESOLVED BY THE CITY COUNCIL OF THE CiTY OF DUBUQUE. IOWA: That the following having complied -with the provisions of law relating to the sale of Cigarettes within the City of Dubuque, Iowa, be granted a permit to sell Cigarettes and Cigarette Papers within said City. NEW Libby Streinz Dubuque Discount Gas. mc 4110 Dodge Si Passed. approved and adopted this 16th day of March, 1998. Terrance M. Duggan, Mayor Attest: Mary A: Davis. City Clerk Voetberg movec adopOon of the Resolution. Seconded by BuoL Motion camed 7-0. RESOLUTION NO. 112-98 Whereas, applications for Beer Permits have been submitted and filed to this Counci; for approval and the same have been examined and approved; and Whereas the premises To be occupied by such applicants were inspected ane found to comply with the Ordinances of this City and nave filec proper bonds. NOW, THEREFORE, BE T RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE IOWA: That the Manager be authorized to cause to be issued the following named applicants a Beer Permit CLASS 'C' BEER PERMIT Libby Jean Strainz Dubuoue Discount Gas, inc. +(Sunday Sale) 4110 Dodge St ArCon Inc. Arby's Q-Mart +(Sunday Sale) 10 Main St Passed. approvea and adopted this 16th day March, 1998. Torrance M. Duggan, Mayor Attest: MaryA Davis, City Clerk Voetberg moved adopfion of the Resolution. Seconded by Buol. Motion carded 7-6. RESOLUTION NO. 113-98 Whereas applications for Liquor Licenses have been submitted to this Council for approval and the same have been examined and approved; and Whereas, the premises to be occupied by such applicants were inspected and found to comply with the State Laws and all City Ordinances relevant thereto and they have filed proper bonds NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE. IOWA: That the Manager be authorized to cause to be issued the foilowin_c named applicants a Liquor License.