Greenfield Mortgage ReleaseRESOLUTION NO. 399-00
A RESOLUTION APPROVING THE RELEASE OF REAL ESTATE
MORTGAGE FOR PROPERTY LOCATED AT 185 MAIN STREET.
Whereas, the City of Dubuque, Iowa, provided a Downtown Rehabilitation Loan to
Duaine H. Greenfield and Jane M. Greenfield on July 22, 1998 for the rehabilitation of property
located at 190 Main Street; and
Whereas, Duaine H. Greenfield and Jane M. Greenfield executed mortgages dated July
23, 1998 for 185 Main as per Instrument No. 11555-98 and for 190 Main as per Instrument No.
11554-98 as security for the Downtown Rehabilitation Loan; and
Whereas, Duaine H. Greenfield and Jane M. Greenfield have asked the City to release the
mortgage on 185 Main and transfer their entire liability to the mortgage of 190 Main.
Whereas, the Release of Real Estate Mortgage, hereto attached and by this reference
made a part hereof, sets forth the terms and conditions of the release.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section I. That the Release of Real Estate Mortgage for 185 Main is hereby accepted and
approved.
Section 2. That the Mayor is hereby authorized to execute, on behalf of the City Council
of the City of Dubuque, Iowa, the attached Release of Real Estate Mortgage.
Passed, approved and adopted this 21st day of August, 2000.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
.
.
.
,
Preparer
Information
James A O'Brien
Individual's Name
491 W. 4th Street
Street Address
DubuQue
City
(319) 556-8552
Phone
J.mes A. O'Brien ISBA /I-.lInybamumbe.....
SPACE ABOVE THIS UNE
FOR RECOROER
RELEASE OF REAL ESTATE MORTGAGE
The undersigned, the present owner(s) of the mortgage hereinafter described, do hereby acknowledge that a
certain mortgage bearing date of the 22nd day of July, 1998, made and executed by DUAINE H. GREENFIELD
and JANE M. GREENFIELD to THE CITY OF DUBUQUE, IOWA and Recorded in the records of the office of
the Recorder of the County of Dubuque State of Iowa, Instrument No. 11555-98,011 the 23rd day of July, 1998 is
released.
Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural
number, and as masculine, feminine or neuter gender, according to the context.
Dated thi~ ~ day of August, 2000.
CITY OF DUBUQUE, IOWA
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
STATE OF IOWA )
)SS:
COUNTY OF DUBUQUE )
On thi~..-I:f' day of August, 2000, before me a Notary Public in and for the County of Dubuque and
State of Iowa personally appeared Terrance M. Duggan and Jeanne F. Schneider, to me personally known, who,
being duly sworn did say that the said Terrance M. Duggan is Mayor and the said Jeanne F. Schneider is Clerk of
the City of Dubuque, Iowa, and that the seal affixed to the above instrument is the corpomte seal of the City of
Dubuque, Iowa, and that said instrument was signed and sealed on behalf of the City of Dubuque, Iowa, by
authority of the City Council of said City, and the said Terrance M. Duggan and Jelmne F. Schneider, acknowledged
the execution of said instrument to be the voluntary act and deed of said City of Dubuque, Iowa, by it voluntarily
executed.
Witness my hand and Notarial Seal on the date last a v written
.
CITY OF DUBUQUE, IOWA
MEMORANDUM
August 1 7, 2000
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Partial Mortgage Release on Downtown Rehabilitation Loan--
Duaine and Jane Greenfield
.
As the additional collateral is no longer needed, Community and Economic
Development Director Jim Burke is recommending provision for a release of a
mortgage on 185 Main Street. This additional security was needed for a
Downtown Rehabilitation Loan to renovate the former CinemaX Building located at
1 90 Main Street.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/dd
Attachment
0 Cl
D
o~: :t>o :0
c: c c:
;7 G ) r-Il
( ~ '; C""")
-....... -..J
r- .-', ~iJ
"c6 , ."
-
Q ~ ..........
)> ::::!'! .,- m
0 0
CD .,-
U'l
cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Jim Burke, Community and Economic Development Director
.
.
