Dbq Screw Products, Devel. Agree Assign.
E. Ma"hall Thomas, 1907-1989
Francis J. O'Connor, 1916-1990
ATTORNEYS AT LAW
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wuw.octhomWiIaW.com
August 29,2006
Mayor Roy D. Buol
City Hall
50 W. 13th Street
Dubuqut:, lA 52001
City Council Members
City Hall
50 W. 13th Street
:Uubuqu~, IA 52001
RE: Dubuque Screw Products, Inc.
Dear Mayor and City Council Members:
Dubuque Screw Products, Inc. and the City of Dubuque have entered into a Development Agreement for
the purchase of a lot and certain improvements and other requirements at Lot One (1) of Lot Five (5) of
Dubuque Industrial Center West 5th Addition in Dubuque. Dubuque Screw Products, Inc. purchased the lot
from the City on August 15, 2006.
Michael R. Scherr will be purchasing the lot from Dubuque Screw Products subject to the Development
Agreement. Mr. Scherr is the President of Dubuque Screw Products, Inc. and will be acquiring the property
for business reasons. Dubuque Screw Products, Inc. and Mr. Scherr will be entering into an assigrunent of
the Development Agreement, subject to the City's approval. The assigrunent assigns to Mr. Scherr all of
Dubuque Screw Products, Inc. 's rights to purchase the property. Mr. Scherr will contract with Beck
Construction, Inc. for the construction ofthe required improvements. Mr. Scherr has provided to the City
the required evidence of the necessary financial commitment for construction of the improvements.
Enclosed is a proposed Assigrunent for approval.
James E. Goodman, Jr.
ext. 247 I jgoodman@octhomaslaw.com
Dubuque Building I 700 Locust Street, Suite 200 P.O. Box 599 I Dubuque, Iowa 52004-0599 I Phone 563.557.8400 I Fax 563.556.1867
JOHN C. O'CONNOR CHAD C. LEITCH '" JAMES E. GOODMAN, JR. '" KERRIE L. UEDTKEt CHRISTOPHER C. FRY
BRENDAN T. QUANN RICHARD K. WHITT!' DAVIN C. CURTISS "'t PETER D. fuUNG**t EMILY E. REINERS
A. JOHN ARENZ tt STEPHEN C. KRUMPE *t PAUL]. SIGWARTI-I t JOSHUA P. WEIDEMANN THOMAS S, COLUNS, OF COUNSEL
All attorneys licensed in Iowa I ... Alsu licensed in Illirwis I t Also licensed in Wisconsin I * Also licemed in Minnesota
:j: Certified in Civil Trial AdvocilC)' by National Board of Tried AdvocllC)'
O'CONNOR & THOMAS, P.C.
Mayor Roy Buol
City Council Members
August 29, 2006
Page 2
If you have any questions, please let us know.
Sincerely,
O'CONNOR & THOMAS, P.e.
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James E. Goodman, Jr. ~
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Enclosure
c: City Manager
City Clerk
ASSIGNMENT OF DEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into by and between MICHAEL R. SCHERR
(hereinafter called Assignee) and DUBUQUE SCREW PRODUCTS, INC. (hereinafter called
Assignor).
WITNESSETH:
WHEREAS, Assignor, as Buyer, entered into that certain Development Agreement with
the City of Dubuque (hereinafter called "Development Agreement"), a copy of which is attached
hereto as Exhibit A and is incorporated herein by this reference; and
WHEREAS, Assignor has purchased the Real Estate identified in the Development
Agreement from the City of Dubuque on August 15,2006.
WHEREAS, Assignor and Assignee have agreed for Assignee to purchase the Real
Estate identified in the Development Agreement, subject to the terms of the Development
Agreement.
NOW, THEREFORE, the parties agree:
(1) Assignor hereby assigns to Assignee Assignor's rights and obligations under the
Development Agreement.
(2) Assignee hereby assumes Assignor's rights and obligations under the
Development Agreement.
(3) Assignor hereby requests the City of Dubuque to approve the transfer of
ownership for an Assignor to Assignee of the Real Estate subject to the
Development Agreement.
(4) The City of Dubuque shall be considered a third-party beneficiary under this
Agreement and shall have the same rights as Assignor to enforce Assignor's
rights under this Assignment against Assignee.
IN WITNESS WHEREOF, the parties have executed this agreement as their free and
voluntary act and deed.
Dated this
day of August, 2006.
DUBUQUE SCREW PRODUCTS, INC.,
ASSIGNOR
By:
Michael R. Scherr, President
Michael R. Scherr
APPROVAL OF ASSIGNMENT BY
CITY OF DUBUQUE, IOWA
By:
Roy D. Buol, Mayor
By:
Jeanne Schneider, City Clerk