Sale of Property at 2290 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 2290 Washington Street
DATE: January 24, 2013
Dubuque
kital
All- America City
II 111!
2012
Housing and Community Development Director Alvin Nash is recommending the City
Council set a Public Hearing for February 18, 2013, for the purpose of disposing of City -
owned real property located at 2290 Washington Street to Katherine Toskey for the
appraised value of $99,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
duat4A., krt., italy,
Michael C. Van Milligen
MCVM:sv
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Alvin Nash, Housing & Community Development Director
THE CITY OF
Dui E
Masterpiece on the Mississippi
Dubuque
kittrd
All-AmericaCity
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2012
TO: Michael Van Milligen, City Manager
FROM: Alvin Nash, Housing &Community Development Director
SUBJECT: Sale of Property at 2290 Washington Street
DATE: January 30, 2013
Introduction
The purpose of this memorandum is to request City Council approval of the attached
resolution, setting a public hearing for the purpose of disposing of City -owned real
estate at 2290 Washington Street.
Background
The City purchased eight properties for the Bee Branch project in the 2200 -2300 blocks
of Washington Street, due to the need to take a portion of the rear yards for the
realigned right -of -way. The houses are each being fully renovated, in preparation for
their re -sale to income - qualifying homebuyer families. Development of this property
was funded as part of the Bee Branch Creek Restoration Program and the Lead Paint
Hazard Reduction Program. No Neighborhood Stabilization Program (NSP) funds were
used on this property. The second of these, located at 2290 Washington, has been
completed and an offer to purchase has been received.
Discussion
An offer has been made by Katherine Toskey to purchase the property at 2290
Washington Street for $99,000, in accordance with the value established by an
independent appraisal. The buyer will receive the "Washington Neighborhood"
Incentives package, including a $15,000 combination forgivable and deferred - payment
loan to assist with the downpayment; and a $25,000 City second mortgage. All
properties must be sold to income - qualifying buyers (earning less than 80% area
median income) according to the terms of the Iowa Finance Authority and the Lead
Program funding.
Financing to Katherine Toskey will be provided through a first mortgage from Dubuque
Bank &Trust and the Washington Neighborhood Incentives Program.
Action Step
The action requested of the City Council is to approve the attached resolution, setting a
public hearing for the purpose of receiving comments on the proposed sale of the
property.
Enclosure
RESOLUTION NO. 37 -13
A RESOLUTION OF INTENTION TO DISPOSE OF CITY -OWNED PROPERTY,
LOT 1 BEE BRANCH SUB. NO. 3, IN THE CITY OF DUBUQUE, IOWA, ACCORDING
TO THE RECORDED PLAT THEREOF — 2290 WASHINGTON STREET
WHEREAS, the City of Dubuque, has acquired certain real properties in
connection with the Bee Branch Creek Re- Alignment Project; and
WHERAS, THE City has received an offer to purchase this property from
Katherine Toskey;
WHEREAS, by accepting an offer to purchase for this property the City's
objective for providing homeownership to a qualifying buyer can be realized.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the City of Dubuque, Iowa, intends to dispose of its interest in
the following legally- described property:
"Lot 1 Bee Branch Sub. No. 3 in the City of Dubuque, Iowa, according to the
recorded plat thereof."
Section 2. That the City of Dubuque, Iowa, proposes to dispose of its interest in
the above - described real property to Katherine Toskey, for the sum of $99,000.
Section 3. That the City Clerk is hereby authorized and directed to cause this
Resolution and a notice to be published as prescribed by Iowa Code Section 364.7 for a
public hearing on the City's intent to dispose of the above - described property, to be held
on February 18, 2013, at 6:30 p.m. at the Federal Building, 350 West 6th Street,
Dubuque, Iowa.
PASSED, APPROVED AND ADOPTED this 4th day of Februa , 2013.
Attest:
K= in S. Firnst -hl. . Jerk
y ! Buol, Mayor