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Home My WebLink About1983-01-18 Resolution00 83-5 �esulu#iDn frf (�flmrne�Dtt#io�t )0hereas, Walter Everman submitted a resignation from the service of the City of Iowa City effective December 17, 1982 and Phertas, the said Walter Everman g as an employee of the 35 years given Water Division has the Cit of Iowa Cit of dedicated service, from 1947 and Phereas, the City Council wishes to commend the said Walter Everman for said service. Fofa'herefore be it psalbcd bg the CHU (Qounal of C301na (Qitq, cla(aa: 1. That the City Council of Iowa City, Iowa hereby commends Walter Everman for meritorious service in the Water Division of the City over the years 2. That the City Council extends the gratitude of the City to the said Wal ter Everman for his service. 3. That the Mayor and City Clerk are hereby authorized and directed to certify a copy of this resolution to Walter Everman. that the Resolu- It was moved by Balmer and seconded by Dickson tion be adopted.. ATTEST: w v�� ') 4 Passed and approved this 18th day of January, 1983. �I MICROFILMED BY JORM--MICR6LAB- 111 jj i CEDAR RAPIDS DES MOINES I ,!� 83-6 Peso1>u#ilau of (9ommellbution 04treaf, George Wood submitted a resignation from the service of the City of Iowa City effective December 31, 1982 and xhercas, the said George Wood as an employee of the Streets Division has given the City of Iowa City 31 years of dedicated service, from 1951 and Aherexa, the City Council wishes to commend the said George Wood for said service. ,Tafu Vlerefore he it Xesolbeb hg the (Mig Council of Pufun Gig, c30fvc I. That the City Council of Iowa City, Iowa hereby commends for meritorious service in the Streets Division of the City over the years 2. That the City Council extends the gratitude of the City to the said for his service. 3. That the Mayor and City Clerk are hereby authorized and directed to certify a copy of this resolution to George Wood. It was moved by Balmer and seconded by Dickson that the Resolu- tion be adopted. U iii? CITY CL9RK MAYOR Passed and 'approved this 18th day of January, 1983. MICROF ILI4ED BY^ DORM --MICR LAB` CEDAR RAPIDS • DES MOINES C O I r 83-7 Pesolu#ion of ffontrnenbtt#ion AMU. Donald Walton submitted a resignation from the service of the City of Iowa City effective December 17, 3982 and AMU, the said Donald Walton as an employee of the Water Division has given the City of Iowa City 24 years of dedicated service, from 1958 and 04treas, the City Council wishes to commend the said Donald Walton for said service. Xafu therefore be it Xesolbeb bg Tile 4Iitg gouuril of c lofuu gfig,'ofua: 1. That the City Council of Iowa City, Iowa hereby commends Donald Walton for meritorious service in the Water Division of the City over the years 2. That the City Council extends the gratitude of the City to the said Dona 1 d Wal ton for his service. 3. That the Mayor and City Clerk are hereby authorized and directed to certify a copy of this resolution to Donald Walton. It was moved by Balmer and seconded by Dickson that the Resolu- tion be adopted, ATFW: C1 MAYORCLE MAYOR Passed and approved this 18th day of January, 1983. i nILAOFILIdEO BY -� -� 11` _ JORM_"MICR(�L' kB'" CEDAR RAPIDS DES M01YES I' I . i 83-8 esoln#inn of Tommenbution phtrM, Paul Nutt submitted a resignation from the service of the City of Iowa City effective December 17,1982 and Alherees, the said Paul Nutt as an employee of the Water Division has given the City of Iowa City 15 years of dedicated service, from 1968 and PlItrwte, the City Council wishes to commend the said Paul Nutt for said service. ,WOfu therefore he if X960169b bg the VIU (Qmutril of �Jofnu CHU, clOfun: I. That the City Council of Iowa City, Iowa hereby commends Paul Nutt for meritorious service in the Nater Division of the City over the years 2. That the City Council extends the gratitude of the City to the said Paul Nutt for. his service. 