Downtown Rehabilitation Loan for 1132 Locust Street Copyrighted
November 2, 2020
City of Dubuque Consent Items # 6.
City Council Meeting
ITEM TITLE: Downtown Rehabilitation Loan for 1132 Locust Street
SUM MARY: City Manager recommending approval of a Loan Agreement between the
City of Dubuque and Judy C. Davison for residential improvements
made at 1132-1136 Locust Street.
RESOLUTION Approving a Downtown Rehabilitation LoanAgreement
Between the City of Dubuque, lowa and Judy Davison for the
Redevelopment of 1132 Locust Street
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
1132-1136 Locust Street Downtown Rehab Loan City Manager Memo
Disbursement-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
Loan Agreement Supporting Documentation
Resolution No. 53-11 from February 22, 2011 Supporting Documentation
Dubuque
THE CITY OF �
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: 1132-1136 Locust Street - $300,000 Downtown Rehabilitation Loan
Disbursement
DATE: October 26, 2020
Economic Development Director Jill Connors recommends City Council approval of a
Loan Agreement between the City of Dubuque and Judy C. Davison for residential
improvements made at1132-1136 Locust Street.
In a Letter of Commitment dated February 22, 2011, the City committed to providing,
among other incentives, a $300,000 loan to Ms. Davison. The loan includes
forgiveness of$2,000 for each residential unit created and $2,000 for each full-time job
created within two years of project completion and maintained for a minimum of three
consecutive years.
The Downtown Rehabilitation Loan Program is a revolving loan fund. Due to the Loan
Program's success when initially enacted, it was quickly oversubscribed. Several
projects agreed to accept disbursement as funds became available. The required new
residential units and the job-creation have been completed. The loan fund now has
funds available to disburse the funds committed in the Letter of Commitment. The
amount to be forgiven at this time is $16,000 - $2,000 each for eight apartments.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill M. Connors, Economic Development Director
Dubuque Economic Development
Department
THE CITY OF � 1300 Main Street
All•America Eity Dubuque,lowa 52001-4763
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http://www.cityofd u bu q ue.org
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TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: 1132-1136 Locust Street - $300,000 Downtown Rehabilitation Loan
Disbursement
DATE: October 23, 2020
INTRODUCTION
This memorandum presents a Loan Agreement between the City and Judy C. Davison
for residential improvements made at 1132-1136 Locust Street and asks for your
approval and signature on the Loan Agreement.
BACKGROUND
In a Letter of Commitment dated February 22, 2011, the City committed to providing,
among other incentives, a $300,000 loan to Ms. Davison. The loan includes forgiveness
of$2,000 for each residential unit created and $2,000 for each full-time job created within
two years of project completion and maintained for a minimum of three consecutive years.
DISCUSSION
The Downtown Rehabilitation Loan Program is a revolving loan fund. Due to the Loan
Program's success when initially enacted, it was quickly oversubscribed. Several
projects agreed to accept disbursement as funds became available.
The required new residential units and the job-creation have been completed. The loan
fund now has funds available to disburse the funds committed in the Letter of
Commitment.
The City will loan Three Hundred Thousand Dollars ($300,000) to Judy C. Davison. The
amount to be forgiven at this time is Sixteen Thousand Dollars ($16,000) ($2,000 each
for 8 apartments). Senior Counsel Barry Lindahl has reviewed and approved the
contents of the loan documents.
The term of the loan is twenty (20) years. Interest on the loan is three percent (3%) per
annum. Monthly interest payments are due and payable the first sixty (60) months of the
loan. Monthly interest and principal payments, amortized over a fifteen-year period, are
due and payable beginning the 61St month of the loan. The entire balance of the loan,
including interest and principal, is due and payable not later than the 240t" month of the
loan.
At the time of the initial disbursement of loan funds, Judy C. Davison will execute the
Promissory Note in the form attached hereto as Exhibit A payable to the order of the
City in the principal amount of Three Hundred Thousand Dollars ($300,000) and the
Mortgage, attached as Exhibit B.
RECOMMENDATION/ ACTION STEP
I recommend approval and execution of the attached Loan Agreement with Judy C.
Davison.
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Prepared by: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 329-20
APPROVING A DOWNTOWN REHABILITATION LOAN AGREEMENT BETWEEN
THE CITY OF DUBUQUE, IOWA AND JUDY DAVISON FOR THE REDEVELOPMENT
OF 1132 LOCUST STREET
Whereas, the City Council of the City of Dubuque, Iowa, created a Downtown
Rehabilitation Loan/Grant Program (the Program) for the purpose of stimulating
reinvestment in the Greater Downtown Urban Renewal District; and
Whereas, the loan application from Judy Davison for the redevelopment of 1132 Locust
Street (the Property) meets the requirements of the Program; and
Whereas, the City Council authorized the execution of all necessary loan documents
and further authorized disbursement of said loan funds by Resolution 53-11, adopted on
February 22, 2011; and
Whereas, the Loan Agreement, hereto attached and by this reference made a part
hereof, sets forth the terms and conditions of Judy Davison's participation in the Program;
and
Whereas, it is the determination of the City Council that approval of the Loan
Agreement for redevelopment of the Property by Judy Davison, according to the terms
and conditions set out in the Loan Agreement, is in the public interest of the City of
Dubuque.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. That the Loan Agreement between the City of Dubuque and Judy Davison,
is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the Loan
Agreement 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 comply with the terms of the Loan Agreement as herein approved.
Passed, approved and adopted this 2nd day of November 2020.
Roy D. Buol, Mayor
Attest:
Adrienne N. Breitfelder, tity Clerk
CITY OF DUBUQUE, IOWA
DOWNTOWN REHABILITATION LOAN PROGRAM
LOAN AGREEMENT
NUMBER: DRLP # 2 - 20
This AGREEMENT, dated as of the )% day of Nove.Aer, 2020, is entered into by and
between the CITY OF DUBUQUE, IOWA, a municipal corporation organized and existing under the laws
of the State of Iowa (hereinafter referred to as the "City") and Judy C. Davison (hereinafter referred to as
the "Owner").
WITNESSETH:
Whereas, a Letter of Commitment and Additional Actions Concerning a Downtown Rehabilitation
Loan, Fagade Grant, Design Grant and Financial Consultant Grant with Owner was approved by the
Dubuque City Council on February 22, 2011 by Resolution No. 53-11 to provide a $300,000 Downtown
Rehabilitation Loan for the project.
