Highway 151 & 61 Development_Setting Fair Market Value of 0.281 AcresMasterpiece on the Mississippi
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Gus Psihoyos, City Engineer
Mic ael C. Van Milligen
Dubuque
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Ad- America City
11111!
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Bee Branch Creek Restoration Project, Purchase of Commercial Property
DATE: June 29, 2010
On June 5, 2006, the City Council approved a Development Agreement with HWY
151 & 61 Development, LLC (HWY 151) that provided public financial assistance and
other considerations for the redevelopment of the former Smithfield property on 16
Street. The terms of the Development Agreement include the City's acquisition of 3.3
acres more or less (the City does need more than 3.3 acres) of HWY 151 property
along the west side of the former pack site for the Bee Branch Creek Restoration
Project. It also included acquisition of five small lots south of 16 Street between Cedar
and Maple Streets.
City Engineer Gus Psihoyos recommends the City Council establish the fair market
value of the 0.281 acres (five small Tots) of HWY 151 & 61 Development, LLC property
south of 16 Street at the appraised value of $137,500 and authorize the City Manager
to begin negotiations to acquire this property for the Bee Branch Creek Restoration
Project.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Gus Psihoyos, City Engineer
SUBJECT: Bee Branch Creek Restoration Project, Purchase of Commercial Property
DATE: June 30, 2010
INTRODUCTION
BACKGROUND
DISCUSSION
Dubuque
kittill
an- americaCNY
1 111
2007
The purpose of this memo is to establish the fair market value of property owned by
HWY151 & 61 Development, LLC (HWY151) south of 16 Street and seek authorization
for the City Manager to begin negotiations to acquire the property required for the Bee
Branch Creek Restoration Project.
In December of 2004, the City Council established the alignment for the Bee Branch Creek
Restoration Project, from 15th and Sycamore Streets to 24th and Washington Streets, and
established a building permit moratorium for the properties impacted based on the
alignment. The alignment established the properties necessary to be acquired for the Bee
Branch Creek Restoration Project.
On June 5, 2006 the City Council approved a development agreement (Development
Agreement) with HWY151 that provided public financial assistance and other
considerations for the redevelopment of the former Smithfield property on 16th Street.
The terms of the Development Agreement between HWY151 and the City include the
City's acquisition of 3.3 acres more or less of HWY151 property along the west side of the
former pack site for the Bee Branch Creek Restoration Project. The City is in need of some
additional property north of 16 Street. It also included the acquisition of five small lots
south of 16 Street between Cedar and Maple Streets. The property south of 16 Street
has been appraised so that the fair market value of the property can be established.
The five small lots south of 16 Street were appraised at $137,500 which is roughly $11.23
per square foot. The five lots are legally described as:
1) N 1/2 LOT 316 EAST DUBUQUE ADD;
2) S 1/2 LOT 316 EAST DUBUQUE ADD;
3) W 1/2 LOT 355 EAST DUBUQUE ADD;
4) E 1/2 LOT 355 EAST DUBUQUE ADD; and
5) LOT 2 OF 354 EAST DUBUQUE ADD
RECOMMENDATION
I recommend that the City establish the fair market value of the 0.281 acres of HWY151 &
61 Development, LLC property south of 16 Street at the appraised value and that the City
Manager begin negotiations with the property owner.
ACTION TO BE TAKEN
I respectfully request that the City Council adopt the attached resolution establishing the
fair market value of the 0.281 acres of HWY151 & 61 Development, LLC property south of
16 Street and authorizing the City Manager to commence negotiations to acquire the
property.
Prepared by Deron Muehring, Civil Engineer II
cc: Barry Lindahl, City Attorney
Deron Muehring, Civil Engineer II
RESOLUTION NO. 223-10
ESTABLISHING THE FAIR MARKET VALUE OF CERTAIN REAL PROPERTY
OWNED BY HWY 151 & 61 DEVELOPMENT, LLC IN THE CITY OF DUBUQUE, IOWA.
WHEREAS, the City of Dubuque (City) intends to acquire certain real property
owned by Hwy 151 & 61 Development, LLC (Owner), legally described as follows (the
Property):
all in the City of Dubuque, Dubuque County, Iowa as shown on Exhibit A attached
hereto for the purpose of the stormwater conveyance associated with the restoration of the
Bee Branch Creek;
AND WHEREAS, Iowa law requires that City must make a good faith effort to
negotiate with the Owner to purchase the Property before proceeding with condemnation;
AND WHEREAS, City has caused an appraisal of the property to be made and the
appraised value of the property is $137,500.00;
AND WHEREAS, the City Council now desires to establish the fair market value of
the property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Attest:
N 1/2 LOT 316 EAST DUBUQUE ADD
S 1/2 LOT 316 EAST DUBUQUE ADD
W 1/2 LOT 355 EAST DUBUQUE ADD
E 1/2 LOT 355 EAST DUBUQUE ADD
LOT 2 OF 354 EAST DUBUQUE ADD
1. The fair market value of the Property is hereby established to be $137,500.00.
2. The City Manager is hereby authorized to commence negotiations with the
Owner of the Property and any other interested parties for the purchase of the
Property for a purchase price which is not less than the fair market value
established by this resolution.
Passed, approved and adopted this 6th day of July, 2010.
anne F. Schneider, CMC
City Clerk
Ctif 1'2
Roy D. Buol, Mayor
Legend
0.281 Acre Parcel (HWY 151 & 61)
EXHIBIT A
HWY151 &61 PROPERTY SOUTH OF 16TH STREET