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: March 8, 2010
MCVM:jh
Attachment
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Michael C. Van Milligen
Dubuque
hitil
All- America City
11 1 II I
2007
The property located at 1699 Washington Street 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. The City purchased the property with Neighborhood Stabilization
Program funds in 2009.
Housing and Community Development Department Director David Harris is
recommending the City Council approve the sale of 1699 Washington Street to
Christina Krier for the appraised value of $102,000. Ms. Krier is currently a tenant living
in one of the properties the City is purchasing for the Bee Branch Stormwater Mitigation
Project.
The home was purchased for $35,220 from Dubuque Bank & Trust. 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 Community Development Block Grant, Neighborhood Stabilization
Program and Iowa Finance Authority Housing Trust Fund Programs, from the City, and
a down payment of $13,000, the buyer will receive the balance of financing from
American Trust & Savings Bank
I concur with the recommendation and respectfully request Mayor and City Council
approval.
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David Harris, Housing and Community Development Department Director
Masterpiece on the Mississippi
TO: Micha an Milligen, City Manager
FROM: David F ris Housing and Community Development Department
9 Y p P
SUBJECT: Sale of property at 1699 Washington Street
DATE: 4 March 10
Dubuque
A6- AmericaClry
2007
Introduction
The purpose of this memorandum is to request approval of the attached resolution
authorizing sale of a home at 1699 Washington Street.
Discussion
At its 1 March 2010 meeting, the City Council, by passage of Resolution No. 65 -10
declared its intent to dispose of City -owned property at 1699 Washington Street.
A public hearing was set for 15 March 2010.
The attached resolution approves that sale of the property to Christina Krier.
Action Step
The action requested of the City Council is to approve the attached resolution,
approving the sale of the home at 1699 Washington Street.
RESOLUTION NO. 85 -10
A RESOLUTION DISPOSING 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, LOCATED AT 1699 WASHINGTON STREET
WHEREAS, pursuant to a notice, duly published in the Telegraph Herald
newspaper, the City Council of Dubuque, Iowa, met on the 1 day of March 2010, in the
Dubuque Historic Federal Building, 350 West 6 Street, Dubuque, Iowa to consider the
proposal to dispose of City -owned real estate located at 1699 Washington Street which
property is legally described as follows
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;
WHEREAS, such proposal supports the Washington Neighborhood revitalization
strategy as approved by the City Council;
WHEREAS, a qualifying home buyer has signed an offer to purchase and
obtained financing; and
WHEREAS, the City Council of the City of Dubuque, Iowa, has overruled any
and all objections, oral and written, to the proposal to dispose of the interest of the City
of Dubuque, Iowa, in the herein and above -named real estate to the above -named
grantee.
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 sale of 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 be and is hereby authorized to provide a
Warranty Deed to the buyer, conveying the City's interest to Christina Krier for the
herein - described real estate.
Section 3. That the City Clerk be and she 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.
Section 4. That the City Clerk be and she is hereby directed to forward a copy of
this Resolution to the Dubuque County Assessor and the Dubuque County Auditor.
Attest:
PASSED, APPROVED AND ADOPTED this 15th day of arch, 2010.
eanne Schneider, CMC
City Clerk
Roy
uol, Mayor