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Sale of Property at 2015 Washington StreetMasterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Sale of Property at 2015 Washington Street DATE: October 26, 2010 Michael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David Harris, Housing and Community Development Department Director Dubuque All-America City 2007 Housing and Community Development Director David Harris recommends disposing of City -owned real property located at 2015 Washington Street to Jerry Chase and Julie Woodyard for the appraised value of $91,000. The property was purchased by Gronen Restoration in 2003 and completely renovated and restored to its original condition. This was one of the City's earliest efforts at reinvestment in the Washington Neighborhood. When completed in 2004 it was appraised at $148,000 and sold to an owner - occupant family. The last family to own the home subsequently defaulted on the mortgage. The City then acquired the home at foreclosure sale for $81,062.51, using General Fund dollars. The home was purchased for $81,062.51 at a foreclosure sale. Approximate appraised value of the home is $91,000, which is the sale price. The home will be purchased with a combination of City first -time homebuyer and rehab grants and loans totaling $24,000. Owners have obtained a first mortgage from a local lender and will additionally commit $4,550 as a downpayment. A $47,579 forgivable third mortgage will be assumed by the buyer and placed on the property to insure homeownership for five years. I concur with the recommendation and respectfully request Mayor and City Council approval. Masterpiece on the Mississippi TO: Michae an Milligen, City Manager FROM: David Ffais Housing and Community Development Department g y p SUBJECT: Sale of property at 2015 Washington Street DATE: 20 October 2010 Dubuque AFAmuIcaCk► 1 2007 Introduction The purpose of this memorandum is to request approval of the attached resolution authorizing sale of a home at 2015 Washington Street. Discussion At its 18 October 2010 meeting, the City Council, by passage of Resolution No. 408 -10 declared its intent to dispose of City -owned property at 2015 Washington Street. A public hearing was set for 1 November 2010. The attached resolution approves that sale of the property to Jerry Chase and Julie Woodyard. Action Step The action requested of the City Council is to approve the attached resolution, approving the sale of the home at 2015 Washington Street. RESOLUTION NO. 435-10 A RESOLUTION APPROVING THE SALE OF REAL ESTATE SPECIFICALLY, NORTHERLY 46 FEET OF LOT 20 IN STEINER'S ADDITION OR SUBDIVISION IN THE CITY OF DUBUQUE COUNTY OF DUBUQUE, IOWA, ACCORDING TO THE RECORDED PLAT THEREOF — 2015 WASHINGTON STREET WHEREAS, pursuant to a notice, duly published in the Telegraph Herald newspaper, in the City Council of Dubuque, Iowa, met on 1 November 2010, in the Dubuque Historic Federal Building, 350 West 6 Street, Dubuque, Iowa to consider the proposal to dispose of City -owned real estate located at 2015 Washington Street, described as: Northerly 46 feet of Lot 20 in Steiner's Addition or Subdivision in the City of Dubuque, County of Dubuque, Iowa, according to the recorded Plat thereof, WHEREAS, such purpose supports the Washington Neighborhood revitalization strategy as approved by the City Council; WHEREAS, the City has received an offer to purchase this property from a qualifying household; WHEREAS, the City Council of the City of Dubuque, Iowa has overruled any and all objections, oral and written, to the proposal to dispose of the interest of the City of Dubuque, Iowa, in the herein and above - described real estate to the below -named grantee. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City of Dubuque hereby approves the sale of the following legally - described property: Northerly 46 feet of Lot 20 in Steiner's Addition or Subdivision in the City of Dubuque, County of Dubuque, Iowa, according to the recorded Plat thereof, at the cost of Ninety -one thousand dollars ($91 000) Section 2. That the City of Dubuque be and is hereby authorized to provide a Warranty Deed to the buyer, conveying the City's interest to Jerry Chase and Julie Woodyard for the herein - described real estate. Section 3. That the City Clerk be and she is hereby authorized and directed to cause said Warranty Deed to be recorded in the Office of the Dubuque County Recorder, together with certified copy of the Resolution. Section 4. That the City Clerk be and she is hereby authorized and directed to forward a copy of this Resolution to the Dubuque Count Assessor and the Dubuque County Auditor. PASSED, APPROVED AND ADOPTED this 1st day •f November, 2010. Attest: Jeanne Schneider, CMC, City Clerk Roy uol, Mayor CITY OF DUIUQUE, IOWA OFFIcIAL NOTICE NOTICE is hereby giv- en that the City Council of Dubuque, Iowa, will conduct a public hear- ing at a meeting to commence at 6:30 p.m., on the 1st day of November, 2010, in the Historic Federal Build- ing, 350 West Sixth Street, to consider the disposal of its interest in real property descri- bed as the northerly 46 feet of Lot 20 In Stein - er's Addition or Subdi- vision in the City of Du- buque, County of Du- buque, Iowa, according to the recorded plat thereof, 2015 Washing- ton Street to Jerry Chase and Julie Wood- yard. Copy of support- ing documents are on file in the City Clerk's Office and may be viewed during working hours.) Written comments re- garding said disposal may be submitted to the City Clerk's Office on or before the time of public hearing. At said time and place of public hearing, all interested citizens and parties will be given an opportunity to be heard for or against said disposal. Any visual or hearing impaired persons needing special assis- tance or persons with special accessibility needs should contact the City Clerk's Office at (563) 589 -4120 or TDD (563) 690-6678 at least 48 hours prior to the meeting. Published by order of the City Council given on the 18th day of Oc- tober, 2010. Jeanne F. Schneider, CMC, City Clerk It 10/22 STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: October 22, 2010, and for which the charge is $16.88. Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this a ?Z.,..P day of , 20 i Notary Public in and for ubuque County, Iowa.