Friends of St. Mary's / Steeple Square - Fourth Amendment to DA Copyright 2014
City of Dubuque Consent Items # 11.
ITEM TITLE: Friends of St. Mary's /Steeple Square - Fourth Amendment
to Development Agreement
SUMMARY: City Manager recommending approval of the Fourth
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 Fourth 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
Steeple Square 4th Amendment to Development City Manager Memo
Agreement-MVM Memo
Staff Memo Staff Memo
4th Amendment to DA- 1501 Jackson Supporting Documentation
Resolution of Approval Resolutions
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: Fourth 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 27, 2016
Economic Development Director Maurice Jones recommends City Council approval of
the Fourth 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. 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
October 31, 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.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, 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: Fourth 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 21, 2016
INTRODUCTION
This memorandum is a request that the City Council approve the Fourth 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
October 31, 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 Fourth
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. 341-16
APPROVING THE FOURTH 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, the second Amendment dated
July 18, 2016, and the Third Amendment dated September 19, 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 Fourth 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 Fourth
Amendment to Development Agreement, a copy of which is attached hereto.
Section 2. The Mayor is authorized and directed to sign the Fourth Amendment
to Development Agreement of behalf of the City of Dubuque.
Passed, approved and adopted this 3rd day of Octobe , 2016.
Roy D. B'uo Mayor
Attest:
Kevin` i nstahl, City kferk
F:\Users\tsteckle\Lindahl\Friends of St. Marys - Steeple Square 1501 Jackson\Resolution Approving 4th Amendment 1501 Jackson_092116.doc
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FOURTH AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
FRIENDS OF ST. MARY'S d/b/a STEEPLE SQUARE
This Foaurth Amendment , to Development Agreement, dated for reference
purposes thec4^ day of . „ , 2016, is made and entered into by
and between City of Dubuque,' 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, the Second Amendment dated July 18, 2016, and the Third
Amendment dated September 19, 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 Closinq. 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 October 31, 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 4-1/
Roy D. B o'(, Mayor
092116bal
By
Jack McCullough, President
Attest:
i".„400
Kevi 8. Firnstahf
City Clerk
F:\Users\tsteckle\Lindahl\Friends of St. Marys - Steeple Square 1501 Jackson\FourthAmendment to Development Agreement_092116.doc
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