Rehabilitation Loan and Mortgage_Security Partners, L.P. (800 Main St.)
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: Maurice Jones, Economic Development Director
SUBJECT: Release of Real Estate Mortgages to Security Partners, L.P. and Security
Investments, LLC on the Property at 800 Main Street
DATE: January 19, 2018
INTRODUCTION
The purpose of this memorandum is to inform you of final loan payments and to request
your signature on two releases of mortgage.
BACKGROUND
Security Partners, L.P. obtained a $300,000 Downtown Rehabilitation Loan from the
City on November 13, 1998 (Loan #3-98) to help finance window replacement and the
creation of 57 jobs at 800 Main Street. The loan was secured by a mortgage
(Instrument #18110-98) on the property, also known as the Security Building.
A second $300,000 Downtown Rehabilitation Loan (Loan #1-07) was entered into by
Security Investments, LLC on November 19, 2007, secured by a mortgage (Instrument
# 2008-00001182) on the same property.
Both mortgages have since been assigned to Cottingham & Butler, Inc.
DISCUSSION
According to the Finance Director Jean Nachtman, Loan #1-07 was repaid in full on
January 28, 2013 with a payment of $110,000.00, and Loan #3-98 was repaid in full on
September 27, 2017 with a payment of 21,405.94.
RECOMMENDATION/ ACTION STEP
I request that you sign the attached two Releases of Real Estate Mortgage on the
property at 800 Main Street.
cc: Maurice Jones, Economic Development Director
Jean Nachtman, Finance Director
53
Afl`est: Mary A. Davis, City Clerk
Robbins moved to adopt the
resciution. Seconded by Nichoison.
Motion carried 7-0.
City Manager recommending to
provide a Tax Increment Financing
funded Downtown Rehab~itation
to Secur~ Partners, LP., presented
and read. Buol moved that the
communication be received and tiled
and recommendation approved.
Seconded by Markham. Motion carried
7-0.
RESOLUTION NO. 73-98
A RESOLUTION AUTHORIZING A
LETTER OF COMMITMENT AND
ADDITIONAL ACTIONS
CONCERNING A DOWNTOWN
REHABILITATION LOAN TO
SECURITY PARTNERS, L P.
Whereas, the City of Dubuque, iowa,
has crested a Downtown Rehabilitation
Loan Program for the purpose of
stimulating reinvestment in the
Downtown Dubuque Urban Renewal
District; and
Whereas, .the C~ of Dubuque, Iowa
is encouraging the use of this toan
program to tinance code compliance
actMties and to spur job creation
activities; and
Whereas, the loan application from
the Security Partners, L. P. meets the
requirements of this program; and
Whereas, a Commitment Letter,
hereto afl`ached and by this reference
made a part hereof, sets forth the
terms and conditions of Security
Partners, L. P.'s padjcipation 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
.Security Partners, L. P. for paNcipation
tn the Downtown Rehabilitation Loan
Program is hereby accepted and
approved.
Section 2. That the Mayor is hereby
authorized to execute, on behalf of the
City Council of the City of Dubuque,
Iowa, the afl`ached Commitment Letter
and to forward said letter to Security
Partners, L. P. for review and approvsi.
Section 3. That the City Manager be
and he is hereby directed to prepare,
upon execution and receipt of the
attached Commitment Letter by the
applicant, the necessary loan
documents in accordance with the
terms and conditions set forth in said
Commitment Left`er.
Section 4. That the City Manager is
hereby authorized to execute, on behalf
of the City Council of the City of
Dubuque, iowa, all necessary loan
documents and is further authonzed to
disburse loan funds from the Downtown
Rehabilitation Loan Program, in
accordance with the terms and
concrr~ons of the executed agreement.
Passed, approved and adopted this
16th day of February, 1998.
Torrance M. Duggan, Mayor
Attes'c Mary A. Davis, City Clerk
Buot moved adoption of the
Resolution. Seconded by Markham.
Motion carded 7-0.
City Manager recommending City
contract With the National Cdme
Prevention Council 'to assist the
Community Based Task Force;
~resented and read. Voetberg moved
that the communication be received
and flied and recommendation
approved. Seconded by Michaiski.
Motion carded 7-0.
Zoning Advisory Commission
advising of their approval to amend
Zoning Ordinance pertaining to
Business Services, to include sign
painting, presented and read.
Michalski moved that the
communication be received and flied.
Seconded by Voetberg. Motion carded
7-0.
An Ordinance Amending Zoning
Ordinance by amending Zoning
Ordinance by adopting a new Section
3;3.2(B)(23) in lieu thereof pertain ng to
Business Services, to inciude Sign
Painting, presented and read.
Michalski moved that the requirement
that a proposed Ordinance be
considered and voted on for passage
at two Council Meetings prior to the
meeting at which it is to be tinally
suspended. Seconded by
Voetberg. : Motion carded 7-0.
Michaiski moved that a Public Headng
be held on the proposed Ordinance on
the 2nd day of March, 1998 at 7:00
p.m, in the Public Library Auditorium
and that the City Clerk publish notice in
the manner presedbed by law.
Seconded by Voetberg. Motion carded
'7-0..
Zoning Advisory Commission
advising of their approval to amending
PUD to allow a mini-warehousing and
storage facil~ as requested by Pat
Tobin, presented and read. Buol
moved that the communication be