324-326 W Locust - 1 st Amendment to Development Agreement Copyright 2014
City of Dubuque Consent Items # 14.
ITEM TITLE: 324-326 W Locust - 1 st Amendment to Development Agreement
SUMMARY: City Manager recommending approval of the 1 st Amendment to
Development Agreement that extends the completion date to June 30,
2015.
RESOLUTION Approving the First Amendment to the Development
Agreement between the City of Dubuque, Iowa and Weaver Castle, LLC.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ 324326 W. Locust 1st Amendment to Development Agreement-MVM City Manager Memo
Memo
❑ Staff Memo Staff Memo
❑ 1st Amendment to DA Supporting Documentation
❑ Resolution 1st Amendment Supporting Documentation
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: 1 St Amendment to Development Agreement for 324-326 West Locust
DATE: March 10, 2015
City Council approved a Development Agreement with Weaver Castle LLC for the
redevelopment of 324-326 West Locust Street on April 1, 2013. The Agreement calls
for the creation of four market rate apartments with a capital investment of at least
$400,000. The project is nearing completion, but has passed the substantial completion
date of December 31, 2014.
Economic Development Director Maurice Jones recommends City Council approval of
the 1 St Amendment to Development Agreement that extends the completion date to
June 30, 2015.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael 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
Dubuque Economic Development Department
THE CITY OF 50 West 13th Street
All-AmericaCitY Dubuque,Iowa 52001-4864
DUB36kE1 ' Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: 1St Amendment to Development Agreement for 324-326 West Locust
DATE: March 5, 2015
INTRODUCTION
This memorandum presents for review and approval an amendment to the
Development Agreement with Weaver Castle LLC for the redevelopment of the property
at 324-326 West Locust Street.
BACKGROUND
City Council approved a Development Agreement with Weaver Castle LLC for the
redevelopment of 324-326 West Locust Street on April 1, 2013. The Agreement calls
for a capital investment of at least $400,000 and the creation of four (4) market rate
apartments.
DISCUSSION
The project at 324-326 West Locust is nearing completion, but has passed the
substantial completion date of December 31, 2014, as set forth in the original
Development Agreement. The 1St Amendment will extend the completion date to June
30, 2015.
RECOMMENDATION/ ACTION STEP
I recommend the Council approves the attached resolution, authorizing the Mayor to
sign the 1St Amendment.
FIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
WEAVER CASTLE LLC
This First Amendment to Development Agreement, dated for reference purposes
the 16th day of March 2015, is made and entered into by and between the City of
Dubuque, Iowa (City) and Weaver Castle LLC (Developer).
Whereas City and Developer entered into a Development Agreement dated the
1st day of April, 2013 (the Development Agreement) for the redevelopment of the
property at 324-326 West Locust Street; and
Whereas substantial work on the property which is the subject of the
Development Agreement has been performed to date, but the Minimum Improvements
required by the Development Agreement are not yet complete; and
Whereas City and Developer desire to amend the Development Agreement as
set forth herein.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES THAT
THE DEVELOPMENT AGREEMENT IS AMENDED AS FOLLOWS:
1 . Section 2.4 of the Development Agreement is hereby amended to read as
follows:
Timing of Improvements. Developer hereby agrees that construction of the
Minimum Improvements on the Property shall be commenced within thirty (30) days
after the Closing Date, and shall be substantially completed by June 30, 2015. The time
for the performance of these obligations shall be suspended due to unavoidable delays
meaning delays, outside the control of the party claiming its occurrence in good faith,
which are the direct result of strikes, other labor troubles, unusual shortages of
materials or labor, unusually severe or prolonged bad weather, acts of God, fire or other
casualty to the Minimum Improvements, litigation commenced by third parties which, by
injunction or other similar judicial action or by the exercise of reasonable discretion
directly results in delays, or acts of any federal, state or local government which directly
result in extraordinary delays. The time for performance of such obligations shall be
extended only for the period of such delay.
2. All other terms and conditions of the Development Agreement remain in
full force and effect.
030515bal
CITY OF DUBUQUE, IOWA WEAVER CASTLE LLC
By: By:
Roy D. Buol, Mayor Gary Stelpflug, Manager
Attest:
By:
Trish L. Gleason, Assistant City Clerk
2
RESOLUTION NO. 83-15
APPROVING THE FIRST AMENDMENT TO THE DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND WEAVER CASTLE, LLC
Whereas the City of Dubuque, Iowa (City) and Weaver Castle, LLC (Developer)
entered into a Development Agreement dated for reference purposes the 1st day of April,
2013; and
Whereas City and Developer now desire to amend the Development Agreement as
set forth in the First Amendment to Development Agreement attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. The City Council hereby approves the First Amendment to Development
Agreement.
Section 2. The Mayor is authorized and directed to sign the First Amendment to
Development Agreement on behalf of the City of Dubuque.
Passed, approved and adopted this 16th day of March, 2015.
Attest:
Trish L. Gleason, Assistant City Clerk
D. Buol, Mayor