Whereas, Owner's property at 1132-1136 Locust Street, Dubuque, Iowa, (hereinafter referred to as
the "Buildings") is located within the boundaries of the Greater Downtown Urban Renewal District most
recently established by Resolution No. 154-20 on April 6, 2020; and
Whereas, the goals and objectives of the Greater Downtown Urban Renewal Plan (the "Plan")
provide for the creation of the financial incentives needed to eliminate conditions of blight through a
program of voluntary or compulsory repair and rehabilitation of buildings and to retain or create
employment and/or housing opportunities within the District; and
Whereas, the City desires to assist Owner in her efforts to bring said Buildings into compliance with
local codes and ordinances, to eliminate certain conditions of physical decay, and to retain or create
employment and/or housing opportunities within the District; and
Whereas, without the assistance of the Loan Program, Owner would be unable to operate the
Buildings to their fullest capacity, thereby threatening local employment and/or housing opportunities.
NOW THEREFORE, in consideration of the premises and respective covenants, agreements and
representations hereinafter set forth, the parties agree as follows:
1. SOURCE OF FUNDS. City is prepared to provide financial assistance to qualified parties
through the use of tax increment financing under Chapter 403 of the Iowa Code, and has allocated funds
sufficient to carry out its obligations under this Agreement.
2. LOAN TERMS. City agrees to loan to Owner on the terms and conditions set forth herein
the amount of three hundred thousand dollars ($300,000) that shall consist of the Loan Program funds, if
and only if such funds are available. Payments shall be based on work completed and expenses
encumbered.
The term of the loan shall be twenty (20) years. Interest on the loan shall be three percent (3.0%)
per annum. Monthly interest payments shall become due and payable the first sixty (60) months of the
loan. Monthly interest and principal payments, amortized over a fifteen -year period, shall become due
and payable beginning the sixty-first (61) month of the loan. The entire balance of the loan, including
interest and principal, shall become due and payable not later than the 240th month of the loan.
At the time of the initial disbursement of loan funds to Owner, Owner shall execute the Promissory
Note in the form attached hereto as Exhibit A payable to the order of the City in the principal amount of
three hundred thousand dollars ($300,000) and the Mortgage, attached as Exhibit B.
101520bal
3. DISBURSEMENT AND USE OF LOAN FUNDS. Loan funds shall be disbursed to Owner
by City for Qualifying Project Expenses, defined in Paragraph 27(c), for amounts not in excess of the total
sum of$300,000 nor more than ninety percent(90%) of the total project cost.
Owner shall furnish to City written requests for disbursement of loan funds. Such request shall be
accompanied by a statement of Owner's Qualifying Project Expenses and appropriate documentation of
such expenses. It is expressly understood that all funds advanced under this Agreement shall be used by
Owner only for the purpose of paying the Qualifying Project Expenses set forth in such written requests.
Owner shall substantially complete the Project, defined in Paragraph 27(b), in accordance with the
terms of this Agreement, on or before January 1, 2012. City shall not be obligated to pay any funds not
drawn by Owner as of said date and any undrawn funds as of such date shall be credited against the
balance due on the Promissory Note.
4. SECURITY. The loan shall be secured by a Mortgage on the Building, a copy of which is
attached as Exhibit B. The value of the Buildings shall at no time be less than the unpaid balance of any
First Mortgage plus the unpaid balance of the City's mortgage.
5. AVAILABLE INCENTIVES. Up to the full amount of the loan shall be forgiven by the City
as an incentive for the creation of new employment and/or housing opportunities. The amount of the loan
to be forgiven shall be determined sixty(60) months from the completion of the improvements and a new
amortization schedule shall be prepared. The base employment number to be used to calculate the
Employment Incentive has been determined to be zero (0) FTE employees for the Buildings.
The amount of the loan forgiven shall be as follows:
(a) Two thousand dollars ($2,000) shall be forgiven for each new FTE position created and
maintained by Owner or her tenant.
(b) To qualify, Owner must document the following:
(1) The job represents a FTE position as defined herein Paragraph 27(d);
(2) The job was created between February 22, 2011 and February 22, 2013;
(3) The job has been maintained by Owner or her tenant for a period of not less than
thirty-six(36) months;
(4) The job is a paid position; and
(5) The job has been created by Owner or another entity located in the Buildings and is
for employment in a business located in the Buildings.
(c) Two thousand dollars ($2,000) may be forgiven for each new housing unit created. A new
housing unit shall be defined as one of the following:
(1) The creation of a housing unit where one did not previously exist; or
(2) An existing housing unit which has been unlicensed and unoccupied for a period of
not less than five years.
6. STATUS OF OWNER. Owner represents that she is authorized to borrow under this
Agreement, to execute and deliver the note and otherwise perform the obligations of this Agreement; that
she has authority and power to own her property and conduct her business as it is currently carried on;
that the performance of her obligations under this Agreement and the issuance of any note under it will
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not conflict with any provision of law or any agreement binding on her. Owner also represents, except as
disclosed in writing to City, that she is not a party to any pending or threatened litigation or to any
proceeding or action for the assessment or collection of additional taxes, and that she knows of no known
contingent liabilities not provided for or disclosed in the financial statement provided City which would
affect the ability of Owner to repay this loan.
7. FINANCIAL CONDITION OF OWNER. Owner has delivered to City a statement of Owner's
financial condition as of the date of application for financial assistance which fairly represents the financial
condition of Owner as of the date stated, all in accordance with generally accepted accounting principles
consistently applied, and that the statements still correctly reflect the financial condition and status of its
operations as of the date of this Agreement.
8. TITLE OF OWNER. Subject to the liabilities reflected on Owner's financial statement as
well as those incurred in relation to this Project, Owner represents that she has good and marketable title,
free of any mortgage, pledge, lien, security interest, encumbrance, or charge to all those assets reflected
on the financial statement and to assets since acquired. Taxes not due or payable or otherwise
delinquent are excepted.
9. CONDITIONS OF BORROWING. On the date on which any sum is to be borrowed, Owner,
in addition to the Note, shall deliver to City such other papers and documents as may be required to
comply with the conditions of this Agreement, as counsel for City may reasonably request.
Owner shall be required at the Closing Date defined herein Paragraph 27(a)to comply, or
establish compliance, as follows:
(a) That the representations and warranties of Owner are correct on the Closing Date;
(b) That Owner has fully complied with the covenants and agreements to the extent required
before the Closing Date;
(c) That no default or event which might mature into a default has occurred or continues to the
Closing Date;
(d) That no litigation or proceeding is pending against Owner which would materially affect the
assets of Owner, taking into account the entire assets and overall business of Owner;
(e) That there has been no material adverse change in the financial condition of Owner from
that shown by the financial statement delivered to City under paragraph 8;
(f) That no fire or casualty has occurred in any building or to any inventories or property of
Owner that might substantially, adversely affect the conduct of its business.
10. SPECIAL CONDITIONS. Owner agrees to comply with the following requirements
established by the City for the Loan Program:
(a) All exterior work must coincide with the historic character of the building.
11. COVENANTS OF OWNER. Owner covenants that she will:
(a) Correct code deficiencies in accordance with all applicable building and fire codes within the
scope of the project.
