Special Council Meeting Monday to Decide Kinseth Hotel Closing Documents

The Dubuque City Council will hold a special meeting at 5:30 p.m. Monday, Oct. 26, 2026, in the second-floor Council Chambers of the Historic Federal Building, 350 W. 6th St., to consider closing documents under its development agreement with Kinseth Hospitality Company, Inc. The council is asked to approve a parking easement agreement, an option agreement, and a declaration of covenant, and to authorize the mayor to sign the closing documents. A second item asks the council to approve a third amendment to the development agreement; the amendment's only substantive change sets the closing date on or before Oct. 28, 2026, with all other terms remaining in effect. Under the draft option agreement, Kinseth would hold an exclusive option to buy up to about 1.25 acres in Lot 2-2 of Riverwalk Ninth Addition for $400,000 per acre, paying $10,000 non-refundable at closing for the first 12 months and $1,000 per month after that until the option is exercised or ends. The draft also sets a $50,000 monthly payment after a 21-month substantial completion period if a certificate of occupancy has not been issued and issuance was not unreasonably withheld. The declaration would bar the city from granting a building permit for additional hotel or hospitality facilities, excluding bed and breakfast establishments, in the property to anyone other than Kinseth or an affiliate, until a certificate of occupancy for the minimum improvements or Dec. 31, 2027, whichever comes first. The parking easement covers the city-owned parking lot on Lot 1-1 of Riverwalk Ninth Addition; overnight hotel guests would not be charged fees for the lot, and the city would maintain it. The hotel property is Lot 1-2 of Riverwalk Ninth Addition, and the concept plan in the packet identifies a Port of Dubuque dual-brand hotel at 50 Bell St. Public input will not be accepted during the special meeting, according to the agenda.