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Purchase Agreement - Acquisition of 2601 Jackson Street_American TrustAt-STATF� WARRANTY DEED 0 THE IOWA STATE BAR ASSOCIATION Official Form No. 101 Recorder's Cover Sheet 7 Cia1 Preparer Information: (Name, address and phone number) Crenna Brumwell, 300 Main Street, Suite 330, Dubuque, IA 52001, Phone: (563) 589-4381 Taxpayer Information: (Name and complete address) City of Dubuque, Iowa Return Document To: (Name and complete address) 50 West 13th Street, Dubuque, IA 52001 Grantors: Grantees: American Trust & Savings Bank City of Dubuque, Iowa Legal description: See Page 2 Document or instrument number of previously recorded documents: 0 The Iowa State Bar Association 2018 IOWADOCS® JOLEE M. DEMMER Commission Number 763783 aw, liMy Comm. Exp. ol/Ofd/l,_� WARRANTY DEED For the consideration of Thirty Thousand Dollar(s) and other valuable consideration, American Trust & Savings Bank do hereby Convey to City of Dubuque, Iowa the following described real estate in Dubuque County, Iowa: The Easterly 70 feet of Lot 376 in Davis Farm, a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof Grantors do Hereby Covenant with grantees, and successors in interest, that grantors hold the real estate by title in fee simple; that they have 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 grantors Covenant to Warrant and Defend the real estate against the lawful claims of all persons except as may be above stated. Each of the undersigned hereby relinquishes all rights of dower, homestead and distributive share in and to the real estate. Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine or feminine gender, according to the context. Dated on May 31, 2018 ��/C/�� (SCO American Trust & Savings Bank(Grantor) Thomas/R/ Bolduc, Executive -Vice President and Chief..'Credit Officer Gary J. Keleher, Sr. VP (Grantor) (Grantor) (Grantor) STATE OF IOWA , COUNTY OF DUBUQUE This record was acknowledged before me on May 31, 2018 , by Thomas R. Bolduc Executive Vice President and Gary J. Keleher, Sr. Vice President. and Chief Credit Officer . ture o otary Public © The Iowa State Bar Association 2018 IowaDocs® Form No. 101, Warranty Deed Revised January 2016 RESOLUTION NO. 92-18 RESOLUTION APPROVING THE ACQUISITION OF REAL ESTATE OWNED BY AMERICAN TRUST AND SAVINGS BANK AT 2601 JACKSON STREET IN THE CITY OF DUBUQUE Whereas, the City of Dubuque intends to acquire certain real estate for the purpose of rehabbing and reselling to income qualified households; and Whereas, a purchase agreement has been finalized with the owner of the property scheduled for acquisition. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City of Dubuque hereby approves the acquisition of the following legally described property: The Easterly 70 feet of Lot 376 in Davis Farm a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof, at the cost of Thirty -Thousand Dollars ($30,000). Section 2. That the City of Dubuque be and is hereby authorized to accept a Warranty Deed from the owner, conveying the owner's interest to the City of Dubuque, Iowa for the herein described real estate. Section 3. That the City Clerk be and is hereby authorized and directed to cause said Warranty Deed to be recorded in the office of the Dubuque County Recorder, together with certified copy of the Resolution. Passed, approved and adopted this 16th day of April, 2018. ATTEST: Kevin --Firnstahl, tMC, City Clerk David T. Resnick, Mayor Pro -Tem CERTIFICATE of the CITY CLERK STATE OF IOWA ) SS: COUNTY OF DUBUQUE ) I, Kevin S. Firnstahl, do hereby certify that I am the duly appointed, qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in my possession or have access to the records of the proceedings of the City Council. I do further state that the hereto attached Resolution No. 92-18 is a true and correct copy of the original. In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque, Iowa. Dated at Dubuque, Iowa, on this 18th day of April, 2018. Kevin S. rnstahl, CNBC, City Clerk (SEAL) REAL ESTATE TRANSFER - GROUNDWATER HAZARD STATEMENT TO BE COMPLETED BY TRANSFEROR TRANSFEROR: Name American Trust & Savings Bank Address 895 Main Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip TRANSFEREE: Name City of Dubuque, Iowa Address 50 West 13th Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip Address of Property Transferred: 2601 Jackson Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip Legal Description of Property: (Attach if necessary) The Easterly 70 feet of Lot 376 in Davis Farm, a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof 1. Well -(check one) There are no known wells situated on this property. There is a well or wells situated on this property. The type(s), location(s) and legal status are stated below or set forth on an attached separate sheet, as necessary. 2. Solid Waste Disposal (check one) :/There is no known solid waste disposal site on this property. _ There is a solid waste disposal site on this property and information related thereto is provided in Attachment #1, attached to this document. 3. Haz dous Wastes (check one) There is no known hazardous waste on this property. There is hazardous waste on this property and information related thereto is provided in Attachment #1, attached to this document. 4. Under round Storage Tanks (check one) here are no known underground storage tanks on this property. (Note exclusions such as small farm and residential motor fuel tanks, most heating oil tanks, cisterns and septic tanks, in instructions.) _ There is an underground storage tank on this property. The type(s), size(s) and any known substance(s) contained are listed below or on an attached separate sheet, as necessary. FILE WITH RECORDER DNR form 542-0960 (July 18, 2012) 5. Private Burial Site (check one) 1":1 -here are no known private burial sites on this property. _ There is a private burial site on this property. The location(s) of the site(s) and known identifying information of the decedent(s) is stated below or on an attached separate sheet, as necessary. 