(b) Provide for the repair and rehabilitation of the Building in accordance with all applicable
building, zoning, fire and housing codes.
(c) Substantially complete the Project on or before January 1, 2012.
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(d) Maintain at all times insurance to the extent and against such hazards and liabilities as are
in keeping with the current insurance program of Owner, set forth in Exhibit C attached
hereto and entitled "Certificate of Insurance". Said certification shall be renewed on an
annual basis and provided to City within thirty(30) days of the anniversary date of this
Agreement.
(e) Pay when due all taxes, assessments and other liabilities, except those contested in good
faith where notice of such contest has been given to the City.
(f) Not create or permit to exist any other pledge, security interest, lien or other encumbrance
on the security for this Agreement provided in Paragraph 4 above and the Note provided
pursuant to this Loan Agreement without written consent of City.
(g) Give prompt notice in writing to City of any adverse development, financial or otherwise,
which would materially affect her business, properties or affairs, or the ability of Owner to
perform her obligations under this Agreement or the Note executed pursuant to the terms of
this Agreement.
(h) Use loan funds only for purposes authorized herein.
(i) Pay all recording and filing fees, mortgage taxes, documentary stamps, and any other taxes
payable in connection with this transaction.
12. DEFAULT. Owner shall be in default upon the occurrence of any of the following events:
(a) Owner fails to pay any installment of principal or interest on any note (whether to City or any
other public or private lender)when due or within thirty(30) days thereafter;
(b) Owner becomes insolvent or admits in writing its inability to pay its debts as they mature; or
applies for, consents to or acquiesces in the appointment of a trustee or receiver for any of
its property; or in the absence of an application for consent or acquiescence, a trustee or
receiver is appointed for it or a substantial part of its property and is not discharged within
ten (10) days; or it otherwise commits an act of bankruptcy; or any bankruptcy,
reorganization, debt arrangement or other proceeding under any bankruptcy or insolvency
law, or any dissolution or liquidation proceeding is instituted by or against it and if instituted
is consented to or acquiesced in by it or remains for ten days undismissed;
(c) Owner fails in the performance of any of the terms and conditions of this Agreement and
such non-performance continues for ten (10) days after written notice thereof from City or
from the holder of a note;
(d) Any warranty made by Owner is untrue in any material respect, or any schedule, statement,
report, notice or writing furnished by Owner to City is untrue in any material respect on the
date as of which the facts set forth are stated or certified, provided any such error is not the
result of unintentional errors which are capable of correction without prejudice to the City;
(e) Any government board, agency, department, commission or public or private lender takes
possession or control of any substantial part of any property of Owner.
13. ACCELERATION AT OPTION OF CITY. If any event of default occurs, City may, after ten
days' written notice of default to Owner, declare Note immediately due and payable, at which time all
unpaid principal and interest shall immediately become due and payable. City shall promptly advise
Owner in writing of any acceleration under this paragraph, but the failure to do so shall not impair the
effect of such declaration.
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14. MAINTENANCE OF RECORDS AND RIGHT TO INSPECT. Owner shall keep and
maintain books, records and other documents relating directly to the receipt and disbursement of loan
funds; and any duly authorized independent accounting representative of City shall at all reasonable
times have access to and the right to inspect, copy, audit and examine all such books and other
documents of Owner pertaining to the project until the completion of all close out procedures respecting
City's loan and the final settlement and conclusion of all issues arising out of said loan.
15. ADDRESS. Owner's principal business address is:
Judy C. Davison
1134 Locust Street#102
Dubuque, IA 52001
Owner shall promptly give City written notice of any further change in its principal office address.
City's address is:
City Manager
City Hall
50 West 13th Street
Dubuque, lowa 52001
16. LIMITATION OF CITY'S LIABILITY FOR PROJECT ACTIVITIES. City shall not be liable to
Owner, or to any party, for the completion of, or the failure to complete, any activities which are part of the
Project, except as may be specifically provided in this Agreement or other written agreements between
City and Owner or any of Owner's affiliates or subsidiaries. Owner agrees to indemnify, hold harmless
and defend City from any such claims.
17. CONFLICT OF INTEREST. Owner certifies that to its knowledge no member, officer or
employee of City, or its designees or agents, nor any consultant or member of the governing body of City,
and no other public official of City who exercises or has exercised any functions or responsibilities with
respect to the Project during his or her tenure, or who is in a position to participate in a decision making
process or gain inside information with regard to the Project, has nor shall have any interest, direct or
indirect, in any contract or subcontract, or in any activity, or benefit therefrom, which is part of this Project
at any time during or for one year after such person's tenure.
18. NONDISCRIMINATION. In carrying out the Project, Owner shall not discriminate against
any employee or applicant for employment or tenancy because of race, religion, color, sex, sexual
orientation, gender identity, national origin, age or disability. Owner shall post in a conspicuous place,
available to employees and applicants for employment, notices to be provided by City setting forth the
provisions of this nondiscrimination clause. Owner shall state that all qualified applicants will receive
consideration for employment without regard to race, religion, color, sex, sexual orientation, gender
identity, national origin, age or disability.
19. DISCLAIMER OF RELATIONSHIPS. Nothing contained in this Agreement between the
parties, nor any act of City or Owner shall be deemed or construed by any of the parties, or by any third
persons, to create any relationship of third party beneficiary, principal or agent, limited or general
partnership, or joint venture.
20. NOTICE. Any notice, if mailed by United States certified mail, shall be deemed given when
mailed, postage prepaid, addressed to the other party at its address shown above, or at any other
address subsequently designated by either party to the other.
21. SUCCESSORS AND ASSIGNS. All covenants, representations, warranties and
agreements herein set forth shall be binding upon Owner, and her legal representatives, successors and
5
assigns. This Agreement may not be assigned by City or Owner without the express written consent of
the other party.
22, LEGALITY, If any provision of this Agreement shall, for any reason, be held to be invalid or
uneryforceable, such invalidity or unenforceability shall not affect any other Provision hereof, but this
Agreement shall be construed as if such invalid or unenforceable provision had never been contained
herein.
2.1 GOVERNING LAW. This Agreement and all rights and duties hereunder, including , but not
limited to all matters of construction, validity and performance shall be governed by the laws of the State
of Iowa.
24. SURVIVAL. OF REPRESENTATIONS. All representations or warranties of Owner shall
survive the execution and delivery of this Agreement and any note executed and delivered Linder it, and
no investigation by City nor any closing shall affect the representations or warranties or the right of City to
rely on and enforce them,
25. DELAY. No delay on the part of City or the holder of any note in the exercise of any right
shall operate as a Waiver, not shall any single or partial exercise of any right preclude other or additional
exercise of any right.
26. DEFINITIONS.
(a) "Closing Date" shall mean the dale on which this Agreement is executed by the parties
(b) "Project" shall mean the rehabilitation project of Owner Property at 1132-1136 Locust.
