Warehouse Redevelopment (Caradco) Parking Agreement 1st AmendmentMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Caradco Parking
DATE: January 16, 2013
Dubuque
kital
All- America City
II h/
2012
Economic Development Director Dave Heiar recommends City Council approval of the
First Amendment to Purchase Agreement (Offer to Buy and Acceptance) between the
City of Dubuque and Warehouse Redevelopment, LLC related to parking for the
Caradco project.
The major provisions of the amendment are:
a) A temporary surface parking lot which includes control equipment for up to 60
parking spaces, leased at a rate of $37.00 per month per space.
b) After this temporary surface lot is filled and until the Intermodal Parking facility is
completed (approximately July 1, 2014), Caradco residential tenants will be given
the opportunity to lease parking spaces in the Central Street Parking Facility at
$45.00 per month for a covered space or $40.00 per month for a roof top space.
It should be noted that the current rate in the Central Parking ramp is $52.00 per
month for a covered space. During this interim period until July 1, 2014, all
customers in the Central Ramp will be given this discounted rate.
c) Upon completion of the Intermodal Parking facility, Caradco tenants will be
allowed to lease parking spaces in this facility for $45.00 per month for covered
spaces and $40.00 per month for roof top spaces for fiscal year 2014 -15 subject
to Federal Transit Administration regulations. After that, the monthly parking fees
will be evaluated as part of the City's normal budgeting process.
d) The surface parking lot on the former Alamo site is anticipated to be eliminated
by June of 2015 to provide space for the Millwork Plaza as proposed in the
Millwork Master Plan. However, in the event the City utilization of the Intermodal
Facility is restricted by the Federal Transit Administration the City may continue
the use of the temporary surface lot at rates established through the annual
budgetary process.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligan
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
David J. Heiar, Economic Development Director
2
Masterpiece on the Mississippi
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Caradco Parking
DATE: January 15, 2013
Dubuque
bierd
All- America City
'I'll®,
2007
PURPOSE
This memorandum proposes an amendment to the purchase agreement between the
City and Warehouse Redevelopment, LLC (Gronen) related to parking for the Caradco
project.
BACKGROUND
In early 2009, the City Council adopted the Master Plan for Historic Millwork District.
One of the segments of the plan emphasized the need to develop parking to support
redevelopment of the District. The plan recommended a supply of on- street parking,
surface lots, parking structures, and parking in and beneath buildings where possible.
One of the specific recommendations of the plan suggested acquiring property
commonly referred to as the Alamo site (AKA, the Foundry Building) which was owned
by John Gronen (Warehouse Redevelopment, LLC).
The City Council authorized the purchase of this property in September 2010 (see
attached agreement). The City closed on the purchase following the deconstruction of
the former Eagle office building.
DISCUSSION
One of the conditions of the purchase of this site was that the City would agree to lease
197 parking spaces phased in over 16 months after the rehabilitation of the Caradco
Building at a rate established by the City Council. Since that time, much has changed.
This original agreement envisioned an asphalt parking lot and was approved prior to the
$8 million State of Good Repair grant was received by the city to help construct an
Intermodal Facility with parking on this site.
Based on the changes in the parking configuration and upon the speed in which the
residential units in the renovated Caradco building are being occupied, the Gronen's
and City staff have negotiated changes to the original purchase agreement related to
parking.
The major provisions of the proposed amendment are as follows:
a) A temporary surface parking lot which includes control equipment for up to 60
parking spaces, leased at a rate of $37.00 per month per space.
b) After this temporary surface lot is filled and until the Intermodal Parking facility is
completed (approximately July 1, 2014), Caradco residential tenants will be given
the opportunity to lease parking spaces in the Central Street Parking Facility at
$45.00 per month for a covered space or $40.00 per month for a roof top space.
It should be noted that the current rate in the Central Parking ramp is $52.00 per
month for a covered space. During this interim period until July 1, 2014, all
customers in the Central Ramp will be given this discounted rate.
c) Upon completion of the Intermodal Parking facility, Caradco tenants will be
allowed to lease parking spaces in this facility for $45.00 per month for covered
spaces and $40.00 per month for roof top spaces for fiscal year 2014 -15 subject
to Federal Transit Administration regulations. After that, the monthly parking fees
will be evaluated as part of the City's normal budgeting process.
d) The surface parking lot on the former Alamo site is anticipated to be eliminated
by June of 2015 to provide space for the Millwork Plaza as proposed in the
Millwork Master Plan. However, in the event the City utilization of the Intermodal
Facility is restricted by the Federal Transit Administration the City may continue
the use of the temporary surface lot at rates established through the annual
budgetary process.
