Weaver Castle, LLC - Third Amendment to Development_1576-1580 Locust St. Copyright 2014
City of Dubuque Consent Items # 19.
ITEM TITLE: Weaver Castle, LLC - Third Amendment to Development
Agreement for 1576-1580 Locust Street.
SUMMARY: City Manager recommending approval of a Third
Amendment to the Development Agreement with Weaver
Castle, LLC for the redevelopment of the property at 1576-
1578-1580 Locust Street extending the completion date to
June 30, 2016.
RESOLUTION Approving the Third Amendment to
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
3rd Amendment to Development Agreement-MVM City Manager Memo
Memo
Staff Memo Staff Memo
3rd Amendment to DA Supporting Documentation
Resolution of Approval 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: 3rd Amendment to Development Agreement for 1576-1578-1580 Locust
Street
DATE: April 28, 2016
Economic Development Director Maurice Jones is recommending City Council approval
of a 3rd Amendment to the Development Agreement with Weaver Castle LLC for the
redevelopment of the property at 1576-1578-1580 Locust Street extending the
completion date to June 30, 2016.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
Mich el C. Van Milligen
MCVM:sv
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: 3rd Amendment to Development Agreement for 1576-1578-1580
Locust Street
DATE: April 27, 2016
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 pass the substantial
completion date of April 30, 2016, as set forth in the 2nd Amendment to the
Development Agreement. The Developer is finalizing the units at this time, waiting for
some materials to be delivered for installation. Two of the three units have already
been leased to tenants, who are expected to move in this summer. The 3rd Amendment
will extend the completion date to June 30, 2016.
RECOMMENDATION/ ACTION STEP
I recommend the Council approves the attached resolution, authorizing the Mayor to
sign the 3rd Amendment.
RESOLUTION NO. 171-16
APPROVING THE THIRD 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 Third 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 Third Amendment to Development
Agreement.
Section 2. The Mayor is authorized and directed to sign the Third Amendment to
Development Agreement on behalf of the City. of Dubuque.
Passed, approved and adopted this 2nd day of May, 201
Attest:
Kevin S.
rnstahl, CitC-r
Roy D. Bt�'�SI, Mayor
THIRD AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
WEAVER CASTLE LLC
This Third Amendment to Development Agreement, dated for reference purposes
the 2nd day of May, 2016, 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 Second Amendment to Development Agreement extended the
project completion date to April 30, 2016; 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, 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
By:
Attest:
By:
Roy uol, Mayor
Key n S. Firnstahl, Cit Clerk
2
WEAVER CASTLE LLC
By.
Stelpflug, Manager