HomeMy WebLinkAbout1988-12-13 Public hearingNDTICE OF RELIC HEVING
Notice is hereby given that a pblic hewing will be
held by the City Cantil of Iowa City, Tae, at 7:30
p.m. on the 13th day of DeMbe^, 19EB, in the Civic
Caller Cantil Chambers, Ian City, Iowa; at which
hearing the Council will consider an ordinance to
vacate a portion of excess U.S. Highrdy 6 right-of-
way located im ediately myth of FM Car Wash.
Copies of the proposed ordinances are on file for
pblic examination in the Office of the City Cleric,
Civic Center, Ian City, Iowa. Persons wishing to
male their views Imao for City Caencil crosidera-
tion are ecm-aged to appear at the kmemtiared
time and place.
W,RIM K. KAPR, CIT! CLEW
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NOTICE OF RELIC HEARING
CN 1M MION TO ISSLE
IMp1SMAl. MN ~ WVDM BCh11S
(MICHAEL DEMELOIMM PMXLT)
Notice is hereby given that a public hearirg will
be conducted before the City Council of the City of
Iowa City, Iowa (the "Issuer"), in the Council
Chambers at the City Hall in said City at 7.30 p.m.
on December 13, 1988, on the proposal to issue not
to exceed $3,000,000 principal amount of the City's
Industrial Developrent ReverMie Bonds (Michael
DevelOP=t Project) Series 1989, pursuant to the
provisions of Chapter 419 of the Code of luA, for
the purpose of defraying all or a portion of the
cost of acquiring land ard crost=tirg a facility
thereon to be leased for use in the mstff tong of
seamless cm. The proposed facility will be owned
by Michael Development, a Minnesota Cemaal p&tv�
ship (the "Borva,er") and located an the westerly
side of Heinz Road approxinretelY ane -pelf mile north
of Higtway 6 and approximately ane -third mile west
of Scott Boulevard in Iowa City, Iowa. it is
contemplated that a Loan Agreoront will be entered
into between the Issuer and the Borrower, under
which the Issuer would loan to said Bonner the
proceeds from the sale of the Bards in return for
loan pWwts from the Borrnver sufficient to pay
the principal of, interest and prenlun, if any, on
such Bands as the same shall fall due.
Such Bords, if issued, and the interest thereon,
will be pdyable solely out of the revenues derived
from the Loan Agreement and shall newer constitute
an lndebtedress of the Issuer within the meaning of
any state constitutional provision or statutory
limitation, and shall not constitute nor give rise
to a peaariary Ilabil I of the Issuer or a charge
against Its generalcredit or taxing powers.
All local residents vft aW at the hearing
shall be given an appodmItY to eprrss their vies
for or against the propoasaallpto issue the Bads, and
at the heaHr
Cam) of he lssu�er sMllna�dmpt rewlutia�i
determinlrrgg whether or not to proceed with the
Issuance of the Donds.
�j odor of the City Council.
of Iorcity, 10AtY a r-L1�r
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