WS Live -Amendment to Development Agreement Copyright 2014
City of Dubuque Action Items # 11.
ITEM TITLE: WS Live -Amendment to Development Agreement
SUMMARY: City Manager recommending approval of the Second
Amendment to Development Agreement among and
between the City of Dubuque, Interstate Building, LLLP and
WS Live, LLC in order to correct the Termination Date in
Section 6.3 to June 1, 2017.
RESOLUTION Approving the Second Amendment to
Development Agreement among and between City of
Dubuque, Interstate Building, LLP, and WS Live, LLC
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
WS Lim 2nd Amendment to Development Agreement- City Manager Memo
MVM Memo
Staff Memo Staff Memo
2nd Amendment 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: Second Amendment to Development Agreement Among and Between the
City of Dubuque, Interstate Building, LLLP, and WS Live, LLC
DATE: June 1, 2016
Economic Development Director Maurice Jones recommends City Council approval of
the Second Amendment to Development Agreement among and between the City of
Dubuque, Interstate Building, LLLP and WS Live, LLC in order to correct the
Termination Date in Section 6.3 to June 1, 2017.
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
Jennifer Larson, Budget Director
Jean Nachtman, Finance 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: Second Amendment to Development Agreement among and between
the City of Dubuque, Interstate Building, LLLP, and WS Live, LLC
DATE: May 23, 2016
INTRODUCTION
This memorandum presents for City Council consideration and action the attached
resolution approving a Second Amendment to Development Agreement among and
between the City of Dubuque, Interstate Building, LLLP, and WS Live, LLC.
BACKGROUND
A Development Agreement dated November 3, 2008 was signed among the
aforementioned parties regarding the $2 million renovation of the Interstate Building
(131 West 10th Street) and the subsequent tenancy of WS Live. The Agreement
provided for several incentives, including a forgivable loan and tax increment finance
(TIF) rebates.
DISCUSSION
During regular administration of our portfolios this Spring, our staff identified an error in
Section 6.3 of the Development Agreement. This section lists an incorrect Termination
Date of December 31, 2015. As Section 3.1 provides for TIF rebates through May 1,
2017, the correct Termination Date should be June 1, 2017.
The Second Amendment simply corrects the date in Section 6.3.
RECOMMENDATION/ ACTION STEP
I recommend that the City Council approve the Second Amendment to Development
Agreement among and between the City of Dubuque, Interstate Building, LLLP, and WS
Live, LLC in order to correct the date in Section 6.3.
Prepared by: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 230-16
APPROVING THE SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
AMONG AND BETWEEN CITY OF DUBUQUE, INTERSTATE BUILDING, LLLP, AND
WS LIVE, LLC
Whereas, a Development Agreement (the Agreement), dated November 3, 2008,
was entered into by and between the City of Dubuque, a municipal corporation of the
State of Iowa (City), and Interstate Building, LLLP and WS Live, LLC; and
Whereas, City, Interstate Building, LLLP, and WS Live, LLC now desire to amend the
Development Agreement as set forth in the attached Second Amendment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Second Amendment of the Development Agreement among and
between City, Interstate Building, LLLP, and WS Live, LLC is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute said Second
Amendment on behalf of the City of Dubuque and the City Clerk is authorized and
directed to attest to his signature.
Section 3. That the City Manager is authorized to take such actions as are necessary
to implement the terms of the Second Amendment as herein approved.
Passed, approved and adopted this 6th day of June, 2016.
Ric J o nes, Mayor Pro -Tem
Attest:
Kevin SLF rnstahl, Clty-Oiirk
SECOND AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
INTERSTATE BUILDING, LLLP AND WS LIVE, LLC
Whereas, a Development Agreement (the Agreement), dated November
3, 2008, as amended, was entered into by and between the City of Dubuque, a
municipal corporation of the State of Iowa (City), Interstate Building, LLLP
(Developer) and WS Live, LLC (Employer); and
Whereas, City and Interstate Building, LLLP and WS Live, LLC now desire
to amend the Development Agreement as set forth herein.
Now, therefore, the parties agree that the Development Agreement is
amended as follows:
1. Section 6.3 is amended to read as follows:
6.3 Termination Date. This Agreement and the rights and obligations
of the parties hereunder shall terminate on June 1, 2017.
2. All other terms of the Agreement, as amended, shall remain in full force
and effect.
CITY OF DUBUQUE, WA
By:
By:
INTERSTATE BUILDING, LLLP
Ric Jone Mayor Pro -Tem By:
John Gronen
Kevin S. Firnstahl, `City Jerk
WS LIVE, LLC
By:
Tom Kim, CFO
By:
Michael Steele
By:
Kevin Timmerman