6. Priv,ate Sewage Disposal System (check one) V/ All buildings on this property are served by a public or semi-public sewage disposal system. _ This transaction does not involve the transfer of any building which has or is required by law to have a sewage disposal system. There is a building served by private sewage disposal system on this property or a building without any lawful sewage disposal system. A certified inspector's report is attached which documents the condition of the private sewage disposal system and whether any modifications are required to conform to standards adopted by the Department of Natural Resources. A certified inspection report must be accompanied by this form when recording. _ There is a building served by private sewage disposal system on this property. Weather or other temporary physical conditions prevent the certified inspection of the private sewage disposal system from being conducted. The buyer has executed a binding acknowledgment with the county board of health to conduct a certified inspection of the private sewage disposal system at the earliest practicable time and to be responsible for any required modifications to the private sewage disposal system as identified by the certified inspection. A copy of the binding acknowledgment is attached to this form. _ There is a building served by private sewage disposal system on this property. The buyer has executed a binding acknowledgment with the county board of health to install a new private sewage disposal system on this property within an agreed upon time period. A copy of the binding acknowledgment is provided with this form. There is a building served by private sewage disposal system on this property. The building to which the sewage disposal system is connected will be demolished without being occupied. The buyer has executed a binding acknowledgment with the county board of health to demolish the building within an agreed upon time period. A copy of the binding acknowledgment is provided with this form. [Exemption #9] _ This property is exempt from the private sewage disposal inspection requirements pursuant to the following exemption [Note: for exemption #9 use prior check box]: The private sewage disposal system has been installed within the past two years pursuant to permit number Information required by statements checked above should be provided here or on separate sheets attached hereto: I HEREBY DECLARE THAT I HAVE REVIEWED THE INSTRUCTIONS FOR THIS FORM AND THAT THE INFORMATION STATED ABOVE IS TRUE AND CORRECT. Signature: ���i,'_ -��--e ,� (Transferor or Agent) Telephone No.: (563) 582-1841 FILE WITH RECORDER DNR form 542-0960 (July 18, 2012) Copyrighted April 16, 2018 City of Dubuque Consent Items # 11. ITEM TITLE: Purchase Agreement-Acquisition of 2601 Jackson Street SUMMARY: City Manager recommending approval of a Purchase Agreement and Acceptance of Deed for the property located at 2601 Jackson Street from American Trust. RESOLUTION Approving the Acquisition of Real Estate Owned by American Trust and Savings Bank at 2601 Jackson Street in the City of Dubuque SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Purchase of 2601 Jackson Street-NNM Memo City Manager Memo Memo Staff Memo Resolution Resolutions Purchase Agreement Supporting Documentation THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Purchase of 2601 Jackson Street DATE: April 9, 2018 Housing & Community Development Department Director Alvin Nash recommends City Council approval of a Purchase Agreement and Acceptance of Deed for the property located at 2601 Jackson Street from American Trust, for a purchase price of$30,000. American Trust obtained the property through foreclosure. The property will be totally rehabilitated by the City or by one of the City partners for a preliminary cost estimate of$150,00. Major changes to the property will include gutting of interior, removal of lead paint, and replacement of siding, roof, concrete, as well as soffit, fascia, gutters, etc. with an expected sale price after rehabilitation to be between $150,000 to $180,000. It is realized there will be a loss, however, the property will be sold to an income- qualifying household, keeping ownership in the neighborhood and increasing the tax base. This also meets the Voluntary Compliance Agreement of increasing homeownership opportunities for low-moderate income households. I concur with the recommendation and respectfully request Mayor and City Council approval. �� �� ��� Mic ael C. Van Milligen �� � MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Alvin Nash, Housing and Community Development Department Director ��bu��� Housing and Community Development THE CITY OF Housin Rehabilitation Pro ram All-Ameriea City � g g i"`. ► �� 350 W. 6th Street, Suite 312 UB E I ! �� Dubuque, IA 52001 Masterpiece on the Mississippi z°°'��0'� EOPPORTUh111`Y Office (563) 589-4239 2I?13-2017 TO: Michael Van Milligen, City Manager FROM: Alvin Nash, Housing and Community Development Department SUBJECT: Purchase of 2601 Jackson Street DATE: April 9, 2018 Introduction The purpose of this memorandum is to request City Council authorization to acquire a property located at 2601 Jackson Street for the purpose of rehabbing and reselling to an income- qualified homebuyer. Background American Trust contacted the City and informed them that the above property was going to Sherriff Sale and wondered if the City had any interest in obtaining it as part of continued efforts to rehab blighted properties. The Rehabilitation Staff performed an assessment