HomeMy WebLinkAbout1986-11-25 Agenda-'SPECIAL COUNCIL'MEETING
November 25, 1986 a
AGENDA
IOWA CITY CITY COUNCIL
SPECIAL MEETING
November 25, 1986 12:00 noon
I
Council Chambers
Item No. 1 - MEETING TO ORDER.
I ROLL CALL.
ITEM NO. 2 - CONSIDER A RESOLUTION AUTHORIZING THE SUBMISSION OF AN APPLICATION
TO THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT FOR IOWA COMMUNITY
ECONOMIC BETTERMENT ACCOUNT FUNDING.
Comment:
Action:
Worldview, an Iowa City -based corporation, needs a below market
rate loan to purchase capital equipment as part of its business
expansion. A memorandum accompanying the resolution describes
Worldview and explains its request for funding from the CERA
Program.
ITEM NO. 3 - PUBLIC HEARING ON INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONDS (MID -CITY HOTEL ASSOCIATES - IOWA CITY PROJECT).
Comment: On November 10, 1986, the Council approved a Memorandum of
Agreement for the issuance of commercial development revenue bonds
for this project. The public hearing is now being held to receive
public input on whether or not the City should proceed with the
issuance of the bonds.
Action:
ITEM NO. 4 - CONSIDER A RESOLUTION AUTHORIZING THE ISSUANCE OF $8,375,000
COMMERCIAL DEVELOPMENT REVENUE REFUNDING BONDS (MID -CITY HOTEL
�y R ASSOCIATES - IOWA CITY PROJECT) SERIES 1986 OF THE CITY OF IOWA
CITY, IOWA, FOR THE PURPOSE OF MAKING A LOAN TO ASSIST HARRY A.
JOHNSON, JR., O/B/A MID -CITY HOTEL ASSOCIATES - IOWA CITY, IN THE
REFUNDING OF THE CITY OF IOWA CITY, IOWA, LENDER -ASSISTED COMMER-
CIAL DEVELOPMENT REVENUE BONDS (MID -CITY HOTEL ASSOCIATES - IOWA
CITY PROJECT) SERIES 1983; AUTHORIZING THE EXECUTION AND DELIVERY
OF CERTAIN FINANCING DOCUMENTS PERTAINING TO THE PROJECT; AUTH-
ORIZING AN ASSIGNMENT OF CERTAIN FINANCING DOCUMENTS FOR FURTHER
SECURING THE PAYMENT OF THE BONDS; AUTHORIZING THE SALE OF SAID
BONDS; AUTHORIZING THE APPOINTMENT OF A TRUSTEE; AND RELATED
MATTERS.
Comment: Due to time constraints, the two resolutions normally approved by
the Council following the public hearing have been merged into
this single resolution. This resolution provides final authori-
zation for this bond issue. The closing is scheduled for December
1, 1986.
Action: _rkaAsy- epang .51
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City Council Agenda
Special Meeting
November 25, 1986
Page 2
ITEM NO. 5 - CONSIDER AN ORDINANCE AMENDING SECTION 23-189 OF THE MUNICIPAL
CODE OF IOWA CITY TO CHANGE SPEED LIMITS ON PARTS OF U. S.
HIGHWAY 6. (first consideration)
Comment: The proposed ordinance is being submitted to amend the speed
limit on U. S. Highway 6 from the east city limits west to a
point 700 feet east of the intersections of U. S. Highways 6,
218 and Iowa Highway 1. The City has requested that the Iowa
Department of Transportation investigate the possibility of
the speed reduction. The Iowa Department of Transportation
has completed their studies of this matter and are recommending
the changes as noted in the proposed ordinance. By adopting
the proposed ordinance, the City will show its concurrence
with the findings of the Iowa Department of Transportation and
the Iowa Department of Transportation will move ahead to make
the required changes with the Department of Transportation's
Commission and implement these changes in the field.
Action:
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ITEM NO. 6 - ADJOURNMENT. �1,&,%
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