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Release of Mortgage - Lower Main Development, LLC for 137-153 Main StreetCopyrighted May 18, 2020 City of Dubuque Consent Items # 8. ITEM TITLE: Release of Mortgage - Lower Main Development, LLC for 137-153 Main Street. SUMMARY: City Manager recommending approval of a Release of Real Estate Mortgage to Lower Main Development, LLC for the Downtown Rehabilitation Loan for the property at 137-153 Main Street. SUGGESTED DISPOSITION: RESOLUTION Approving Release of Mortgage by the City of Dubuque, Iowa on the property at 137-153 Main Street owned by Lower Main Development, LLC Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Release of Real Estate Mortgage to Lower Main City Manager Memo Development-MVM Memo Staff Memo Staff Memo Release of Mortgage Supporting Documentation Resolution Resolutions Masterpiece on the Mississippi Dubuque bitil All-A.aia City 111111 2007.2012.2013 2017*2019 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Release of Real Estate Mortgage to Lower Main Development, LLC on the Property at 137-153 Main Street DATE: May 6, 2020 Economic Development Director Jill Connors recommends City Council approval of a Release of Real Estate Mortgage to Lower Main Development, LLC for the $300,000 Downtown Rehabilitation Loan for the property at 137-153 Main Street. On April 23, 2020, City Attorney Crenna Brumwell advised that the balance of the loan was paid in full. 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 Jill M. Connors, Economic Development Director Masterpiece on the Mississippi Dubuque battEl AII•America City N• IK: '.I i]7(: I liM7Lil` 1 1p 2007*2012*2013 2017*2019 Economic Development Department 1300 Main Street Dubuque, Iowa 52001-4763 Office (563) 589-4393 TTY (563) 690-6678 http://www.cityofdubuque.org TO: Michael C. Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Director SUBJECT: Release of Real Estate Mortgage to Lower Main Development, LLC on the Property at 137-153 Main Street DATE: May 2, 2020 INTRODUCTION This memorandum presents a release of the mortgage for the $300,000 Downtown Rehabilitation Loan for the property at 137-153 Main Street and a resolution approving the release. BACKGROUND Lower Main Development (Lower Main) entered into a Memorandum of Understanding, approved by the City Council on January 20, 2003, providing that Lower Main would make a capital investment of not less than $2 million in building improvements, equipment, and furniture and fixtures in the property located at 137-153 Main Street, the Platinum Building, and adjacent parking lots. In April 2004, the property was included in the Greater Downtown Urban Renewal Area. And in May 2004, Lower Main entered into a Development Agreement with the City for a $150,000 Economic Development Grant, to be paid solely from the proceeds of the sale of urban renewal tax increment revenue bonds. In 2006, Lower Main entered into an agreement with the City for a $300,000 Downtown Rehabilitation Loan for this same property, secured by a mortgage. DISCUSSION On April 23, 2020, City Attorney Crenna Brumwell advised that the balance of the $300,000 Downtown Rehabilitation Loan was paid in full. The owner is requesting a release of the mortgage. RECOMMENDATION/ ACTION STEP I respectfully request that the attached resolution be adopted approving the attached release of mortgage for the property at 137-153 Main Street. 2 111111111111111101111111111111111111111111111111111111111 YI Doc ID 010491970004 Type GEN Kind: RELEASE OF MORTGAGE Recorded: 05/21/2020 at 12:30:05 PM Fee Amt: $22.00 Page 1 of 4 Dubuque County Iowa John Murphy Recorder Fi1e2020-00006745 RELEASE OF REAL ESTATE MORTGAGE THE IOWA STATE BAR ASSOCIATION Official Form No. 129 Recorder's Cover Sheet Preparer Information: (Name, address and phone number) Brian J. Kane, 2100 Asbury Rd., Ste 2, Dubuque, IA 52001 Phone: (563) 582-7980 Taxpayer Information: (Name and complete address) Lower Main Development, LLC, 137 Main Street, Suite 400, Dubuque, IA 52001 Return Document To: (Name and complete address) Lower Main Development, LLC, 137 Main Street, Suite 400, Dubuque, IA 52001 Grantors: Grantees: City of Dubuque, Iowa Lower Main Development, LLC Legal description: Document or instrument number of previously recorded documents: 2006-15995 0 The Iowa State Bar Association 2020 IOWADOCS® 22 9© tS9 DBQ Plaffllll3 57-11jp 0 RELEASE OF REAL ESTATE MORTGAGE Tsociotok- The undersigned, the present owner(s) of the mortgage hereinafter described, do hereby acknowledge that a certain mortgage bearing date of August 25, 2006 , made and executed by Lower Main Development, LLC to City of Dubuque, Iowa and Recorded in the records of the office of the Recorder of the County of Dubuque State of Iowa, recorded as document reference number 2006-15995 on October 13, 2006 , is redeemed, paid off, satisfied and discharged in full. Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender, according to the context. Dated April , 2020 . NOTE: For partial release of real estate mortgage, see Form No.130 (see blow) Roy D. Buol, Mayor STATE OF IOWA , COUNTY OF DUBUQUE This record was acknowledged before me on M a y 18, 2020 , by R o y D. Buol KEVIN S. FIRNSTAHL COMMISSION NO.745295 MY A ;9a(- � EXPIRES al 29 Signtrtu Pdi3tary-P-nbii nature .f Notary Public STATE OF IOWA , COUNTY OF DUBUQUE This record was acknowledged before me on ,t°-74/e 0 by Signature of Notary Public © The Iowa State Bar Association 2020 Form No. 129, Release of Real Estate Mortgage IowaDocs® Revised January 2016 RESOLUTION NO. 147-20 APPROVING A RELEASE OF MORTGAGE BY THE CITY OF DUBUQUE, IOWA ON THE PROPERTY AT 137-153 MAIN STREET OWNED BY LOWER MAIN DEVELOPMENT, LLC Whereas, on January 20, 2003, the City Council of the City of Dubuque, Iowa (City) approved a Memorandum of Understanding with Lower Main Development, between City and Lower Main Development, LLC (Company) to provide certain financial assistance, including a $300,000 Downtown Rehabilitation Loan (the .Loan) to support a capital investment of not less than $2,000,000 in building improvements, equipment, and furniture and fixtures on the property located at 137 Main Street and adjacent parking Tots; and Whereas, the Loan was secured by a mortgage on the property dated August 26, 2006, recorded as Instrument Number 2006-15995; and Whereas, the Loan has been paid in full; and Whereas, Company has requested a release of the mortgage by City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA THAT: Section 1. The Release of Mortgage attached hereto is hereby approved. Section 2. The Mayor is authorized and directed to execute the Release of Mortgage on behalf of the City of Dubuque. Passed, approved and adopted this 18th day of May, 2020. rRoy D. Buol, Mayor ATTEST Kevip'S. FirnstahT,City Clerk 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. 147-20 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 May, 2020. Kevin S. Firnstahl, CMC, City Clerk