Additional details of the amendment can be seen in the attached 1st Amendment.
The purposed changes were negotiated over several months with the Gronen team.
The compromises in this amendment are an attempt to accommodate the fact that
many of the residential tenants in Caradco (at least 46 of 72) must be at 80% or less of
the area medium income due to the funding sources used for this adaptive reuse
project. Of course, the speed of the commercial lease up for this major project is also
still an unknown.
RECOMMENDATION /ACTION STEP
I recommend that the City approve the attached resolution authorizing the City Manager
to sign the 1St Amendment to the Offer to Buy Real Estate and Acceptance for the
Alamo property as described in this memorandum.
cc: Tim Horsfield
F: \USERS \Econ Dev \Warehouse District\Alamo Block- Warehouse redevelopment \Agreements\20130115 Council Memo Caradco
Parking.doc
FIRST AMENDMENT
TO
PURCHASE AGREEMENT (OFFER TO BUY AND ACCEPTANCE)
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND WAREHOUSE REDEVELOPMENT, LLC
This First Amendment to Agreement, dated for reference purposes the 22nd day
of January 2013, is made and entered into by and between the City of Dubuque, Iowa
(City) and Warehouse Redevelopment, LLC (Developer).
Whereas, City and Developer entered into an agreement for the sale of certain
real estate described as City Lot 2 of Center City Place in Dubuque, Iowa (except
certain parts of said lot retained by Seller and described in the Agreement), dated
September 21, 2010 (the Agreement); and
Whereas, the Agreement provided in Section 18.6 for certain parking rights and
responsibilities of the parties; and
Whereas, the parties now desire to amend Section 18.6 of the Agreement as set
forth herein.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
FOLLOWS:
1. Paragraphs 18.6 (a) and 18.6 (b) and the paragraph following 18.6 (b) of the
Agreement are deleted and the following substituted:
(a) Temporary Surface Parking Lot. City will lease to Developer sufficient
surface parking in the Temporary Surface Parking Lot shown on the attached Exhibit to
meet Developer's residential and commercial needs in the Caradco Building, but not to
exceed 60 parking spaces per month at a lease rate of $37.00 per space per month.
Developer will notify City monthly of the number of spaces required by Developer. City
will require Developer's tenants to enter into monthly rental agreements with City and
City will bill the tenants monthly. At Developer's option, City will submit the monthly
tenant bills to Developer. Developer acknowledges that this arrangement is temporary
and that, upon completion of City's Intermodal Parking Facility or July 1, 2014
whichever occurs first. City will no longer be required to provide parking in the
Temporary Surface Parking Lot, except as provided in subparagraph (e) related to
spaces for commercial uses. City will install parking control equipment in the
Temporary Surface Parking Lot. Developer is responsible for communicating and
coordinating with tenants with respect to the changing needs of the potential utilization
of the Temporary Surface Parking Lot.
(b) Central Street Parking Facility. Developer's residential tenants who are using
the Temporary Surface Parking Lot may relocate to the City's Central Street Parking
011613ba1
Facility as the Temporary Surface Parking Lot is needed by Developer's commercial
tenants. City will work with Developer's commercial tenants on a voucher system to pay
for the use of the Temporary Surface Parking Lot, if requested by Developer, at a rate
not to exceed $37.00 per month per parking space until the completion of the
Intermodal parking Facility.
(c) Central Street Parking Facility Rates. When all the surface parking spaces
are leased or under contract, until July 1, 2014 or upon completion of Intermodal
Parking Facility whichever occurs first, any of the Developer's tenants may rent parking
spaces in City's Central Street Parking Facility at a rate of $45.00 per month per
covered space or $40.00 per month per rooftop space. City will require Developer's
tenants to enter into monthly rental agreements with City and City will bill the tenants
monthly. At Developer's option, City will submit the monthly tenant bills to Developer.
(d) Intermodal Parking Facility Rates. Upon completion of the Intermodal
Parking Facility, Developer's tenants may utilize that facility for parking and any rights
under this Agreement related to the Central Street Parking Facility shall terminate.