of the property and determined that it needed extensive rehabilitation. Staff concluded that $30,000 was the maximum amount they could offer American Trust for the property. Discussion This property is in substandard condition. American Trust obtained the property through foreclosure. The Sherriff Sale took place on March 16, 2018. American Trust retained the property at Sherriff Sale for the $30,000. They have now have come back to the City to purchase the property for $30,000. To support and facilitate the rehabilitation and re-marketing effort for encouraging continued owner-occupied properties, it is recommended that we purchase this property. The City's plan would be to convert the 2-unit rental to a single-family home or work through a City partner to do so. We intend to similarly rehab this home and sell it as part of the homeownership initiative. Preliminary cost estimate for total rehabilitation, including lead paint hazard abatement, while also meeting SHPO guidelines, is $150,000. Major changes to the property will include gutting of interior, removal of lead paint, and replacement of siding, roof, concrete, as well as soffit, fascia, gutters, etc. Staff expects a sale price after rehabilitation to be between $150-$180,000. We realize there may be a loss, however, the property will be sold to an income-qualifying household, keeping ownership in the neighborhood and increasing the tax base. This also meets the Voluntary Compliance Agreement (VCA) of increasing homeownership opportunities for low-moderate income households. Funds are available from Residential Rehab and Community Development Block Grant or Housing TIF. A 21-year restrictive covenant cannot be placed on the property if the Residential Rehab Program (2701065) to purchase is used and CDBG (26061300) is used for rehabilitation for the following reason: Land Covenants This contract is subject to the requirements of Title VI of the Civil Rights Act of 1964 (P. L. 88- 352) and 24 CFR 570.601 and 570.602. In regard to the sale, lease, or other transfer of land acquired, cleared or improved with assistance provided under this contract, the Subrecipient shall cause or require a covenant running with the land to be inserted in the deed or lease for such transfer, prohibiting discrimination as herein defined, in the sale, lease or rental, or in the use or occupancy of such land, or in any improvements erected or to be erected thereon, providing that the Recipient and the United States are beneficiaries of and entitled to enforce such covenants. The Subrecipient, in undertaking its obligation to carry out the program assisted hereunder, agrees to take such measures as are necessary to enforce such covenant, and will notitselfso discriminate. Action Step The action requested of the City Council is to approve the attached resolution approving the purchase agreement and acceptance of the deed for the property located at 2601 Jackson Street, from American Trust, for $30,000. KLN Attach. RESOLUTION NO. 92-18 RESOLUTION APPROVING THE ACQUISITION OF REAL ESTATE OWNED BY AMERICAN TRUST AND SAVINGS BANK AT 2601 JACKSON STREET IN THE CITY OF DUBUQUE Whereas, the City of Dubuque intends to acquire certain real estate for the purpose of rehabbing and reselling to income qualified households; and Whereas, a purchase agreement has been finalized with the owner of the property scheduled for acquisition. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City of Dubuque hereby approves the acquisition of the following legally described property: The Easterly 70 feet of Lot 376 in Davis Farm a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof, at the cost of Thirty -Thousand Dollars ($30,000). Section 2. That the City of Dubuque be and is hereby authorized to accept a Warranty Deed from the owner, conveying the owner's interest to the City of Dubuque, Iowa for the herein described real estate. Section 3. That the City Clerk be and is hereby authorized and directed to cause said Warranty Deed to be recorded in the office of the Dubuque County Recorder, together with certified copy of the Resolution. Passed, approved and adopted this 16th day of April, 2018. ATTEST: Kevin Firnstahl, CMC: -City Clerk David T. Resnick, Mayor Pro -Tem RESIDENTIAL PURCHASE AGREEMENT TO: AMERICAN TRUST AND SAVINGS BANK (SELLER) The undersigned BUYER hereby offers: to buy and the. undersigned SELLER by his acceptance agrees to sell the real property, "as is," situated in DUBUQUE County, Iowa, locally known as 2601 JACKSON STREET and legally described as: THE EASTERLY 70 FEET OF LOT 376 IN DAVIS FARM A PART OF DUBUQUE, IN THE CITY OF DUBUQUE, IOWA, ACCORDING TO THE RECORDED PLAT THEREOF, together with any easements and appurtenant servient estates, but subject to any reasonable easements of record for public utilities or roads, any zoning restrictions, customary restrictive covenants and mineral reservations of record, if any, herein referred to as the "Property," upon the following terms and conditions provided BUYER, on possession,is permitted to use the Property for residential purposes: 1. PURCHASE PRICE The. Purchase Price shall be $30,000, payable in cash at the closing:. 2. REAL ESTATE TAXES. A. SELLER shall pay all real estate taxes that are due and payable as of the :date of possession and constitute a lien against the Property, including any unpaid real estate taxes for any prior years. B. SELLER shall pay his prorated share, based upon the date of possession, of the real estate taxes for the fiscal year in which possession is given ending June 30, 2018 due and payable in the subsequent fiscal year commencing July 1, 2018.. C. BUYERS shall pay all subsequent real estate taxes. 