Sale of Property at 1523 Elm StreetMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Sale of Property at 1523 Elm Street
DATE: May 11, 2010
Dubuque
hitil
All-America City
1111 I
2007
Housing and Community Development Department Director David Harris recommends
that a public hearing be set for June 7, 2010, regarding the disposition of City -owned
real property located at 1523 Elm Street to Ruth Jurisic for $85,000.
The Housing Department purchased two single family residences from Elm Street
Development LLC, in January 2008, to forestall commercial redevelopment of a
residential neighborhood and prevent demolition of otherwise good `vernacular-style
housing. These were located at 1523 Elm and 351 E. 15th Street. A third house, at
1567 Elm Street, was purchased by DB &T's Community Development Corporation,
rehabilitated and resold in November 2008.
The home was purchased for $55,000 and completely rehabbed, at an additional cost of
$56,000. Financing at sale will include a combination of first -time homebuyer and rehab
grants and forgivable loans from the CDBG and IFA Housing Trust Fund Programs, plus
an owner downpayment of $2,550. The new buyer has obtained a first mortgage loan
from Dubuque Bank and Trust in the amount of $50,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
chael C.
Van an Milligen
MCVM:jh
Attachment
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 FNa ris Housing and Community Development Department
9 Y p p
SUBJECT: Sale of property at 1523 EIm Street
DATE: 11 May 2010
Dubuque
kitld
Allapht
2007
Introduction
The purpose of this memorandum is to request the City Council's approval of the
attached resolution, setting a Public Hearing for the purpose of disposing of City -owned
real property located at 1523 EIm Street.
Background
The Housing Department purchased two single family residences from EIm Street
Development LLC, in January 08, to forestall commercial redevelopment of a residential
neighborhood and prevent demolition of otherwise good 'vernacular' -style housing.
These were located at 1523 EIm and 351 E. 15 Street. A third house, at 1567 EIm
Street, was purchased by DB &T's Community Development Corporation, rehabilitated
and resold in November 08.
Discussion
Ruth Jurisic has agreed to purchase the property at 1523 EIm Street for $85 000. The
new buyer will graduate from the City's Homebuyer Education Classes.
The home was purchased for $55 000 and completely rehabbed, at an additional cost of
$56 000. Financing at sale will include a combination of first -time homebuyer and rehab
grants and forgivable loans from the CDBG and IFA Housing Trust Fund Programs, plus
an owner downpayment of $2 550. The new buyer has obtained a first mortgage loan
from Dubuque Bank and Trust in the amount of $50 000.
Action Step
The action requested of the City Council is to approve the attached resolution, declaring
the City's intent to dispose of the property and set the date for the public hearing to
receive comments on the proposed sale.
RESOLUTION NO.159-10
A RESOLUTION OF INTENT TO DISPOSE OF CITY -OWNED PROPERTY, SPECIFICALLY,
SOUTH ONE HALF OF LOT ONE HUNDRED FORTY -EIGHT (148) AND THE SOUTH ONE (1)
FOOT OF THE NORTH ONE HALF OF LOT (148) ONE HUNDRED FORTY EIGHT IN EAST
DUBUQUE, AN ADDITION TO THE CITY OF DUBUQUE COUNTY OF DUBUQUE, IOWA,
ACCORDING TO THE RECORDED PLAT THEREOF —1523 ELM STREET
WHEREAS, the City acquired the property at 1523 Elm Street for the purpose of its
rehabilitation and re -sale for owner - occupied housing;
WHEREAS, the City has received an offer to purchase this property from a qualifying
household;
WHEREAS, such purpose supports the Washington Neighborhood revitalization strategy as
approved by the City Council; and
WHEREAS, a qualifying home buyer has signed an offer to purchase and has obtained
financing from a local lender:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City of Dubuque intends to dispose of its interest in the following legally -
described property:
The South one half of Lot 148 and the South one foot of the North one half of Lot 148 in East
Dubuque, an Addition to the City of Dubuque, County of Dubuque, Iowa, according to the recorded
Plat thereof,
at the cost of Eighty -five thousand dollars. ($85 000.)
Section 2. That the City of Dubuque proposes to dispose of its interest in the above described
real estate to Ruth Jurisic.
Section 3. That this Council meet in the Historic Federal Building Council Chambers, 350
West 6 Street, Dubuque, Iowa, at 6:30 p.m. on the 7th of June, 2010 for the purpose of holding a
public hearing and taking final action on the disposition of the above described real estate in the City
of Dubuque, Iowa.
Section 4. That the City Clerk be and she is hereby authorized and directed to cause a notice
of such public hearing and the City Council's intent to dispose of such property to be published as
prescribed under Iowa Code Section 364.7.
PASSED, APPROVED AND ADOPTED this 17th day of -y, 2010.
test: Jeanne Schneider, CMC, City Clerk
Buol, Mayor