Street., Dubuque, Iowa, identified, In Owner's application for financial assistance, Said
application is on file in the office of the Economic Development Department, 1300 Main
Street, Dubuque, Iowa 52001.
(c) "Qualifying Project Expenses" shall mean those expenditures or expenses incurred by
Owner during and for the Project and identified in Owner',s application for financial
assistance, whether paid to third parties or incurred as wage expense, fringe benefit
expense brother costs of Owner's employees, agents and contractors,
(d) 'Full -Time Job Equivalent (FTE)j'shall equal a total of forty hours of labor per workweek.
Such hours may be accrued by single individuals or divided among two or more individuals.
(e) "Now housing unit" shall mean either a housing unit created where one did not previously
exist, or an existing housina unit which has been unlicensed and unoccupied for a period of
not less than five years,
Dated this ntd day of NOVEM bP-,V- 2020,
CITY OF7UE, IZOWA
By: 'I
Roy D r-uol, Mayor
ATTEST:
JUDY C. DAVISON
Judy C. ison, Owner
EXHIBIT A
PROMISSORY NOTE
7
City of Dubuque, Iowa
PROMISSORY NOTE
Date: L,)y. q
2020
Loan Number: DRLP # 2 - 20
Fund Source: Downtown Rehabilitation Loan Program (TIF)
$300,000
FOR VALUE RECEIVED, the undersigned, Judy C. Davison, 1134 Locust Street #102, Dubuque, Iowa,
promises to pay to the order of the City of Dubuque, Iowa, 50 W. 13th Street, Dubuque, Iowa, 52001, or at
such place as it may direct, the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000), together
with interest at the rate of 3 % per annum, upon the unpaid balance, in monthly interest only payments
beginning January 1, 2021, and monthly principal and interest payments, beginning January 1, 2026, and
on the 1st day of each month thereafter until paid in full. The entire outstanding principal balance and
interest, if not sooner paid, shall be paid in full on December 1, 2040.
If a default occurs under this Promissory Note or any of the other agreements between the undersigned
and the holder and is not cured within TEN (10) DAYS after written notice to the undersigned, then the
holder may, as its right and option, declare immediately due and payable the principal balance of this
Promissory Note and interest accrued hereon. The undersigned further agrees to pay all costs of collection,
including reasonable attorneys' fees. The City of Dubuque may at any time renew this Promissory Note or
extend its maturity date for any period and release any security for, or any party to this Promissory Note,
all without notice to or consent of and without releasing any maker, accommodation maker, endorser or
guarantor from any liability on the Promissory Note. Presentment or other demand for payment, notice of
dishonor and protest are hereby waived by the undersigned and each endorser and guarantor.
This Promissory Note is subject to the Loan Agreement of same date by and between the undersigned and
the City of Dubuque (including but not limited to a reduction in the principal amount of this Promissory Note
as authorized by paragraph 5 of said Loan Agreement) and any default under said Loan Agreement is a
default under this Promissory Note.
Signed,
J y C. Davis n
EXHIBIT B
MORTGAGE
8
Prepared by: Jill M. Connors City Hall 50 W. 13th Street, Dubuque Iowa 52001 Phone: 563-583-4213
Return to: same
MORTGAGE
THIS MORTGAGE is made between Judy C. Davison ("Mortgagor") and City of Dubuque, Iowa ("Mortgagee").
[ ] If this box is checked, this Mortgage is a Purchase Money Mortgage as defined in the Iowa Code,
1. Grant of Mortgage and Security Interest. Mortgagor hereby sell, convey and mortgage unto Mortgagee, and grant a
security interest to Mortgagee in the following described property:
a. Land and Buildings. All of Mortgagor's' right, title and interest in and to the following described real estate situated
in Dubuque County, Iowa (the "Land");
The North Middle 1/5 of the South 2/5, and the South 67/100ths of a foot of the North 1/5 of the South 2/5 of
Out Lot 478 in the City of Dubuque, Iowa according to the United States Commissioners' Map of Survey of the
City of Dubuque, Iowa and The South 26.2 feet of the Middle 1/5, and the North 19.81 feet of the North 1/5 of
the South 2/5 of Out Lot 478, in the city of Dubuque, Iowa, according to the United States Commissioners' Map
of the Town of Dubuque, Iowa.
b. Personal Property. All fixtures and other personal property integrally belonging to, or hereafter becoming an integral
part of the Land or Buildings. whether attached or detached, including but not limited to, light fixtures, shades, rods,
blinds, Venetian blinds, awnings, storm windows, screens, linoleum, water softeners, automatic heating and air-
conditioning equipment and all proceeds, products, increase, issue, accessions, attachments, accessories, parts,
additions, repairs. replacements and substitutes of, to, and for the foregoing (the "Personal Property")
c. Revenues and Income. All rents, issues, profits, leases, condemnation awards and insurance proceeds now or
hereafter arising from the ownership, occupancy or use of the Land, Buildings and Personal Property, or any part thereof
.(the "Revenues and Income").
TO HAVE AND TO HOLD the. Land, Buildings, Personal Property and Revenues and Income (collectively called the
"Mortgaged Property"), together with all privileges, hereditaments thereunto now or hereafter belonging, or in any way
appertaining and the products and proceeds thereof, unto Mortgagee, its successors and assigns.
2. Obligations. This Mortgage secures the following (hereinafter collectively referred to as the "Obligations"):
a. The ayment of the loan made by Mortgagee to Judy C. Davison evidenced by a promissory note dated
QUA., 2020 in the principal amount of $300,000.00, any renewals, extensions, modifications or refinancing
thereof and any promissory notes issued in substitution therefor; and
b. All other obligations of Mortgagor to Mortgagee, now existing or hereafter arising, whether direct or indirect, contingent
or absolute and whether as maker or surety, including, but not limited to, future advances and amounts advanced and
expenses incurred by Mortgagee pursuant to this Mortgage.
3. Representations and Warranties of Mortgagor. Mortgagor represents, warrants and covenants to Mortgagee that (i)
Mortgagors hold clear title to the Mortgaged Property and title in fee simple in the Land; (ii) Mortgagor has the right, power and
authority to execute this Mortgage and to mortgage, and grant a security interest in the Mortgaged Property; (iii) the Mortgaged
Property is free and clear of all liens and encumbrances, except for real estate taxes not yet delinquent and except as otherwise
stated in subparagraph la, herein; (iv) Mortgagor will warrant and defend title to the Mortgaged Property and the lien and priority of
this Mortgage against all claims and demands of all persons, whether now existing or hereafter arising; and (v) all buildings and
improvements now or hereafter located on the Land are, or will be, located entirely within the boundaries of the Land.