3. SPECIAL ASSESSMENTS. A. SELLER shall pay in full all special assessments which are a lien on the Property as of the date of acceptance. B. If "A" is stricken, then SELLER shall pay all installments of special assessments which are a lien on the Property and, if not paid, would become delinquent during the calendar year this offer is accepted, and all prior installments thereof. C. All charges for solid waste removal, sewage and maintenance that are attributable to SELLER'S possession, including those for which assessments arise after closing, shall be paid by SELLER. D. Any preliminary or deficiency assessment which cannot be discharged by payment shall be paid by SELLER through an escrow account with sufficient funds to pay such liens when payable, with any unused funds returned to SELLER. E. BUYERS shall pay all other special assessments. 4, RISK OF LOSS AND INSURANCE, SELLER shall bear the risk of loss or damage to the Property prior to closing or possession, whichever first occurs. SELLER agrees to maintain existing insurance and BUYER may purchase additional insurance. In the event ofsubstantial damage or destruction prior to closing, this Agreement shall be null and void; provided, however, BUYER shall have the option to complete the closing and receive insurance proceeds regardless of the extent of damages. The property shall be deemed substantially damaged or destroyed if it cannot be restored to its present: condition on or before the closing date. 5. POSSESSION AND CLOSING. If BUVER'tirnely performs all obligations, possession of the Property shall be delivered to BUYER on OR BEFORE MAY 31, 2018, and any adjustrnents of ;rent, insurance, taxes, interest and all charges attributable to the SELLER'S possession shall be made as of the date of possession, Closing shall occur after approval of title by buyer's attorney and vacation of the Property by SELLER, but prior to possession by BUYER. SELLER agrees to permit BUYER to inspect the Property within 24 kIOURS prior to closing to assure that the premises are in the condition required by this Agreement. If possession is given on a day other than closing, the parties shall make a separate agreement with adjustments as of the date of possession. This transaction shall be considered closed upon the filing of title transfer documents and receipt of all funds then due at closing from BUYER under the Agreement. 6. FIXTURES. Included with the Property shall be allfixtures that integrally belong to, are specifically adapted to or are a part of the real estate, whether attached or detached, such as: attached wall-to-wall carpeting, built-in appliances, light fixtures (including light bulbs), water softeners (except rentals), shutters, shades, rods, blinds, venetian blinds, awnings, storm windows, storm doors, screens, television antennas (including satellite dishes), air conditioning equipment (except window type), door chimes, automatic garage door openers, electrical service cables, attached mirrors, fencing, gates, attached shelving, bushes, trees, shrubs and plants. Also included shall be the following: N/A The following items shall not be included: N/A 7. CONDITION OF PROPERTY. A. The property is being purchased "as is." B. The property as of the date of this Agreement including buildings, grounds, and all improvements will be preserved by the SELLER in its present condition until possession, ordinary wear and tear excepted. C. Within 10 DAYS after the acceptance of this Agreement BUYER may, at their sole expense, have the property inspected by a person or persons of their choice to determine if there are any structural, mechanical, plumbing, electrical, environmental, or other deficiencies. SELLER shall bear no responsible for repairing any deficiencies and the sale and closing shall not be contingent upon any findings in the inspection report. D. NEW CONSTRUCTION: If the improvements on the subject property are under construction or are to be constructed, this Agreement shall be subject to approval of plans and specifications by the parties within ninety (90) days of acceptance of this Agreement. New construction shall have the warranties implied by law, those specifically made by suppliers of materials/appliances, and those specifically tendered by the contractor. 8. ABSTRACT AND TITLE. SELLER,. at his expense, shall promptly obtain an abstract of title to the Property continued through the date of acceptance of this Agreement and deliver it to BUYER'S attorney for examination. It shall show merchantable title in SELLER in conformity with this Agreement, Iowa law, and Title Standards of the Iowa State Bar Association. The SELLER shall make every reasonable effort to promptly perfect title. If closing is delayed due to SELLER'S S inability to provide marketable title, this Agreement shall continue in force and effect until either party rescinds the Agreement after giving ten days written notice to the other party. The abstract shall become the property of BUYER when the purchase price is paid in full. SELLER shall pay the costs of any additional abstracting and title work due to any act or omission of SELLER, including transfers by or the death of SELLER or his assignees. 