Loading...
Medline Industries_Third Amendment to Development AgreementMasterpiece on the Mississippi chael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David J. Heiar, Economic Development Director Dubuque AU -Anita City 1 111 I 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Third Amendment to Medline Industries, Inc. Development Agreement DATE: April 13, 2010 Economic Development Director Dave Heiar recommends City Council approval of a Third Amendment to the Medline Industries, Inc. Development Agreement to provide a time extension for LEED Certification to December 1, 2010. I concur with the recommendation and respectfully request Mayor and City Council approval. Masterpiece on the Mississippi TO: Michael Van Milligen, City Manager FROM: David J. Heiar, Economic Development Director DATE: April 12, 2010 SUBJECT: Third Amendment to Medline Industries, Inc. Development Agreement F:\USERS\Econ Dev\Medline \Development Agreement \3rd Amendment to Medline DA memo.doc Dubuque bitil All- amalcacity 1111 2007 INTRODUCTION One of the provisions in the original development agreement with Medline Industries, Inc. needs to be modified to reflect the current schedule. DISCUSSION On December 19, 2007, the City Council approved a development agreement with Medline Industries, Inc. for the construction of an office building in the DICW. The amended Development Agreement provided an incentive if the building was LEED certified by June 1, 2010. At the beginning of this project the construction time frame was delayed. In addition, the LEED certification has taken longer than anticipated. All the paperwork has been submitted but the review of this application will take additional time. Therefore, the company has requested a time extension on this section of the agreement until December 1, 2010. All other provisions of the December 19, 2007 Development Agreement would remain the same. RECOMMENDATION I recommend that the City Council approve the attached resolution approving the 3rd amendment to the December 19, 2007 Development Agreement with Medline Industries, Inc., to provide for a time extension for LEED Certification to December 1, 2010. Prepared /Return to: David Heiar, Economic Development, 50 W. 13 Street, Dubuque, IA 52001 (563) 589 -4393 RESOLUTION NO 107-10 RESOLUTION APPROVING THE THIRD AMENDMENT TO THE MEDLINE INDUSTRIES, INC. DEVELOPMENT AGREEMENT Whereas, a Development Agreement (the Agreement), dated December 19, 2007, was entered into by and between the City of Dubuque, a municipal corporation of the State of Iowa (City), and Medline Industries, Inc. an Illinois Corporation; and Whereas, City and Medline Industries, Inc. now desire to amend the Development Agreement as set forth attached Third Amendment. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Third Amendment of the Medline Industries, Inc. Development Agreement is hereby approved. Section 2. That the Mayor is hereby authorized and directed to execute said Third Amendment on behalf of the City of Dubuque and the City Clerk is authorized and directed to attest to his signature. Section 3. That the City Manager is authorized to take such actions as are necessary to implement the terms of the Third Amendment as herein approved. Att Passed, approved and adopted this 19 day of • riI, 2010. eanne F. Schneider, City Clerk F: \USERS \Econ Dev \Medline \Development Agreement \Resolution approving Third DA amendment.doc Roy D. Buol, Mayor THIRD AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DUBUQUE AND MEDLINE INDUSTRIES, INC. This Third Amendment to Development Agreement, dated for reference purposes the 19 day of April, 2010, is made and entered Into by and between the City of Dubuque, Iowa (City) and Medline Industries, Inc., an Illinois business corporation with its principal place of business in Mundelein, Illinois (Developer). Whereas City and Developer previously entered into a Development Agreement dated the 19 of December 2007 (the Development Agreement); and Whereas the previously amended Development Agreement provides in Section 3.3 that the Developer would have the building LEED certified by June 1, 2010; and Whereas City and Developer have agreed to further amend the Development Agreement to extend the date for LEED Certification to December 1, 2010; and Whereas the parties desire to amend the Development Agreement to set forth such amendment In writing. THEREFORE, in consideration of the mutual terms and covenants contained herein, the parties agree as follows: 1. Section 3.3 of the Development Agreement is hereby arnended to read as follows: 3.3 LEED Certification Rebate. If Developer, by not later than December 1, 2010, provides City with evidence of Basle LEED certification of the Minimum Improvements, City shall pay to Developer a rebate of $3,000 per usable acre purchased. If the minimum improvements obtain a Silver level LEED certification, the rebate will be $6,000 per usable acre purchased. A Gold level LEED certification will earn a rebate of $9,000 per usable acre purchased. 2. Except as modified herein, the Development Agreement shall remain In full force and effect. 1 CITY OF DUB a UE, IOWA By: R•y D.,; oI, Mayor Bv eanne F. Schneider, City Clerk MEDLINE I D STRIES, INC. By: Jern �' • rams, COO F : \USERS\Econ Dev \Medline \Development Agreement \3rd Amendment to Medline DA.doc 2