4. Payment and Performance of the Obligations. Mortgagor will pay all amounts payable under the Obligations in
accordance with the terms of the Obligations when and as due and will timely perform all other obligations of Mortgagor under the
Obligations. The provisions of the Obligations are hereby incorporated by reference into this Mortgage as if fully set forth herein.
5. Taxes. Mortgagor shall pay each installment of all taxes and special assessments of every kind, now or hereafter levied
against the Mortgaged Property before the same become delinquent, without notice or demand, and shall deliver to Mortgagee proof
Of such payment within fifteen (15) days after the date in which such tax or assessment becomes delinquent.
6. Liens. Mortgagor shall not create, incur or suffer to exist any lien, encumbrance, security interest or charge on the
Mortgaged Property or any part thereof which might or could be held to be equal or prior to the lien of this Mortgage, other than the
lien of current real estate taxes and installments of special assessments with respect to which no penalty is yet payable. Mortgagor
shall pay, when due, the claims of all persons supplying labor or materials to or in connection with the Mortgaged Property.
7. Compliance with Laws. Mortgagor shall comply with all present and future statutes, laws, rules, orders, regulations and
ordinances affecting the Mortgaged Property, any part thereof or the use thereof.
8. Permitted Contests. Mortgagor shall not be required to (i) pay any tax, assessment or other charge referred to in
paragraph 5 hereof, (ii) discharge or remove any lien, encumbrance or charge referred to in paragraph 6 hereof, or (iii) comply with
any statute, law, rule, regulation or ordinance referred to in paragraph 7 hereof, so long as Mortgagor shall contest, in good faith, the
existence, amount or the validity thereof, the amount of damages caused thereby or the extent of Mortgagor's liability therefor, by
appropriate proceedings which shall operate during the pendency thereof to prevent (A) the collection of, or other realization upon
the tax, assessment, charge or lien, encumbrances or charge so.contested, (B) the sale, forfeiture or loss of the Mortgaged Property
or any part thereof, and (C) any interference with the use or occupancy of the Mortgaged Property or any part thereof. Mortgagor
shall give prompt written notice to Mortgagee of the commencement of any contest referred to in this paragraph 8.
9. Care of Property. Mortgagor shall take good care of the Mortgaged Property; shall keep the Buildings and Personal
Property now or later placed upon the Mortgaged Property in good and reasonable repair and shall not injure, destroy or remove
either the Buildings or Personal Property during the term of this Mortgage. Mortgagor shall not make any material alteration to the
Mortgaged Property without the prior written consent of Mortgagee.
10. Insurance.
a. Risks to be Insured. Mortgagor, at her sole cost and expense, shall maintain insurance on the Buildings and other
improvements now existing or hereafter erected on the Land and on the Personal Property included in the Mortgaged
Property against loss by fire, extended coverage perils and such other hazards as Mortgagee may from time to time
require, such insurance to have a "Replacement Cost" endorsement attached thereto, with the amount of the insurance at
least equal to the balance of the Obligations. Such insurance shall name Mortgagee as a loss payee. At Mortgagor's
option, such policy may have a coinsurance clause of not less than 90 % of replacement cost provided the policy contains
an appropriate form of cost escalation endorsement. Mortgagor will at her sole cost and expense, from time to time, and
at any time at the request of Mortgagee, provide Mortgagee with evidence satisfactory to Mortgagee of the replacement
cost of Mortgaged Property. Mortgagor will maintain such other insurance as Mortgagee may reasonably require.
b. Policy Provisions. All insurance policies and renewals thereof maintained by Mortgagor pursuant to this Mortgage
shall be written by an insurance carrier satisfactory to Mortgagee, contain a mortgagee clause in favor of and in form
acceptable to Mortgagee, contain an agreement of the insurer that it will not amend, modify or cancel the policy except
after thirty (30) days prior written notice to Mortgagee, and be reasonably satisfactory to Mortgagee in all other respects.
c. Delivery of Policy or Certificate. If requested by Mortgagee, Mortgagor will deliver to Mortgagee original policies
satisfactory to Mortgagee evidencing the insurance which is required under this Mortgage, and Mortgagor shall promptly
furnish to Mortgagee all renewal notices and, upon request of Mortgagee, evidence of payment thereof. At least ten (10)
days prior to the expiration date of a required policy, Mortgagor shall deliver to Mortgagee a renewal policy in form
satisfactory to Mortgagee.
d. Assignment of Policy. If the Mortgaged Property is sold at a foreclosure sale or if Mortgagee shall acquire title to
the Mortgaged Property, Mortgagee shall have all of the right, title and interest of Mortgagor in and to any insurance
policies required hereunder, and the unearned premiums thereon, and in and to the proceeds thereof resulting from any
damage to the Mortgaged Property prior to such sale or acquisition.
e. Notice of Damage or Destruction; Adjusting Loss. If the Mortgaged Property or any part thereof shall be
damaged or destroyed by fire or other casualty, Mortgagor will, within five (5) calendar days after the occurrence of such
damage or destruction, give written notice thereof to the insurance carrier and to Mortgagee and will not adjust any
damage or loss which is estimated by Mortgagor in good faith to exceed $25,000 unless Mortgagee shall have joined in or
concurred with such adjustment; but if there has been no adjustment of any such damage or loss within four (4) months
from the date of occurrence thereof and if an Event of Default shall exist at the end of such four (4) month period or at any
time thereafter, Mortgagee may alone make proof of loss, adjust and compromise any claim under the policies, and
appear in and prosecute any action arising from such policies. In connection therewith, Mortgagor do hereby irrevocably
authorize, empower and appoint Mortgagee as attomey-in-fact for Mortgagor (which appointment is coupled with an
interest) to do any and all of the foregoing in the name and on behalf of Mortgagor.
f. Application of Insurance Proceeds. All sums paid under any insurance policy required by this Mortgage shall be
paid to Mortgagee, which shall, at its option, apply the same (after first deducting therefrom Mortgagee's expenses
incurred in collecting the same including but not limited to reasonable attorney's fees) to the reduction of the Obligations
or to the payment of the restoration, repair, replacement or rebuilding of Mortgaged Property that is damaged or destroyed
in such manner as Mortgagee shall determine and secondly to the reduction of the Obligations. Any application of
insurance proceeds to principal of the Obligations shall not extend or postpone the due date of the installments payable
under the Obligations or change the amount of such installments.
g. Reimbursement of Mortgagee's Expenses. Mortgagor shall promptly reimburse Mortgagee upon demand for all of
Mortgagee's expenses incurred in connection with the collection of the insurance proceeds, including but not limited to
reasonable attorneys fees, and all such expenses shall be additional amounts secured by this Mortgage.
11. Inspection. Mortgagee, and her agents, shall have the right at all reasonable times, to enter upon the Mortgaged
Property for the purpose of inspecting the Mortgaged Property or any part thereof. Mortgagee shall, however, have no duty to make
such inspection. Any inspection of the Mortgaged Property by Mortgagee shall be entirely for its benefit and Mortgagor shall in no
way rely or claim reliance thereon.