9 SURVEY. BUYER inlay, at BUYER'S expense prior to closing, have the property surveyed and certified by a Registered Land Surveyor. If the survey shows any encroachment on the Property or if any improvements located on the Property encroach on lands of others, the encroachments shall be treated as a title defect. If the survey is required under Chapter 354, SELLER shall pay the costthereof 10. ENVIRONMENTAL MATTERS.. A. SELLER makes no warrants, nor has any knowledge of the overall condition of the property, whether there are abandoned wells, solid waste disposal sites, hazardous wastes or substances, or underground storage tanks located on the Property, the Property does not contain levels of radon gas, asbestos or urea -formaldehyde foam insulation which require remediation under current governmental •standards, and SELLER has done nothing to contaminate the Property with hazardous wastes or substances. SELLER has no knowledge whether the Property is not subject to any local, state, or federal judicial or administrative action, investigation or order, as the case may be, regarding wells, solid waste disposal sites, hazardous wastes or substances, or underground storage tanks. SELLER has no knowledge of any wells, private burial sites, solid waste disposal sites, private sewage disposal system, hazardous waste and underground storage tanks on the Property unless disclosed here: N/A B. BUYER may at their expense, within ninety (90) days after the date of acceptance, obtain a report from a qualified engineer or other person qualified to analyze the existence or nature of any hazardous materials, substances, conditions or wastes located on the Property. In the event any hazardous materials, substances, conditions or wastes are discovered on the Property, BUYER'S obligation hereunder shall be contingent upon the removal of such materials, substances, conditions or wastes or other resolution of thematter reasonably satisfactory to BUYER. However, in the event SELLER is required to expend any sum in excess of $10,000.00 to remove any hazardous materials, substances, conditions or wastes, SELLER shall have the option to cancel this transaction and refund to BUYER all Earnest Money paid and declare this Agreement null and void. The expense of any inspection shall be paid by BUYER. The expense of any action necessary to remove or otherwise make safe any hazardous material, substance, conditions or waste shall be paid by SELLER, subject to SELLER'S right to cancel this transaction as provided above. 11. DEED. Upon payment of the purchase price, SELLER shall convey the Property to BUYER by warranty deed, free and clear of all liens, restrictions, and encumbrances except as provided in this Agreement. General warranties of title shall extend to the time of delivery of the deed excepting liens or encumbrances suffered or permitted by SUER. 12; JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If SELLER, immediately preceding acceptance of the offer, holds title to the Property in joint tenancy with full right of survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the SELLER, then the proceeds of this sale, and any continuing or recaptured rights of SELLER in the Property, shall belong to SELLER as joint tenants with full rights of survivorship and not as tenants in common; and BUYER in the event of the death of any SELLER, agrees to pay any balance of the price due SELLER under this contract to the surviving SELLER and to accept a deed from the surviving SELLER consistent with Paragraph 15 13. JOINDER BY SELLER'S SPOUSE. SELLER'S spouse, if not a title holder immediately preceding acceptance, executes this agreement only for the purpose of relinquishing all rights of dower, homestead and distributive share or in compliance with Section 561,13 of the Code of Iowa and agrees to execute the. deed or real estate contract for this purpose. 14. STATEMENT AS TO LIENS. If BUYER intends to assume or take subject to a lien on the Property, SELLER shall furnish BUYER with a written statement prior to closing from the holder of such lien, showing the correct balance due. 15. USE OF PURCHASE PRICE. At time of settlement, funds of the purchase price may be used to pay taxes and other liens and to acquire outstanding interests, if any, of others. 16. APPROVAL OF COURT. If the Property is an asset of an estate, trust or conservatorship, this Agreement is contingent upon Court approval unless declared unnecessary by BUYER'S attorney. If the sale of the Property is subject to court approval, the fiduciary shall promptly submit this Agreement for such approval. If this Agreement is not so approved by May 30, 2018 either party may declare this Agreement null and void, and all payments made hereunder shall be returned to BUYER. 17. REMEDIES OF THE PARTIES. A. If BUYER fails to timely perform this Agreement, SELLER may forfeit it as provided in the Iowa Code (Chapter 656), and all payments made shall be forfeited; or, at SELLER'S option, upon thirty days written notice of intention to accelerate the payment of the entire balance because of BUYER'S default (during which thirty days the default is not corrected), SELLER may declare the entire balance immediately due and payable. Thereafter this agreement may be foreclosed in equity and the Court may appoint a receiver. B, If SELLER fails to timely perform this Agreement, BUYER has the right to have all payments made returned to them. C. BUYER and SELLER 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 fees as permitted by law. 18. NOTICE. Any notice under this Agreement shall be in writing and be deemed served when it is delivered by personal delivery or by certified mail return receipt requested, addressed to the parties at the address given below. 19. CERTIFICATION. Buyer and Seller each certify that they are not acting, directly or indirectly, for or on behalf of any person, group, entity or nation named by any Executive Order or the United States Treasury Department as a terrorist, "Specially Designated National and Blocked Person" or any other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule or regulation that is enforced or administered by the Office of Foreign Assets Control; and are not engaged in this transaction, directly or indirectly on behalf of, any such person, group, entity or nation. Each party hereby agree s to defend, indemnify and hold harmless the other party from and against any and all claims, damages, losses, risks, liabilities and expenses (including attorney's fees and costs) arising from or related to my breach of the foregoing certification. 