Novelty Iron Works - 4th Amendment to Development Agreement Copyright 2014
City of Dubuque Consent Items # 8.
ITEM TITLE: Novelty Iron Works -4th Amendment to DA
SUMMARY: City Manager recommending approval of a 4th Amendment
to the Novelty Iron Landlord LLC Development Agreement
in order to modify the parking arrangement by deleting
Section 3.1 in its entirety.
RESOLUTION Approving the 4th Amendment to the
Development Agreement between the City of Dubuque,
Iowa and Novelty Iron Landlord, LLC
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Novelty Iron Works 4th Amendment to Development City Manager Memo
Agreement-MVM Memo
Staff Memo Staff Memo
4th Amendment to DA Supporting Documentation
Resolution - Adopting 4th Amendment 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: Novelty Iron Landlord LLC —4t" Amendment to Development Agreement
DATE: December 17, 2015
Economic Development Director Maurice Jones recommends City Council approval of a
4t" Amendment to the Novelty Iron Landlord LLC Development Agreement in order to
modify the parking arrangement by deleting Section 3.1 in its entirety.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Micliael 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: Novelty Iron Landlord LLC —4th Amendment to Development
Agreement
DATE: December 14, 2015
INTRODUCTION
The purpose of this memorandum is to request City Council approval of a 4th
Amendment to the Novelty Iron Landlord LLC Development Agreement in order to
modify the parking arrangements by deleting Section 3.1 in its entirety.
BACKGROUND
On June 17, 2013, the City of Dubuque, Iowa entered into a Development Agreement
with Warehouse Trust, LLC, which was assigned to Novelty Iron Landlord LLC for the
renovation of the Novelty Iron Building. The Development Agreement established a
parking contract between the City and Novelty Iron Landlord LLC wherein the City
agreed to provide parking and Novelty Iron Landlord LLC agreed to rent those parking
spaces.
DISCUSSION
On March 16, 2015, the City Council approved a 3rd Amendment to the Development
Agreement wherein specific dates for payment for the parking spaces were identified.
Since that time, Novelty Iron Landlord LLC has requested that it be relieved of this
obligation, preferring instead that Novelty Iron Landlord LLC's tenants lease parking
directly from the City.
This 4th Amendment will delete Section 3.1 in its entirety from the Development
Agreement. As required in the Development Agreement both the Developer and
Developer's lender have signed the 4th Amendment.
RECOMMENDATION/ ACTION STEP
I recommend the Council approves the attached resolution, authorizing the Mayor to
sign the 4th Amendment.
Cc: Bob Johnson
RESOLUTION NO. 428-15
APPROVING THE FOURTH 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
the 5111 day of August, 2013; and
Whereas City and Developer now desire to amend the Development Agreement
as set forth in the Fourth 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 Fourth Amendment to
Development Agreement.
Section 2. The Mayor is authorized and directed to sign the Fourth Amendment to
Development Agreement on behalf of the City of Dubuque.
Passed, approved and adopted this 21st day of December, 2015.
Roy D. Buol,
Attest:
Keviri S. Firnstahl,LGity Clerk
0
iLi
yor
•FOURTH AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE WY OF DUBUQUE/ IOWA
AND
NOVELTY IRON LANDLORD LLC
This Fou • Amendmen to Oeyelopment Agreement, • dated for reference
purposes the day of 471241— 2015 is made and entered into by and
between the City o Dubuque, Iowa (City) and Novelty Iron Landlord LLC (Dowloper).