3. That the Mayor and City Clerk are hereby authorized and directed to certify a copy of this resolution to Paul Nutt., It was moved by Balmer and seconded by Dickson that the Resolu- tion be adopted. A T T EST: CITY CLERK MAYOR Passed and 'approved this 18th day of January, 1983. r�— IdICROFILIdED BY —DORM- -MICR#CAB." -- --� CEDAR RAPIDS • DES MOINES I � —I �t t- RESOLUTION NO. 83-9 RESOLUTION TO ISSUE CIGARETTE PERMITS WHEREAS, the following firms and persons have made appli- cation and paid the mulct tax required by law for the sale of cigarettes and cigarette papers; therefore, i BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that the applications be granted and the City Clerk be and he/she is hereby directed to issue a permit to the following named persons and firms to sell cigarette papers and cigarettes: The Upstairs, 126 1/2 East Washington Street i I I i It was moved by McDonald and seconded by Perret that the Resolution as rea be a opted, and upon ro ca there were: j I AYES: NAYS: ABSENT: Balmer X J,ynch X Erdahl X Neuhauser X I Perret X Dickson X McDonald X I Passed and approved this 18th day of January 19 83 ,`1 W -10f Ea Ea Attest•X, City Clerk p I MICRUILMED BY L.. _..� JORM---MICRd/CA s" I+ CEDAR RAPIDS DES MOINES I I ' t► Applicant: Iowa Department of Transportabin Highway Division Ames, Iowa 50010 Application to Perform Work Within State Highway Right of Way Permit Number County Johnson Project City of Iowa City Name of Individual or Company 410 E. Washington, Civic Center, Iowa City, Iowa P-766 Address Approval is hereby requested to enter within the state highway right of way and to do grading and build or modify drainage structures incidental thereto. Pro P. osed work is shown on the attached�p"lat andcross sections, and further described as follows: __ aL.. nnu/{ Minh+ n wav l lino_ ' Thc proposed work is located in Sec. � T`vP• 78_N Range 6-W _on Highway No. U.S. 6-& 218 Miles in {,e,, Iowa City - -- Direction Place, ow . Etc. 10+00 to Station 12+85 on the south From Station Side AGREEMENTS The applicant agrees that if granted a permit to do said work the following stipulations shall govern. I. The applicant shall takeall reasonable precautions duringconstruclion and future maintenance to protect and safeguard the lives and property of the traveling public and shall save the State and the Iowa Department of Transportation harmless of anydamage or losses that may be sustained by the traveling public on account of such construction or maintenance operations. 2. The applicant shall hold the State and the Iowa Department of Transportation harmless of any damage that may result to said highway because of the construction or maintenance of the facility, and shall reimburse the State or the.lowa Department of Transportation for any expenditures that the State of Iowa or the Dcpartmcnt of Transportation may have to make on said highwayon account of said applicant's, construction. 3. The applicant, and his contractors, shall carryon construction and maintenance with serious regard to the safety of the public. Traffic protection shall be in accordance with part VI of the current Iowa Department of Transportation Manual on Uniform Traffic Control Devices for Streels and Highways. The Department will loan the required signs to the applicant who shall be responsible for placing the signs and covering or removing when not in use. Flagging operations arc the responsibility of the applicant. The applicant shall return the signs upon completion of the construction operation. . 4. Theapplicant shall seed and mulch all disturbed areas within the highway right of way and shall be responsible for the vegetative cover until it becomes well established. Any surfaced areas such as driveways or shoulders and sodded waterways and plantingswhich are disturbed shall be restored to their original condition. S. If the proposed work results in a pool of water on the applicant's property, this pool of wake will be exclusively owned, controlled, and maintained -by the applicant. That part of the modification located on highway right of way will he maintained by the Iowa Department of'Tramportation for road purposes only. G. Thc applicant shall maintain anydrainage structure built within the right of way thal is buih Csu the benefit of Ilie applicant and not necessary for highway use. 7.This permit is subject to any laws now in effect or any laws which maybe hereat ier enacted and all applicable rules and regulations of local, state and federal agencies. g. This permit is subject to all the rules and regulations of the Iowa Department of 'Transportation, and to revocation by the Iowa Department of Transportationat any time when. in Ihejudgmem of the Department is is necessary in the impi mement tar maintenance r the highway or for other reasonable cause. 