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Highway 151/61 Development Agreement Amendment No. 4_Bee Branch Right-of-WayMasterpiece on the Mississippi Dubuque AI-America City 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Amendment Number 4 to Highway 151/61 Development Agreement and Acquisition of Bee Branch ROW DATE: July 13, 2010 Economic Development Director Dave Heiar recommends City Council approval of Amendment Number 4 to Highway 151/61 Development Agreement and Acquisition of Bee Branch Right -of -Way. In June of 2006, the City Council approved a Development Agreement with Highway 151/61 which included acquisition of property for the proposed Bee Branch project. At that time, the agreement was based on conceptual plans for this drainage project. The City now has a final design for the Bee Branch which actually requires more area than originally anticipated. The Development Agreement refers to 3.3 acres more or Tess, but the final design will require up to 4.2 acres of land. Another part of the Development Agreement allowed the Highway 151/61 group to obtain the remainder of the City's property south of 16th Street. At the time the Development Agreement was approved, it was anticipated that this site would be approximately 2 acres of developable property. Based on final design, this parcel will actually have about 1.7 acres remaining for development. The Highway 151/61 group has decided that this smaller parcel, with an irregular space, and somewhat limited access points, is no longer of value to them. They have proposed selling their interest in this property back to the City in return for the additional ROW the City needs for the Bee Branch project. Over the past several months, City staff has been in discussions with the Highway 151/61 ownership group to finalize the exact area that will be impacted by this project. An attached drawing helps to depict the changes of the area needed as ROW for the drainage project. Based on the time delays associated with the Bee Branch project, there are other time frames stated in the Development Agreement that will also need to be amended. Amendment Number 4 provides that the stated land offer in the Development Agreement would be terminated and replaced with the following: • Highway 151/61 would sell land (both north and south of 16 Street) anticipated to be between 3.9 and 4.2 acres to the City at $10.81 sq.ft. • City retains land south of 16 Street which had been optioned to Highway 151/61 (approximately 1.7 acre site after Bee Branch Creek development). • City pays $1,036,728 at closing. • City cooperates with Highway 151/61 to obtain charitable contribution for the remainder of the purchase price. • The 1.7 acre site south of 16 Street is subject to restrictive covenants prohibiting: o Convenience store with gas sales; o gas stations; o pharmacy (i.e., sales of prescription medications and drugs); and o quick service restaurants with ice cream, ice milk, frozen custard, frozen yogurt or similar such product provided that the average for the brand of restaurant proposed has ice cream sales that are 20% or more of total sales for the average restaurant for that brand. • The City shall be responsible for filling in the abandoned Bee Branch site. • The City will receive a construction easement over the westerly portion of the former Pack site. • Economic Development Grants may be exercised by Developer with respect to new development on the real estate that is first assessed for property tax purposes before January 1, 2015 (The original Development Agreement had stated an ending date of January 1, 2013). • The closing date shall be July 20, 2010. In return the Developer will waive any extension of Economic Development Grants pursuant to Section 3.3(2) of the Development Agreement resulting from failure to complete the Bee Branch by December 31, 2009. • Highway 151/61 has been working with a certain unnamed developer for the area, and if that developer relocates to this development site, whoever is responsible for improvements to 16 Street is eligible for Economic Development Grants associated with this specific project for years 16 -20. • 151/61 remains responsible for 16th Street improvements, as required by a new traffic study (not paid for by City); provided, however, that such 16th Street improvements shall be confined to those improvements reasonably necessary to service 151/61's development as described in the new traffic study and as agreed to by Developer and approved by the City Council. In the event that the improvements described in the new study are not approved by the City Council, or if approved, are not agreed to by 151/61 within 60 days after such approval, 151/61 shall remain responsible for the improvements required by the existing traffic study. Timing is of the essence for the City, due to other elements associated with the Bee Branch Restoration project. • The City currently has received bids on this project. On August 23, 2010 these bids expire. If awarded by this date, this phase of the project is anticipated to be functional in 2011. • The City intends to make an application for I -Jobs funding from the State of Iowa which is due August 3, 2010. This will be the third application for these funds as the first two applications were denied on the basis that the City was not prepared to begin the project immediately. The total ask in this application will be $5.6 million. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David J. Heiar, Economic Development Director Masterpiece on the Mississippi TO: Michael C. Van Milligen, City Manager FROM: David J. Heiar, Economic Development Director N Aaron M. DeJong, Asst. Economic Development Dire for SUBJECT: Amendment Number 4 to Highway 151/61 Development Agreement and Acquisition of Bee Branch ROW DATE: July 13, 2010 Dubuque kitill Al4ine,Icaclly 2007 PURPOSE This memorandum provides the proposed terms for amending the Highway 151/61 Development Agreement and for acquisition of additional right of way for the Bee Branch project across the former Dubuque Pack site. BACKGROUND /DISCUSSION In June of 2006, the City Council approved a Development Agreement with Highway 151/61 which included acquisition of property for the proposed Bee Branch project. At that time, the agreement was based on conceptual plans for this drainage project. The City now has a final design for the Bee Branch which actually requires more area than originally anticipated. The Development Agreement refers to 3.3 acres more or less, but the final design will require up to 4.2 acres of land. Another part of the Development Agreement allowed the Highway 151/61 group to obtain the remainder of the City's property south of 16 Street. At the time the Development Agreement was approved, it was anticipated that this site would be approximately 2 acres of developable property. Based on final design, this parcel will actually have about 1.7 acres remaining for development. The Highway 151/61 group has decided that this smaller parcel, with an irregular space, and somewhat limited access points, is no longer of value to them. They have proposed selling their interest in this property back to the City in return for the additional ROW the City needs for the Bee Branch project. Over the past several months, City staff has been in discussions with the Highway 151/61 ownership group to finalize the exact area that will be impacted by this project. An attached drawing helps to depict the changes of the area needed as ROW for the drainage project. Based on the time delays associated with the Bee Branch project, there are other time frames stated in the Development Agreement that will also need to be amended. The Developer (Highway 151/61) has proposed the amendments to the Development Agreement based on the attached Term Sheet. The stated land offer in the Development Agreement would be terminated and replaced with the following: • Highway 151/61 would sell land (both north and south of 16 Street) anticipated to be between 3.9 and 4.2 acres to the City at $10.81 sq.ft. • City retains land south of 16 Street which had been optioned to Highway 151/61 (approximately 1.7 acre site after Bee Branch Creek development). • City pays $1,036,728 at closing. • City cooperates with Highway 151/61 to obtain charitable contribution for the remainder of the purchase price. • The 1.7 acre site south of 16 Street is subject to restrictive covenants prohibiting: o Convenience store with gas sales; o gas stations; o pharmacy (i.e., sales of prescription medications and drugs); and o quick service restaurants with ice cream, ice milk, frozen custard, frozen yogurt or similar such product provided that the average for the brand of restaurant proposed has ice cream sales that are 20% or more of total sales for the average restaurant for that brand. • The City shall be