20. GENERAL PROVISIONS. In the performance of each part of this Agreement, time shall be of the essence. Failure to promptly assert rights herein shall not, however, be a waiver of such rights or a waiver of any existing or subsequent default. This Agreement shall apply to and bind the successors in interest of the parties. This Agreement shall survive the closing. Paragraph headings are for convenience of reference and shall not limit or affect the meaning of this Agreement. Words and phrases herein shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender according to the context. 21. INSPECTION OF PRIVATE SEWAGE DISPOSAL SYSTEM. Seller makes no representions and warranties to Buyer that the Property is not served by a private sewage disposal system, and there are no known private sewage disposal systems on the property. 22. ADDITIONAL PROVISIONS: A. N/A ACCEPTANCE. When accepted, this Agreement shall become a binding contract. If not accepted and delivered to BUYER on or before April 30, 2018, this Agreement shall be null and void and all payments made shall be returned immediately to BUYER. ../ Accepted: AMERICAN TRUST AND SAVINGS BANK (SELLER) Address: 885 Main Street, Dubuque, IA 52003 Telephone: (563) 582-1841 Dated: `/ CITY OF DUBUQUE (BUYER. Address: 50 W 13TH STREET, DUBUQUE, IA 52001 Telephone: (563) 589-4239 THE CITY OF DUB 7E MEMORANDUM Masterpiece on the Mississippi CRENNA M. BRUMWELL, ESQ. CITY ATTORNEY To: Jean Nachtman Finance Director DATE: June 1, 2018 RE: 2601 Jackson Street We have closed on the above -referenced property. Attached please find: 1. The original Closing Statement. 2. A copy of the check payable to American Trust & Savings Bank for $28,087.03. The check was given to the Sellers at closing. 3. A copy of the check payable to Dubuque County Treasurer for $1,865.77 (property taxes). I delivered the check to the Treasurer. 4. A copy of the check payable to Dubuque County Recorder for $47.20 (transfer tax). I delivered the check to the Recorder. 5. A copy of the warranty deed, groundwater hazard statement, and declaration of value. These documents were filed with the Recorder and the City Clerk's Office will be billed for the documents. If you need further information, please let me know. Thank you. cc: Kevin Firnstahl, City Clerk Kris Neyen, Rehabilitation Programs Supervisor Closing Statement 2601 Jackson Street Closing Date: May 31, 2018 Seller: Buyer: American Trust & Savings Bank City of Dubuque 895 Main Street 50 West 13th Street Dubuque, IA 52001 Dubuque, IA 52001 Purchase Price Less items paid by City of Dubuque (deducted from purchase price) Property taxes for first half of FY 17-18 (07/01/17-12/31/17) Property taxes prorated for second half of FY 17-18 (01/01/18-05/31/2018) Real Estate Transfer Tax Total amount remaining Checks the City of Dubuque will bring to and disburse after closing: 1. Check payable to Dubuque County Treasurer $1,865.77 (Property Taxes through May 31, 2018) 2. Check payable to Dubuque County Recorder $47.20 (Real estate transfer taxes) 3. Check payable to American Trust & Savings Bank $28,087.03 I have reviewed the Closing Statement and agree to the above disbursements. SELLER: AMERICAN TRUST & SAVINGS BANK aZ -SLC_ By: BUYER: City of Dubuque, Iowa %s ', 4g Date 513 )(/ Date $30,000.00 ($1,021.00) ($844.77) (S47.20) $28,087.03 CITY OF DUBUQUE CHECK NO 461885 AMOUNT VENDOR CHECK DATE $ 28,087.03 1131 AMERICAN TRUST & SAVINGS BANK 05/31/2018 Activity/Project Account Purchase Order Invoice No Amount Description 2601231 73111 18009943 PURCHASE REHAB/RESALE 28,087.03 2601 JACKSON PURCHASE TOTAL $ 28,087.03 461885 AMERICAN TRUST & SAVINGS BANK THE CITY OF DUBE City Hall 50 West 13th Street Dubuque, Iowa 52001 Masterpiece on the Mississippi DUBUQUE BANK & TRUST CO DUBUQUE, IOWA 45-53 739 Check No. 461885 Date 05/31/2018 Amount $ 28,087.03 PAY TWENTY EIGHT THOUSAND EIGHTY SEVEN DOLLARS & THREE CENTS*************************`***************************************************** TO THE ORDER OF AMERICAN TRUST & SAVINGS BANK 895 MAIN STREET DUBUQUE, IA 52001 Authorized Signat II't, 6 L88 511' 1:0 7 3 900 5 3 51: 00 0L3 20 CITY OF DUBUQUE CHECK NO 461887 AMOUNT VENDOR CHECK DATE $ 1,865.77 1691 DUBUQUE COUNTY TREASURER 05/31/2018 Activity/Project Account Purchase Order Invoice No Amount Description 2601231 73111 18009941 PURCHASE REHAB/RESALE 1,865.77 2601 JACKSON PROPERTY TAXES ZZZZ TOTAL $ 1,865.77 461887 DUBUQUE COUNTY TREASURER THE CITY OF IYLJBjJE City Hall 50 West 13th Street Dubuque, Iowa 52001 Masterpiece on the Mississippi DUBUQUE BANK & TRUST CO DUBUQUE, IOWA PAY ONE THOUSAND EIGHT HUNDRED SIXTY FIVE DOLLARS & SEVENTY SEVEN CENTS TO THE ORDER OF DUBUQUE COUNTY TREASURER 720 CENTRAL AVE DUBUQUE, IA 52001 - 7061 45-53 739 Check No. 461887 Date 05/31/2018 Amount $ 1,865.77 Authorized Signatur 046 L88?' 1:0739005351: 00 0 L3 211' CITY OF DUBUQUE CHECK NO 461883 AMOUNT $ 47.20 VENDOR 1688 DUBUQUE COUNTY RECORDER CHECK DATE 05/31/2018 Activity/Project Account Purchase Order Invoice No Amount Description 2601231 73111 18009942 PURCHASE REHABIRESALE 47.20 2601 JACKSON REAL ESTATE TAX TRANSFER ZZZZ TOTAL $ 47.20 461883 8302,1003H AINfOO 3nonena THE CITY OF DUB E City Hall 50 West 13th Street Dubuque, Iowa 52001 Masterpiece on the Mississippi PAY DUBUQUE BANK & TRUST CO DUBUQUE, IOWA 45-53 739 Check No. 461883 Date 05/31/2018 Amount $ 47.20 FORTY - SEVEN DOLLARS & TWENTY CENTS<.«.�x..<. t�x<.x«.x.x,<..�x.,.,.,..t.,,..<......................x..x...x,.,,.