1 MICROFILI4ED BY 1 11 'JORM��-"MICR(�C"A 6'� -� (� CEDAR RAPIDS DES 1401RES i I J� �I 48 hours not ".Of ntention to rin 9.1'hcapplicant ehiagrees hwa righhoflway.tSx'aidattmcnt of Transportationno ceshallbe adeinwriting tothe Resid ntMaintenancerEngnseerwhostruction onrmcert and maintenance on the B Y address is shown below. Any modifications to the proposed work shall be approved by the Department prior to making the change. 10 Allproposef sed orkc vermated'alstrnmose it hallbehithwayplica 's way expense.T ea pllicantas sallrcimhursctheJow•aDepartment om I of Transport Applicant ^ ) ,/ — / Z �+ D Dale Name of Owner \ (�. J S 15� fti SIL. \`' / Title By ._- Signatu e Recommendation Or Conservation District (if a conservation type project) .. - Date Title By Signature Approval Of City or Town (if proposed work is within an incorporated town or city, the Council of said town or city must grant approval) "Then ersi nedeityort ns'oinsinthegrantsembodicdinthe above totheItwaDepexecuted bm ntofTanspore Iowa ment of tionsh shall on Gond' Ion th t all of th covert- rt- own and said permit is approved below tby the dclDegatcd city or towns official. fit inure to the benefit f he Y Fj179 QOn. Dam res 'i By siamturc Department Of Transportation Approval Recommended Resident Slainmmnce Fnginccr Date Approved Dismiss Engineer. I Federal Ilighway Administration Approval (if required) ... Dane fly Dieitinn Fnginar ,I The applicant shall send notice of date of entry on highway right of way lo: R sident Maintemmcc Enrinco 5 topics of application must he filed with District Engineer ---------- "AMC Iowa Department of Transportation — --"----i "An -n 65 MICROFILMED BY JI -) —JORM"-MICR LEi O` CEDAR RAPIDS • DES 1401 YES I I COVINlrIra4Departyment of Trans. Iowa 52244 Por`tation P)x1I Ref: 604.2 Maint. Area February 15. 1983 Iowa City Dennis S. Gannon City of Iowa City 410 Ehwon Street IowaCity,Ioa52240 Dear Mr. Gannon: Valley We are returning the application toinstallingaitrfor the ail rfollowing Avenue on U.S. 6 in Iowa City. Wa re denyreasons: 1. The purpose of guardrail is for protection against Inhthis dcase the guardrailpbecobesuch as a bride comes hazard. 2. The guardrail end has no way to protect traffic from it. 3. Methods other than guardrail may be more appropriate for parking restrictions. We recommnd that prkine of 411x411 osts placed nnooemore thanathree in ann8footdspacehoru6°x6" posts placed nor more than two in an 8 foot space. O WEZ:jg Wj�am E. Zitterich Resident Maintenance Engineer I i i �I I i P� RESOLUTION N0, 83-10 RESOLUTION ACCEPTING THE WORK FOR THE ASPHALT RESURFACING PROJECT WHEREAS, the Engineering Division has recommended that the improvements covering the Asphalt Resurfacing Project FY83 as included in a contract between the City of Iowa City and L. L. Pelting omoany Inc of Iowa City Iowa dated quous* 12. 1982 be accepted, and WHEREAS, maintenance bonds have been filed in the City Clerk's office, RE, BE IT that saiJdTitmprovvements be herebyED by the accepted byttheoCityloffIowaaCity, Iowa, City, Iowa. It was moved by Mrnonald and seconded by Perret that the resolution as read be a opted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x Dickson x Erdahl x _ Lynch x McDonald x Neuhauser x Perret Passed and approved this 18th day of _ January , 1983 . ATTEST: CITY CLERK ROCOMO i & Appraverl By e' o Legal DIp,`hnent 6� 141CROFILI-IED BY l—�- -DORM--MICR6L El - j CEDAR RAPIDS • DES MOINES fi I�I r; CITY OF CIVIC CENTER 410 E. WASHINGTON ST IOWA. IOWA CITY IOWA 52240 ENGINEER'S REPORT January 11, 1983 Honorable Mayor and City Council Iowa City Iowa Dear Honorable Mayor and Councilpersons: CITY (319) 356-500D I hereby certify that the construction of the improvements listed below have been completed in substantial accordance with the plans and specifi- cations of the Engineering Division of the City of Iowa City. The required maintenance bond is on file in the City Clerk's office. The FY83 Asphalt Resurfacing Project as constructed by L.L. Pelling Company, Inc. , of Iowa City, Iowa. I hereby recommend that the above mentioned improvements be accepted by the City of Iowa City. tm Frank K. Farmer City Engineer bj2/2 141CROFIL14ED DY c JS --�"'-"J0FVM__MICFn6 ACEDAR RAPIDS DES MOI G i I i I r; CITY OF CIVIC CENTER 410 E. WASHINGTON ST IOWA. IOWA CITY IOWA 52240 ENGINEER'S REPORT January 11, 1983 Honorable Mayor and City Council Iowa City Iowa Dear Honorable Mayor and Councilpersons: CITY (319) 356-500D I hereby certify that the construction of the