Vessel Systems, Marke, Cert. of Completion
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MEMORANDUM
August 14, 2006
TO:
FROM:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
SUBJECT: Certificate of Completion for Marke, LLC (Vessel Systems, Inc.)
Economic Development Director David Heiar recommends City Council approval of the
issuance of a Certificate of Completion for Marke, LLC (Vessel Systems, Inc.) in the
Dubuque Industrial Center West acknowledging completion of their obligations to
construct Minimum Improvements as stipulated in the Development Agreement and the
Amendment to the Development Agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
/l1cf {,:vrcA
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
David Heiar, Economic Development Director
'c,
CITY OF DUBUQUE, IOWA
MEMORANDUM
August 15, 2006
FROM:
Michael Van Milligen, City Manager
David Heiar, Economic Development Directo~f
Certificate of Completion for Marke, LLC (V~s:M~ystems, Inc.)
TO:
SUBJECT:
INTRODUCTION
This memorandum provides for City Council review and approval of a Certificate of
Completion for Marke, LLC (Vessel Systems, Inc.) in the Dubuque Industrial Center
West. The Development Agreement of June 2, 2003 by and between the City and
Marke, LLC (Developer) stipulated that a Certificate of Completion would be issued to
the Developer upon the completion of the Minimum Improvements (building
construction, interior improvements, site work and off street parking). Some of these
improvements (landscaping, sidewalks, and driveway) were still not completed when
Vessel Systems requested to sell the property to Art's Way in September 2005. As part
of the amendment to the Development Agreement the City required the Developers to
establish an escrow account of $55,000 to cover the cost of the uncompleted
improvements.
DISCUSSION
The improvements stated in the escrow account agreement have been completed. The
company has requested the issuance of the Certificate of Completion and release of
the escrow account. The issuance of a Certificate waives all rights of revestment of title
that the City retains through the Development Agreement to assure that the project is
completed in accordance with the provisions of the Agreement and that certain Events
of Default have not occurred. On review of the Developer's obligations and the City's
financial participation in the relocation of this company, staff finds that the minimum
improvements are complete.
RECOMMENDATION
I recommend issuance of a Certificate of Completion and the release of the escrow
account to the Developer acknowledging completion of their obligations to construct
Minimum Improvements as stipulated in the Development Agreement and the
amendment to the development agreement.
ACTION STEP
The action step for the City Council is to approve the attached Certificate of
Completion, which also releases the escrow account, and to authorize the Mayor and
City Clerk to sign the Certificate on behalf of the City.
F :IUSERSIDHeiarlVessel Systemslcertifofcompl.mem.doc
Prepared By:
David J. Heiar 50 West 13th Street
Dubuque, IA 52001
563-589-4393
CERTIFICATE OF COMPLETION
WHEREAS, the City of Dubuque, Iowa, a municipal corporation (the "Grantor"),
by a Special Warranty Deed recorded on September 29,2003 as Instrument Number
26889-03 in the office of the County Recorder of Dubuque County, State of Iowa, has
conveyed to Marke, LLC (Vessel Systems, Inc.) (the "Grantee"), in accordance with a
Development Agreement dated as of June 2, 2003, and as amended by the
Amendment to Development Agreement dated September 28, 2005 and, by and among
the Grantor, and the Grantee (collectively, the "Agreement"), certain real property
located within the Dubuque Industrial Center West Economic Development Urban
Renewal District of the Grantor and as more particularly described as follows:
Lot 7 and 8 Dubuque Industrial Center West 2nd Addition
WHEREAS, said Deed incorporated and contained certain covenants and
restrictions with respect to the development of the Development Property, and obligated
the Grantee to construct certain Minimum Improvements (as defined therein) in
accordance with the Agreement; and
WHEREAS, the Grantee has to the present date performed said covenants and
conditions insofar as they relate to the construction of the Minimum Improvements in a
manner deemed sufficient by the Grantor to permit the execution and recording of this
certification; and
WHEREAS, an escrow account was established in September 2005 to provide
financial assurance that the minimum improvements would be completed.
NOW, THEREFORE, pursuant to Section 2.4 of the Agreement, this is to certify
that all agreements and covenants of the Deed and the Agreement with respect to the
obligations of the Grantee, and its successors and assigns, to construct the Minimum
Improvements on the Development Property have been completed and performed by
the Grantee to the satisfaction of the Grantor and such agreements and covenants are
hereby terminated. The County Recorder of Dubuque County is hereby authorized to
accept for recording and to record the filing of this instrument, to be a conclusive
determination of the satisfactory termination of the agreements and covenants of said
Deed and the Agreement which would result in a forfeiture by the Grantee and right of
the Grantor to re-enter and take possession of the Development Property as set forth in
said Deed and the Agreement, and that said Deed and the Agreement shall otherwise
remain in full force and effect.
(SEAL)
CITY OF DUBUQUE, IOWA
By:
Roy D. Buol, Mayor
ATTEST:
By:
Jeanne F. Schneider, City Clerk
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
On this day of August, 2006, before me a Notary Public in and for said
County, personally appeared Roy D. Buol and Jeanne F. Schneider 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 laws of the State of Iowa, and that the seal affixed to the foregoing
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
$55,000.00 Beginning Balance
-$8,900.00 Patrick T. O'Oowd 5/5/2006
-$2,962.30 A to Z Landscaping 5/9/2006
-$16,536.00 Patrick T. O'Oownd 5/26/2006
-$500.00 Patrick T. O'Oownd 6/5/2006
-$2,886.32 A to Z Landscaping 61712006
-$2,700.00 Heiar Fencing 7/21/2006
$20,515.38 Ending Balance
Created 08/08/06