Parking rates for the Intermodal Parking Facility for Developer's tenants will be $40.00
per month per rooftop space and $45.00 per month per covered space through June 30,
2015 subject to Federal Transit Administration regulations. Parking rates will be
evaluated annually as part of the City's normal budgetary process.
(e) Continuing Commercial Use of Temporary Surface Parking Lot. In the event
City is limited by restrictions related to funding sources or Federal Transit Administration
requirements from providing 30 spaces in or adjoining the Intermodal Facility for the
commercial uses in the Caradco Building, City will retain spaces in the Temporary
Surface Parking Lot for such commercial uses, until such time as the commercial
parking in the Temporary Surface Parking Lot is not reasonably necessary for
CARADCO commercial tenants. After June 30, 2015, the rates for such use of the
Temporary Surface Parking Lot will be evaluated annually as part of the budgetary
process. Developer acknowledges that City's intent is that after Developer's parking
requirements are met, the Temporary Surface Parking Lot may be eliminated and the
property where the Temporary Surface Parking Lot is located may become part of the
Millwork Plaza as proposed in the Millwork Master Plan.
2
CITY OF DUBUQUE, IOWA
By:
Michael C. Van Milligen
City Manager
THIS OFFER IS ACCEPTED
Dated: /'Z2-13
WAREHOUSE REDEV LOPMENT, LLC
By:
B
F:\USERS\Econ Dev\Warehouse DistrictlAlamo Block -Warehouse redevelopment'Agreements\20130115 1st Amend Agreement
City of Dubuque.doc
3
Caradco Building
Th
Found
Buildin
Future Intermodal
Facility
4
RESOLUTION NO. 26 -13
APPROVING THE FIRST AMENDMENT TO AN AGREEMENT FOR THE PURCHASE
OF REAL ESTATE IN THE HISTORIC MILLWORK DISTRICT, CITY OF DUBUQUE,
IOWA COMMONLY REFERRED TO AS THE ALAMO SITE (FOUNDRY BUILDING
AREA) FROM WAREHOUSE REDEVELOPMENT, LLC.
Whereas, Warehouse Redevelopment, LLC was the owner of City Lot 2 of
Center City Place in the City of Dubuque, Iowa, according to the United States
Commissioners' Map of the Town of Dubuque, Iowa (the Property); and
Whereas, the City Council found that it was in the best interests of the City of
Dubuque to purchase the Property for future parking and plaza needs in the Historic
Millwork District; and
Whereas, the City approved the purchase of this property by resolution No. 394-
10 on October 4, 2010; and
Whereas, the Offer to Buy and Acceptance set forth the terms and conditions of
the purchase of property from Warehouse Redevelopment, LLC; and
Whereas, it has become necessary to modify some of the terms and conditions
related to parking obligations as stated in the original offer to Buy and Acceptance
agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the First Amendment to the Offer to Buy and Acceptance attached
hereto, is hereby approved.
Section 2. That the City Manager is hereby authorized and directed to execute, on
behalf of the City of Dubuque, Iowa, said Amendment.
Attest:
aro-
i
Passed, approved and adopted this 22nd day of Januar,/ 0 .
A
Roy'D. B/ o
" Mayor
Kevi Fi nstahl
City Clerk
F: \USERS \Econ Dev \Warehouse District\Alamo Block- Warehouse redevelopment\Agreements \20130116 Resolution approving purchase Alamo
site.doc
OFFER TO BUY REAL ESTATE AND ACCEPTANCE
TO: Warehouse Redevelopment, LLC, Seller:
SECTION 1. REAL ESTATE DESCRIPTION. The Buyer offers to buy real estate in
Dubuque County, Iowa, described as follows:
City Lot 2 of Center City Place in Dubuque, Iowa [except Seller retains the
building locally known as the "Alamo Building" (the "Building ") and the real
estate under and around such building as identified on Exhibit "A" consisting of
15 feet of property on the East side of the Alamo Building and 15 feet on the
South side of the Alamo Building ] . The Building and the retained real estate
shall in aggregate be referred to as the "Retained Real Estate ". That portion of
City Lot 2 of Center City Place, excluding the Retained Real Estate, shall be
referred to as the "Real Estate ". In addition, Seller shall also retain an easement
for walkways and an access easement (the "Easement Areas ") to provide direct
access to the Alamo Building from the public sidewalks or roadways as mutually
agreed prior to closing consistent with the accesses shown on Exhibit A. Seller
shall obtain a survey /plat, at Buyer's cost, separating the Retained Real Estate
from the Real Estate and further identifying the Easement Areas. The survey /plat
shall be obtained and recorded prior to closing,
with any easements and appurtenant servient estates, but subject to the following: a. any
zoning and other ordinances; b. any covenants of record; c. any easements of record for
public utilities, roads and highways designated the Real Estate; provided Buyer, on
possession, are permitted to make the following use of the Real Estate: public parking
lot/ramp and public plaza.