improvements listed below have been completed in substantial accordance with the plans and specifi- cations of the Engineering Division of the City of Iowa City. The required maintenance bond is on file in the City Clerk's office. The FY83 Asphalt Resurfacing Project as constructed by L.L. Pelling Company, Inc. , of Iowa City, Iowa. I hereby recommend that the above mentioned improvements be accepted by the City of Iowa City. tm Frank K. Farmer City Engineer bj2/2 141CROFIL14ED DY c JS --�"'-"J0FVM__MICFn6 ACEDAR RAPIDS DES MOI G i I r; CITY OF CIVIC CENTER 410 E. WASHINGTON ST IOWA. IOWA CITY IOWA 52240 ENGINEER'S REPORT January 11, 1983 Honorable Mayor and City Council Iowa City Iowa Dear Honorable Mayor and Councilpersons: CITY (319) 356-500D I hereby certify that the construction of the improvements listed below have been completed in substantial accordance with the plans and specifi- cations of the Engineering Division of the City of Iowa City. The required maintenance bond is on file in the City Clerk's office. The FY83 Asphalt Resurfacing Project as constructed by L.L. Pelling Company, Inc. , of Iowa City, Iowa. I hereby recommend that the above mentioned improvements be accepted by the City of Iowa City. tm Frank K. Farmer City Engineer bj2/2 141CROFIL14ED DY c JS --�"'-"J0FVM__MICFn6 ACEDAR RAPIDS DES MOI G rx Rf''.UTION NO. 83-11 RESOLUTION OF THE CITY OF IOWA CITY, IOWA BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOUA that the Council authorizes the construction of the sewage treatment works project known as project number(s): 0190830 02 and all contracts and agreements necessary thereto. BE IT FURTHER RESOLVED that the Council accepted an offer of a State grant of 5 percent of the estimate of reasonable cost of the project under terms specified in the Grant Agreement by Resolution No. 80-54. BE IT FURTHER RESOLVED that the City official(s) authorized by Resolution No. 80-54 to execute State grant documents have changed and that Mary C. Neuhauser. Mayor and Marian K. Karr, Acting Clerk are hereby authorized and directed to execute the amendment to the Grant Agreement and any further amendments thereto and affix the seal of the City thereto on behalf of the City and that Neal Berlin is authorized and directed to sign and date the documents required by the Comptroller of Iowa for payment of the grant amount by the State. The undersigned duly Acting City Clerk of the City of Iowa City. Iowa does hereby certify: That the above resolution is atrue and correct copy of the Resolution accepting the grant amendment regularly adopted at a legally convened meeting of the City Council of the City of Iowa City, Iowa. duly held on the -L81 day of , 1983: and further that the resolution has been fully reco�ed in the ourna o roceedings and Records in my office. IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of January 1983 . It was moved by McDonald and seconded by Perret that the Resolution as read be adopted,and upon roll call there were: AYES: NAYS: ABSENT: X Balmer X Dickson X Erdahl X Lynch X McDonald X Neuhauser X Perret Passed and approved this 18th day of, January 19 83 - ATTEST: �l _ Receives! & Approved C Y CL K By �TI%/e Leoai Deportment 47 1 jfi 1 MICROFILMED BY 1 l_. `JORM"'- MI CRL— B- ICEDAR RAPIDS - DES MOINES a•> RESOLUTION NO. 83- 12 RESOLUTION AUTHORIZING AND DIRECTING THE SOLICITATION OF OFFERS TO PURCHASE LAND FOR PRIVATE DEVELOPMENT OF LOTS 3, 4, AND A PORTION OF VACATED ALLEY OF LYMAN COOK'S SUBDIVISION OF OUTLOT 25 ORIGINAL TOWN. WHEREAS, the City Council of Iowa City, Iowa, desires to sell Lots 3, 4, and a portion of vacated alley directly east of Lot 4 in Lyman Cook's Subdivision of Outlot 25, Original Town; and WHEREAS, the City Council of Iowa City, Iowa, desires to sell this parcel with its use restricted to multi -unit residential housing for a minimum bid price of $164,000; NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, that the City Manager is hereby authorized and directed to solicit offers to purchase for private development of Lots 3, 4, and a portion of the vacated alley directly east of Lot 4 for multiunit residential housing. BE IT FURTHER RESOLVED, that the Acting City Clerk is hereby authorized and directed to publish notice of such soliciation of Offers to Purchase. It was moved by McDonald and seconded by Balmer the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x Dickson x Erdahl x Lynch x McDonald x Neuhauser x Perret Passed and approved this 18thday of January , 1983. ATTEST: ftdat7(!t,% ACTING CITY CLERK Sri _I ruM A By - �r MICROFILMED BY L 1 ,,•.'