ADC Properties/Advanced Data-Comm Development Agreement 2nd Amendment111111
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
1111
Doc ID 008360000004 Type GEN
Kind: AFFIDAVITS
Recorded: 12/11/2015 at 02:01:44 PM
Fee Amt: $22.00 Page 1 of 4
Dubuque County Iowa
John Murphy Recorder
F11e2015-00015702
Prepared By: Barry A. Lindahl, 300 Main Street, Suite 330, Dubuque, IA 52001 (563) 583-4113
Return To: Barry A. Lindahl, 300 Main Street, Suite 330, Dubuque, IA 52001
CORRECTED AFFIDAVIT
Re: Lot 4 and Lot 5 of Block 2 of Dubuque Technology Park in the City of
Dubuque, Dubuque County, Iowa (hereinafter the "Real Estate")
STATE OF IOWA, COUNTY OF DUBUQUE ) SS:
The undersigned, being first duly sworn on oath, states:
1. I am the Finance Director for the City of Dubuque, Dubuque County, Iowa.
2. This Affidavit corrects the Affidavit of Kenneth J. TeKippe dated July 31, 2014,
filed August 6, 2014 as Instrument No. 2014-8509. Said Affidavit should have
referenced Instrument No. 10226-98, not Instrument No. 10266-98.
3. I am personally familiar with any and all assessments paid, due and/or owing
concerning the Real Estate and specifically pursuant to that certain Declaration of
Covenants, Conditions, Restrictions, Reservations, Easements, Liens and Charges filed
in the office of the Dubuque County Recorder on June 30, 1998 as Instrument No.
10226-98, and that certain Minimum Assessment Agreement filed in the office of the
Dubuque County Recorder on March 18, 1999 as Instrument No. 4705-99 (collectively
the "Agreements").
4. I know of my own personal knowledge that the titleholder of the above-described
property has satisfied all outstanding obligations under the Agreements regarding the
Real Estate, including the payment or all dues and assessments that are due and owing
for such Real Estate, through and including the date of this Affidavit.
5. This Affidavit is made from my own personal knowledge.
Dated this (C) day of
, 2015
CITY OF DUBUQUE, DUBUQUE COUNTY, IOWA
Kenneth J. TeKipe, Finance Director
This instrument was subscribed and sworn to before me this /U of...)6e, x.ns(o-
2015, by Kenneth J. TeKippe as Finance Director for the City of Dubuque, Dubuque
County, Iowa.
F�
L.
Commission Number 719986
My Commission Expires
•i3 • I
Nota
Public in and for the State of Iowa
F:\USERS\tsteckle\Lindahl\Industrial Park Covenants\TeKippeAffidavit_Corrected_120715.doc
-106 -
AFFIDAVIT Filed August 6, 2014
AFFIDAVIT
2024-8509
Re: Lot 4 and Lot 5 of Block 2 of Dubuque Technology Park in the City of Dubuque,
Dubuque County, Iowa (hereinafter the "Real Estate")
STATE OF IOWA, COUNTY OF DUBUQUE) SS:
The undersigned, being first duly sworn on oath, states:
1. I am the Finance Director for the City of Dubuque, Dubuque County, Iowa.
2. I am personally familiar with any and all assessments paid, due and/or owing
concerning the Real Estate and specifically pursuant to that certain Declaration of Covenants,
Conditions, Restaictions, Reservations Easements, Liens and Chargers filed in the office of the
Dubuque County Recorder on June 30, 1998 as Document No. 10266-98, and that certain Minimurn
Assessment Agreement filed in the office of the Dubuque County Recorder on March 18, 1999 as
Document No. 4705-99 (collectively the "Agreements").
3. I know of my own personal knowledge that the titleholder of the above-described
property has satisfied all outstanding obligations under the Agreements regarding the Real Estate,
including the payment of all dues and assessments that are due and owing for such Real Estate,
through and including the date of this Affidavit.
4. This Affidavit is made from my own personal knowledge.
Dated this 3 ( day of
, 2014.