responsible for filling in the abandoned Bee Branch site. • The City will receive a construction easement over the westerly portion of the former Pack site. • Economic Development Grants may be exercised by Developer with respect to new development on the real estate that is first assessed for property tax purposes before January 1, 2015 (The original Development Agreement had stated an ending date of January 1, 2013). • The closing date shall be July 20, 2010. In return the Developer will waive any extension of Economic Development Grants pursuant to Section 3.3(2) of the Development Agreement resulting from failure to complete the Bee Branch by December 31, 2009. • Highway 151/61 has been working with a certain unnamed developer for the area, and if that developer relocates to this development site, whoever is responsible for improvements to 16 Street is eligible for Economic Development Grants associated with this specific project for years 16 -20. • The revised terms are approved by the City Council on July 6, the terms would be incorporated into a revised Development Agreement to be acted upon by the Council on July 19, with closing on the acquisition of property scheduled for July 20 • 151/61 remains responsible for 16th Street improvements, as required by a new traffic study (not paid for by City); provided, however, that such 16th Street improvements shall be confined to those improvements reasonably necessary to service 151/61's development as described in the new traffic study and as agreed to by Developer and approved by the City Council. In the event that the improvements described in the new study are not approved by the City Council, or if approved, are not agreed to by 151/61 within 60 days after such approval, 151/61 shall remain responsible for the improvements required by the existing traffic study. On July 6, 2010, the City Council approved a Term Sheet which identified the specifics of proposed changes in the Development Agreement (copy attached). Timing is of the essence for the City, due to other elements associated with the Bee Branch Restoration project. • The City currently has received bids on this project. On August 23, 2010 these bids expire. If awarded by this date, this phase of the project is anticipated to be functional in 2011. • The City intends to make an application for I -Jobs funding from the State of Iowa which is due August 3, 2010. This will be the third application for these funds as the first two applications were denied on the basis that the City was not prepared to begin the project immediately. The total ask in this application will be $5.6 million. RECOMMENDATION /ACTION STEP That the City Council approve the attached Amendment Number 4 to the Highway 151/61 Development Agreement. Attachments F: \USERS \Econ Dev \HWY 151 & 61\20100712 Memo to Council Amend #4 to DA & Acquis Bee Branch ROW.doc RESOLUTION NO. 276-10 AUTHORIZING AMENDMENT NUMBER 4 TO A DEVELOPMENT AGREEMENT WITH HWY 151 & 61 DEVELOPMENT, INC. AND ACQUSITION OF BEE BRANCH ROW Whereas, the City Council of the City of Dubuque, Iowa, approved a Development Agreement for the redevelopment of the Smithfield (former Dubuque Pack) site on June 5, 2006; and Whereas, the timing of certain aspects of the redevelopment plan have changed since the original agreement was authorized; and Whereas, the agreement at that time was based on conceptual plans for this drainage project and the City now has a final design for the Bee Branch ROW; and Whereas, it is mutually beneficial to move forward with this redevelopment project with revised time lines. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Amendment Number 4 to the Development Agreement by and between the City of Dubuque and Hwy 151 & 61 Development, LLC attached hereto, is hereby approved. Section 2. That the Mayor and City Clerk are hereby authorized and directed to execute, on behalf of the City of Dubuque, Iowa, said Development Agreement. Att t: Passed, approved and adopted this 19th day of July, 2010. Jeanne F. Schneider City Clerk F: \USERS \Econ Dev \HWY 151 & 61 \Resolution for Amendment #4 HWY 151 & 61 DA.doc Roy D. Bu Mayor TERM SHEET City of Dubuque ( "City")/Highway 151 & 61 Development, LLC ("151/61") The parties agree upon the following business terms: A. Due to the new configuration of the Bee Branch, the parties shall terminate the prior Offer to Buy Real Estate and Acceptance with respect to the Bee Branch Real Estate and enter into a new Offer to Buy Real Estate as described below. B. The new Offer to Buy Real Estate and Acceptance shall provide that the City purchases from Highway 151 & 61: (i) the land north of 16th Street to be used for construction of Bee Branch (i.e. final configuration of land anticipated to be between 3.9 and 4.2 acres to be valued at $10.81 per square foot); (ii) the lots owned by 151/61 south of 16th Street (the "South Lots ") valued at $10.81 per square foot; and (iii) and the City shall also purchase Highway 151 & 61's option rights in that certain land south of 16th (i.e. the option rights to that certain approximately 2.76 acre parcel herein referred to as the "Option Right "). The total purchase price under the Offer to Buy Real Estate and Acceptance shall be the sum of: (i) the total number of acres acquired north of 16th Street multiplied by $10.81 per square foot, plus (ii) the total number of acres of the South Lots multiplied by $10.81 per square foot, plus (iii) the appraised amount of the Option Right property, payable as follows: i. $1,036,728.00 in cash at closing; ii. The remaining balance of the purchase price to be donated by Highway 151 & 61 to City for charitable purposes. The City shall cooperate in connection with the charitable contribution as provided in the definitive Offer to Buy Real Estate and Acceptance by acknowledging receipt of a gift of the property on the appropriate Internal Revenue Service form; and The property conveyed (including the Option Right property) will be subject to restrictive covenants which will be placed of record at closing prohibiting the following upon all such property: • convenience store with gas sales; • gas station; • pharmacy (i.e., sales of prescription medications and drugs); and • quick service restaurants with ice cream, ice milk, frozen custard, frozen yogurt or similar such products (hereinafter "ice cream ") provided that the average for the brand of restaurant proposed has ice cream sales that are 20% or more of total sales for the average restaurant for that brand. The closing of the transactions under the new Offer to Buy Real Estate and Acceptance shall occur on July 20, 2010, subject to any platting or abstracting that the City desires which shall be done by City at City's expense. C. 151/61 remains responsible for 16th Street improvements, as required by a new traffic study (not paid for by City); provided, however, that such 16th Street improvements shall be confined to those improvements reasonably necessary to service 151/61's development as described in the new traffic study and as agreed to by Developer and approved by the City Council. In the event that the improvements described in the new study are not approved by the City Council, or if approved, are not agreed to by 151 /61 within 60 days after such approval, 151/61 shall remain responsible for the improvements required by the existing traffic study. D. The City shall be responsible for filling in the old/existing Bee Branch (at City's expense) within 6 months after commencement of the use of the new Bee Branch. Hwy 151/61 shall grant the City a temporary construction easement in connection with construction of the Bee Branch. The temporary construction easement shall extend from the Bee Branch Real Estate to 20 feet past the existing Bee Branch line and such temporary easement shall terminate upon completion of the Bee Branch construction on the Bee Branch Real Estate. E. The City and Highway 151 & 61 shall amend the Development Agreement dated June 5, 2006 to provide that Economic Development Grants may be exercised by Developer with respect to new development on the real estate that is first assessed for property tax purposes after the Effective Date of the Development Agreement and before January 1, 2015. Furthermore, from the Effective Date until January 1, 2015, Developer shall have the ability to identify the particular tax parcels upon which minimum improvements will be constructed for purposes of creation of the • project account. In addition to the 10 years of economic development payments currently provided in the Development Agreement, if one certain unnamed developer with whole the parties are currently discussing development, becomes part of the development, and if they receive economic development payments for years 11 through 15, Developer or the party responsible for the 16 Street improvements shall receive 5 additional years worth of economic development grants with respect to the parcel for the unnamed developer and related minimum improvements, which grants shall be for years 16 through 20 after the commencement of the first economic development grant. Developer will waive any extension of Economic Development Grants pursuant to Section 3.3(2) of the Development Agreement resulting from failure to complete the Bee Branch by December F. The foregoing is subject to approval by the City Council of City and any necessary approval of the members and managers of 151/61 and is further subject to being reduced to a definitive contract by and between the parties by no later than the 15th day of July, 2010 in order to be on the July 19, 2010 City Council agenda. CITY OF DUB UE By: J y i.