SECTION 2. PRICE. The purchase price shall be $698,973.42 less $210.00 per day,
for each day that the Closing occurs prior to May 1, 2011 (for example if closing
occurs 30 days before May 1, 2011, the purchase price would be reduced by
$6,300.00 (30 x $210)) and the purchase price shall increase $210.00 per day for
each day that the closing occurs after May 1, 2011, payable at City Hall, Dubuque,
Iowa, as follows: $100.00 with this Offer to Buy Real Estate, receipt of which is hereby
acknowledged, and the balance of the purchase price in cash at closing. In the event this
agreement fails to close by the closing date, Seller shall promptly return all earnest
money to Buyer. The parties acknowledge that the purchase and sale contemplated
herein does not include the Building as such Building is, due to the required rehabilitation,
a liability as it relates to the proposed use of the Real Estate and is unlikely to be an
income generating structure. In addition, the Seller has obtained commitments from
funding sources to assist in such rehabilitation and certain of such sources are not
available to Buyer.
SECTION 3. REAL ESTATE TAXES. Seller shall pay any unpaid real estate taxes
payable for fiscal year 2009 -2010 and prior years for the Real Estate and the Retained
Real Estate. Seller shall also pay real estate taxes for fiscal year 2010 -2011 prorated to
1
the date of closing for the Real Estate and the Retained Real Estate. Buyer shall pay all
subsequent real estate taxes for the Real Estate. Any proration of real estate taxes on the
Real Estate shall be based upon such taxes for the year currently payable unless the
parties state otherwise.
SECTION 4. SPECIAL ASSESSMENTS. Seller shall pay all special assessments
which are a lien as of the date of closing. Buyer agrees that the Retained Real Estate
shall not be assessed for any of Buyer's street and infrastructure improvements now
planned and which are completed within three (3) years after the Closing Date.
SECTION 5. RISK OF LOSS AND INSURANCE. Sellers shall bear the risk of loss or
damage to the Real Estate prior to closing or possession, whichever first occurs.
Sellers agree to maintain existing insurance and Buyers may purchase additional
insurance.
SECTION 6. CARE AND MAINTENANCE. Subject to Par. 18, the Real Estate shall be
preserved in its present condition and delivered intact at the time possession is delivered
to Buyer.
SECTION 7. POSSESSION. If Buyer timely performs all obligations, possession of the
Real Estate shall be delivered to Buyer within twenty (20) days of completion of the
deconstruction and stabilization identified in Paragraph 18.3 and no later than the 1st day
of May, 2011 (the "Closing Date ") or such later date as the parties may agree in writing
with any adjustments of rent, insurance, and interest to be made as of the date of transfer
of possession.
SECTION 8. FIXTURES. All property that integrally belongs to or is part of the Alamo
Building (former Rouse and Company Foundry Building located on the corner of 10th and
Washington Streets) on the Real Estate, whether attached or detached, such as light
fixtures, shades, rods, blinds, awnings, windows, storm doors, screens, plumbing fixtures,
water heaters, water softeners, automatic heating equipment, air conditioning equipment,
wall to wall carpeting, built -in items and electrical service cable, outside television towers
and antenna, fencing, gates and landscaping shall be considered a part of the Building
and excluded from the sale.
SECTION 9. USE OF 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.
SECTION 10. ABSTRACT AND TITLE. Seller, at its expense, shall promptly obtain
an abstract of title to the Real Estate continued through the date of acceptance of this
offer, and deliver it to Buyer for examination. It shall show merchantable title in Seller in
conformity with this agreement, Iowa law and 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. Seller shall pay the costs of any additional abstracting and title work
due to any act or omission of Seller, including transfers by or the death of Seller or its
2
assignees.
SECTION 11. DEED. Upon payment of the purchase price, Seller shall convey the
Real Estate to Buyer, by Warranty Deed, free and clear of all liens, restrictions, and
encumbrances except as provided in 1 a. through 1 .d. 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.
SECTION 12. TIME IS OF THE ESSENCE. Time is of the essence in this contract.
