Novelty Iron Landlord_2nd Amendment to Development AgreementMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
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AI- America City
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2007 • 2012 • 2013
SUBJECT: Second Amendment to Warehouse Trust, LLC Development Agreement,
Assigned to Novelty Iron Landlord LLC
DATE: January 2, 2014
Novelty Iron Landlord LLC has requested a Second Amendment to Development
Agreement to extend the closing date from December 30, 2013, to June 30, 2014, to
allow finalization of financing.
City Attorney Barry Lindahl recommends City Council approval of the Second
Amendment to Development Agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Maurice Jones, Economic Development Director
Phil Wagner, Assistant Economic Development Director
Bob Johnson, Manager, Novelty Iron Landlord, LLC
THE CITY OF
DUB E MEMORANDUM
Masterpiece on the Mississippi
BARRYA.LINDAHL, ESQ.
CITY ATTORNEY
To: Michael C. Van Milligen
City Manager
DATE: January 2, 2014
RE: Second Amendment to Warehouse Trust, LLC Development Agreement,
Assigned to Novelty Iron Landlord LLC
On June 17, 2013, the City entered into a Development Agreement with Warehouse
Trust, LLC, assigned to Novelty Iron Landlord LLC, for the renovation of the Novelty Iron
Building. The Development Agreement established a closing date of December 30,
2013.
Novelty Iron Landlord LLC has requested an extension of the closing date to June 30,
2014 to allow finalization of financing. See the attached January 2, 2014 letter and
memorandum from Bob Johnson, Manager of Novelty Iron Landlord, LLC.
Attached is an amendment to the Development Agreement extending the closing date.
I recommend that the amendment be submitted to the City Council for consideration
and approval.
BAL:tls
Attachment
cc: Maurice Jones, Economic Development Director
Phil Wagner, Assistant Economic Development Director
Bob Johnson, Manager, Novelty Iron Landlord, LLC
F: \USERS \Laserfiche Legal \Novelty Iron Works - Warehouse Trust LLC - MidAmerica Holdings (Bob Johnson)\ MVM _SecondAmendmentToDA_010214.doc
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001 -6944
TELEPHONE (563) 589 -4381 / FAX (563) 583 -1040 / EMAIL cbrumwel @cityofdubuque.org
Preoarer: Barry A. Lindahl, Esq. Suite 330, Harbor View Place, 300 Main Street, Dubuque, IA 52001 (563) 583 -4113
RESOLUTION NO. 3 -14
APPROVING THE SECOND AMENDMENT TO THE DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND NOVELTY IRON LANDLORD, LLC
Whereas the City of Dubuque, Iowa (City) and Warehouse Trust, LLC (Developer)
entered into a Development Agreement dated for reference purposes the 17th day of
June, 2013 which Development Agreement was assigned to Novelty Iron Landlord LLC;
and
Whereas the Development Agreement established a closing date of the December
30, 2013; and
Whereas City and Developer now desire to extend the closing date to June 30, 2014
to allow Developer to finalize its financing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City Council hereby approves the Second Amendment to
Development Agreement, a copy of which is attached hereto.
Section 2. The Mayor is authorized and directed to sign the Second Amendment to
Development Agreement on behalf of the City of Dubuque.
Passed, approved and adopted this 6th day of JanuWy, 2014.
Roy, Buol, Mayor
Attest:
Kevi S. Firnstahl, sy Clerk
F: \USERS \Laserfiche LegalWovelty Iron Works - Warehouse Trust LLC - MidAmerica Holdings (Bob Johnson)\ ResolutionApprovingSecondAmendmentToDA _010214.doc
SECOND AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
NOVELTY IRON LANDLORD LLC
This Second Ame dment to Development Agreement, dated for reference
purposes the day of i;, , 2014, is made and entered into by and between
the City of Dubuque, Iowa (City) d Novelty Iron Landlord LLC.
Whereas the City of Dubuque, Iowa (City) and Warehouse Trust, LLC
(Developer) entered into a Development Agreement dated for reference purposes the
17th day of June, 2013 which Development Agreement was assigned to Novelty Iron
Landlord LLC; and
Whereas the Development Agreement established a closing date of the of
December 30, 2013; and
Whereas City and Developer now desire to extend the closing date to June 30,
2014 to allow Developer to finalize its financing.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
FOLLOWS:
1. Section 1.3 of the Development Agreement is amended to read as follows:
1.3 Closing. The closing shall take place on the Closing Date which shall be no
later than the 30th day of June, 2014. Consummation of the closing shall be deemed an
agreement of the parties to this Agreement that the conditions of closing shall have
been satisfied or waived.
CITY OF DUBUQUE, IOWA
By::
:`iI
By -
rrff
K=• vin S. Fi sta '7 City Clerk
NOVELTY IRON LANDLORD LLC
F:\USERS\Laserfiche Legal\Novelty Iron Works -Warehouse Trust LLC -MidAmerica Holdings (Bob Johnson) \SecondAmendmentToDA. 010214.doc
3
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To: Mike Van Milligen, City Manager
Du.bt one. ..A F,2OC
From: Bob Johnson, Manager Novelty Iron Landlord, LLC
RE: Development Agreement Amendment Request
Date: January 2, 2014
Please find the attached letter requesting a amendment to the development agreement between
the City of Dubuque and Novelty Iron Landlord, LLC.
The proposed amendment is needed because the project closing has been pushed into 2014 and
broken into two parts at the request of our New Market Tax Credit partner Iowa Community
Development/Iowa Business Growth. We expect the first closing on $8 8 million of allocation to
occur on January 15th 2014; and the closing of the remaining $9.2 million of allocation to occur
in March of 2014.
The change in the closing process will not negatively affect the projects proposed construction
schedule.
CC: Barry Lindahl
CC: Teri Goodman
Enclosues
Novelty Iron Landlord, LLC
333 East 10th Street — Dubuque. T A 2001
January 2, 2014
Mike Van Milligen
City Manager
50 West 13th Street
Dubuque, Iowa 52001
RE: Request for Amendment to Development Agreement
Dear City Manager Van Milligan:
This is a request to change the closing date deadline in line 3 of section 1.3 of the development
agreement between the City of Dubuque and Novelty Iron Landlord, LLC from the 30th day of
December, 2013 to the 30th day of June, 2014.
Bob Johnso , T►', ger
Novelty Iron Landlord , LLC
815- 990 -3646
bob @warehousetrust.com
CC: Barry Lindahl
CC: Teri Goodman