Friends of St. Mary's d/b/a Steeple Square - Third Amendment to DA Copyright 2014
City of Dubuque Consent Items # 9.
ITEM TITLE: Friends of St. Mary's d/b/a Steeple Square - Third
Amendment to Development Agreement
SUMMARY: City Manager recommending approval of the Third
Amendment to the Development Agreement between the
City of Dubuque and Friends of St. Mary's d/b/a Steeple
Square for the property located at 1501 Jackson Street.
RESOLUTION Approving the Third Amendment to the
Development Agreement between the City of Dubuque,
Iowa and Friends of St. Mary's d/b/a Steeple Square
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Friends of St. Mary's Third Amendment to De\elopment City Manager Memo
Agreement-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
Third Amendmentto De\elopmentAgreement Supporting Documentation
THE CITY OF Dubuque
DUB E i"
Masterpiece on the Mississippi 2007.2012.2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Third Amendment to Development Agreement between the City of
Dubuque and Friends of St. Mary's d/b/a Steeple Square to Redevelop
Property at 1501 Jackson Street
DATE: September 14, 2016
Economic Development Director Maurice Jones recommends City Council approval of
the Third Amendment to the Development Agreement between the City of Dubuque and
Friends of St. Mary's d/b/a Steeple Square for the property located at 1501 Jackson
Street. The amendment provides that the Closing date will now take place no later than
September 30, 2016, with the substantial completion of the project scheduled no later
than September 1, 2017.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
v
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
THE CITY OF Department
krftft-A-
AII-Amft,111, 50 West 13t"Street
DUB3AkE1 I Dubuque,Iowa 52001-4864
Office(563)589-4393
TTY(563)690-6678
Masterpiece on the Mississippi 2007.2012.2013 http://www.cityofdubuque.org
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Third Amendment to Development Agreement between the
City of Dubuque and Friends of St. Mary's d/b/a/Steeple
Square to redevelop property at 1501 Jackson Street
DATE: September 14, 2016
INTRODUCTION
This memorandum is a request that the City Council approve the Third Amendment
to the Development Agreement between the City of Dubuque and Friends of St.
Mary's d/b/a/Steeple Square for the property located at 1501 Jackson Street.
BACKGROUND
On May 2, 2016 the City Council approved a Development Agreement with Friends
of St. Mary's d/b/a Steeple Square (Developer) for the rehabilitation of 1501 Jackson
Street into residential apartments.
The property at 1501 Jackson will include 12 new residential units. The Developer is
estimating the total cost of the project to be at least $3.8 million. In addition to other
funding sources, the project will be using State Historic Tax Credits which are being
reserved.
DISCUSSION
Due to slight delays in the compiling of the funding and financing package for the
project, the Developer has requested a change in the closing and substantial
completion dates for the project. The Closing date will now take place no later than
September 30, 2016 with the substantial completion of the project scheduled no later
than September 1, 2017.
RECOMMENDATION/ ACTION STEP
I recommend the City Council adopt the attached resolution approving the Third
Amendment to the Development Agreement.
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Prepared by: Barry A. Lindahl, Esq. 300 Main Street Suite 330, Dubuque IA 52001 563 583-4113
Return to: Barry A. Lindahl, Esq. 300 Main Street Suite 330, Dubuque IA 52001 563 583-4113
RESOLUTION NO. 321-16
APPROVING THE THIRD AMENDMENT TO THE DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND FRIENDS OF ST. MARY'S d/b/a
STEEPLE SQUARE
Whereas, the. City of Dubuque (City) and Friends of St. Mary's d/b/a/Steeple
Square (Developer) entered into a Development Agreement, dated May 2, 2016, and as
amended by the First Amendment dated June 6, 2016, and second Amendment dated
July 18, 2016, for the rehabilitation of 1501 Jackson Street, Dubuque, Iowa (the
Property); and
Whereas, the parties desire to amend the Development Agreement with respect
to the closing date; and
Whereas, the City Council of the City of Dubuque finds that the City of Dubuque
should approve to the Third Amendment to Development Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. The City Council of the City of Dubuque hereby approves the Third
Amendment to Development Agreement, a copy of which is attached hereto.
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 19th day of September, 2016.
Kevin J. L r ch, Mayor Pro -Tem
Attest:
Kekiin S. Firnstahl, y Clerk
F:\USERS\tsteckle\Lindahl\Friends of St. Marys - Steeple Square 1501 Jackson\Resolution Approving 3rd Amendment 1501 Jackson_091416.doc
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THIRD AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
FRIENDS OF ST. MARY'S d/b/a STEEPLE SQUARE
This Thir Amendment to Development Agreement, dated for reference
purposes the day of , 2016, is made and entered into by
and between City of Dubuqu , Iowa ("City") and Friends of St. Mary's d/b/a/Steeple
Square ("Developer").
Whereas, City and Developer entered into a Development Agreement dated May
2, 2016 (the "Development Agreement"), and as amended by the First Amendment
dated June 6, 2016, and Second Amendment dated July 18, 2016, with respect to the
following property, situated in Dubuque, Iowa:
LOT 1 OF CITY LOT 493, locally known as 1501 Jackson Street
And Whereas, the parties desire to further amend the Development Agreement
with respect to the closing date.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES THAT
THE DEVELOPMENT AGREEMENT IS AMENDED AS FOLLOWS:
1. Section 1.3 of the Development Agreement is hereby amended to read as
follows:
1.3 Closing. The closing shall take place on the Closing Date which
shall be a date the . parties agree in writing, but in no event shall the
Closing Date be later than September 30, 2016. Consummation of the
closing shall be deemed an agreement of the parties to this Agreement
that the conditions of closing shall have been satisfied or waived.
2. All other terms and conditions of the Development Agreement remain in
full force and effect.
CITY OF DUBUQUE, IOWA FRIENDS OF ST. MARY'S D/B/A
STEEPLE SQUARE
By
�_.. By
Kevin J. LyncMayor Pro h'e'm Jack McCullough, President
091416ba1
Attest:
Key n S. Firnsta
City Clerk
F:\Users\tstecklelLindahl\Friends of St. Marys - Steeple Square 1501 Jackson\ThirdAmendment to Development Agreement_091416.doc
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EFFECT OF AMENDMENT
1 .3 Closing. The closing shall take place on the Closing Date which shall be a date
the parties agree in writing, but in no event shall the Closing Date be later than Asst
4-, September 30, 2016. Consummation of the closing shall be deemed an agreement
of the parties to this Agreement that the conditions of closing shall have been satisfied
or waived.
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