■ A By: G:\WPDOCS \MARY \Brad \Hwy 151 &61 -SB -Term Sheet- CLEAN7 -2.rtf 31, 2009. RIVER IEW PLAZA, LL B Its - / -e y HIGHWAY 151 & 61 DE ELOPMENT, LLC Its Riverview Plaza, LLC executes this Term Sheet with respect to any real estate described herein which is subject to an offer to Buy Real Estate and Acceptance between Highway 151 & 61 Development, LLC and Riverview Plaza. AMENDMENT NO. 4 TO DEVELOPMENT AGREEMENT BETWEEN CITY OF DUBUQUE, IOWA AND HWY 151 & 61 DEVELOPMENT, LLC This Amendment No. 4 ( "Amendment No. 4 ") to Development Agreement between the City of Dubuque, Iowa and Hwy 151 & 61 Development, LLC, is entered into effective the day of July, 2010 by and between the City of Dubuque, Iowa, a municipality ( "City "), established pursuant to Iowa Code and acting under authorization of Iowa Code Chapter 403, as amended ( "Urban Renewal Act "), and Hwy 151 & 61 Development, LLC, an Iowa limited liability company ( "Developer ") with its principal place of business at Dubuque, Iowa. RECITALS A. City and Developer entered into that certain Development Agreement dated for reference purposes as June 5, 2006 with respect to the former Smithfield real estate site, which Development Agreement was amended by Amendment No. 1 thereto, Amendment No. 2 thereof, and Amendment No. 3 thereto. This Amendment No. 4 supercedes Amendment No. 1, Amendment No. 2, Amendment No. 3 and certain portions of the Development Agreement all as provided herein. B. The Development Agreement, as amended, contemplated that the City would acquire certain of Developer's real estate for the reconstruction and relocation of the Bee Branch storm sewer system; however, the final configuration for the Bee Branch storm sewer is materially different than contemplated at the time the Development Agreement was entered into by and between the parties; consequently, the parties desire to amend the Development Agreement as provided herein. THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 1. Amendment to Section 3.3 and Exhibit D. Due to the new configuration of the Bee Branch storm sewer system: a. Section 3.3(2) of the Development Agreement is hereby deleted in its entirety; and b. The Offer to Buy Real Estate and Acceptance attached to the Development Agreement as Exhibit "D" is hereby rescinded by City and Developer. City and Developer shall execute, deliver and close the transactions contemplated by the Agreement for Part Sale/Part Gift of Real Estate attached to this Amendment No. 4 as Exhibit 1. 2. Existing Bee Branch Storm Sewer Easement. Within six months after completion of construction of the new Bee Branch storm sewer system, City shall be responsible for, at its expense and in a workmanlike manner, the demolition and filling of the existing Bee 1 Branch sewer system located on Developer's real estate. 3. Temporary Construction Easement. Developer hereby grants the City a temporary construction easement in connection with the construction of the new Bee Branch storm sewer system. The temporary construction easement shall extend from the Bee Branch real estate to 20 feet to the east of the existing Bee Branch line and such temporary easement shall automatically terminate upon completion of the demolition and filling of the existing Bee Branch sewer system located on Developer's real estate. 4. 16th Street Improvements. Ordinance No. 22 -05 required Developer to construct certain improvements to 16th Street. Since the proposed use of the real estate is now different than that anticipated at the time Ordinance No. 22 -05 was adopted, the parties agree that Developer shall obtain a new traffic study and any 16th Street improvements that Developer is required to make pursuant to such new traffic study shall be confined to those improvements reasonably necessary to service Developer's development as described in the new traffic study and as agreed to by Developer and approved by the City Council. In the event that the improvements described in the new traffic study are not approved by the City Council, or if approved, are not agreed to by Developer within 60 days after such approval, Developer shall remain responsible for the improvements required by the existing traffic study referred to in Ordinance No. 22 -05. 5. Amendment to Section 3.1 Tax Increment Payments. Section 3.1(1) , 3.1(2) and 3.1(6) are hereby amended by deleting the date "January 1, 2013" in each place where such date occurs and replacing such date with "January 1, 2015 ". 6. Section 3.5. The parties hereby add Section 3.5 to the Development Agreement as follows: "3.5 Contingent Economic Development Grants. In addition to the 10 years of Economic Development Grants provided in Section 3.1(2) above, if one certain unnamed party with whom the City and Developer are currently discussing development becomes part of Developer's Project, and if such party receives Economic Development Grants for years 11 through 15, Developer or the party responsible for the 16th Street improvements shall receive 5 additional years of Economic Development Grants from City with respect to the parcel for the unnamed party and related minimum improvements thereon, which Economic Development Grants shall be for years 16 through 20 after the commencement of the first Economic Development Grants received by Developer from City. The contingent additional Economic Development Grants provided herein shall be paid from the TIF Project Accounts created under Section 3.1 of the Development Agreement and shall be paid in accordance with and subject to all other terms of Section 3.1 of the Development Agreement as amended herein. Developer hereby waives any extension of Economic Development Grants pursuant 2 to Section 3.3(2) of the Development Agreement resulting from failure by the City to complete the Bee Branch construction by December 31, 2009. 7. All other terms and conditions of the Development Agreement are hereby ratified and confirmed as if fully set forth herein. By: By: 3 CITY OF DUBUQUE, IOWA HWY 151 & 61 DEVELOPMENT, LLC 1 Prepared By: Brian J. Kane, 2100 Asbury Road, Suite 2, Dubuque, IA 52001 (563) 582 -7980 The undersigned, THE CITY OF DUBUQUE, IOWA, a municipality, being the owner of the following- described real estate: Lot 1 of Block 2, Dubuque Packing Company Addition hereby makes the following declarations as to limitations, restrictions and uses to which the above - described lots (hereafter the "Real Estate ") in Dubuque County, Iowa, may be put, hereby specifying that said declarations shall constitute covenants to run with said lots, as provided by law, and shall be binding upon the heirs, successors and assigns of all parties and all persons claiming under them and for the benefit and limitation upon all future owners of the Real Estate. 1. The following uses shall be prohibited upon the Real Estate: (a) Convenient store with gas sales; (b) Gas station; (c) Pharmacy; and 2. These covenants and restrictions shall run with the land and shall be binding on all parties hereto, their heirs, successors in interest and assigns, and on persons claiming under them for a period of twenty one (21) years from the date these restrictive covenants are recorded, at which time the covenants and restrictions shall be extended for successive periods of twenty one (21) years. RESTRICTIVE COVENANTS (d) Quick service restaurant with ice cream, ice milk, frozen custard, frozen yogurt or similar such product sales (hereinafter "Ice Cream "), provided that the average for the brand of restaurant proposed has Ice Cream sales that are 20% or more of total sales for the average restaurant for that brand. 1 3. In case the parties hereto, or any of them, or their heirs, successors or assigns, shall violate or attempt to violate any of the covenants or restrictions herein, it shall be lawful for Hwy 151 & 61 Development, LLC ( "Hwy 151/61") or its successor in interest, or any other interested party or parties, to prosecute any proceeding at law or in equity against the person or persons violating or attempting to violate any such covenants or restrictions, to either prevent him or them from so doing, or recover damages for such violation, or both. The prevailing party in any such action shall be entitled, in addition to any other damages or remedies, to be reimbursed for reasonable attorney's fees and court costs incurred in connection with such action(s). 