12. Protection of Mortgagee's Security. Subject to the rights of Mortgagor under paragraph 8 hereof, if Mortgagor fails to
perform any of the covenants and agreements contained in this Mortgage or if any action or proceeding is commenced which affects
the Mortgaged Property or the interest of the Mortgagee therein, or the title thereto, then Mortgagee, at Mortgagee's option, may
perform such covenants and agreements, defend against or investigate such action or proceeding, and take such other action as
Mortgagee deems necessary to protect Mortgagee's interest. Any amounts or expenses disbursed or incurred by Mortgagee in good
faith pursuant to this paragraph 12 with interest thereon at the rate of 10 % per annum, shall become an Obligation of Mortgagor
secured by this Mortgage. Such amounts advanced or disbursed by Mortgagee hereunder shall be immediately due and payable by
Mortgagor unless Mortgagor and Mortgagee agree in writing to other terms of repayment. Mortgagee shall, at her option, be
subrogated to the lien of any mortgage or other lien discharged in whole or in part by the Obligations or by Mortgagee under the
provisions hereof, and any such subrogation rights shall be additional and cumulative security for this Mortgage. Nothing contained
in this paragraph shall require Mortgagee to incur any expense or do any act hereunder, and Mortgagee shall not be liable to
Mortgagor for any damage or claims arising out of action taken by Mortgagee pursuant to this paragraph.
13. Condemnation. Mortgagor shall give Mortgagee prompt notice of any action, actual or threatened, in condemnation or
eminent domain and hereby assign, transfer and set over to Mortgagee the entire proceeds of any award or claim for damages for
all or any part of the Mortgaged Property taken or damaged under the power of eminent domain or condemnation. Mortgagee is
hereby authorized to intervene in any such action in the names of Mortgagor, to compromise and settle any such action or claim,
and to collect and receive from the condemning authorities and give proper receipts and acquittances for such proceeds. Any
expenses incurred by Mortgagee in intervening in such action or compromising and settling such action or claim, or collecting such
proceeds shall be reimbursed to Mortgagee first out of the proceeds. The remaining proceeds or any part thereof shall be applied to
reduction of that portion of the Obligations then most remotely to be paid, whether due or not, or to the restoration or repair of the
Mortgaged Property, the choice of application to be solely at the discretion of Mortgagee.
14. Fixture Filing. From the date of its recording, this Mortgage shall be effective as a financing statement filed as a fixture
fling with respect to the Personal Property and for this purpose the name and address of the debtor is the name and address of
Mortgagor as set forth in paragraph 20 herein and the name and address of the secured party is the name and address of the
Mortgagee as set forth in paragraph 20 herein.
15. Events of Default. Each of the following occurrences shall constitute an event of default hereunder ("Event of Default'):
a. Mortgagor shall default in the due observance or performance of or breach its agreement contained in paragraph 4
hereof or shall default in the due observance or performance of or breach any other covenant, condition or agreement on
its part to be observed or performed pursuant to the terms of this Mortgage.
b. Mortgagor shall make an assignment for the benefits of her creditors, or a petition shall be filed by or against
Mortgagor under the United States Bankruptcy Code or Mortgagor shall seek or consent to or acquiesce in the
appointment of any trustee, receiver or liquidator of a material part of her properties or of the Mortgaged Property or shall
not, within thirty (30) days after the appointment of a trustee, receiver or liquidator of any material part of its properties or
of the Mortgaged Property, have such appointment vacated.
c. A judgment, writ or warrant of attachment or execution, or similar process shall be entered and become a lien on or be
issued or levied against the Mortgaged Property or any part thereof which is not released, vacated or fully bonded within
thirty (30) days after its entry, issue or levy.
d. An event of default, however defined, shall occur under any other mortgage, assignment or other security document
constituting a lien on the Mortgaged Property or any part thereof.
16. Acceleration; Foreclosure. Upon the occurrence of any Event of Default and at any time thereafter while such Event of
Default exists, Mortgagee may, at its option, after such notice as may be required by law, exercise one or more of the following
rights and remedies (and any other rights and remedies available to it):
a. Mortgagee may declare immediately due and payable all Obligations secured by this Mortgage, and the same shall
thereupon be immediately due and payable, without further notice or demand.
b. Mortgagee shall have and may exercise with respect to the Personal Property, all the rights and remedies accorded
upon default to a secured party under the Iowa Uniform Commercial Code. If notice to Mortgagor of intended disposition
of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given
to Mortgagor at least ten (10) days prior to the date of intended disposition.
c. Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage in accordance with the law of
the State of Iowa, and at any time after the commencement of an action in foreclosure, or during the period of redemption,
the court having jurisdiction of the case shall at the request of Mortgagee appoint a receiver to take immediate possession
of the Mortgaged Property and of the Revenues and Income accruing there from, and to rent or cultivate the same as he
may deem best for the interest of all parties concerned, and such receiver shall be liable to account to Mortgagor only for
the net profits, after application of rents, issues and profits upon the costs and expenses of the receivership and
foreclosure and upon the Obligations.
17. Redemption. It is agreed that if this Mortgage covers less than ten (10) acres of land, and in the event of the foreclosure
of this Mortgage and sale of the property by sheriffs sale in such foreclosure proceedings, the time of one year for redemption from
said sale provided by the statues of the State of Iowa shall be reduced to six (6) months provided the Mortgagee, in such action files
an election to waive any deficiency judgment against Mortgagor which may arise out of the foreclosure proceedings; all to be
consistent with the provisions of Chapter 628 of the Iowa Code. If the redemption period is so reduced, for the first three (3) months
after sale such right of redemption shall be exclusive to the Mortgagor, and the time periods in Sections 628.5, 628.15 and 628.16 of
the Iowa Code shall be reduced to four (4) months. It is further agreed that the period of redemption after a foreclosure of this
Mortgage shall be reduced to sixty (60) days if all of the three following contingencies develop: (1) The real estate is less than ten
(10) acres in size; (2) the Court finds affirmatively that the said real estate has been abandoned by the owners and those persons
personally liable under this Mortgage at the time of such foreclosure; and (3) Mortgagee in such action files an election to waive any
deficiency judgment against Mortgagor or their successors in interest in such action. If the redemption period is so reduced,
Mortgagor or their successors in interest or the owner shall have the exclusive right to redeem for the first thirty (30) days after such
sale, and the time provided for redemption by creditors as provided in Sections 628.5, 628.15 and 628.16 of the Iowa Code shall be
reduced to forty (40) days. Entry of appearance by pleading or docket entry by or on behalf of Mortgagor shall be a presumption that
the property is not abandoned. Any such redemption period shall be consistent with all of the provisions of Chapter 628 of the Iowa
Code. This paragraph shall not be construed to limit or otherwise affect any other redemption provisions contained in Chapter 628 of
the Iowa Code.
