First Amendment to Development Agreement with Rouse and Dean Foundry Building, LLC Copyrig hted
February 1, 2021
City of Dubuque Consent Items # 5.
City Council Meeting
ITEM TITLE: Approving a FirstAmendmentto DevelopmentAgreement between the
City of Dubuque and Rouse and Dean Foundry Building, LLC to
Redevelop Property at 990 Washington Street
SUMMARY: City Manager recommending approval of a FirstAmendment to
DevelopmentAgreement between the City of Dubuque and Rouse and
Dean Foundry Building, LLC to redevelop property at 990 Washington
Street.
RESOLUTIONApproving the FirstAmendmentto Development
Agreement between the City of Dubuque, lowa and Rouse and Dean
Foundry Building, LLC
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
First Amendment to Development Agreement with City Manager Memo
Rouse and Dean Foundry Building-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
1 st Amendment to DA 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: Approving a First Amendment to Development Agreement between the
City of Dubuque and Rouse and Dean Foundry Building, LLC to
Redevelop Property at 990 Washington Street
DATE: January 27, 2021
Economic Development Director Jill Connors recommends City Council approval of a
First Amendment to Development Agreement between the City of Dubuque and Rouse
and Dean Foundry Building, LLC to redevelop property at 990 Washington Street. The
amendment modifies the Closing Date to February 19, 2021, with a new completion
date of May 1, 2022.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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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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1 I ��� TTY(563)690-6678
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: Approving a First Amendment to a Development Agreement between the
City of Dubuque and Rouse and Dean Foundry Building, LLC to
Redevelop Property at 990 Washington Street
DATE: January 21, 2021
INTRODUCTION
This memorandum presents for City Council consideration and action the attached
resolution approving a First Amendment to a Development Agreement between the City
of Dubuque and Rouse and Dean Foundry Building, LLC.
BACKGROUND
The building at the corner of 10th and Washington Streets has been vacant or
underutilized for over 50 years. This building is located in the heart of the development
in the Millwork District and is expected to enhance those investments.
The City entered into a Development Agreement with Rouse and Dean Foundry Building,
LLC by Resolution 338-17 dated October 12, 2017. The Development Agreement awards
a maximum of $35,000 in Farade, Planning & Design, and Financial Consultant Grants.
Plans for this building include exterior improvements (windows, doors, masonry, roof,
etc.) and interior improvements to make the property more marketable for sale or lease,
possibly as an event center. The total cost for the project is estimated at $2.8 million.
DISCUSSION
This project has been delayed due to financing. Large restoration projects, such as this
one, typically require an extensive amount of time to properly gather the remaining
funding necessary and to identify all financing sources. Additionally, this project has had
to weather the uncertainty across industries brought about by the COVID-19 pandemic.
The attached resolution modifies the Closing Date to be February 19, 2021 with a new
completion date of May 1, 2022.
RECOMMENDATION / ACTION STEP
I recommend that the City Council adopt the attached resolution approving a First
Amendment to a Development Agreement between the City of Dubuque and Rouse and
Dean Foundry Building, LLC. The project promotes the City's goal of creating a robust
local economy with diverse businesses and jobs and economic prosperity.
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Prepared by: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 131h Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 22-21
APPROVING THE FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND ROUSE AND DEAN FOUNDRY
BUILDING, LLC
WHEREAS, the City of Dubuque (City) and Rouse and Dean Foundry Building,
LLC (Developer) previously entered into that certain Development Agreement dated
October 12, 2017 with respect to the matters specified therein; and
WHEREAS, the parties desire to further modify the Development Agreement as
set out in the First Amendment to Development Agreement; and
WHEREAS, the City Council finds that it is in the interests of the City of Dubuque
to approve the First Amendment to Development Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the First Amendment to Development Agreement between the
City of Dubuque, Iowa and Rouse and Dean Foundry Building, LLC, a copy of which is
attached hereto, is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the First
Amendment to Development Agreement on behalf of the City of Dubuque and the City
Clerk is authorized and directed to attest to her signature.
Section 3. That the City Manager is authorized to take such actions as are
necessary to comply with the terms of the First Amendment to Development Agreement
as herein approved.
Passed, approved and adopted this 1st day of February, 2021.
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Attest:
Adrienne N. Breitfelde , City Clerk
FIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
ROUSE AND DEAN FOUNDRY BUILDING, LLC
This First Amendment to Development Agreement, dated for reference purposes
the 1st day of, February _,2021, is made and entered into by the City of Dubuque,
Iowa, a municipality ("City"), and Rouse and Dean Foundry Building, LLC, an Iowa limited
liability company ("Developer"). (City and Developer are hereinafter sometimes
collectively referred to as the "parties").
Whereas, City and Developer previously entered into that certain Development
Agreement dated October 12, 2017 (the "Agreement") with respect to the matters
specified therein; and
Whereas, City and Developer desire to modify the Agreement as set forth herein.
NOW THEREFORE, in consideration of the mutual terms and covenants contained
herein, the receipt and sufficiency of which are acknowledged by the parties, the parties
agree as follows:
Section 1.3 of the Development Agreement is hereby amended to read as
follows-,
1.3 Closing. The closing shall take place on the Closing Date which shall
be the 19th day of February, 2021, or other such date as the parties shall
agree in writing but in no event, shall the Closing Date be later than the 1 st
day of March, 2021. Consummation of the Closing shall be deemed an
agreement of the parties to this Agreement that the conditions of Closing
shall have been satisfied or waived.
2. Section 2.4 of the Development Agreement is hereby amended to read as
follows:
2.4 Timing of I!jjgrov6mdnt§. Developer hereby agrees that construction
of the Minimum Improvements on the Property shall be commenced within
thirty (30) days after the Closing Date, and shall be substantially completed
by May 1, 2022. The time frames for performing these obligations shall be
suspended due to unavoidable delays meaning delays, outside the control
of the party claiming its occurrence in good faith, which are the direct result
of strikes, other labor troubles, unusual shortages of materials or labor,
unusually severe or prolonged bad weather, acts of God, fire or other
casualty to the Minimum Improvements, litigation commenced by third
parties which, by injunction or other similar judicial action or by the exercise
of reasonable discretion directly results in delays, or acts of any federal,
state or local government which directly result in extraordinary delays. The
time for performance of such obligations shall be extended only for the
period of such delay.
3. All other terms of the Development Agreement, as amended, shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
effective as of the last date below -mentioned.
CITY OF DUBUQUE, IOWA ROUSE AND DEAN FOUNDRY
BUILDING, LLC
By'��' _Z 4_'J 0- A'/ By:
I I Roy D/B—Uol, Mayor
ATTEST:
Adrienne N. Breitfelder,tity Clerk
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