4. The invalidation of any one of these covenants or restrictions, or any part thereof, by judgement or court order shall in no way affect any of the other provisions and all other provisions shall remain in full force and effect. 5. The fact that a violation of these provisions has not been previously enforced shall not estop or bar in any way subsequent enforcement of these provisions by any party authorized to insist upon enforcement. 6. The restrictive covenants, agreements, conditions, reservations, restrictions and charges created and established herein for the benefit of Real Estate and each lot therein may be amended, waived, abandoned, terminated, modified, altered and changed as to the whole of Real Estate or any portion thereof only with the written consent of Hwy 151/61 or its successors in interest. No such amendment, waiver, abandonment, termination, modification or alteration shall become effective until the proper instrument in writing shall be executed and recorded in the office of the Recorder for Dubuque County, Iowa, with such written consent attached thereto. IN WITNESS WHEREOF, the foregoing instrument has been executed this day of , 2010. STATE OF IOWA ) COUNTY OF DUBUQUE ) ss: THE CITY OF DUBUQUE, IOWA By Roy D. Buol, Mayor By Jeanne F. Schneider, City Clerk On this day of ,2010, before me, , a Notary Public in and for the State of Iowa, personally appeared Roy D. Buol and Jeanne F. Schneider, to 2 me personally known, and, who, being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of the corporation, and that the instrument was signed and sealed on behalf of the corporation, by authority of its City Council, as contained in Resolution No. adopted by the City Council of the City of Dubuque, Iowa, on the day of , 20 , and that they acknowledged the execution of the instrument to be their voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily executed. G: \WPDOCS\MARY\Brad\Hwy 151 & 61 (City) Restrictive Covenants.rtf Notary Public in and for State of Iowa 3 AGREEMENT FOR PART SALE/PART GIFT OF REAL ESTATE This Agreement for Part Sale/Part Gift of Real Estate ( "Agreement ") is entered into this day of July, 2010, by and among Hwy 151 & 61 Development, LLC (collectively "Seller or Donor ") and the City of Dubuque, Iowa ( "Buyer or Donee "). RECITALS A. Donor is the owner of certain real estate in Dubuque County, Iowa, legally described as follows: (i) Those portions of Riverview Plaza in the City of Dubuque, Iowa shown as Lot A (3.3 acres) , Lot B (.802 acres) and Lot C (1727 sq. ft.) on the Acquisition Plats attached to this Agreement as Exhibit A, Exhibit B and Exhibit C (hereinafter the "North Lots "); and (ii) Lot 316, Lot 355 and Lot 2 -354 of East Dubuque No. 2 in the City of Dubuque, Iowa (the "South Lots "). (The North Lots and the South Lots are hereinafter referred to as the Real Estate.) B. Donor is the Owner of certain rights (hereinafter the "Option Rights ") pursuant to that certain Option Agreement by and between Donor and Donee which was attached as Exhibit E to that certain Development Agreement by and between Donor and Donee dated for reference purposes as June 5, 2006, which Option Rights have been previously exercised by Donor. The Option Rights are with respect to a part of Lot 1 of Block 2, Dubuque Packing Company Addition, containing approximately 2.76 acres (hereinafter the "Option Rights Property"). C. Donor desires to part sell /part gift the Real Estate and Option Rights to Donee, with the intent to receive a charitable deduction for income tax purposes for donor pursuant to Section 170 of the Internal Revenue Code of 1986, as amended; D. Donee desires to part purchase the Real Estate and Option Rights from Donor and to receive a portion of the premises via gift from the Donors; and, E. The parties desire to set out their agreement in writing. THEREFORE, in consideration of the mutual terms and covenants contained herein, the parties agree as follows: AGREEMENT 1. Purchase Price. The purchase price for the Real Estate and Option Rights shall be the sum of the following (cumulatively the "Purchase Price "): (i) The total size of the North Lots expressed on a square foot basis multiplied by $10.81 per square foot (i.e. 180,410.12 sq. feet at $10.81 per square foot = $1,950,234) and (ii) The total size of the South Lots expressed on a square foot basis multiplied by $10.81 per square foot (i.e. 11,971.2 square feet at $10.81 per square foot = $129,409); and (iii) The fair market value of the Option Rights Property as determined by an independent appraisal as of the closing date under this Agreement (i.e. 2.76 acres at appraised value). 2. Payment of Purchase Price. The purchase price will be paid as follows: A. Sale. $1,036,728 in immediately available funds to be paid at the time of closing by certified check or wire transfer or other means acceptable to Seller; and B. Charitable Contribution. Donor shall convey and transfer, with the intent to make a gift, to Donee, an interest in the Real Estate and Option Rights equal to the Gift Ratio as determined under paragraph 2 below, and Donee shall acknowledge receipt of such gift (the amount of the Purchase Price in excess of $1,036,728) by executing and delivering to Donor IRS Form 8283 or such other forms as may be required by the Internal Revenue Service to substantiate this noncash charitable contribution. 3. Ratio Determination. The ratio determination with respect to this part sale /part gift transaction shall be a fraction, the numerator of which shall be the difference between the Purchase Price (with the value of the Option Rights as appraised effectively immediately prior to the closing date), less $1,036.728 and the denominator shall be the Purchase Price. 4. Real Estate Taxes. Buyer shall pay all real estate taxes prorated to the date of closing and any unpaid real estate taxes for prior years. Buyer shall pay all real estate taxes accruing thereafter. 5. Special Assessments. Buyer shall pay all special assessments which are a lien on the Real Estate as of the date of acceptance of this offer. All other special assessments shall be paid by Buyer. 6. Risk of Loss and Insurance. Prior to Seller's delivery of possession of the Real Estate to Buyer, all risk of loss shall remain with Seller until possession of the Real Estate shall be delivered to Buyer. 7. Care and Maintenance. The Real Estate shall be delivered in "as -is" condition. 8. Possession. If Buyer timely performs all obligations, possession of the Real Estate shall be delivered to Buyer on July 20, 2010, subject to Buyer performing and recording any necessary plat and any abstracting as the Buyer desires all of which shall be accomplished by the Buyer at the Buyer's expense. 9. Use of the Purchase Price. At time of settlement, funds of the purchase price may be used to pay taxes and other liens and to acquire outstanding interests, if any, of others. 10. Abstract of Title. Buyer, at its expense, may obtain an abstract of title for the Real Estate continued through a date within thirty (30) days of the closing date and deliver it to Buyer for examination. It shall show merchantable title in Seller in conformity with this agreement, Iowa Law & Title Standards of the Iowa State Bar Association. The abstract shall become the property of the Buyer when the purchase price is paid in full at the closing. 11. Deed. At the closing, Seller shall convey the Real Estate to Buyer or Buyer's assignee by Warranty Deed, free and clear of all liens, restrictions and encumbrances except for certain restrictions described in Section 18 below. Any general warranties of title shall extend only to the time of acceptance of this Offer, with special warranties as to acts of Seller continuing up to time of delivery of the Deed. At the closing, Buyer shall execute and deliver to Seller an Assignment of Option Agreement in the form attached hereto as Exhibit D. 12. Time is of the Essence. Time is of the essence in this contracts. 