City of Dubuq
By:
r
Ken TeKippe,
ue, Dubuque County, Iowa
an e/D'rector
This instrument was subscribed and sworn to before me this ce(Sl day of
, 2014, by Ken TeKippe as Finance Director for the City of Dubuque, Dubuque
Age
Notary Public in and for the State of Iowa
es -4 KEVtN S. FIRt4STAHL
COMMISSION NO.745295
MYMMfSSlON EXPIRES
(18
DUBUQUE TECHNOLOGY PARK
10226-1998
STATE OF IOWA10226_199 Filed June 30, 1998
1 DEC[ q N
OF
cOUfiTY OF DUBUpU1 E ss• CONDITIONS, SRCVENs,
RESERVATPONS, I�EON S,
LIENS AND CHARGES
S
TheSth City of Dubuque, Iowa, COW)
on this __ day of ane
i998_ y makes THIS DECLARATION
BACK____LUNO
State of Iowa, City is the h owner sc bed as Dubuque t ech ology County of Dubuque
Iowa, which
City hagaused the Pfaf r said subdivision 9Y Paris
d as instrument
N0• i° a3`66 _ he Mar bdivision to be
• County, Myra subdividin ove descrt ed real estate. e office of the e Recorder of Dubuque
City will convey the parcels of real estate
subject Io certain protective covenants, composing
easements, Gens and conditions, said subdivision
charges as hereinafter set Forth, restrictions, reservations,
DEC,4¢_____ nN
The following provisions isions are set forth to guide the initial development
provide a formal
is
provide
objective for
ongoing management of Dubuque and
is the
t to a these provisions to set Forth um standards
ds ft
and aesthetics tions to
cre lire cabusiness center that emphasizes
phasizes fhe standards and
a continuity and cam Specifics/1y, these provisions intend i appearance
landscaping and Other atibiliity of exterior appearance thruu n to emphasize
exterior features, through building facades,
City hereby declares that all of the Pro
held, sold and conveyed subject to the following
restrictions, reservations, pontes described herein shalt be
purpose ns, reservations,
easements, liens and all of which
are for the
said real enhancing and protectingcharges all of which are for the
rY• These the value, ions, restrictions,
ests and attractiveness of
easements, liens and charges covenants, conditions,
rges shall run with the land and is aft be binding
on
ll
parties Navinhalf be binding on all
described g or acquiring any right,
thereof. or any par thereof, anPiite or interest in the Pro
shalt inure to the b penes herein
benefit of each owner
ARTICLE I. DEFINITIONS
Section 1. "Properties" shall
and al! portions thereof, er the real mean and
additionsortionsserer to each and every, parcel
as may be hereafter padded hetero before described and such
Section 2• "Lor shalt mean
hyla and
dref any any plot of land, except Public
Areas and public rights-of-way,
on
Properties.
Y recorded Subdivision Plat of the
Section 3. "Owner" shall mean and refer to
whether one or more persons or entities,
Par of the Properties, includinof g the record which
la
9 contract sellers bu Ale puts to any Lot which is a
excluding those having such
interest merely as security for the performance of an obligation.
4.
recreational P rkblcAres shall mean and serer to the landscaped areas,
identified by the plat attached hereto water retention a
this biter th the a as Lots 0 and E he detention areas of
The Fabric Areas shalt ownership
hip of which shall be retained the C Ly of a
public_open to the public by he City of Dubuque. of
P for the use and enjoyment 4the
1 Ymant of the
ARTICLE 1 L. ANNEXATION OP ADDITIONALP`OPERTy
by insf Alan( duce within twenty-five (25) years from the date hereof, City may,
y executed and recorded, add additional land to the Properties.
ARTICLE IiI• PUBLIC AREAS
City shay cause the construction o
Maintenance and repair of the Public f pee improvements
Maintes nc nd itsiry in the Public Areas.
andeby the City
with the costs of such maintenance
and
aha(! be the
paid wears. Private o
subovate connections abbe and repAir assessed thend
responsibility ofintenan Owner andLce and etair of such proivate
the necPubtto Areas
priva¢e connections shall abe the
(83) I
Page of
??
