Port of Dbq Platinum Hosp ComplMEMORANDUM
May 12, 2003
TO:The Honorable Mayor and City Council Members
FROM:Michael C. Van Milligen, City Manager
SUBJECT:Certificate of Completion for the Minimum Improvements Constructed by
Platinum, LLC in the Port of Dubuque
Economic Development Director Bill Baum recommends City Council approval of a
Certificate of Completion for Platinum Holdings, LLC, acknowledging completion of its
obligations to construct the Minimum Improvements as required in the Development
Agreement related to the Grand Harbor Resort and Waterpark project.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
May 10, 2003
TO:Michael Van Milligen, City Manager
FROM:William Baum, Economic Development Director
SUBJECT:Certificate of Completion for the Minimum Improvements
Constructed by Platinum, LLC in the Port of Dubuque
INTRODUCTION
This memorandum provides for City Council review and approval a Certificate of
Completion for Platinum Holdings, LLC related to the completion of the Grand Harbor
Resort and Waterpark project. The Development Agreement by and between the City
and Platinum, as the Developer, provides that a Certificate of Completion will be issued
to the Developer upon the completion of the Minimum Improvements (building
construction and interior improvements) on the property.
DISCUSSION
The Development Agreement provides certain default provisions to ensure the
completion of the Minimum Improvements. However, upon substantial completion of
the construction, the issuance of a Certificate of Completion has the effect of
terminating the default previsions related to the construction of the Minimum
Improvements. Staff and Corporation Counsel agree that the obligations of the
Developer to construct the Minimum Improvements have been met.
The Grand Harbor Resort and Waterpark opened for business on December 6, 2002.
Lease payments and responsibility for property taxes will commence from that date.
RECOMMENDATION
I recommend issuance of a Certificate of Completion to Platinum Holdings, LLC
acknowledging completion of its obligations to construct the Minimum Improvements as
required in the Development Agreement.
ACTION STEP
The action step is for the City Council to approve the attached Certificate of Completion
and to authorize the Mayor and City Clerk to sign the Certificate on behalf of the City.
attachment
F:\USERS~Pm~h re\WPDOCS\UR\certifofcompi.mem.doc
Prepared By: Pamela Myhre 50 West 13th Street Dubuque, IA 52001 563-589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a municipal corporation (the "Lessor"), by
a Lease Agreement recorded on October 23, 2001, as Instrument Number 17147-01 in
the office of the County Recorder of Dubuque County, State of Iowa, has leased to
Platinum Holdings, LLC (the "Lessee"), in accordance with a Development Agreement
dated as of June 19, 2000, and as amended by the Amendment to Development
Agreement dated January 15, 2001, and by the Second Amendment to Development
Agreement dated April 6, 2001, by and between the Lessor and the Lessee (collectively,
the "Agreement"), certain leasehold interests in real property located within the Ice
Harbor Urban Renewal District of the Lessor and as more particularly described as
follows:
Lot 1 of Riverwalk 3rd Addition in the City of Dubuque, Iowa (the "Development
Property"); and
WHEREAS, said Agreement incorporated and contained certain covenants and
restrictions with respect to the development of the Development Property, and obligated
the Lessee to construct certain Minimum Improvements (as defined therein) in
accordance with the Agreement; and
WHEREAS, the Lessee has as of December 6, 2002 performed said covenants
and conditions insofar as they relate to the construction of the Minimum Improvements
in a manner deemed sufficient by the Lessor to permit the execution and recording of
this certification.
NOW, THEREFORE, pursuant to Section 3.4 of the Agreement, this is to certify
that all agreements and covenants of the Agreement with respect to the obligations of
the Lessee, and its successors and assigns, to construct the Minimum Improvements
on the Development Property have been completed and performed by the Lessee to the
satisfaction of the Lessor, and such agreements and covenants only are hereby
terminated. The County Recorder of Dubuque County is hereby authorized to accept
for recording and to record the filing of this instrument, to be a conclusive determination
of the satisfactory termination of such agreements and covenants only of said
Agreement which would result in a default by the Lessee as set forth in said Agreement,
and that said Agreement shall otherwise remain in full force and effect.
(SEAL)
CITY OF DUBUQUE, IOWA
By:
Terrance M. Duggan, Mayor
ATTEST:
By:
Jeanne F. Schneider. City Clerk
STATE OF IOWA
COUNTY OF DUBUQUE
SS
On this day of ., 2003, before me a Notary
Public in and for said County, personally appeared Terrance M. Duggan and Jeanne F.
Schneider to me personally known, who being duly sworn, did say that they are the
Mayor and City Clerk, respectively of the City of Dubuque, Iowa, a Municipal
Corporation, created and existing under the laws of the laws of the State of Iowa, and
that the seal affixed to the foregoing instrument was signed and sealed on behalf of said
Municipal Corporation by authority and resolution of its City Council and said Mayor and
City Clerk acknowledged said instrument to be the free act and deed of said Municipal
Corporation by it voluntarily executed.
F:\USERS\Pmyhre\WPDOCS\UR\cer~ofcomp.doc
Notary Public in and for
Dubuque County, Iowa