Purchase of Property_2315 Jackson StreetMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Purchase of Real Estate at 2315 Jackson Street
DATE: March 8, 2010
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
hltd
All- AmertcaCity
1111 r
2007
Housing and Community Development Department Director David Harris recommends
City Council acceptance of the Sheriff's Deed for a two -story dwelling located at 2315
Jackson Street purchased for $30,500. This property will be rehabbed at an anticipated
expenditure of less than $10,000, and then will be resold.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Masterpiece on the Mississippi
TO: Michae an Milligen, City Manager
FROM: David Fib ris Housing and Community Development Department
9 tY p P
SUBJECT: Purchase of real estate at 2315 Jackson Street
DATE: 4 March 10
Dubuque
AM4me lcaCitY
1
2007
Introduction
The purpose of this memorandum is to request the City Council's approval to accept the
Sheriff's Deed for a two -story dwelling located at 2315 Jackson Street.
Background
The Housing Department made a rehabilitation loan to the owner of this property,
Patricia White -Keyes in November 05. The current balance on the City loan is $25 317.
For reason of non - payment to the first mortgage holder a Judgment Amount of $52 000
was outstanding. A Sheriff Levy Foreclosure Sale was held at the Dubuque Law
Enforcement Center, on 25 February 2010.
Discussion
In order to protect the City's interest in the property, we attended the Foreclosure Sale
and bid $30 500. The first mortgage company bid $26 950 and other bidders increased
the purchase price to $30 500. The City was able to protect its interest in this property
and anticipate a sale price of $85 000. We anticipate an expenditure of less than
$10 000 to make improvements to the property for re -sale, expecting a potential return
of $15 000+ on our investment. The assessed value on the property is $80 900.
The Housing Department received a $444 000 Neighborhood Stabilization Program
(NSP) grant from IDED this year, to be used for purchase of vacant and /or foreclosed
properties. These homes will be rehabilitated and re -sold to income - qualifying families.
The subject home is the third property acquired under this program.
Action Step
The action requested of the City Council is to approve the attached resolution,
authorizing acceptance of the Sheriff's Deed for the property located at 2315 Jackson
Street.
FORM 10111 SHERIFF'S DEED ROLM EECnort 00. 410014 ISLAND, ILLINOIS
palpated by: IN .14. PALEN 770 IOWA ST DUBUQUE 563/589 -4403
I dviduah Name Street Address City Phone
Taxpayer CITY OF DUBUQUE 350 W 6111 ST STE 312 DUBUQUE IA 52001
I ndvidlrs Name MMrnp Address City State Zip
Return Addresc CITY OF DUBUQUE 350 W 6th ST STE 312 DUBUUQE IA 52001
SHERIFF'S DEED
in annaktenek,n of $ 30, 500.00 heretofore peld, i KENNETH J . RUNDE , Sheriff of
DUBUQUE County, foYa, do hereby asp and convey unto CITY OF DUBUQUE
the foNowirg described ply in DUBUQUE County, Iowa:
THE EAST 1/2 OF LOT 24A IN L.R. LANGWORTHY'S ADDITION TO THE CITY OF DUBUQUE,
IOWA, ACCORDING TO THE RECORDED PLAT THEREOF
❑ Ses attached sheet(s) for further description
• • INS Ned 1.
...r .:4 . _, :.r... e r ,r 1 14, ,,, ... ,i,.,.. . ., . IMECEEMMEMESMENDOIMBSEMS
n Issued on WRRRAART 96, 901 A ,
In Cana Number EOCV 97545 ,
plai U.S. BANK NATIONAL ASSOCIATION AS TRUSTEE
ntiff
DsfandsM DE WHITE; DEPAR'I1 NTT HOUSEHOLD FINANCE INN ITS HOUSING OOFOIOOWA;
til SPOUSE OF PATRICIA J. figi s aiga tesetzetemasatatot
110 No Redemption
Date FEBRUARY 26, 2010 //4414,4164 ,a•vef4 d ' A4424
of DUBUQUE County, Iowa
..
.,..� 4611i trr
r _ , • r Sheriff
On thi 25th day of FEBRUARY 2010 before r s NOTAR'f t R DUBUQUE COUNTY
in and for said County, personally appeared DON A. VROTSOS FOR THE Shalt of said County,
b me psreone ly know to be the Warded person whose name Is subscribed b tint foregoing deed
the szuoulon thereof to te 1* voluntary act and deed as said for the purposes therein named.
STATE OF DUBUQUE t �mY an seal, the
COUNTY I
as grantor, and ad novAedpsd
day and
Nohry
(SEAL)
*Commission Numbs 177975
RESOLUTION NO. 78 -10
A RESOLUTION APPROVING THE ACCEPTANCE OF A SHERIFF'S DEED FOR THE EAST
ONE -HALF (E' /2) OF LOT 24A IN L.H. LANGWORTHY'S ADDITION TO THE CITY OF
DUBUQUE, COUNTY OF DUBUQUE, IOWA, ACCORDING TO THE RECORDED PLAT
THEREOF, LOCATED AT 2315 JACKSON
WHEREAS, the City of Dubuque has a secured interest in a property at 2315 Jackson
Street; and
WHEREAS, this interest was subordinate to a first mortgage and would have been lost
due to a foreclosure sale.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City of Dubuque hereby accepts the Sheriff's Deed attached hereto for
the property legally described as:
East one -half (E 1/2) of Lot 24A in L.H. Langworthy's Addition in the City of Dubuque,
County of Dubuque, Iowa, according to the recorded Plat thereof,
Section 2. That the City Clerk be and she is hereby directed to forward this Resolution
and Sheriff's Deed to the Dubuque County Assessor and the Dubuque County Auditor.
PASSED, APPROVED AND ADOPTED this 15th day of March, 2010.
ttest: Jeanne Schneider, CMC, City Clerk
Roy Buol, Mayor