13. Remedies of the Parties. (a) If Buyer fails to timely perform this contract, Seller may forfeit it as provided by Iowa Code Chapter 656 (2009) and all payments made shall be forfeited or, at Seller's option, upon thirty (30) days written notice of intention to accelerate the payment of the entire balance because of such failure (during which thirty (30) days such failure is not corrected) Seller may declare the entire balance immediately due and payable. Thereafter this contract may be foreclosed in equity and the Court may appoint a receiver. (b) If Seller fails to timely perform this contract, or if any of Buyer's conditions herein are not satisfied at or prior to closing, Buyer shall not be required to close hereunder. Further, only if Seller fails to timely perform this contract, Buyer has the right to have all payments made returned to Buyer (See Section 2(a) above). (c) Buyer and Seller also are entitled to utilize any and all other remedies or actions at law or in equity available to them and shall be entitled to obtain judgment for costs and attorney's fees as permitted by law. 14. Contract Binding on Successors in Interest. This contract shall apply to and bind the successors in interest of the parties. 15. Construction. Words and phrases shall be construed as in the singular or plural number and as masculine, feminine or neuter gender, according to the context. 16. Time for Acceptance. If this Offer is not accepted by Seller on or before July 20, 2010, it shall become void and all payments shall be repaid to Buyer. 17. Groundwater Hazards. Seller represents and warrants to Buyer that Seller has knowledge of the presence in or beneath the Real Estate of solid waste, radioactive waste, hazardous waste, hazardous substances, underground storage tanks, wells or other conditions which may lead to groundwater contamination, including those substances defined to be hazardous in 42 U.S. Code Section 9601 , et seq. and Iowa Code Chapter 455B (2005) or any other federal or state or local law with respect to groundwater hazards, pursuant to all environmental engineering reports and related documents obtained by Seller (copies of which are available to Buyer) which are incorporated herein by this reference. 18. Restrictive Covenants. At closing, the parties shall execute, deliver and cause to be recorded restrictive covenants in the form attached to this Agreement as Exhibit E which restrictive covenants shall affect the Real Estate and the Option Rights Property. G: \WPDOCS\MARY\Brad\Hwy 151 & 61 Agreement for Part Sale -Gift of Real Estate.rtf HWY 151 & 61 DEVELOPMENT, LLC SELLER/DONOR By CITY OF DUBUQUE BUYER/DONEE By Its Authorized Representative AMENDMENT NO. 4 TO DEVELOPMENT AGREEMENT BETWEEN CITY OF DUBUQUE, IOWA AND HWY 151 & 61 DEVELOPMENT, LLC This Amendment No. 4 ( "Amendment No. 4 ") to Development Agreement between the City of Dubuque, Iowa and Hwy 151 & 61 Development, LLC, is entered into effective the day of July, 2010 by and between the City of Dubuque, Iowa, a municipality ( "City "), established pursuant to Iowa Code and acting under authorization of Iowa Code Chapter 403, as amended ( "Urban Renewal Act "), and Hwy 151 & 61 Development, LLC, an Iowa limited liability company ( "Developer ") with its principal place of business at Dubuque, Iowa. RECITALS A. City and Developer entered into that certain Development Agreement dated for reference purposes as June 5, 2006 with respect to the former Smithfield real estate site, which Development Agreement was amended by Amendment No. 1 thereto, Amendment No. 2 thereof, and Amendment No. 3 thereto. This Amendment No. 4 supercedes Amendment No. 1, Amendment No. 2, Amendment No. 3 and certain portions of the Development Agreement all as provided herein. B. The Development Agreement, as amended, contemplated that the City would acquire certain of Developer's real estate for the reconstruction and relocation of the Bee Branch storm sewer system; however, the final configuration for the Bee Branch storm sewer is materially different than contemplated at the time the Development Agreement was entered into by and between the parties; consequently, the parties desire to amend the Development Agreement as provided herein. THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 1. Amendment to Section 3.3 and Exhibit D. Due to the new configuration of the Bee Branch storm sewer system: a. Section 3.3(2) of the Development Agreement is hereby deleted in its entirety; and b. The Offer to Buy Real Estate and Acceptance attached to the Development Agreement as Exhibit "D" is hereby rescinded by City and Developer. City and Developer shall execute, deliver and close the transactions contemplated by the Agreement for Part Sale /Part Gift of Real Estate attached to this Amendment No. 4 as Exhibit 1. 2. Existing Bee Branch Storm Sewer Easement. Within six months after completion of construction of the new Bee Branch storm sewer system, City shall be responsible for, at its expense and in a workmanlike manner, the demolition and filling of the existing Bee 1 Branch sewer system located on Developer's real estate. 3. Temporary Construction Easement. Developer hereby grants the City a temporary construction easement in connection with the construction of the new Bee Branch storm sewer system. The temporary construction easement shall extend from the Bee Branch real estate to 20 feet to the east of the existing Bee Branch line and such temporary easement shall automatically terminate upon completion of the demolition and filling of the existing Bee Branch sewer system located on Developer's real estate. 4. 16th Street Improvements. Ordinance No. 22 -05 required Developer to construct certain improvements to 16th Street. Since the proposed use of the real estate is now different than that anticipated at the time Ordinance No. 22 -05 was adopted, the parties agree that Developer shall obtain a new traffic study and any 16th Street improvements that Developer is required to make pursuant to such new traffic study shall be confined to those improvements reasonably necessary to service Developer's development as described in the new traffic study and as agreed to by Developer and approved by the City Council. In the event that the improvements described in the new traffic study are not approved by the City Council, or if approved, are not agreed to by Developer within 60 days after such approval, Developer shall remain responsible for the improvements required by the existing traffic study referred to in Ordinance No. 22 -05. 5. Amendment to Section 3.1 Tax Increment Payments. Section 3.1(1) , 3.1(2) and 3.1(6) are hereby amended by deleting the date "January 1, 2013" in each place where such date occurs and replacing such date with "January 1, 2015 ". 6. Section 3.5. The parties hereby add Section 3.5 to the Development Agreement as follows: "3.5 Contingent Economic Development Grants. In addition to the 10 years of Economic Development Grants provided in Section 3.1(2) above, if one certain unnamed party with whom the City and Developer are currently discussing development becomes part of Developer's Project, and if such party receives Economic Development Grants for years 11 through 15, Developer or the party responsible for the 16th Street improvements shall receive 5 additional years of Economic Development Grants from City with respect to the parcel for the unnamed party and related minimum improvements thereon, which Economic Development Grants shall be for years 16 through 20 after the commencement of the first Economic Development Grants received by Developer from City. The contingent additional Economic Development Grants provided herein shall be paid from the TIF Project Accounts created under Section 3.1 of the Development Agreement and shall be paid in accordance with and subject to all other terms of Section 3.1 of the Development Agreement as amended herein. Developer hereby waives any extension of Economic Development Grants pursuant 2 to Section 3.3(2) of the Development Agreement resulting from failure by the City to complete the Bee Branch construction by December 31, 2009. 