Weaver Castle, LLC Amendment to Development Agreement for 1576-1578-1580 W. Locust St. Copyright 2014
City of Dubuque Consent Items # 14.
ITEM TITLE: Weaver Castle, LLC Amendment to Development Agreement for 1576-
1578-1580 Locust Street
SUMMARY: City Manager recommending approval of the 2nd Amendment to
Development Agreement with Weaver Castle, LLC for 1576-1578-
1580 Locust Street extending the completion date to April 30, 2016.
RESOLUTION Approving the Second 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
❑ Weaver Castle 1576 Locust 2nd Amendment to Development City Manager Memo
Agreement-MVM Memo
❑ Staff Memo Staff Memo
❑ 2nd Amendment Supporting Documentation
❑ Resolution Resolutions
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: 2nd Amendment to Development Agreement for 1576-1578-1580 Locust
Street
DATE: December 1, 2015
On April 6, 2014, the City Council approved a Development Agreement with Weaver
Castle LLC for the redevelopment of 1576-1578-1580 Locust Street. The project has
begun but will likely pass the substantial completion date of December 31, 2015.
Economic Development Director Maurice Jones recommends City Council approval of
the 2nd Amendment to Development Agreement extending the completion date to
April 30, 2016.
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
AII-AwftlitY Dubuque,Iowa 52001-4864
DUB3 &kE1 I 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: 2nd Amendment to Development Agreement for 1576-1578-1580
Locust Street
DATE: November 25, 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 1576-1578-1580 Locust Street.
BACKGROUND
City Council approved a Development Agreement with Weaver Castle LLC for the
redevelopment of 1576-1578-1580 Locust Street on April 6, 2014. The Agreement calls
for a capital investment of at least $300,000 and the creation of three (3) market rate
apartments.
DISCUSSION
The project at 1576-1578-1580 Locust Street has begun, but will likely pass the
substantial completion date of December 31, 2015, as set forth in the 1St Amendment to
the Development Agreement. The 2nd Amendment will extend the completion date to
April 30, 2016.
RECOMMENDATION/ ACTION STEP
I recommend the Council approves the attached resolution, authorizing the Mayor to
sign the 2nd Amendment.
RESOLUTION NO. 413-15
APPROVING THE SECOND 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 6th day of April,
2014 for the redevelopment of the property at 1576-1578-1580 Locust Street; 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 Second 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 7th day of December, 2015.
L n V. Sutton, Mayor Pro Tem
Attest:
Ke6n S. Firnstahl, C yClerk
SECOND AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
WEAVER CASTLE LLC
This Second Amendment to Development Agreement, dated for reference
purposes the 7th day of December 2015, is made and entered into by and between the
City of Dubuque, Iowa (City) and Weaver Castle LLC (Developer).
Whereas City and Developer previously entered into a Development Agreement
dated the 6th day of April, 2014 (the Development Agreement) for the redevelopment of
the property at 1576-1578-1580 Locust Street; and
Whereas the First Amendment to Development Agreement extended the project
completion date to December 31, 2015; 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 April 30, 2016. 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.
CITY OF DUBUQUE, IOWA
WEAVER CASTLE LLC
Byp.. / ' . `-_' By: T:441--e-70,-
Lynn V. Sutton, Mayor Pro Tem GaStelpflug, Manager
Attest:
Bv:
Kevi S. Firnstahl, Cr Clerk
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