SECTION 13. REMEDIES OF THE PARTIES
13.1 If Buyer fails to timely perform this contract, Seller may forfeit it as provided in the
Iowa Code, and all payments made shall be forfeited or, at Seller's option, upon thirty
days written notice of intention to accelerate the payment of the entire balance because of
such failure (during which thirty 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.
13.2 If Seller fails to timely perform this contract, Buyer has the right to have all
payments made returned to it and Seller shall reimburse Buyer for any expenses
incurred by Buyer for the design of the parking lot contemplated by this agreement.
13.3 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 fees as permitted by law.
SECTION 14. APPROVAL OF COURT. If the sale of the Real Estate is subject to
Court approval, the fiduciary shall promptly submit this contract for such approval. If this
contract is not so approved, it shall be void.
SECTION 15. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This
contract shall apply to and bind the successors in interest of the parties.
SECTION 16. 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.
SECTION 17. TIME FOR ACCEPTANCE. If this offer is not accepted by Seller on or
before 5:00 pm on the 31st day of October, 2010, it shall become void and all payments
shall be repaid to the Buyer.
SECTION 18. OTHER PROVISIONS.
18.1 The Offer is subject to final approval of the City Council of the City of Dubuque,
Iowa in its sole discretion.
3
18.2 Buyer, its counsel, accountants, agents and other representatives, shall have full
and continuing access to the Real Estate and all parts thereof, upon reasonable notice
to Seller for the purpose of inspecting, surveying, engineering, test boring, performance
of environmental tests and such other work as Buyer shall consider appropriate,
provided that Buyer shall hold Seller harmless and fully indemnify Seller against any
damage, claim, liability or cause of action arising from or caused by the actions of
Buyer, its agents, or representatives upon the Real Estate (except for any damage,
claim, liability or cause of action arising from conditions existing prior to any such entry
upon the Real Estate), and shall have the further right to make such inquiries of
governmental agencies and utility companies, etc. and to make such feasibility studies
and analyses as Buyer considers appropriate.
18.3 Seller shall at its expense deconstruct the former Eagle Offices located at 955 Elm
Street and the auto body building, located at 375 East 9t Street (the "Deconstruction
Buildings "). Provided, however, Seller shall not be responsible for the cost of unforeseen
conditions or elements related to the Deconstruction Buildings to be deconstructed or the
Real Estate, including environmental issues. Such deconstruction shall be to the
satisfaction of Buyer prior to closing. Buyer will be deemed satisfied with the
deconstruction if the Deconstruction Buildings and foundations have been removed from
the premises and the property graded to a level lot. Seller shall also, at its expense,
stabilize the Alamo building. Such stabilization shall include structural stabilization,
including roof, masonry work and repairs to the holes in the building caused by
deconstruction. Buyer shall at Closing reimburse Seller for its actual costs of such
deconstruction and stabilization. Provided, Seller shall obtain bids for all proposed
deconstruction of the Deconstruction Buildings and stabilization of the Alamo and shall
submit such bids to Buyer for approval at least thirty (30) days prior to the Closing. If
Buyer approves such bids this transaction shall proceed as provided herein and Seller
shall be reimbursed for the above costs at Closing. If Buyer does not approve such bids
in writing prior to Closing then this agreement shall be null and void and neither party
shall have any further obligation to the other hereunder.
18.4 Buyer will acknowledge on the appropriate Internal Revenue Service form
prepared by Seller that Buyer is in receipt of an appraisal of the Real Estate that shows
the fair market value of the Real Estate to be $800,000.00 and that Sellers are donating
to the City the difference between this fair market value appraisal and the purchase price.
18.5 Seller warrants that the rights of all tenants shall be terminated by Seller prior to
Closing and that there will be no tenants whose rights in the Real Estate survive the
Closing. This covenant shall survive the Closing.
18.6 Additional Contingencies. Seller's obligation to proceed hereunder is expressly
subject to and contingent upon (but may be waived by Seller) the following:
Completion, execution and final City approval of Development Agreements
providing as follows:
4
(a) That Buyer shall develop an asphalt surface parking lot on the Real Estate
consisting of approximately 197 standard parking spaces (the "Parking
Spaces "). Buyer shall not be required to complete construction of the
Parking Spaces before substantial completion of the rehabilitation of the
Caradco Building.