Kevin Firnstahl Fwd: 301 Data Court, Dubuque
?
From:Ken Tekippe
To:Firnstahl, Kevin
Date:12/03/2015 3:37 PM
Subject:Fwd: 301 Data Court, Dubuque
Attachments:Affidavit City of Dubuque.pdf; Covenants.pdf
>
Kevin
are you in the loop on this, seems straight forward to change?
to legal?
Ken
>>> Deb Crittenden <deb@ankenylaw.com> 12/3/2015 2:58 PM >>>
Mr. TeKippe,
Attached is a copy of an Affidavit executed by you and filed with the Dubuque County Recorder. Also, attached
is the first page of the Covenants. The Affidavit references the wrong Book number for the Covenants. The
Affidavit shows 10266. As shown on the Covenants, it should be 10226. Would you please file a corrected
Affidavit.
If you have any questions, please let us know.
Thank you,
Deb
Deb Crittenden
Legal Assistant to James M. Gocke
Lamberti, Gocke & Luetje, P.C.
210 N.E. Delaware Avenue, Suite 200
Ankeny, Iowa 50021
Telephone: (515) 9648777
?
Facsimile: (515) 9648796
?
www.ankenylaw.com
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file:///C:/Users/kfirnsta/AppData/Local/Temp/XPgrpwise/566061A7DBQ_DODBQ_PO1...12/09/2015
.
.
.
Council Member Voetberg introduced the following Resolution
entitled "RESOLUTION APPROVING SECOND AMENDMENT TO
DEVELOPMENT AGREEMENT", and moved that the same be adopted. Council
Member Buol seconded the motion to adopt. The roll was called
and the vote was,
AYES: Duggan, Buol, Markham, Michalski,
Nicholsoo, Robbins, Voetberg
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 124-99
RESOLUTION APPROVING SECOND AMENDMENT TO
DEVELOPMENT AGREEMENT
WHEREAS, the City of Dubuque, Iowa (the "City"), ADC Properties, L.C. (the
"Developer"), and Advanced Data-Comm, Inc. (the "Employer") are parties to a
Development Agreement dated as of November 16, 1998, as amended (together, the
"Development Agreement"), with respect to the construction of certain Minimum
Improvements on the Development Property described therein; and
WHEREAS, the Development Agreement provides for the issuance of an urban
renewal tax increment revenue obligation by the City as a means of funding an Economic
Development-Grant to the Employer; and
WHEREAS, the parties have determined to amend the Development Agreement so
as to provide further assurances to the purchaser of the City's tax increment obligation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA, AS FOLLOWS:
- 3 -
.
.
.
1. The form and content of the Second Amendment to Development
Agreement, in the form presented to this meeting, is hereby authorized and approved, and
the Mayor and the City Clerk are hereby authorized and directed to execute and seal the
same on behalf of the City in the form so presented, but with such changes as to them
shall be necessary or appropriate, upon the advice of the Corporation Counsel, and
thereafter to cause the City to comply with the terms of the Second Amendment to
Development Agreement as so executed.
PASSED AND APPROVED this 15th
day of March
, 1999.
ATTEST:
~()~
City C
- 4-
.
.
.
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a
true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement ofthe meeting as required by said law
and with members of the public present in attendance; I further certify that the individuals
named therein were on the date thereof duly and lawfully possessed of their respective
city offices as indicated therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right
of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this 16th day
of March , 1999.
SEAL
DCORNELL\1771 09\1 \1 0422052
.
.
.
March 15
, 1999
The City Council of Dubuque, Iowa, met in regular
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Terrance M. Dugqan
following named Council Members:
Roy Buol, John Markham, Ann Michalski,
Dan Nicholson, Joe Robbins, Dirk Voetberg
Absent: None
*********
- 2-
session, in the
7 o'clock ~.M., on
, in the chair, and the
.
.
.
SECOND AMENDMENT TO
DEVELOPMENT AGREEMENT
This Second Amendment to Development Agreement (the "Amendment") is made
as of the 15th day of March , 1999, by and among the City of
Dubuque, Iowa, a municipality (the "City") established pursuant to the Code of Iowa of
the State of Iowa and acting under authorization of Chapter 403 of the Code of Iowa, as
amended, ADC Properties, L.c., an Iowa limited liability company (the "Developer") and
Advanced Data-Comm, Inc., an Iowa corporation (the "Employer").