.,� JORM:--MIC RCA ff- L CEDAR RAPIDS • DES MOINES I L City of Iowa city MEMORANDUM -� DATE: Jan. 14, 1983 TO: City Council FROM: Andrea Hauer #K RE: Sale of City Pipeyard Attached is the draft of the marketing document for the sale of the City Pipeyard property on South Gilbert Street. The minimum bid price for the site is $164,000 and the proposed bid period will run from January 19, 1983 to February 23, 1983. J MICROFILMED BY _1 J0F?M--MICR#L/C13'- r CEDAR RAPIDS DES MOVIES 1 ' Flo i i i i I. J i F. OFFERING: CITY PIPEYARD . LOTS 3&4, OUTLOT 25 (OT) LYMAN COOK -S, SUBDIVISION' LOT 3 ----------------- I-oT 4 11501 i zo. i. QAwsronl Ce6gY APr6 0 p;. '01 Cityof Iowa City Jan. 1983 94 MICRO -FILMED BY jjI -joFfM --MlCR#cA13--, CEDAR RAPIDS DES MOINES. INTRODUCTION The City of Iowa City is seeking a developer for property located on the east side of the 300 block of S. Gilbert Street. This property is familiarly known as the City Pipeyard and consists of Lots 3 and 4 and a portion of the vacated alley directly east of Lot 4 of Outlot 25, Lyman Cook's Subdivision. The City desires to have this site developed for multi -family residential use. The site is located in an area eligible for Industrial Revenue Bonds; a copy of the City's Industrial Revenue Bond Policy is available upon request. This property is well-suited for residential purposes being close to the central business district (four blocks from City Plaza) and adjacent to the 60 unit Ralston Creek 'Village Apartments development which was completed in 1982. According to the Iowa City Housing Market Analysis (1982: City of Iowa City), there is a strong demand for additional multi -family housing with vacancy rates in early 1982 ranging from under 1% for efficiency units to 2.1% for 3 bedroom units in Iowa City. The City wishes to encourage development of new housing units in this 'inner city' area and encourages innovative, well-designed proposals for this site. MICROFILMED BY -- -� ---� JORIVIK"MICR�LAB` CEDAR RAPIDS •DES MOINES I W I THE PARCEL Location: North - Older rental residences South - Ralston Creek Village Apartments East - Vacant land and Ralston Creek West - Gilbert Street (two-way major arterial street) Parcel size and Topography: 23,960 square feet The topographyof this site is generally level and is located at or slightly above the street grade. Site elevation is between 654 and 658 feet above mean sea level. Minimum Bid Price: $164,000 Zoning: Central Business Service (CBS) which permits one dwelling unit for every 750 square feet of land area and requires 1> parking spaces for each dwelling unit. This; area is also located in the High Density District overlay zone (Section 8.10.19). This zone permits a higher density (one dwelling unit for every 300 square feet of land area) and has lower parking requirements (one space per dwelling unit). However, the High Density District classification has more restrictive lot coverage and frontage requirements than the CBS classification. Required Use: Multi -family residences only. Utilities: Water, sewer, telephone, electricity, and natural gas services are available. Other: Floodplain - Construction on this parcel is subject to the terms and conditions detailed in the City's Flood Hazard Overlay Zones Ordinance (Section 8.11.02 of Appendix A of the Iowa City Code of Ordinances). Easements - This parcel is subject to the reservation of land for no -build, no -fill 10 foot wide easements for storm and sanitary sewer lines and intakes. Legal descriptions of the easements will be available at the time of conveyance. (See map for approximate locations of sewer lines. ) Condition of Site - The developer of this property is responsible for the removal of existing structures on the site. In addition, the City makes no representation as to the top- and sub -soil conditions. MICROFILMED DY - - 11" -JORM-MICR46L"AFl__ 111 CEDAR RAPIDS • DES MOINES I w LOT - ,S � 4, ouT�or 2 or LocATIoN MAP N .._ e. EUK ltt4lzw. 6S --- I I LOT 4 I 190' I zo, QALSrow Ga(5zK APrS I I I T N IIIIIIII AEJ-fA O&'-CrvGD ror CA-6WeNr6 0 � III f MICROFILMED BY —1 �`..�"- �"...... JORM---- MICRIC,49... 