7. All other terms and conditions of the Development Agreement are hereby ratified and confirmed as if fully set forth herein. By: By: G: \WPDOCS \MARY\Brad \Hwy 151 61 Amendment No 4 to Dev Agr- FINAL.rtf 3 CITY OF DUBUQUE, IOWA HWY 151 & 61 DEVELOPMENT, LLC AGREEMENT FOR PART SALE /PART GIFT OF REAL ESTATE This Agreement for Part Sale /Part Gift of Real Estate ( "Agreement ") is entered into this day of July, 2010, by and among Hwy 151 & 61 Development, LLC (collectively "Seller or Donor ") and the City of Dubuque, Iowa ( "Buyer or Donee "). RECITALS A. Donor is the owner of certain real estate in Dubuque County, Iowa, legally described as follows: (i) Lot lof Riverview Plaza (4.141 acres) in the City of Dubuque, Iowa as shown on the Plat of Survey attached to this Agreement as Exhibit A (hereinafter the "North Lot "); and (ii) Lot 316, Lot 355 and Lot 2 -354 of East Dubuque No. 2 in the City of Dubuque, Iowa (the "South Lots "). (The North Lot and the South Lots are hereinafter referred to as the Real Estate.) B. Donor is the Owner of certain rights (hereinafter the "Option Rights ") pursuant to that certain Option Agreement by and between Donor and Donee which was attached as Exhibit E to that certain Development Agreement by and between Donor and Donee dated for reference purposes as June 5, 2006, which Option Rights have been previously exercised by Donor. The Option Rights are with respect to a part of Lot 1 of Block 2, Dubuque Packing Company Addition, containing approximately 2.76 acres (hereinafter the "Option Rights Property "). C. Donor desires to part sell /part gift the Real Estate and Option Rights to Donee, with the intent to receive a charitable deduction for income tax purposes for donor pursuant to Section 170 of the Internal Revenue Code of 1986, as amended; D. Donee desires to part purchase the Real Estate and Option Rights from Donor and to receive a portion of the premises via gift from the Donors; and, E. The parties desire to set out their agreement in writing. THEREFORE, in consideration of the mutual terms and covenants contained herein, the parties agree as follows: AGREEMENT 1. Purchase Price. The purchase price for the Real Estate and Option Rights shall be the sum of the following (cumulatively the "Purchase Price "): (i) The total size of the North Lot expressed on a square foot basis multiplied by $10.81 per square foot (i.e. 180,410.12 sq. feet at $10.81 A. Sale. per square foot = $1,950,234) and (ii) The total size of the South Lots expressed on a square foot basis multiplied by $10.81 per square foot (i.e. 11,971.2 square feet at $10.81 per square foot = $129,409); and (iii) The fair market value of the Option Rights Property as determined by an independent appraisal as of the closing date under this Agreement (i.e. 2.76 acres at appraised value). 2. Payment of Purchase Price. The purchase price will be paid as follows: $1,036,728 in immediately available funds to be paid at the time of closing by certified check or wire transfer or other means acceptable to Seller; and B. Charitable Contribution. Donor shall convey and transfer, with the intent to make a gift, to Donee, an interest in the Real Estate and Option Rights equal to the Gift Ratio as determined under paragraph 2 below, and Donee shall acknowledge receipt of such gift (the amount of the Purchase Price in excess of $1,036,728) by executing and delivering to Donor IRS Form 8283 or such other forms as may be required by the Internal Revenue Service to substantiate this noncash charitable contribution. 3. Ratio Determination. The ratio determination with respect to this part sale /part gift transaction shall be a fraction, the numerator of which shall be the difference between the Purchase Price (with the value of the Option Rights as appraised effectively immediately prior to the closing date), less $1,036.728 and the denominator shall be the Purchase Price. 4. Real Estate Taxes. Buyer shall pay all real estate taxes prorated to the date of closing and any unpaid real estate taxes for prior years. Buyer shall pay all real estate taxes accruing thereafter. 5. Special Assessments. Buyer shall pay all special assessments which are a lien on the Real Estate as of the date of acceptance of this offer. All other special assessments shall be paid by Buyer. 6. Risk of Loss and Insurance. Prior to Seller's delivery of possession of the Real Estate to Buyer, all risk of loss shall remain with Seller until possession of the Real Estate shall be delivered to Buyer. 7. Care and Maintenance. The Real Estate shall be delivered in "as -is" condition. 8. Possession. If Buyer timely performs all obligations, possession of the Real Estate shall be delivered to Buyer on July 20, 2010, subject to Buyer performing and recording any necessary plat and any abstracting as the Buyer desires all of which shall be accomplished by the Buyer at the Buyer's expense. 9. Use of the Purchase Price. At time of settlement, funds of the purchase price may be used to pay taxes and other Liens and to acquire outstanding interests, if any, of others. 10. Abstract of Title. Buyer, at its expense, may obtain an abstract of title for the Real Estate continued through a date within thirty (30) days of the closing date and deliver it to Buyer for examination. It shall show merchantable title in Seller in conformity with this agreement, Iowa Law & Title Standards of the Iowa State Bar Association. The abstract shall become the property of the Buyer when the purchase price is paid in full at the closing. 11. Deed. At the closing, Seller shall convey the Real Estate to Buyer or Buyer's assignee by Warranty Deed, free and clear of all liens, restrictions and encumbrances except for certain restrictions described in Section 18 below. Any general warranties of title shall extend only to the time of acceptance of this Offer, with special warranties as to acts of Seller continuing up to time of delivery of the Deed. At the closing, Buyer shall execute and deliver to Seller an Assignment of Option Agreement in the form attached hereto as Exhibit B. 12. Time is of the Essence. Time is of the essence in this contracts. 13. Remedies of the Parties. (a) If Buyer fails to timely perform this contract, Seller may forfeit it as provided by Iowa Code Chapter 656 (2009) and all payments made shall be forfeited or, at Seller's option, upon thirty (30) days written notice of intention to accelerate the payment of the entire balance because of such failure (during which thirty (30) days such failure is not corrected) Seller may declare the entire balance immediately due and payable. Thereafter this contract may be foreclosed in equity and the Court may appoint a receiver. (b) If Seller fails to timely perform this contract, or if any of Buyer's conditions herein are not satisfied at or prior to closing, Buyer shall not be required to close hereunder. Further, only if Seller fails to timely perform this contract, Buyer has the right to have all payments made returned to Buyer (See Section 2(a) above). (c) Buyer and Seller also are entitled to utilize any and all other remedies or actions at law or in equity available to them and shall be entitled to obtain judgment for costs and attorney's fees as permitted by law. 14. Contract Binding on Successors in Interest. This contract shall apply to and bind the successors in interest of the parties. 15. Construction. Words and phrases shall be construed as in the singular or plural number and as masculine, feminine or neuter gender, according to the context. 16. Time for Acceptance. If this Offer is not accepted by Seller on or before July 20, 2010, it shall become void and all payments shall be repaid to Buyer. 17. Groundwater Hazards. Seller represents and warrants to Buyer that Seller has knowledge of the presence in or beneath the Real Estate of solid waste, radioactive waste, hazardous waste, hazardous substances, underground storage tanks, wells or other conditions which may lead to groundwater contamination, including those substances defined to be hazardous in 42 U.S. Code Section 9601 , et seq. and Iowa Code Chapter 455B (2005) or any other federal or state or local law with respect to groundwater hazards, pursuant to all environmental engineering reports and related documents obtained by Seller (copies of which are available to Buyer) which are incorporated herein by this reference. 18. Restrictive Covenants. At closing, the parties shall execute, deliver and cause to be recorded restrictive covenants in the form attached to this Agreement as Exhibit C which restrictive covenants shall affect the Real Estate and the Option Rights Property. G: \WPDOCS \MARY \Brad \Hwy 151 & 61 Agreement for Part Sale -Gift of Real Estate.rtf HWY 151 & 61 DEVELOPMENT, LLC SELLER/DONOR By CITY OF DUBUQUE BUYER/DONEE By Its Authorized Representative 1111110111 N iiiiiiu 1111111111111111111 Doc ID: 006815610007 Type: GEN Kind: SURVEY PLAT Recorded: 07/23/2010 at 03:45:08 PM Fee Amt: $37.00 Pape 1 of 7 Dubuque County Iowa Kathy Flynn Thurlow Recorder F11e2010- 00010249 PREPARED BY: IIW ENGINEERS & SURVEYORS P.C. 4155 PENNSYLVANIA AVE, DUBUQUE, IOWA. (563) 556 -2464 PLAT OF SURVEY LOTS 1 & 2 OF RIVERVIEW PLAZA IN THE CITY OF DUBUQUE, IOWA SEE SHEET 2 OF 3 FOR LEGEND AND LINE AND CURVE TABLES L6 0 M „LO,Si'.CZN CUT J.311v 30IM ,OZ OL CUT Jc-) 6�� RR SPIKE 7 OS I KERPER INDUSTRIAL PARK LOT 2A k LOT 6 N66'29'33 "E 277.39'(277.43') NO 4Q4� �\ Q CAP st- \, s \:',Z) LOT 1 ., 4.141 ei) � '� ACRES • .4)1 0ti �'5 y0, NO CAP 33.38' CAP NO. 12631 16.56' 5.56' NO CAP 44.47' CAP NO. 4016 212.74' E 16TH STREET DETAIL NO SCALE L27 518.87' S66'28'15 "W 731.62' (731.59') CUT DETAILS NO SCALE L19 0 ®cur LOT 2 35.434 ACRES GRAPHIC SCALE 0 150 300 1"=150' DRAWING MAY HAVE BEEN REDUCED S 30 Z 133HS 33s 3NI1HO1VV4 (64' RIGHT—OF —WAY) S66'26'31 "W PROPRIETOR: HWY 151 & 61 DEVELOPMENT, L.L.C. DESCRIPTION: RIVERVIEW PLAZA SURVEYED FOR: CITY OF DUBUQUE IN THE CITY OF DUBUQUE, IOWA DATE SURVEYED: JULY, 2010 TOTAL AREA SURVEYED: 39.575 ACRES 51\,10 Wq i JOHN M. TRANMER zs LS 12631 °= I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT WAS PREPARED AND THE RELATED SURVEY WORK WAS PERFORMED BY ME OR UNDER MY DIRECT PERSONAL SUPERVISION AND THAT I AM A DULY LICENSED LAND SURVEYOR UNDER THE LAWS OF THE STATE OF IOWA. FOR IIW ENGINEERS & SURVE , P.C. / / JOHN M. RANMER• /1"._.