HomeMy WebLinkAbout1984-08-14 Public hearingDAVID P. POULA
ATTORNEY AT LAW
621 S. DUBUQUE STREET
IOWA CITY. IOWA 52240
PHONE (319) 334.4340
June 22, 1984
City Council
City of Iowa City
c/o Karen Franklin
Planning and Zoning
Civic Center
410 E. Washington
Iowa City, IA 52240
RE: Rezoning Application Z-8410
Inn Ho Shinn
624 S. Gilbert
Iowa City, IA 52240
Dear Folks:
Consider this letter formal request on behalf of applicant to waive the
three readings of the resolution for approval of the above application.
We are under constraints on an offer to buy and would like to finalize
the matter in August if at all possible.
Thanking you in advance for your kind consideration, I am,
Yours very truly, n
David P. Poula
DPP/bl
cc: Ken O'Donnell
/si
NOTICE OF PUBLIC •HEARING OF INTENTION
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE
BONDS (SOUTHGATE DEVELOPMENT COMPANY,
INC. PROJECT)
Notice is hereby given that a public
hearing will be conducted before the
Council of the City of Iowa City, Iowa
(the "City") in the Council Chambers at
the Civic Center, Iowa City, Iowa at
7:30 P.M., on August 14, 1984, on the
proposal to issue not to exceed
$3,000,000 in aggregate principal
amount of the City's Industrial
Development Revenue Bonds (Southgate
Development Company, Inc. Project) (the
"Bonds") pursuant to the provisions of
Chapter 419 of the Code of Iowa and
Section 103(k) of the Internal Revenue
Code of 1954, as amended, for the
purpose of assisting Southgate Develop-
ment Company, Inc. (the "Company"), an
Iowa corporation, in financing all or a
portion of the cost of acquiring,
constructing, improving and equipping a
new approximately 30,000 square foot
industrial facility located on approxi-
mately 7.9 acres of land at 320 Heinz
Road, Iowa City, Iowa (the "Project")
which will be leased by the Company to
Pharmaceutical Development Systems,
Inc. ("Pharmaceutical") to be used for
the purpose of manufacturing, storing
and distributing pharmaceutical
products. After a public hearing duly
called and held pursuant to published
notice on June 5, 1984, the City
Council of Iowa City, Iowa determined
to proceed with the necessary steps
relating to the issuance of the Bonds
for the benefit of Pharmaceutical.
Pharmaceutical has now advised the City
that it has made arrangements for the
Company to be the developer and owner
of the Project and to lease it to
Pharmaceutical and requests that a new
public hearing, as scheduled in this
Notice, be held to consider the
requested change in ownership from
Pharmaceutical to the Company.
It is contemplated that a Loan
Agreement will be entered into between
the City and the Company under which
the City would loan to the Company the
proceeds from the sale of the Bonds in
return for loan payments from the
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Company su ricient to pay the principal
of, interest and premium, if any, on
such Bonds as the same shall fall due.
Such Bonds, if issued, and the
interest thereon will be payable solely
out of the revenues derived from the
said loan Agreement and shall never
constitute an indebtedness of said City
within the meaning of any state
constitutional provision or statutory
limitation, and shall not constitute
nor give rise to a pecuniary liability
of said City or a charge against its
general credit or taxing powers.
All local residents who appear at
said hearing shall be given an opportu-
nity to express their views for or
against the proposal to issue said
Bonds and, at said hearing or any
adjournment thereof, the Council of
said City shall adopt a resolution
determining whether or not to proceed
with the issuance of said Bonds.
By Order of the City Council
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NARIIAN KARR, CITY CLERK
/556