Acquisition of 120 West Fourth Street
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CITY OF DUBUQUE, IOWA
MEMORANDUM
January 28, 1999
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Acquisition of 120 West Fourth Street
Community and Economic Development Director Jim Burke is recommending that
the City acquire the property at 120 West Fourth Street for $57,500. This
property would be combined with adjoining property already owned by the City to
construct a 503 car parking garage.
The parking garage would serve the needs of the Historic Old Main area, Five Flags,
and the Town Clock Plaza.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Michael C. Van Milligen '
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Attachment
cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Jim Burke, Community and Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
January 26, 1999
FROM:
es Burke, Community and Economic Development Director
TO:
SUBJ:
Acquisition of 120 W. 4th Street
INTRODUCTION
This memorandum requests City Council acceptance of an assignment of a Contract to Purchase
property at 120 W. 4th Street. This property is proposed to be acquired for development of a
public parking ramp.
DISCUSSION
The City Council has made downtown revitalization a priority for the City's work program. The
provision of additional parking to support business expansion in the area is a significant part of
this effort.
The Staff has identified the potential to provide added parking through the construction of a
parking ramp on Iowa Street between Fourth Street and Third Street. The City already owns all
but one parcel of this half block and the site's topography is favorable for building a ramp
structure. It represents one of the best places to locate added off-street parking.
At the direction of the City Council, we have worked through Continental Realty to obtain an
acceptable agreement to purchase the one parcel in the block not owned by the City. We have
also obtained environmental assessments of the site by an engineering firm. These reports state
that there are no environmental hazards on the property.
Accompanying this memorandum is a letter from Continental Realty which assigns to the City of
Dubuque the attached Contract to Purchase 120 W. 4th Street from the Marilyn Sullivan Estate.
The Contract provides that the purchase price of the property is $57,500.00 cash at closing.
Closing may occur immediately after City Council approval.
RECOMMENDATION
I recommend that the City Council accept the attached assignment of contract and direct the City
Manager to take all steps necessary to complete the purchase of the property at 120 W. 4th Street.
CONTINENTAL REALTY and INVESTMENT, Lid.
Doing Business as: Continental Realty, Felderman Appraisals,
Felderman Property Inspections, Felderman Management, and
Felderman Business Offices
1399 Jackson Street, Dubuque, Iowa 52001-5046
(319) 557-1465 Office; (319) 588-4214 Facsimile
E-Mail: feldermn1@aol.com
27 January, 1999
City of Dubuque
ATTN: James Burke
50 W. 13th Street
Dubuque, IA 52001
;
RE: 120 W. 4th Street, Dubuque, Iowa
As per the Buyer Broker Agreement, Continental Realty-Robert Felderman hereby assigns the Contract
to Purchase (dated 12/4/98, accepted 12/22/98) of 120 W. 4th Street (Marilyn Sullivan Estate) to the
CITY OF DUBUQUE.
A copy of the contract is attached.
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CONTRACT TO PURCHASE
Dubuque, Iowa, 52001, December 4, 1998
AGENCY RELATIONSHIP/CONFIRMATION: The following agency is hereby
confirmed for this transaction:
CONTINENTAL REALTY AND INVESTMENT, LTD is the Buyers Agent and will
be compensated by a success fee from the buyer. No COMMISSIONS to
be paid by Seller. Agent and Buyer have signed a Buyer Broker
Agreement.
TO Marilyn Sullivan Estate (DubuQue Bank and Trust Company as Co-
Executor) j On behalf of an unidentified Buyer, an offer is made to
purchase your property located at:
120 W. 4th Street (sometimes referred to as 351 Iowa Street).
DubuQue. Iowa
and legally described as follows: West 29' of City Lot 189. West
29' of North 14'3 of City Lot 190, and South 12' of East 84' of
North 1413 of City Lot 190, all in the City of DubuQue. Iowaj
And agree to pay you therefore, the sum of $57.500.00 (CASH at
closing) .
1. TAXES-SPECIAL ASSESSMENTS. All regular taxes now due or payable
are to be paid by the SELLER(S) in full. All other taxes are to be
prorated to date of closing. All subsequent taxes are to be paid by
buyer.
2. SPECIAL ASSESSMENTS. All special assessments constituting a
lien, are to be paid by SELLER(S) .
3. Interest, rents, homeowners association assessments, unused
fuels, and other appropriate charges shall be prorated as of the
date of closing. Accrued income and expense, shall accrue to the
SELLER (S) .
4. SETTLEMENT AND OCCUPANCY. Settlement shall occur and legal
possession shall be given on or before 31 December 1998. Occupancy
shall be given to buyers at closing. Seller(S) to maintain premises
in the same condition as of this date, normal wear and tear
excepted. NOTE: Occupancy may be subj ect to lease and tenant
vacancy as follows: (If none, so statej NONE, TENANT IS MONTH TO
MONTH). Buyer reserves the right to review and approve or
disapprove all leases.
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5. FIXTURES: The following items, provided they exist on the
premises on date hereof. Roller shades, curtain and drapery rods
and fixtures, venetian blinds, linoleum fastened or wall-to-wall
carpeting fasted or wall-to-wall, stair carpets, storm doors and
windows, screens for door and windows, electric light fixtures and
bulbs, bath fixtures and accessories, permanent heating and
cooling, equipment, water heater, TV antenna (including rotor and
control), satellite dish, fireplace screen, fire grate and attached
equipment, all shrubs, trees and all other fixtures not excepted
herein, are to be left with as belonging to buildings and premises,
and including: NONE. to be sold AS IS. exce?t Buver reserves the
riqht to approve the Purchase Aqreement.