Whereas„ Cay and Warehouse Trust, LLC previously entered into a Development
Agreement dated the Irk of June; 2013 (the Developmerit Agreement): and
Vitiereas„ Warehouse Trust, LLC, with the consent of Cly, assigned the
Elevelopuhent Agreement to Developer„ who assurneci the duties of Warehouse Trust,
LLC under the Develo Agreement; arid
Vtereas, Devettiper, vird' the consent of City, assigned its rights in and under
the Devehyrnent Agreement to The National Bank (Bank): and
Vghereas Bank pursuant to a first amendment to the Articles of Association of
The Nattiriat Bank did therein change its name to Triumph • unity k, NA. Said
airiendment...--,..worning effective June 30 2014, arid being filed with the office of the
Comptroller of the Currency to affect the name change of the bank. The National Bank
is neyim known as Triumph Communtty Sank, N,A„: and
Memos, there have been three prior amendments to the Development
Agreement, dated the 21'st day of August, 2013, the Vh day of January, 2014, and the
1616day of March, 2015, respectively ; and
Whereas, City and Developer have agreed to this Fourth Amendment to the
Development Agreement,
THEREFORE, in consideration of the mutual terms and covenants contained
herein, the parties agree as follows:
Section 31 of the Development Agreement which originally read as fellows:
3.1. rki Subject to terms of this Agreement and compliance with
applicabie Iowa law, including, but not limited to, the holding of public hearings
on proposed piens, specifications and forms of contract, and as otherwise
provided for in this Agreement, City hereby agrees to design, bid and constalot,
or engage a qualified contractor to construct parking improvements for up to 120
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Developers building locally known as thayNovieitYty iron Woks Bntikr 600 (the Iranrem
parking spaces on property controlled b C:* not mo etafeet f
Works 8 -id* ) 1 Ing e
ut trig to, be rented to Devekiper at an annual rental estab5shed by the
CityCouricil(the Iron Works Parldrig Spaces).
The Iron Works Parking Spaces
shalibe rented to and paid for by Developer asfollows:
(1) At east 20 spaces wittiin thirty (30) days after the issuance of a
Certificate of Occupancy for the Iron liktorks Buikting; ord.
(2) At least 20 additional spaces within 60 days after the issuance of
Certificate of Occupancy for the Iron Works Building; and
(3) At least 20 additional spaces within 90 days after the issuance of
Certificate of Occupancy for the Iron Building: and
(4) The balance of the parking spaces within 150 days after the
Issuance of a Certificate of Occupancy for the Iron Works Building.
Developer may sublet the Iron * Parking. Seams to third parties
Provided that 4 subtenant is a tenant or owner residing within the
Historic Miliviork District PUD boundary.
which was amended to read as follows by the Third Antendmertt to the Deve4morit
Agreement
t to terms 0 niengt aoaciptiamtepliente, we!totioafoProPlpindatbhets
1 Prkin% Subject not i-mgeodr ctoo,nttrhaeotnioald-ordn es f0thems,, a provided logr in a
a law, including, but I #
f thiS. Agree br h6arinft„
avvans, speolf—tr-ations and forms to design,. City hereby agreesh bid and construct, or
qualified contractor to construct, parking improvements for up to 120 parking
spaces on property controlled by City not more than600 feet from Developers
buildingIndaity kneivin ais the Novehy iron Works Buitdirig (the Iron Works
uilding) to be rented to Developer for use by building tenants or 4• ers residing
within the Historic Millwork District PUD, at a monthly rental rate established by
the City Council (the Iron Works Parking Spaces), The Iran Works Parking
Spaces shall be rented to and paid for by Developer as follows:
(1) At least 20 spaces no later than March 1, 2015: and
(2) At least 20 additional spaces no tater than April 1, 2015: and
(3) Ata..st 20 additional spaces no later than May 1, 2015; arid
(4) The balance of the parking spaces no later than July 1.2015.
Developer may sublet the Iron WOIRS Parking Spaces to third parties
oroVi#,-* that the subtenant is a tenant or owner residing within the
Historic Millwork District PUD boundary,
is hereby deleted,
2,, Except as expressly amended in this Fourth Amendment to the Development
Agreement, the terms of the Development Agreement will remain in full force and effect
as set forth 'in the Development Aweertient,
[Eng OF AMENDMENT — SIGNATURE.PAGE FOLLOWS
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