WHEREAS, the City, the Developer and the Employer are parties to a
Development Agreement dated as of November 16, 1998, as amended (together, the
"Development Agreement"), with respect to the construction of certain Minimum
Improvements on the Development Property described therein; and
WHEREAS, the Development Agreement provides for the issuance of an urban
renewal tax increment revenue obligation by the City as the means of funding an
Economic Development Grant to the Employer; and
WHEREAS, the parties have determined to amend the Development Agreement so
as to provide further assurances to the purchaser of the City's tax increment obligation.
NOW, THEREFORE, in consideration of the premises and the mutual obligations
of the parties thereto, each of them does hereby covenant and agree with the other as
follows:
Section 1. New section added to Development Agreement. There is hereby
added to the Development Agreement, as a new Section 4.11, the following provision:
Section 4.11. Developer Guaranty. The parties reasonably expect
that the annual tax increment revenues to be derived from the Property and
the Minimum Improvements in any year will exceed the minimum amount
needed to pay when due the principal and interest of the Notes maturing and
coming due in that year. Developer agrees that if for any reason the tax
increment revenues collected by the City in respect of the Property and the
Minimum Improvements are less than the amount necessary to pay all of
the principal and interest on the Notes coming due on the next payment
date, then Developer shall pay to the City, promptly upon City's written
- 1 -
.
.
.
demand therefor, the difference between (i) the tax increment revenues
actually collected by City and available for prepayment of the Notes and (ii)
the amount of principal and interest then due on the Notes.
Section 2. Ratification. Except as set forth herein, all of the terms and
conditions of the Development Agreement are hereby ratified, confirmed and approved
and remain in full force and effect as provided therein.
Section 3. Binding Effect. This Amendment shall be binding upon and shall
enure to the benefit of the City and the Developer and their respective successors and
assIgns.
IN WITNESS WHEREOF, the City has caused this Amendment to be duly
executed in its name and behalf by its Mayor and attested by its City Clerk, and
Developer has caused this Amendment to be duly executed in its name and behalf by its
President and attested by its Secretary, and Employer has caused this Amendment to be
duly executed in its name and behalf by its President and attested by its Secretary, all as
of or on the day first written above.
CITY OF DUBUQUE, IOWA
By:
ATTEST:
By:
~~ 11~
Mary i Davis, City Clerk
-2-
.
.
.
By:
Its:
ATTEST:
By: .~l'~~
Its: See etary/Man er
By:
Its:
ATTEST:
By: 2Z2-</ l7fJ Le--
Its: Seer ary
DCORNELL\!7562!\! \10422052
ADC PROPERTIES, L.C.
J1{~J J.(~~~
PresidentIManagerf
ADVANCED DA T A-COMM, INC.
)/(JJ I~~
President /
- 3 -
.'
.
Preoared by: James D. Burke. 50 W. 13th Street. DubuQue. Iowa 52001
(319) 589-4393
MINIMUM ASSESSMENT AGREEMENT
THIS MINIMUM ASSESSMENT AGREEMENT, dated as of this ~ day of _
March , 1999, by and among the CITY OF DUBUQUE, IOWA, (the "City"), ADC
PROPERTIES, LC, its successors and assigns, (the "Developer"), and the CITY
ASSESSOR for the City of Dubuque, Iowa (the "Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Developer have entered into
a Development Agreement as of November 16, 1998 (the "Agreement") regarding certain
real property located in the City legally described as follows:
Lots 4 and 5, Block 2 of Dubuque Technology Park, in the City of Dubuque, Dubuque
County, Iowa (the "Development Property"); and
. WHEREAS, it is contemplated that pursuant to said Agreement, the Developer will
undertake the development of the Development Property, which is within the Dubuque
Industrial Center/South Economic Development District established under Urban Renewal
Plan adopted by Resolution No. 141-97 on April 7,1997; and
WHEREAS, pursuant to Section 403.6 of the 1997 Code of Iowa, as amended, the
City and the Developer desire to establish a minimum actual value fl)r Development
Property, facilities and the equipment thereon to be constructed '"',. " eloper pursuant
to the Agreement (defined therein as the "Minimum 11ll1"'~
WHEREAS, the City and the Assessor l
specifications for the Minimum Improvements wi
NOW, THEREFORE, the parties to this
consideration of the promises, covenants and agret.
agree as follows:
a,,y'(l
hy<V ? '
~
uy plans and
~ erected.