---\) r! 9{ O DATE LICENSE NO. 12631 MY LICENSE RENEWAL DATE IS 12/31/2010 PAGES OR SHEETS COVERED BY THIS SEAL SHEETS 1 & 2 IIW ENGINEERS & SURVEYORS, P.C. INTEGRITY. EXPERTISE. SOLUTIONS. DUBUQUE. IA HAZEL GREEN. WI 4155 PENNSYLVANIA AVE. DUBUQUE, IA 52002 VOICE (563) 556 -2464 FAX (563) 556.7311 www.meengsom DRAWN ARC PLAT NO. 36 -IA -10 CHECKED JMT PROJ. NO. 06169 -04 DATE 07 -16 -10 SHEET 1 of 3 P. \06\169\169-03\DWG\CVL\06169-04L PREPARED BY; IIW ENGINEERS at SURVEYORS P.C, 212.74' 5.56' NO CAP 44.47' CAP NO. 4016 NO CAP 33.38' CAP NO. 12631 16.56' CUT "X" SEE SHEET 2 OF 3 FOR LEGEND AND LINE AND CURVE TABLES L6 "„p,Hl rrp,,, 0 ▪ JOHN M. ` TRANMER ▪ LS 12631 = >° ^ J A �r41. 1 I p' P Os PLAT OF SURVEY LOTS 1 & 2 OF RIVERVIEW PLAZA IN THE CITY OF DUBUQUE, IOWA DETAIL NO SCALE 518.87' E 16TH STREET S66'28'15 "W 731.62' (731.59') 4155 PENNSYLVANIA AVE, _L17 L18 PROPRIETOR: HWY 151 Sc 61 DEVELOPMENT, L.L.C. DESCRIPTION: RIVERVIEW PLAZA PREPARED FOR: CITY OF DUBUQUE IN THE CITY OF DUBUQUE, IOWA DATE PREPARED: JULY, 2010 TOTAL AREA SURVEYED: 39.575 ACRES I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT WAS PREPARED AND THE RELATED SURVEY WORK WAS PERFORMED BY ME OR UNDER MY DIRECT PERSONAL SUPERVISION AND THAT I AM A DULY LICENSED LAND SURVEYOR UNDER THE LAWS OF THE STATE OF IOWA. FOR IIW ENGINEERS & SURVEYOR JOH M. TRANME' DA UCENSE N0. 12631 MY LI• NSE RENEWAL DATE IS 12/31/2010 PAGES OR SHEETS COVERED BY THIS SEAL SHEETS 1 Sc 2 EXHIBIT A DUBUQUE. IOWA RR SPIKE ti GRAPHIC SCALE 0 150 DETAILS NO SCALE RAWN ARC HECKED JMT LOT 2 35.434 ACRES (563) 556 -2464 ( KERPER INDUSTRIAL PARK f LOT 2A N66'29'33 "E LOT 6 277.39' 300 1 " =150 DRAWING MAY HAVE BEEN REDUCED (64' RIGHT—OF —WAY) 866'26'31 "W 11W ENGINEERS & SURVEYORS, P.C. l'!)' INIYORITY EXPERTISE SOLUFIONS. IMIIIUy11l. N IIAIF].URLEH.WI 1155PENNSYLVANIAAVE DURIpUE.rA ,,m, VOICE1K31554..1 FAX I50555I1RII PLAT NO 36 -IA -10 PROJ. NO. 06169 -04 LATE 07 -09 -10 SHEET 1 of 3 _. \06 \169 \169 -03 \DWG \CVL \06169 -04L PREPARED BY IIW ENGINEERS & SURVEYORS P.C, N66'28'43 "E 347.96' LOT C LINE L1 L2 L3 L4 L5 L6 L7 L8 L9 L10 L11 L12 L13 L14 671.51' NAIL w/ WASHER NO. 12631 BEARING NO3'24'21 "E N06'56'26 "E N10'46'04 "E N10'39'28 "E N12'47'41 "E NI 4'06'46 "E N21'54'32 "E N 27'03'48 "E N28'16'13 "E N28'48'03 "E N29'53'18 "E N32'20'43 "E N 34'54' 08 "E N 38'47' 38 "E CURVE LENGTH C1 144.85' C2 35.34' PLAT OF SURVEY LOTS 1 & 2 OF RIVERVIEW PLAZA IN THE CITY OF DUBUQUE, IOWA NAIL W/ WASHER KERPER INDUSTRIAL PARK NO. 12631 L23_. N66'30'22 "E 415.09' S, N66'27'52 "E 221.08' F' DIST. 50.03' 49.87' 49.98' 49.94' 45.68' 5.57' 50.00' 50.00' 50.00' 50.00' 50.00' 50.00' 50.00' 15.74' RADIUS 280.00' 45.00' LOT 2 35.434 ACRES E 16TH STREET G CAP NO. 12631 LIME L15 L16 L17 L18 L19 L20 L21 L22 L23 L24 L25 L26 L27 DELTA 29'38'25" 45'00'00" LEGEND PLAT BOUNDARY FOUND 5/8" IRON ROD • W/ CAP AS NOTED • FOUND 1" IRON PIPE • FOUND MONUMENT AS NOTED FOUND ALUMINUM D.O.T. MONUMENT SET 5/8" IRON ROD W/ CAP NO. 12631 RECORD INFORMATION 4155 PENNSYLVANIA AVE, DUBUQUE, IOWA, (563) 556 -2464 CAP NO. 12631 BEARING N41'25'38 "E N49'59'38 "E N54'45'38 "E N58'26'45 "E N 66'33' 40 "E N24'04'07 "W S24'24'21 "E N 23'40' 58 "W N66'22' 59 "E S23'58'41 "E S26'36'00 "E S68'37'35 "E S23'37'35 "E CAP NO. 12631 DIST. 50.00' 50.00' 50.00' 67.06' 6.61' 31.50' 63.97' 63.96' 59.04' 111.52' 160.94' 34.20' 11.39' CHORD S16'08'28 "W 143.24' S46'07'35 "E 34.44' NAIL LOT D CAP NO. / �! 12631 CAP NO. 12631 CAP NO 12631 p � - OF `' � GRAPHIC SCALE 0 150 300 N of 1" =150' DRAWING MAY HAVE BEEN REDUCED NOTE THIS SURVEY IS SUBJECT TO EASEMENTS, RESERVATIONS, RESTRICTIONS AND RIGHTS -OF -WAY OF RECORD AND NOT OF RECORD. DRAWN ARC NECKED JUT DATE 07 -09 -10 11W ENGINEERS & SURVEYORS, P.C. INTEGRITY. EXPERTISE SOLUTIONS SHEET 2 of 3 r- 0 z 0 1111111I01R.,IA IIA% !1.(.NF'I:N. WI 4175 PENNSYLVANIA AVE. DUBUQUE. IA 32OV2 VOCE(5�)W..2 465 FAX 063)330-N11 vwv i n.np.mn PLAT NO 35 -IA -10 PROJ. NO. 06169 -04 P; \06 \169 \169 -03 \DWG \CVL \06169 -04L I, John M. Tranmer, a Duly Licensed Land Surveyor in the State of Iowa, do hereby certify that the following real estate was surveyed and platted by me or under my direct personal supervision, To Wit: Riverview Plaza in the City of Dubuque, Iowa. SURVEYOR'S CERTIFICATE Page 3 of 3 This survey was performed for the purpose of subdividing and platting said real estate henceforth to be known as Lots 1 & 2 of Riverview Plaza in the City of Dubuque, Iowa. Containing 39.575 acres, more or less, and subject to easements, reservations, restrictions, and rights -of- way of record and not of record, the plat of which is attached hereto and made a part of this certificate. The foregoing plat of Lots I & 2 of Riverview Plaza in the City of Dubuque, Iowa, is made with the free consent and in accordance with the desires of the undersigned owners and proprietors of said real estate. By By State of Iowa County of ) ss: My Commission Expires: OWNER'S CONSENT , Iowa 20 On this day of , 20 me, the undersigned, a Notary Public in and for the State of Iowa, personally appeared to me personally known, who being by me duly sworn, did say that person is the of said limited liability company and that the instrument was signed on behalf of said limited liability company by authority of its managers; and the said acknowledged the execution of said instnnnent to be the voluntary act and deed of said limited liability company, by it voluntarily executed. Notary Public in and for State of Iowa PLANNING SERVICES Dubuque, Iowa , 20 The foregoing plat of Lots I & 2 of Riverview Plaza in the City of Dubuque, Iowa, or within the two mile jurisdiction of the City of Dubuque, Iowa, as defined under Section 354 of the Code of Iowa, has been reviewed by the City Planner, (or designee) of the City of Dubuque in accordance with Chapter 42 of the City of Dubuque Code of Ordinances, and said approval has been endorsed herein on the date first written above. Planning Services Division City of Dubuque, Iowa City Planner — Laura Carstens COUNTY AUDITOR Dubuque, Iowa , 20 The foregoing plat was entered of record in the office of the Dubuque County Auditor this day of , 20 . We approve of the subdivision name or title to be recorded. Denise M. Dolan County Auditor of Dubuque, Iowa CITY ASSESSOR Dubuque, Iowa , 20 The foregoing plat was entered of record in the office of the Dubuque City Assessor this day of ,20 . Richard A. Engelken Dubuque City Assessor RECORDER'S CERTIFICATE Dubuque, Iowa , 20 The foregoing plat of Lots 1 & 2 of Riverview Plaza in the City of Dubuque, Iowa, has been reviewed by the Dubuque County Recorder. Kathy Flynn Thurlow Dubuque County Recorder ASSIGNMENT OF OPTION AGREEMENT The undersigned, Hwy 151 & 61 Development, LLC, an Iowa limited liability company does hereby transfer, assign and convey unto the City all of the undersigned's right, title and interest to that certain Option Agreement attached hereto and incorporated herein. Dated the day of July, 2010. G: \WPDOCS \MARY \Brad \Hwy 151 & 61 Assignment of Option Agreement.rtf EXHIBIT B HWY 151 & 61 DEVELOPMENT, LLC By Prepared by: Brian J. Kane, KANE, NORBY & REDDICK, P.C., 2100 Asbury Rd., Ste. 2, Dubuque, IA 52001 563 -582 -7980 OPTION AGREEMENT For valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, THE CITY OF DUBUQUE, IOWA (hereafter "Grantor "), hereby grants to Hwy 151 & 61 Development, LLC, an Iowa limited liability company, or its assignee (hereafter "Grantee "), an exclusive option to purchase the real estate legally described as follows: See legal description attached hereto as Exhibit "A" and made apart hereof (hereafter the "City Real Estate "). Grantor hereby grants to Grantee an exclusive option to purchase the above - described property as provided in that certain Development Agreement wherein the Grantor is the City and the Grantee is the Developer dated July , 2006, incorporated herein by this reference (the "Development Agreement "). The total option purchase price shall be $1.00. Grantor shall produce marketable title to the City Real Estate pursuant to the Iowa Land Title Standards prior to or at the closing of the purchase described above. Grantee shall exercise this option, if at all, by giving written notice of such intent to exercise this option during the period commencing July , 2006 and ending on the 30 day of June, 2011. Notice shall be given as provided in the Development A gr eement. Grantor, at its expense, shall promptly continue and pay for the abstract of title to the above - described property continued through a date not more than thirty (30) days prior to the closing date stated