Sale of Property at 1925 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 1925 Washington Street
DATE: May 12, 2010
Dubuque
kid
All -an alcaCity
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 1925 Washington Street to Robert Mootz for $82,000.
The home was originally purchased for $68,000 from Dubuque Bank and Trust. The
Housing Department provided a $14,000 rehab loan. Financing at sale will be provided
through a combination of first -time homebuyer and rehab grants, forgivable loans from
the Neighborhood Stabilization and IFA Housing Trust Fund Programs, a DB &T
mortgage of $25,700 and an owner downpayment of $2,651.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
aelC.VanMilli
Mic 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: Mich \Uan Milligen, City Manager
FROM: David Wris, Housing and Community Development Department
SUBJECT: Sale of property at 1925 Washington Street
DATE: 11 May 2010
Dubuque
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 1925 Washington Street.
Background
The City purchased the property with Neighborhood Stabilization Program (NSP) funds
in 2009. It was originally purchased by a homeowner who received a loan from
Dubuque Bank and Trust and rehabbed with City funds. The property owner
subsequently defaulted on the mortgage.
Discussion
Robert Mootz a new homebuyer has agreed to purchase the property at 1925
Washington Street for $82 000. As a requirement of the NSP Program, he is attending
HUD certified financial counseling classes and will graduate from the City's Homebuyer
Education Classes.
The home was originally purchased for $68 000 from Dubuque Bank and Trust. The
Housing Department provided a $14 000 rehab loan. Financing at sale will be provided
through a combination of first -time homebuyer and rehab grants, forgivable loans from
the Neighborhood Stabilization and IFA Housing Trust Fund Programs, a DB &T
mortgage of $25 700 and an owner downpayment of $2 651.
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. 160-10
A RESOLUTION OF INTENT TO DISPOSE OF CITY -OWNED PROPERTY, SPECIFICALLY,
LOT 6 OF MINERAL LOT 100 IN THE CITY OF DUBUQUE COUNTY OF DUBUQUE, IOWA,
ACCORDING TO THE RECORDED PLAT THEREOF —1925 WASHINGTON STREET
WHEREAS, the City acquired the property at 1925 Washington 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:
Lot 6 of Mineral Lot 100 in the City of Dubuque, County of Dubuque, Iowa, according to the
recorded Plat thereof,
at the cost of Eighty -two thousand dollars. ($82 000.)
Section 2. That the City of Dubuque proposes to dispose of its interest in the above
described real estate to Robert Mootz.
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 May, 2010.
J /
ttest: Jeanne Schneider, CMC, City Clerk
Roy Buol, Mayor