"eement, in
.. ,cr, do hereby
.
1 . Upon substantial completion of construction of the above-referenced Minimum
Improvements by the Developer, but no later than January 1, 2000, the minimum actual
taxable value which shall be fixed for assessment purposes for the Development Property
and Minimum Improvements to be constructed thereon by the Developer shall be not less
than Five Million One Hundred Thousand Dollars ($ 5,100,000.00), (hereafter referred to
as the "Minimum Actual Value") until termination of this Minimum Assessment Agreement.
.
.
The parties hereto expect that the construction of the above-referenced Minimum
Improvements will be completed on or before January 31,2000.
Nothing herein shall be deemed to waive the Developer's rights under Iowa Code
Section 403.6(19) to contest that portion of any actual value assignment made by the
Assessor in excess of the Minimum Actual Value established herein. In no event, however,
shall the Developer seek to reduce the actual value assigned below the Minimum Actual
Value established herein during the term of this Agreement.
2. The Minimum Actual Value herein established shall be of no further force and
effect and this Minimum Assessment Agreement shall terminate on January 31,2012.
3. This Minimum Assessment Agreement shall be promptly recorded by the
Developer with the Recorder of Dubuque County, Iowa. The Developer shall pay all costs
of recording.
4. Neither the preambles nor provisions of this Minimum Assessment Agreement
are intended to, or shall be construed as, modifying the terms of the Agreement between
the City and the Developer.
5. This Minimum Assessment Agreement shall inure to the benefit of and be
binding upon the successors and assigns of the parties, and all holders of mortgages upon
or security interests in the Development Property or Minimum Improvements granted prior
to the date hereof, to secure any loans with respect to the Development Property or
Minimum Improvements, that execute the consent attached hereto.
THE CITY OF DUBUQUE, IOWA
~
DEVELOPER
By:
By:
By:
/y?'~L,-,C' / ;:$~P--
II
Te
By:
.
.
.
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this 15 day of March , 1999, before me a Notary Public in and for said
County, personally appeared Terrance M. Duggan and Mary A. Davis to me personally
known, who being duly sworn, did say that they are the Mayor and City Clerk, respectively
of the City of Dubuque, Iowa, a Municipal Corporation, created and existing under the laws
of the State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said
Municipal Corporation, and that said instrument was signed and sealed on behalf of said
Municipal Corporation by authority and resolution of its City Council and said Mayor and City
Clerk acknowledged said instrument to be the free act and deed of said Municipal
Corporation by it voluntarily executed.
Notary Public in and for Dubuque County, Iowa
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this _ day of , 1999, before me a Notary Public in and for said
County, personally appeared and to
me personally known, who being duly sworn, did say that they are the individuals who
executed the foregoing instrument; and and
acknowledged the execution of said instrument to be effected in the
name and on behalf of Developer therein identified, as the voluntary act of said entity.
Notary Public in and for Dubuque County, Iowa
.
.
.
. .
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the Minimum
Improvements to be constructed and the market value assigned to the land upon which the
Minimum Improvements are to be constructed, and being of the opinion that the minimum
market value contained in the foregoing Minimum Assessment Agreement appears
reasonable, hereby certifies as follows: The undersigned Assessor, being legally
responsible for the assessment of the property described in the foregoing Minimum
Assessment Agreement, upon completion of Minimum Improvements to be made on it and
in accordance with the Minimum Assessment Agreement, certifies that the actual value
assigned to such land, building and equipment upon completion shall not be less than Five
Million One Hundred Thousand Dollars ($5,100,000.00), until termination of this Minimum
Assessment Agreement pursuant to the terms hereof.