in the notice of the exercise of the option. Such abstract shall show merchantable title in the Grantor in conformity with this agreement, Iowa law and title standards of the Iowa State Bar Association. The abstract shall become the property of the Grantee when the purchase price is paid in full. Grantor shall pay costs of additional abstracting or title work due to acts or omissions of the Grantor. Upon payment of the purchase price of $1.00, Grantor shall convey the City Real Estate to Grantee or its assignees, by Warranty Deed, free and clear of all liens, restrictions and encumbrances. Page 1 of 4 This option shall terminate if notice of the exercise thereof is not given pursuant to this Agreement and the Development Agreement on or before the 30` day of June , 2011. This contract shall apply to and bind personal representatives, successors in interest and permitted assigns of the parties. This option shall be governed by and construed in accordance with the laws of the State of Iowa. Notwithstanding any other provision herein to the contrary, Grantor shall, prior to the closing, either provide a "No Further Action" certificate with regard to the City Real Estate from the Iowa Department of Natural Resources or alternatively shall agree to indemnify, defend, and hold harmless Grantee from any and all environmental liabilities related to or arising out of the property for environmental conditions which exist as of and prior to the closing date. "Environmental Conditions" for this purpose shall mean any presence in or beneath the City Real Estate of solid waste, radioactive waste, hazardous waste, hazardous substances, underground storage tanks, wells, or other conditions which may lead to groundwater contamination, including those substances defined to be hazardous in 42 U.S. Code Section 9601, at Sec. and Iowa Code Chapter 455B (2005) or any other federal, state, or local law with respect to groundwater hazards, pursuant to all environmental hazards. If City fails to so obtain a No Further Action certificate from the Iowa Department of Natural Resources City shall indemnify, defend, and hold harmless Grantee. DATED THIS DAY OF , 2006. CITY OF DUBUQUE, IOWA HWY 151 & 61 DEVELOPMENT, LLC By: Roy D. Buol, Mayor By: Wayne A. Briggs, President By: Jeanne F. Scheneider, City Clerk STATE OF IOWA COUNTY OF DUBUQUE ) ss: On this day of , 2006, before me, , a Notary Public in and for the State of Iowa, personally appeared Roy D. Buol and Jeanne F. Schneider, to me personally known, and, who, being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of the city, and that the instrument was signed and sealed on behalf of the city, and that they acknowledged the execution of the instrument to be their voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily executed. Page 2 of 4 STATE OF IOWA DUBUQUE COUNTY ) ) ss: NOTARY PUBLIC IN AND FOR THE STATE OF IOWA This instrument was acknowledged before me on the day of , 2006, by WAYNE A. BRIGGS as of Hwy 151 & 61 Development, LLC. F: \WPDOCS\Missy\DOCS\Hwy 151 & 61 Development LLC (City of Dubuque) Option Agreement (Final) Exhibit E to Development AgreementCLEAN.wpd Page 3 of 4 NOTARY PUBLIC IN AND FOR THE STATE OF IOWA EXHIBIT A A part of Lot 1 of Block 2, Dubuque Packing Company Addition, containing approximately 2.76 acres as shown on the attachment hereto. Page 4 of 4 15.1.8 WOO 1 1 1'Oi 06 T 24.45' (21 32 ') OT 2 MCC'. 2 CAB. PACK WC CO . ACC . 0 _5 1 LOT 448 0. CAST IGTII STRC - 566 3O' 1505? � \ 1� mow• •• 1.A - H6s'21 x*E N66'26 . 5 4 ' ( 1 3 0 t6c 36 ' c'533 ') \ LOT 4-4 LOT 473 r. E H PART Cr LOT 1 BOOS 2 OIRp� PAO(IIC 03.PANT AID. .76 A.0CS -5-_-4 366 '2C^.30' I 1 `se s2) I 1 (SI AO •) N., 1 //J��' LOT 4 I 'CP i� \ ! I 69 i X l � �H� 61 �H'6 T 01 71-62 TT IN 580.09 ' r Og . RADIUS . 2361.83 ' Ate^ - 3'56.35 ' TOM( .• S78 . S 1 ' 0410 156.01' BEAR RC r StD •0 1 ! L -- } -S- T ; I -S-T . 141011 Rif PM ItCW..1041 4726 - 89 TF LOTI I 2 f l OT 537y b TY+RT Cr LOT 506 1 1 DFrA IL "Al' - r i WOWS 2221.63 AJ& - 344 d1 ' 1AKETO • 42.76 ! CHI:RD 344 - 48 • BEARIW • Ka' B' /� ! / 1 r7T� Sao OI CLJF Fti7C / � IN; fiG{FT JtT j LOT 230 • LOT 567 L H ICHOY pal RN PER I 1416 -60 LOT 568.1 ([ M H ST. YA1 1tU) L01 505 LOf 5h2f � � P ART Or LOT 1 i 14L0]( 2 Ct.ELCSE Pf.'J(1►C COPAIK ACC- / 0.72 ACFES S6C' 26 '36'4 ,, 9T i S30' 0.3 WV- 23.41' (233') LOT r-56 CAST O(B. '2 I OT 586 LOT SY5 LOT 561 r + LOT 561 LOT 562 n+3 Prepared By: Brian J. Kane, 2100 Asbury Road, Suite 2, Dubuque, IA 52001 (563) 582 -7980 RESTRICTIVE COVENANTS The undersigned, THE CITY OF DUBUQUE, IOWA, a municipality, being the owner of the following- described real estate: Lot 1 of Block 2, Dubuque Packing Company Addition hereby makes the following declarations as to limitations, restrictions and uses to which the above - described lots (hereafter the "Real Estate ") in Dubuque County, Iowa, may be put, hereby specifying that said declarations shall constitute covenants to run with said lots, as provided by law, and shall be binding upon the heirs, successors and assigns of all parties and all persons claiming under them and for the benefit and limitation upon all future owners of the Real Estate. 1. The following uses shall be prohibited upon the Real Estate: (a) Convenient store with gas sales; (b) Gas station; (c) Pharmacy; and (d) Quick service restaurant with ice cream, ice milk, frozen custard, frozen yogurt or similar such product sales (hereinafter "Ice Cream "), provided that the average for the brand of restaurant proposed has Ice Cream sales that are 20% or more of total sales for the average restaurant for that brand. 2. These covenants and restrictions shall run with the land and shall be binding on all parties hereto, their heirs, successors in interest and assigns, and on persons claiming under them for a period of twenty one (21) years from the date these restrictive covenants are recorded, at which time the covenants and restrictions shall be extended for successive periods of twenty one (21) years. EXHIBIT C 1 3. In case the parties hereto, or any of them, or their heirs, successors or assigns, shall violate or attempt to violate any of the covenants or restrictions herein, it shall be lawful for Hwy 151 & 61 Development, LLC ( "Hwy 151/61") or its successor in interest, or any other interested party or parties, to prosecute any proceeding at law or in equity against the person or persons violating or attempting to violate any such covenants or restrictions, to either prevent him or them from so doing, or recover damages for such violation, or both. The prevailing party in any such action shall be entitled, in addition to any other damages or remedies, to be reimbursed for reasonable attorney's fees and court costs incurred in connection with such action(s). 4. The invalidation of any one of these covenants or restrictions, or any part thereof, by judgement or court order shall in no way affect any of the other provisions and all other provisions shall remain in full force and effect. 5. The fact that a violation of these provisions has not been previously enforced shall not estop or bar in any way subsequent enforcement of these provisions by any party authorized to insist upon enforcement. 6. The restrictive covenants, agreements, conditions, reservations, restrictions and charges created and established herein for the benefit of Real Estate and each lot therein may be amended, waived, abandoned, terminated, modified, altered and changed as to the whole of Real Estate or any portion thereof only with the written consent of Hwy 151/61 or its successors in interest. No such amendment, waiver, abandonment, termination, modification or alteration shall become effective until the proper instrument in writing shall be executed and recorded in the office of the Recorder for Dubuque County, Iowa, with such written consent attached thereto. IN WITNESS WHEREOF, the foregoing instrument has been executed this day of , 2010. STATE OF IOWA COUNTY OF DUBUQUE ) ss: THE CITY OF DUBUQUE, IOWA By Roy D. Buol, Mayor By Jeanne F. Schneider, City Clerk On this day of ,2010, before me, , a Notary Public in and for the State of Iowa, personally appeared Roy D. Buol and Jeanne F. Schneider, to me personally known, and, who, being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City of Dubuque, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of the corporation, and that the instrument was signed and sealed on behalf of the corporation, by authority of its City Council, as contained in Resolution No. adopted by the City Council of the City of Dubuque, Iowa, on the day of , 20 , and that they acknowledged the execution of the instrument to be their voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily executed. G: \WPDOCS \MARY \Brad \Hwy 151 & 61 (City) Restrictive Covenants.rtf Notary Public in and for State of Iowa 3