Sale of Property_1699 Washington StreetMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Sale of Property at 1699 Washington Street
DATE: February 23, 2010
Housing and Community Development Department Director David Harris is
recommending the City Council set a public hearing for March 15, 2010, to consider the
sale of 1699 Washington Street to Christina Krier for the appraised value of $102,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David Harris, Housing and Community Development Department Director
Dubuque
AI
2007
Masterpiece on the Mississippi
TO: Michael l -- n Milligen, City Manager
FROM: David Ha r s Housing and Community Development Department
g y p part ent
SUBJECT: Sale of property at 1699 Washington Street
DATE: 9 February 10
Dubuque
Mlacb
2007
Introduction
The purpose of this memorandum is to request the City Council's approval of the
attached resolution, setting a Public Hearing for the purpose of disposing of City -owned
real property located at 1699 Washington Street.
Background
The City purchased the property with Neighborhood Stabilization Program (NSP) funds
in 2009. It was originally purchased by Dubuque Bank and Trust's Community
Development Corporation and rehabbed with City funds. The property was then sold to
a first -time homebuyer family who subsequently defaulted on the mortgage.
Discussion
A new buyer has now agreed to purchase the property at 1699 Washington Street.
Christina Krier is currently a tenant living in one of the properties the City is purchasing
for the Bee Branch Stormwater Mitigation Project. As a requirement of the NSP
Program, she is attending HUD certified financial counseling classes and will graduate
from the City's Homebuyer Education Classes.
The home was purchased for $35 220 from DB &T. The City has a rehab mortgage on
the property for $68 000. Appraised value of the home is $102 000, which is the sale
price. With a combination of first -time homebuyer and rehab grants and loans from the
CDBG and NSP and IFA Housing Trust Fund Programs, from the City, and a
downpayment of $13 000, the buyer will receive the balance of financing from American
Trust and Savings Bank.
Action Step
The action requested of the City Council is to approve the attached resolution, declaring
the City's intent to dispose of the property and set the date for the public hearing to
receive comments on the proposed sale.
RESOLUTION NO. 65-10
A RESOLUTION OF INTENT TO DISPOSE OF CITY -OWNED PROPERTY, SPECIFICALLY,
LOT TWO (2) OF LOT EIGHTY -SIX (86) IN EAST DUBUQUE ADDITION IN THE CITY OF
DUBUQUE COUNTY OF DUBUQUE, IOWA, ACCORDING TO THE RECORDED PLAT
THEREOF —1699 WASHINGTON STREET
WHEREAS, the City acquired the property at 1699 Washington Street for the purpose of
its rehabilitation and re -sale for owner - occupied housing;
WHEREAS, the City has received an offer to purchase this property from a qualifying
household;
WHEREAS, such purpose supports the Washington Neighborhood revitalization strategy
as approved by the City Council; and
WHEREAS, a qualifying home buyer has signed an offer to purchase and has obtained
financing from a local lender:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City of Dubuque intends to dispose of its interest in the following
legally- described property:
Lot Two (2) of Lot Eighty -Six (86) in East Dubuque Addition in the City of Dubuque, County of
Dubuque, Iowa, according to the recorded Plat thereof,
at the cost of One hundred two thousand dollars. ($102 000.)
Section 2. That the City of Dubuque proposes to dispose of its interest in the above
described real estate to Christina Krier.
Section 3. That this Council meet in the Historic Federal Building Council Chambers, 350
West 6 Street, Dubuque, Iowa, at 6:30 p.m. on the 15th of March, for the purpose of holding a
public hearing and taking final action on the disposition of the above described real estate in the
City of Dubuque, Iowa.
Section 4. That the City Clerk be and she is hereby authorized and directed to cause a
notice of such public hearing and the City Council's intent to dispose of such property to be
published as prescribed under Iowa Code Section 364.7.
PASSED, APPROVED AND ADOPTED this 1st day of 1= rch, 2010.
410iMV,L2
test: Jeanne Schneider, CMC, City Clerk
Roy !/ Buol, Mayor