6. REPORT. Subject to a SATISFACTORY Phase I and Phase II
Environmental Inspection (to be paid at the Buyers Expense) the
buyer agrees that the Seller makes no representations or warranties
and shall not be responsible for clean up of any pollution,
contamination, or environmental problems of the property. Seller is
selling the property in an AS IS condition and warrants only
merchantable title.
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7. REPRESENTATIONS. The Buyer(S) understands that no
representations made by the Seller(S) or his Agent in the
negotiation of this sale are being relied upon unless incorporated
herein or attached hereto in writing and that the Buyer(S) has
personally inspected this property.
Buyer(S) is hereby advised to request that special provisions be
written into this contract prior to signing same, to cover any and
all condition which Buyer(S) might consider to be questionable or
problematical (whether such be inspection for termites, drainage,
water and soil condition, adequacy of structure or any components,
zoning, boundaries, utility connections, or any other matters) .
It is understood that except for items which are written herein,
the described property is being sold "as is" on the date hereof,
and that Agent named herein will not beheld liable or responsible
with respect to any conditions which are presently known or
subsequently discovered. Seller(S) shall maintain the premises in
the same condition as of this date, normal wear and tear excepted.
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By acceptance of this offer, the Seller(S) warrants and represents:
That Seller(s) has no notice or knowledge of any planned
improvement which may result in special assessments or other liens,
that no government agency has served any notice requiring repair,
alternation or corrections of any existing condition, and that the
Seller(s) has no knowledge of any structural or mechanical defect
of material significance in the property, including adequacy for
normal use of any mechanical system, plumbing, heating, or cooling,
wiring, except as shown indicated here, (if none, so state)
The above warranties and representations of Seller(s) shall survive
the closing of this transaction.
8. ADDITIONAL PROVISIONS.
a. It is agreed that at the time of settlement, funds of the
purchase price may be used to pay taxes and other items to comply
with the above requirements, same to be handled under the
supervision of R. J. FELDERMAN-CONTINENTAL REALTY. Broker, subject
to approval of Buyer's attorney on title questions involved, as
needed to produce merchantable title.
b. When accepted, this offer shall become a legal binding contract
for the Sale and Purchase of the above described premises, subject
to approval of terms by the unidentified buyer within 5 (five)
working days of acceptance. If this offer is not accepted by the
Seller(s) on or before 5:00 p.m. 09 December. 1998, it shall become
null and void without liability on the part of said agent to either
party.
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c. The BUYER reserves the right to assign this Purchase Agreement
to any other person or entity, without the written consent of the
SELLER (s) .
d. TIME IS OF THE ESSENCE IN THIS AGREEMENT.
e. Upon payment of the purchase price, Seller(s) shall convey title
by Warranty Deed.
f. The buyers agree to begin the PHASE I and PHASE II Environmental
Inspections as soon as possible after acceptance of this purchase titJ\
agreement. Both parties agree to make all efforts to have the
closing on or before 30 days after the buyer receives satisfactory
environmental results. If satisfactory results are not received
this offer becomes null and void.
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9. INSURANCE. Insurance on the premises shall become Buyer (s)
responsibility as of date of settlement. Seller(s) agree to
maintain adequate insurance based on REPLACEMENT COST until such
time. Buyer(s) may purchase additional insurance. Risk of loss
remains with Seller(s) until date of actual settlement.
10. ABSTRACT. Seller (s) shall furnish Buyer (s) an abstract of
title, beginning with date of platting or government entry,
continued within 30 days of settlement date. If abstract does not
show good and merchantable title to said property, free and clear
of all liens and encumbrances, not expressly waived or assumed by
Buyer(s), Seller(s) shall correct defects in title before
settlement is made. Municipal building codes and zoning ordinance
or mineral reservations shall not be construed as title
encumbrances. Seller(s) shall pay costs of additional abstracting
and/or title work due to act or 'omission of Seller(s), including
transfers by death of Seller(s) and/or assigns. Merchantable title
to be established by the existing law and title standard of Iowa.
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11. REMEDIES OF THE PARTIES-FORFEITURE-FORECLOSURE.
a. If Buyer(s) fail to fulfill this agreement, the Seller(s) may
forfeit the same as provided in the laws of the state in which the
property is located, and all payments made hereunder shall be
forfeited.
b. If Seller(s) fail to fulfill this agreement, the Buyer(s) shall
have the right to have all their payments made hereunder returned
to them.
c. In addition to the foregoing remedies, Buyer(s) and Seller(s)
each shall be entitled to any and all other remedies, or actions at
law or in equity, including foreclosure, and the party at fault
shall pay costs and attorney fees, and a receiver may be appointed.
12. OTHER PROVISIONS:
a. In the event the Seller(s), immediately prior to execution of
this contract, holds title to the said property as joint tenant
with right of survivorship and not as tenants in common, said joint
tenancy relationship is expressly retained.
b. Unless otherwise
one party, is made
with full rights of
provided; this proposal, if signed by more than
by the undersigned Buyer(s) as joint tenants
survivorship and no as tenants in common.
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c. The Seller warrants that the singular Tenant is on a month to
month rental program, with no written lease. Buyer will advise
Tenant if they desire to continue renting the said premises after
purchase.
13. SELLER(S) agree that the presently unidentified BUYER(S) has
the right to approve or disapprove the Purchase Agreement within
10 (TEN) working days of the acceptance date listed below.
the foregoing offer and terms and
Name:
Date
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Witness:
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Date
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