Dubuque City Assessor for the City of Dubuque, Iowa
Date
STATE OF IOWA
)
) SS
)
COUNTY OF DUBUQUE
Subscribed and sworn to before me by
City of Dubuque, Iowa.
, City Assessor for the
Notary Public in and for Dubuque County, Iowa
Date
.
.
CONSENT
The undersigned, a holder of a mortgage granted prior to the date hereof to secure
a loan made with respect to the Development Property or Minimum Improvements, hereby
consents to the execution and recording of the foregoing Minimum Assessment Agreement
and agrees to be bound thereby.
American Trust and Savings Bank
By:
(Name)
(Title)
F:\USERS\JBURKE\BURKE\DOCSIECDEV\ADVDA T A\MIN-ASSE.AGR
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.
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G' t, I j', \
O nj"*< \ -\ \ .\~ jJ, ·
, . \ I I'" I \_
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
March 15 , 1999.
Time of Meeting:
7
o'clock p.M.
Place of Meeting:
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
Dubuque Industrial Center/South Economic Development District
Resolution approving Second Amendment to Development Agreement
Such additional matters as are set forth on the additional 6 page(s) attached
hereto. (number)
This notice is given at the direction of the City Councpdrsuant to Chapter 21,
Code of Iowa, and the local rules of said governmental body.
~()~
CIty CI, ' Dubuque, Iowa
. ... ..
.
CITY OF DUBUQUE, IOWA
MEMORANDUM
March 9, 1999
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Amendment No.2 to ADC/Advanced Data-Comm Development
Agreement
.
Community and Economic Development Director Jim Burke is recommending
approval of a second amendment to the Development Agreement between the City
and ADC/Advanced Data-Comm. The amendment would add a provision that
would require the property owner (ADC) to pay to the City any difference between
the actual tax revenue collected in any year and the actual debt service required by
the Tax Increment Revenue Bonds. This language would become standard in future
development agreements.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
MCVM/j
Attachment
.
cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Jim Burke, Community and Economic Development Director
.. <
.
CITY OF DUBUQUE, IOWA
MEMORANDUM
March 8, 1999
FROM:
es Burke, Community and Economic Development Director
TO:
SUBJECT:
Amendment No.2 to ADC/Advanced Data-Comm Development Agreement
INTRODUCTION
This memorandum presents for City Council consideration an amendment to the Development
Agreement among the City, ADC Properties, LC (ADC) and Advanced Data-Comm, Inc. (Advanced).
The amendment has been requested by Advanced's lender prior to their purchase of Tax Increment
Revenue Bonds for the Advanced project at the Dubuque Technology Park.
.
DISCUSSION
On November 16, 1998, the City Council approved a Development Agreement with ADC and Advanced
following a public hearing. The Agreement sets out the terms and conditions of the sale and
development of land in the Tech Park for Advanced.
During negotiations for sale of the Tax Increment Revenue Bonds with Advanced's lender, it was
determined that a provision should be added to the Development Agreement that would require the
property owner (ADC) to pay to the City any difference between the actual tax revenue collected in any
year and the actual debt service required by the bonds. The new section to be added to the Development
Agreement provides that ADC will fill any "gap" that might exist. While the company must sign a
Minimum Assessment Agreement, a gap may still develop in actual tax revenues collected if the millage
rate would be reduced.
The City's bond counsel prepared the amendment to ensure it would meet the City's and lender's needs as
regards safeguarding bond repayment. The same language was used in the Eagle Window & Door
Development Agreement and will become standard in future agreements.
RECOMMENDATION
I recommend that the City Council approve the attached Amendment No.2 to the Development
Agreement among the City, ADC and Advanced and authorize and direct the Mayor and City Clerk to
sign on behalf ofthe City of Dubuque.
Prepared by: Pamela Myhre-Gonyier
Associate Planner
. Attachment
3/8/99
F:\USERS\P AMMG\WPDOCS\LOANDOC\ADVDA T A\AMEND2.MEM