�....., TO THE ORDER OF DUBUQUE COUNTY RECORDER 720 CENTRAL AVE DUBUQUE, IA 52001 cu Authoriz Signature II'L,6 L8831I' ':073900535': 00 0 L3 2" CTRL # COY Y Y Y M M##### 11 11 1 1111)1 all01,1119 1 REAL ESTATE TRANSFER - DECLARATION OF VALUE ■ Please read the instructions comprised in form 57-011 before completing and filing this form. Part I - TO BE COMPLETED. BY BUYER, SELLER OR AGENT Date of Instrument (MMDDYYYY) 0 r ? ( £- o ( Enter the number matching your selection in the box at the end of the line: Deed (1) Contract (2) Seller: American Trust & Savings Bank Seller Address: 895 Main Street State: Iowa ZIP: 52001 email: Phone Number: (563) 582-1841 City: Dubuque 1 Buyer: City of Dubuque, Iowa Phone Number: (563) 589-4381 Buyer Address: 50 West 13th Street State: Iowa City: Dubuque ZIP: 52001 email: Address of Property Conveyed: 2601 Jackson Street City: Dubuque State: Iowa Legal Description: See 1 in Addendum ZIP: 52001 Enter the number corresponding to your selection in the box at the end of the line, if applicable. Type of Sale: Sale between related parties/family (1); Sale of partial interest (2); Trade (3); Quit Claim Deed (4); Auction (5) Was this a sale of agricultural land to: Corporation (1); Trust (2); Alien (3); Non-resident Alien (4); Limited Partnership (5) DECLARATION OF VALUE STATEMENT 1. Total Amount Paid 2. Amount Paid for Personal Property 3. Amount Paid for Real Property 3 0 0 0 0 .00 .00 3 0 0 0 0 .00 hereby declare that the information contained in Part I of this form is true and correct. Printed Name: Signature: Effective On or Before 07/01/16 Phone Number: (563) 582-1841 Buyer or Seller X or Agent or Attorney Page 1 ISBA 57-006a (03/15/16) • Real Estate Transfer — Declaration of Value, Page 2 Part 11 - TO BE COMPLETED BY THE ASSESSOR Assessed values must be as of January 1 of the year in which the sale occurred. SECTION A: SINGLE CLASSIFICATION Primary Classification: Residential (4); Commercial (5); Industrial (2); Agricultural (1); Multi -residential (7) City/Township: Occupancy: Primary Parcel Number: Year Built: Class Land Building Dwelling Res .00 .00 .00 Com .00 .00 Ind .00 .00 Ag .00 .00 .00 MultiRes .00 .00 .00 SECTION B: DUAL CLASSIFICATION Primary Classification: Commercial (5); City/Township: Subtotal Industrial (2); Primary Parcel Number: Multi -residential (7) Occupancy: Year Built: .00 Class Land Building Dwelling Com .00 j f 1.00 Ind .00 .00 MultiRes .00 .00 .00 Subtotal Total: Add Subtotal amounts from Sections A and B ................... 'F:,. _ Enter amount from line 3, page 1 Ratio: Divide Total amount by the amount on line 3, page 1 Comments: • Effective on or before 07/01/16 NUTC Jurisdiction Page 2 ISBA 57-006b (03/15/16) .00 .00 .00 °/0 ■ Addendum 1. The Easterly 70 feet of Lot 376 in Davis Farm, a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof WARRANTY DEED THE IOWA STATE BAR ASSOCIATION Official Form No. 101 Recorder's Cover Sheet 11 II 11111 111111 1 iI 1 1 11 1111 Doc ID. 008828910004 Type GEN Kind: DEED WITH RESOLUTION Recorded: 06/01/2018 at 01:52:32 PM Fee Amt: $74.20 Page 1 of 4 Revenue Tax: $47.20 Dubuque County Iowa John Murphy Recorder 11 Fi1e2018-00005973 Preparer Information: (Name, address and phone number) Crenna Brumwell, 300 Main Street, Suite 330, Dubuque, IA 52001, Phone: (563) 589-4381 Taxpayer Information: (Name and complete address) City of Dubuque, Iowa Return Document To: (Name and complete address) 50 West 13th Street, Dubuque, IA 52001 Grantors: Grantees: American Trust & Savings Bank City of Dubuque, Iowa Legal description: See Page 2 Document or instrument number of previously recorded documents: © The Iowa State Bar Association 2018 IOWADOCS® 500 WARRANTY DEED For the consideration of Thirty Thousand Dollar(s) and other valuable consideration, American Trust & Savings Bank do hereby Convey to City of Dubuque, Iowa the following described real estate in Dubuque County, Iowa: The Easterly 70 feet of Lot 376 in Davis Farm, a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof Grantors do Hereby Covenant with grantees, and successors in interest, that grantors hold the real estate by title in fee simple; that they have 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 grantors Covenant to Warrant and Defend the real estate against the lawful claims of all persons except as may be above stated. Each of the undersigned hereby relinquishes all rights of dower, homestead and distributive share in and to the real estate. Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine or feminine gender, according to the context. Dated on May 31, 2018 American T Thomas Cato st & Savings Bank (Grantor), Bolduc, ExecutiveVice President and ChiefCCredit .Officer (Grantor) Gary (Grantor) STATE OF IOWA , COUNTY OF DUBUQUE This record was acknowledged before me on May 31, 2018 , by Thomas R. Bolduc Executive Vice President and Gary J. Keleher, Sr. Vice President. and Chief Credit Officer JOLEE M. DEMMER Commission Number 763783 My Comm. Exp, O%/OO s ture o otary Public © The Iowa State Bar Association 2018 IowaDocs® Form No. 101, Warranty Deed Revised January 2016 RESOLUTION NO. 92-18 RESOLUTION APPROVING THE ACQUISITION OF REAL ESTATE OWNED BY AMERICAN TRUST AND SAVINGS BANK AT 2601 JACKSON STREET IN THE CITY OF DUBUQUE Whereas, the City of Dubuque intends to acquire certain real estate for the purpose of rehabbing and reselling to income qualified households; and Whereas, a purchase agreement has been finalized with the owner of the property scheduled for acquisition. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City of Dubuque hereby approves the acquisition of the following legally described property: The Easterly 70 feet of Lot 376 in Davis Farm a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof, at the cost of Thirty -Thousand Dollars ($30,000). Section 2. That the City of Dubuque be and is hereby authorized to accept a Warranty Deed from the owner, conveying the owner's interest to the City of Dubuque, Iowa for the herein described real estate. Section 3. That the City Clerk be and is hereby authorized and directed to cause said Warranty Deed to be recorded in the office of the Dubuque County Recorder, together with certified copy of the Resolution. Passed, approved and adopted this 16th day of April, 2018. David T. Resnick, Mayor Pro -Tem ATTEST: Kevin S'-Firnstahl, WC, City Clerk STATE OF IOWA CERTIFICATE of the CITY CLERK ) SS: COUNTY OF DUBUQUE ) I, Kevin S. Firnstahl, do hereby certify that I am the duly appointed, qualified, City Clerk of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in my possession or have access to the records of the proceedings of the City Council. I do further state that the hereto attached Resolution No. 92-18 is a true and correct copy of the original. In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque, Iowa. Dated at Dubuque, Iowa, on this 18th day of April, 2018. Kevin S. rnstahl, C C, City Clerk Y 11 u 11 i 111111 11 11 Il1 lII Doc ID 008828920002 Type GWH Kind: GROUNDWATER HAZARD Recorded: 06/01/2018 at 01:53:05 PM Fee Amt: $0.00 Page 1 of 2 Dubuque County Iowa John Murphy Recorder File2018-00000840 REAL ESTATE TRANSFER - GROUNDWATER HAZARD STATEMENT TO BE COMPLETED BY TRANSFEROR TRANSFEROR: Name American Trust & Savings Bank Address 895 Main Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip TRANSFEREE: Name City of Dubuque, Iowa Address 50 West 13th Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip Address of Property Transferred: 2601 Jackson Street, Dubuque, IA 52001 Number and Street or RR City, Town or P.O. State Zip Legal Description of Property: (Attach if necessary) The Easterly 70 feet of Lot 376 in Davis Farm, a part of Dubuque, in the City of Dubuque, Iowa, according to the recorded plat thereof 1. WellI-(check one) ✓There are no known wells situated on this property. There is a well or wells situated on this property. The type(s), location(s) and legal status are stated below or set forth on an attached separate sheet, as necessary. 2. Solid Waste Disposal (check one) 64 here is no known solid waste disposal site on this property. There is a solid waste disposal site on this property and information related thereto is provided in Attachment #1, attached to this document. 3. Hazardous Wastes (check one) a/" There is no known hazardous waste on this property. _ There is hazardous waste on this property and information related thereto is provided in Attachment #1, attached to this document. 4. Under round Storage Tanks (check one) here are no known underground storage tanks on this property. (Note exclusions such as small farm and residential motor fuel tanks, most heating oil tanks, cisterns and septic tanks, in instructions.) _ There is an underground storage tank on this property. The type(s), size(s) and any known substance(s) contained are listed below or on an attached separate sheet, as necessary. FILE WITH RECORDER DNR form 542-0960 (July 18, 2012) . 01 cZ 5q-13 5. Private Burial Site (check one) here are no known private burial sites on this property. There is a private burial site on this property. The location(s) of the site(s) and known identifying information of the decedent(s) is stated below or on an attached separate sheet, as necessary. 6. Pte Sewage Disposal System (check one) V'All buildings on this property are served by a public or semi-public sewage disposal system. _ This transaction does not involve the transfer of any building which has or is required by law to have a sewage disposal system. _ There is a building served by private sewage disposal system on this property or a building without any lawful sewage disposal system. A certified inspector's report is attached which documents the condition of the private sewage disposal system and whether any modifications are required to conform to standards adopted by the Department of Natural Resources. A certified inspection report must be accompanied by this form when recording. _ There is a building served by private sewage disposal system on this property. Weather or other temporary physical conditions prevent the certified inspection of the private sewage disposal system from being conducted. The buyer has executed a binding acknowledgment with the county board of health to conduct a certified inspection of the private sewage disposal system at the earliest practicable time and to be responsible for any required modifications to the private sewage disposal system as identified by the certified inspection. A copy of the binding acknowledgment is attached to this form. There is a building served by private sewage disposal system on this property. The buyer has executed a binding acknowledgment with the county board of health to install a new private sewage disposal system on this property within an agreed upon time period. A copy of the binding acknowledgment is provided with this form. _ There is a building served by private sewage disposal system on this property. The building to which the sewage disposal system is connected will be demolished without being occupied. The buyer has executed a binding acknowledgment with the county board of health to demolish the building within an agreed upon time period. A copy of the binding acknowledgment is provided with this form. [Exemption #9] _ This property is exempt from the private sewage disposal inspection requirements pursuant to the following exemption [Note: for exemption #9 use prior check box]: _ The private sewage disposal system has been installed within the past two years pursuant to permit number Information required by statements checked above should be provided here or on separate sheets attached hereto: I HEREBY DECLARE THAT I HAVE REVIEWED THE INSTRUCTIONS FOR THIS FORM AND THAT THE INFORMATION STATED ABOVE IS TRUE AND CORRECT. Signature: (Transferor or Agent) Telephone No.: (563) 582-1841 FILE WITH RECORDER DNR form 542-0960 (July 18, 2012)