(b) That an entity controlled by John Gronen and Mary Gronen, or their
assignees, shall lease the Parking Spaces at an annual rental established by
the City Council (which rate shall be consistent with Buyer's standard and
typical lease rates for such spaces) as long as at least 72 residential units are
available in that Building locally known as the Caradco Building (900
Jackson). The Parking Spaces shall be leased by the Gronen entity or
Gronens' assignee as follows:
i. At least 30spaces within thirty (30) days after the substantial
completion of rehabilitation of the Caradco Building (900
Jackson),; and,
ii. At least11 additional spaces for each month after the Section
18.6 (b)i date until all of the approximately 197 Parking Spaces
are leased by the Gronen entity or its' assignee; and,
The Gronen entity or the Gronens' assignee may sublease the Parking Spaces to third
parties upon terms agreeable to the Gronen entity or the Gronens' assignee in its or
their sole discretion, provided that the sub - lessee is a tenant or owner residing within
the Historic Millwork District PUD boundaries.
(c) That an entity controlled or operated by Robert Johnson, or Johnson's
assignee shall lease at least 120 Parking Spaces on property controlled by Buyer
within 600 feet of that building locally known as the Iron Works Building at an annual
rental established by the City Council (which rate shall be consistent with Buyer's
standard and typical lease rates for such spaces) as long as at least 75 Residential
Units are available in that Building (the "Iron Works Parking Spaces "). The Iron Works
Parking Spaces shall be leased by the Tenant entity as follows:
i. At least 40 spaces within thirty (30) days after the substantial
completion of rehabilitation of the Iron Works Building, but no
later than January 1, 2012 ; and,
ii. At least 40 additional spaces within 60 days after the Section
18.6 (c)i date; and,
iii. At least 20 additional spaces within 90 days after the Section
18.6 (c)i date; and,
iv. The balance of the Parking Spaces within 150 days after the
Section 18.6 (c)i date.
The Johnson entity or Johnson's assignee may sublease the Iron Works Parking
5
Spaces to third parties upon terms agreeable to the Johnson entity or Johnson's
assignee in its or his sole discretion, provided that the sub - lessee is a tenant or owner
residing within the Historic Millwork District PUD boundary.
(d)That in the event a parking ramp is developed on the Real Estate, the Gronen
entity or the Gronen assignee Building under Paragraph 18.6(b) above and the Johnson
entity or Johnson's assignee under Paragraph 18.6(c) above shall be entitled to the
same lease rights within the parking ramp (the same number of Parking Spaces and the
same number of Iron Works Parking Spaces, respectively) as provided above.
During the construction of said ramp, some or all of the then existing parking
spaces may not be available to the Gronen entity and /or the Johnson entity or their
assignees. During this period Buyer will provide temporary substitute parking /shuttle
options for these displaced parking patrons.
Dated: ?Y �rw�,t• �(, J ®i�
CITY OF DUBUQUE, IOWA
74-
Michael C. Van Milligen
City Manager
By:
THIS OFFER IS ACCEPTED
Dated:
WAREHO
By:
John
filKi
REDEVEpPMENT, LLC
By:
6
JEFFREY
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Alamo site with parking ramp structure taken from the Master Plan
Millwork District
Legend
Road Centerline
Alamo Purchase Area
Historic Millwork District Boundary
1 inch = 300 feet
Created by ADJ
Base data provided by Dubuque County GIS
Warehouse Redevelopment LLC
Exhibit 1
Capital Expenditures
Land 60,000.00
Building 432,213.07
Office Improvements 16,517.07
Improvements 4,329.84
Organizational Costs 600.00
Total Capital Expenses 513,659.98
Net Income (Loss) Before Depreciation & Amortization
January 2006 through December 2006
January 2007 through December 2007
January 2008 through December 2008
January 2009 through December 2009
January 2010 through August 31, 2010
September 2010 through May 1, 2011 Estimated Holding Cost
Total Holding Expenses
(11,853.08)
(12,347.19)
(32,715.40)
(24,984.21)
(34,71 3.55)
(50,000.00)
166,613.43
Accounts Receivable Not Collected included in Income 18,700.01
Carrying Cost of Capital Contributions (6% Interest Rate) through May 1, 2011 56,051.76 NO
Total investment & Holding Costs in Warehouse Redevelopment LLC
From January 2006 through May 1, 2011
Note: If the closing date is extended the holding cost each day is:
$50 Interest and $160 operating cost
755,025.18
— SG), 05"-/‘ 74,
210.00