18. Attorneys' Fees. Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in enforcing or
protecting its rights and remedies hereunder, including, but not limited to, reasonable attorneys' fees and legal expenses.
19. Forbearance not a Waiver, Rights and Remedies Cumulative. No delay by Mortgagee in exercising any right or
remedy provided herein or otherwise afforded by law or equity shall be deemed a waiver of or preclude the exercise of such right or
remedy, and no waiver by Mortgagee of any particular provisions of this Mortgage shall be deemed effective unless in writing signed
by Mortgagee. All such rights and remedies provided for herein or which Mortgagee or the holder of the Obligations may have
otherwise, at law or in equity, shall be distinct, separate and cumulative and may be exercised concurrently, independently or
successively in any order whatsoever, and as often as the occasion therefor arises.
20. Notices. All notices required to be given hereunder shall be in writing and deemed given when personally delivered or
deposited in the United States mail, postage prepaid, sent certified or registered, addressed as follows:
a. If to Mortgagor, Judy C. Davison, 1134 Locust #102, Dubuque, Iowa 52001
b. If to Mortgagee, to: Economic Development Department; City Hall; 50 West 13th St., Dubuque, Iowa 52001
or to such other address or person as hereafter designated in writing by the applicable party in the manner provided in this
paragraph for the giving of notices.
21. Severability. In the event any portion of this Mortgage shall, for any reason, be held to be invalid, illegal or unenforceable
in whole or in part, the remaining provisions shall not be affected thereby and shall continue to be valid and enforceable and if, for
any reason, a court finds that any provision of this Mortgage is invalid, illegal, or unenforceable as written, but that by limiting such
provision it would become valid, legal and enforceable then such provision shall be deemed to be written, construed and enforced
as so limited.
22. Further Assurances. At any time and from time to time until payment in full of the Obligations, Mortgagor will, at the
request of Mortgagee, promptly execute and deliver to Mortgagee such additional instruments as may be reasonably required to
further evidence the lien of this Mortgage and to further protect the security interest of Mortgagee with respect to the Mortgaged
Property, including, but not limited to, additional security agreements, financing statements and continuation statements. Any
expenses incurred by Mortgagee in connection with the recordation of any such instruments shall become additional Obligations of
Mortgagor secured by this Mortgage. Such amounts shall be immediately due and payable by Mortgagor to Mortgagee.
23. Successors and Assigns bound; Number; Gender; Agents; Captions. The rights, covenants and agreements
contained herein shall be binding upon and inure to the benefit of the respective legal representatives, successors and assigns of
the parties. Words and phrases contained herein, including acknowledgment hereof, shall be construed as in the singular or plural
number, and as masculine, feminine or neuter gender according to the contexts. The captions and headings of the paragraphs of.
this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof.
24. Governing Law. This Mortgage shall be governed by and construed in accordance with the laws of the State of Iowa.
25. Release of Rights of Dower, Homestead and Distributive Share. Each of the undersigned hereby relinquishes all
rights of dower, homestead and distributive share in and to the Mortgaged Property and waives all rights of exemption as to any of
the Mortgaged Property.
26. Acknowledgment of Receipt of Copies of Debt Instrument. Mortgagor hereby acknowledge the receipt of a copy of
this Mortgage together with a copy of each promissory note secured hereby.
27. Additional Provisions.
Dated: 0-9 2020.
Judy C. Davison, Mortgagor
I UNDERSTAND THAT HOMESTEAD PROPERTY IS IN MANY CASES PROTECTED FROM THE CLAIMS OF CREDITORS
AND EXEMPT FROM JUDICIAL SALE; AND THAT BY SIGNING THIS MORTGAGE, I VOLUNTARILY GIVE UP MY RIGHT TO
THIS PROTECTION FOR THIS MORTGAGED PROPERTY WITH RESPECT TO CLAIMS BASED UPON THIS MORTGAGE.
Dated:
STATE OF IOWA
ss:
COUNTY OF DUBUQUE
On this __5 day of _J°V D oi: , 2020, before me, the undersigned, a Notary Public, personally appeared Judy C. Davison, to
me known to be the identical person named in and who executed the foregoing instrument, and acknowledged that they executed
the same as their voluntary act and deed. �111L vv Notary Public
ARIEL HERMAN
0 f- Commission Number 799832
* "" * MY COMMISSION EXPIRES
Will, �+
0
EXHIBIT C
CERTIFICATE OF INSURANCE
9
�� QUIBB-1 OP ID: JCAM
ACORO��� DATE(MMIDD/YYYY)
�� CERTIFICATE OF LIABILITY INSURANCE 10/19/2020
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES
BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED
REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED,the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.
If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on
this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).
PRODUCER 563-556-6661 NAMEACT TOb�/CUIb@I"tS017
Ludovissy&Associates-Dubuque PHONE 563-556-6661 FA`X 563-588-4756
787 West Locust (aic,No,Ext): (AIC,No�:
Dubuque,IA 52001 E-MAIL
Toby Culbertson ADDRESS:
INSURER S AFFORDING COVERAGE NAIC#
iNsuReRn:Grinnell Mutual Reinsurance
INSURED Quibby Landlord LLC INSURER B:
1134 Locust St Apt#102
Dubuque, IA 52001 INSURER C:
INSURER D:
INSURER E:
INSURER F:
COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD
INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
INSR TypE OF INSURANCE DDL SUBR pOLICY NUMBER POLICY EFF POLICY EXP LIMITS
LTR INSD WVD MMIDDIYYYY MMIDDIYYYY
A COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ �rOOO�OOO
CLAIMS-MADE ❑ OCCUR 0000603639 05/31/2020 05/31/2021 DAMAGETORENTED ��p�000
PREMISES Ea occurrence $
X Business Owners MED EXP An one erson $ 5'���
PERSONAL&ADV INJURY $ �rOOO�OOO
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ 2rOOO�OOO
POLICY� PR� � LOC PRODUCTS-COMP/OP AGG $ 2rOOO�OOO
JECT
OTHER: $
AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT
Ea accident $
ANY AUTO BODILY INJURY Per erson $
OWNED SCHEDULED
AUTOS ONLY AUTOS BODILY INJURY Peraccident $
HIRED X NON-OWNED PROPERTY DAMAGE
AUTOS ONLY AUTOS ONLY Per accident $
$
UMBRELLA LIAB OCCUR EACH OCCURRENCE $
EXCESS LIAB CLAIMS-MADE AGGREGATE $
DED RETENTION$ $
WORKERS COMPENSATION PER OTH-
AND EMPLOYERS'LIABILITY Y�N STATUTE ER
ANY PROPRIETOR/PARTNER/EXECUTIVE ❑ E.L.EACH ACCIDENT $
OFFICER/MEMBER EXCLUDED? N�A
(Mandatory in NH) E.L.DISEASE-EA EMPLOYEE $
If yes,describe under
DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $
BUILDING 489,945
DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES (ACORD 107,Additional Remarks Schedule,may be attached if more space is required)
CERTIFICATE HOLDER CANCELLATION
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE
For Informational Pur OS@S THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN
P ACCORDANCE WITH THE POLICY PROVISIONS.