.
.
CITY OF DUBUQUE, IOWA
MEMORANDUM
August 14, 2000
TO:
~~' City Manager
J~S Burke, Community and Economic Development Director
Partial Mortgage Release on Downtown Rehabilitation Loan
Duaine and Jane Greenfield
FROM:
SUBJECT:
INTRODUCTION
This memorandum presents for City Council consideration a request from Duaine H. and Jane M.
Greenfield for release of a mortgage on 185 Main. This mortgage is part of the security for a
Downtown Rehabilitation Loan Program loan to renovate the former Cinema X Building located
at 190 Main Street.
BACKGROUND
On July 22, 1998 the City entered into Downtown Rehabilitation Loan Agreement #2-98 with
Duaine and Jane Greenfield in the amount of$188,000 for the rehabilitation of 190 Main Street.
The Greenfields completely renovated the exterior and interior of this building and created a first
floor storefront and two apartments, one on the second floor and one on the third floor. The
project was completed in 1999.
At the time ofthe City's loan, the Greenfields had already taken out a bank loan to purchase the
property. Because the projects's after-rehab appraisal value was not sufficient to cover the
City's loan and the bank loan, the Greenfields provided a mortgage on their property at 185 Main
Street as well as and a second mortgage on 190 Main Street as security for the City loan.
The bank has now been repaid and has released its first mortgage on 190 Main. The City has the
first and only mortgage on this property. The attached letter from Duaine Greenfield requests the
City now release of the mortgage on 185 Main.
RECOMMENDATION
1 recommend that the City Council approve the requested mortgage release for 185 Main Street.
The Greenfields' repayment of the bank loan has moved the City's mortgage into first position
on 190 Main Street. The City's legal staff has determined that the first mortgage on 190 Main
will provide security for the full amount of outstanding principal of the City's loan to the
Greenfields.
ACTION STEP
The action step for the City Council is to adopt the attached resolution.
Prepared by Aggie Kramer, Community Development Specialist
.
.
.
.
July 20, 2000
Jim Burke
City of Dubuque
City Hall
Dubuque, IA 52001
Re: 190 Main Street
Dubuque,IA 52001
Dear Jim:
Duaine & Jane Greenfield
Harbor View Dubuque, IA 52001
319-556-2896
Per our phone discussions, we are requesting that the lien (in the amount ofSI8,000.00) that the City of
Dubuque has on our property at 185 Main Street be transferred to the property we own at 190 Main Street.
In review:
At the time we purchased the property at 190 Main Street, we received a loan from American
Trust & Savings Bank in the amount of $40,000. This loan for the initial purchase of the building plus
clean up and demolition expenses. American Trust & Savings Bank then held the first mortgage on that
property for $40,000. At the time we received the loan from the City for renovation of the property
($188,000) the City took second mortgage on 190 Main Street in the amount of $170,000 and a mortgage
on the 185 Main Street property for the balance ($18,000).
Since that time, we have paid American Trust & Savings in full and they no longer have a lien
against 190 Main Street.
This will give the City the first and only mortgage on 190 Main Street.
For your information, the property at 190 Main Street is now fully rented!
We greatly appreciate all the help we have received from the City in our efforts on this building.
L
Duaine H. Greenfield
DHG:jg
.
.
.
..
Kdl, \\-. \t~
\ '1oo03:nO
2DGD AUG 28 PH 12: 37
h/~6W~t~~'; i~[c\=i\-g~1~(;W \ t...,OO
OU3UOUE co.. IOWA FEES \i/
Preparer
Information
James A. O'Brien
Individual's Name
491 W. 4tn Street
Street Addres~
Dubuaue
City
13191 556-8552
Phone
James A. O'Brien ISBA # ""attnybarnumber*".
SPACE ABOVE THIS LINE
FOR RECOROER
RELEASE OF REAL ESTATE MORTGAGE
The undersigned, the present owner(s) of the r.lortgage hereinafter described, do hereby acknowledge that a
certain mortgage bearing date ofthe 22nd day of July, 1998, made and executed by DUAINE H. GREENFIELD
and JANE M. GREENFIELD to THE CITY OF DUBLQUE, IOWA and Recorded in the records of the office of
the Recorder of the County of Dubuque State of Iowa, Instrument No. 11555-98, on the 23rd day of July, 1998 is
released.
Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural
number, and as masculine, feminine or neuter gender, according to the context.
Dated thi&..o-V' day of August, 2000.
CITY OF DUBUQUE, IOWA
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
STATE OF IOWA )
)SS:
COUNTY OF DUBUQUE )
On thiV/~day of August, 2000, before me a Notary Public in and for the County of Dubuque and
State. o. f~QjW. a..... pe. rs.on.a. lIy appeared Terrance M. Duggan and Jeanne F. Schneider, to me personally known, who,
beillgdUlY~""0vij.9id say that the said Terrance M. Duggan is Mayor and the said Jeanne F. Schneider is Clerk of
. t~:c:::ity9fiJ:?\J!l!!<j;"e, Iowa, and that the seal affixed to the above instrument is the corporate seal of the City of
DJ.i~li91\~~:~9.~a;^and that said instrument was signed and sealed on behalf of the City of Dubuque, Iowa, by
. .' '.. "'""City'Council of said City, and the said Terrance M. Duggan and Jeanne F. Schneider, acknowledged
Je.f said instrument to be the voluntary act and deed of said City of Dubuque, Iowa, by it voluntarily
my hand and Notarial Seal on the date last ab v ~ )
C' -'1 l/~
Notary Public in and f r said County
RESOLUTION NO. 399-00
A RESOLUTION APPROVING THE RELEASE OF REAL ESTATE
MORTGAGE FOR PROPERTY LOCATED AT 185 MAIN STREET.
Whereas, the City of Dubuque, Iowa, provided a Downtown Rehabilitation Loan to
Duaine H. Greenfield and Jane M. Greenfield on July 22, 1998 for the rehabilitation of property
located at 190 Main Street; and
Whereas, Duaine H. Greenfield and Jane M. Greenfield executed mortgages dated July
23, 1998 for 185 Main as per Instrument No. 11555-98 and for 190 Main as per Instrument No.
11554-98 as security for the Downtown Rehabilitation Loan; and
Whereas, Duaine H. Greenfield and Jane M. Greenfield have asked the City to release the
mortgage on 185 Main and transfer their entire liability to the mortgage of 190 Main.
Whereas, the Release of Real Estate Mortgage, hereto attached and by this reference
made a part hereof, sets forth the terms and conditions of the release.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Release of Real Estate Mortgage for 185 Main is hereby accepted and
approved.
Section 2. That the Mayor is hereby authorized to execute, on behalf of the City Council
of the City of Dubuque, Iowa, the attached Release of Real Estate Mortgage.
Passed, approved and adopted this 21st day of August, 2000.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider
City Clerk
.,
.
.
.
>~
"
.
CERTIFICATE OF CITY CLERK
STATE OF IOWA
COUNTY OF DUBUQUE
I, Jeanne F. Schneider, do hereby certify that I am the duly appointed,
qualified, and acting Clerk of the City of Dubuque, Iowa in the County
aforesaid, and as such Clerk I have in my possession or have access to the
records of the proceedings of the City Council. I do further state that the
hereto attached Resolution No. 399-00 is a correct copy of the original
Resolution No. 399-00 approved and adopted by the City Council of the City
of Dubuque, Iowa, at a session held by said Council on the 21 st day of
August, 2000.
In Testimony Whereof, I hereunto set my hand and official seal of the City of
Dubuque, Iowa.
Dated at Dubuque, Iowa this 24th day of August, 2000.
Jeanne F. Schneider
City Clerk
City of Dubuque, Iowa
00
~
(1
~.
~
o
',:":1
C:.: >_
8g~
C::'~';:_"
[11-;,
C\-<~",-
'"
.-~) --~~
C':~-:.;> ..... J;::.i':.:.
("::;.:) ..;:;--
c;=. ~;
~ ~.!
fi I-A ...-::!'
NO L
CD _ ,
- :;J..
~ 0 c
~b~
-JO