AUTHORIZED REPRESENTATIVE
Toby Culbertson
ACORD 25(2016/03) O 1988-2015 ACORD CORPORATION. All rights reserved.
The ACORD name and logo are registered marks of ACORD
RESOLUTION NO. 53-11 �
A RESOLUTION AUTHORIZING A LETTER OF COMMITMENT AND
ADDITIONAL ACTIONS CONCERNING A DOWNTOWN REHABILITATION
LOAN, FA�ADE GRANT, DESIGN GRANT AND FINANCIAL CONSULTANT
�GRANT TO JUDY DAVISON.
Whereas, the City of Dubuque, lowa, has created a Downtown Rehabilitation
Loan/Grant Program for the purpose of stimulating reinvestment in the Greater
Downtown Urban Renewal District; and
Whereas, the City of Dubuque, lowa is encouraging the use of this loan/grant �
program to finance code compliance activities and to spur job creation activities; and
Whereas, the loan application from Judy Davison meets the requirements of this
program; and ,
Whereas, a Commitment Letter, hereto attached and by this reference made a
part hereof, sets forth the terms and conditions of Judy Davison's participation in the
Downtown Rehabilitation Loan Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the application of Judy Davison for participation in the
Downtown Rehabilitation Loan and Grant Program is hereby accepted and approved.
Section 2. That the Mayor is hereby authorized to execute, on behalf of the
City Council of the City of Dubuque, lowa, the attached Commitment Letter and to
forward said letter to Judy Davison for review and approval.
Section 3. That the City Manager be and he is hereby directed to prepare,
upon execution and receipt of the attached Commitment Letter by the applicant, the
necessary loan documents in accordance with the terms and conditions set forth in said
Commitment Letter.
Section 4. That the City Manager is hereby authorized to execute, on behalf of
the City Council of the City of Dubuque, lowa, all necessary loan documents and is
�
I
' ' �
further authorized to disburse loan funds from the Downtown Rehabilitation Loan/Granfi �
Program, in accordance with the terms and conditions of the executed agreement.
Passed, approved and adopted this 22"d day of February, 2011.
' � �
Roy D. Buol, Mayor
Att t:
��/ �
Jeanne F. Schneider, City Clerk
F:\USERS\Econ Dev\1132 Locust Judy Davison�20110222 1132 Locust DRLP Resolution.docm
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Economic Development
Department
1300 Main Street
Dubuque, Iowa 52001-4763
Office (563) 589-4393
l7Y (563) 690-6678
http://www.cityofdubuque.org
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: 1132-1136 Locust Street - $300,000 Downtown Rehabilitation Loan
Certificate of Completion
DATE: November 4, 2020
This memorandum presents a Certificate of Completion for residential improvements
made at 1132-1136 Locust Street and asks for your approval and signature on the
Certificate of Completion.
BACKGROUND
In a Letter of Commitment dated February 22, 2011, the City committed to providing,
among other incentives, a $300,000 loan to Judy C. Davison. The loan includes
forgiveness of $2,000 for each residential unit created and $2,000 for each full-time job
created within two years of project completion and maintained for a minimum of three
consecutive years.
The Dubuque City Council approved this Loan Agreement by Resolution 329-20 dated
November 2, 2020.
DISCUSSION
Our office has confirmed with Building Services that eight apartments have been created
and have passed final inspections. The amount to be forgiven at this time is Sixteen
Thousand Dollars ($16,000) ($2,000 each for 8 apartments). In concurrence with Senior
Counsel Barry Lindahl, our office has determined that a Certificate of Completion is an
appropriate means to record City approval of the apartments and to officially record the
loan forgiveness for historical record and auditing purposes.
RECOMMENDATION/ ACTION STEP
I recommend applying your signature to the attached Certificate of Completion for
residential improvements made at 1132-1136 Locust Street.
Prepared by/Return to: Jill Connors, City of Dubuque, 50 W. 13th Street, Dubuque, IA 52001 (563) 589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a municipal corporation (City), has entered
into a Downtown Rehabilitation Loan Program Loan Agreement Number: DRLP #2-20,
dated November 2, 2020 (the Agreement), by and between City, and Judy C. Davison
(Owner), which grants incentive to Owner with respect to certain real property located
within the Greater Downtown Urban Renewal District of City and as more particularly
described as follows:
The North Middle 1/5 of the South 215, and the South 67/100ths of a
foot of the North 1/5 of the South 2/5 of Out Lot 478 in the City of
Dubuque, Iowa according to the United States Commissioners' Map of
Survey of the City of Dubuque, Iowa and The South 26.2 feet of the
Middle 1/5, and the North 19.81 feet of the North 1/5 of the South 2/5 of
Out Lot 478, in the city of Dubuque, Iowa, according to the United
States Commissioners' Map of the Town of Dubuque, Iowa.
locally known as 1132-1136 Locust Street
(the Development Property); and
WHEREAS, said Agreement provided for a Three Hundred Thousand Dollar
($300,000) Loan with certain conditions and commitments with respect to forgiveness of
the Loan, if Owner constructs new housing units (as defined therein), and if Owner creates
new full-time jobs (as defined therein) in accordance with the Agreement; and
WHEREAS, Owner has to the present date performed said conditions and
commitments insofar as they relate to the forgiveness of the Loan in a manner deemed
sufficient by City to permit the execution and recording of this certification; and
NOW, THEREFORE, pursuant to the Agreement, this is to certify that Owner has
created eight (8) new housing units resulting in the forgiveness of Sixteen Thousand
Dollars ($16,000) with respect to the conditions and commitments of forgiveness to the
satisfaction of City and such conditions and commitments are hereby satisfied.
The 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 satisfaction
of the covenants and conditions as set forth in said Agreement, and that the Agreement
shall otherwise remain in full force and effect.
(SEAL) CITY OF DUBUQUE, IOWA
By:
Michael C. Van Milligen, City Manager
STATE OF IOWA )
)SS
COUNTY OF DUBUQUE )
On thisday of k0V&jZ, 2020, before me, the undersigned, a notary public
in and for the State of Iowa, personally appeared Michael C. Van . Milligen and
acknowledged the execution of the instrument to be his/her voluntary act and deed.
°rERHANI A.VALENTINE N tary Public in and for
""mission grn�i�ra �d�sr�9 r 71714 Dubuque County, Iowa
Cr,�C? On, End
2