111 CEDAR RAPIDS • DES MOINES i i PROCEDURES This offering constitutes the official solicitation for offers to purchase Lots 3, 4, and a portion of the vacated alley directly east of Lot 4 of Outlet 25 of Lyman Cook's Subdivision. Bids must be sumitted by 2:00 PM on February 23, 1983, to the City Clerk's office, 410 E. Washington Street, Iowa City, Iowa 52240. Any bids submitted after this time will not be considered. All bid documents are public information and there will be no attempt to withhold the names of those submitting proposals after opening of bids. During the period when proposals are being accepted, no official oral interpretation or clarification of this offering will be given. Requests for official interpretation or clarification must be submitted in writing. All replies to such requests will be issued as addenda to this Offering and sent to all concerned parties. On the receipt of these bids, City staff will review and evaluate all proposals. The City Council will, after recommendation from the staff, designate a preferred developer. Designation of the preferred developer will be made by the City Council as expeditiously as possible. During the course of review and evaluation of the bids, the City may wish to meet with one or more of the bidders for further clarification of the bids. The City reserves the right to initiate such meetings. These meetings may be conducted on an individual or collective basis involving one or more of the prospective developers. Following the receipt of the development bids, the City also reserves the right to negotiate with developers concerning the times and conditions of their bids as long •any of the agreed changes do not materially affect the conditions stated in this Offering. After the designation of the preferred developer, the developer so designated will be required to enter into a real estate contract within 60 days unless this period is extended by the City. If the real estate contract has not been II 141CROFIL14ED BY _l � - JoPM-MICR#L_AGl 111._ CEDAR RAPIDS DES MOINES f 0 executed at the conclusion of this 60 day period the City reserves the right, at its sole option, to rescind the designation of the developer or to extend the time period allowed for the negotiation and execution of the contract. Should the City exercise its option to rescind a developer's designation, the City may initiate negotiations with one or all of the other developers who submitted a proposal or the City may begin a new selection process. All materials submitted to the City shall become the exclusive property of the City and shall be utilized as the City deems proper. Upon the execution of the real estate contract, the developer shall proceed in accordance with the terms and conditions contained therein. Full payment of the purchase price is due upon conveyance of the title to the developer. 141CROFILMED BY - `"- DORM--MICR#LAB-- --- 111 CEDAR RAPIDS • DES MOINES r + W i r y i i i I i i I i , I THE PROPOSAL The bids submitted to the City should consist of two (2) copies of each item detailed below. The bids should be submitted no later than 2:00 PM, February 23, 1983, at which time the proposals shall be opened. After that time, no new proposals will be accepted and no modifications to those submitted will be allowed unless specifically requested by the City. All bids must be submitted in substantially the same format as the forms furnished by the City and must be complete in all respects. Any additions, deletions, or modifications of the Offer to Purchase must be justified and explained in full detail in the narrative statement attached to the offer. Materials and forms to be included in the proposal are: I. Offer to Purchase Land for Private Redevelopment. 2. Certified check or money order for $16,400. 3. A written narrative describing the proposed development (use, size, cost, appearance and materials). 4. A sketch and layout of the proposed project. 5. Construction schedule. 6. Brief wriLLen description of developer experience. 7. Written narrative stating financial assumptions (use of conventional financing or use of Industrial Revenue Bonds). Include a written commitment from the private lending institution(s) if private financing is proposed. If the use of IRBs is proposed, include written tentative commitments from the proposed purchasers of the bonds. All proposals must be submitted to the City Clerk with all supporting documents in a sealed envelope or other container marked: City Pipeyard Bid City of Iowa City, Iowa i MICROFILMED BY 1 JORM—MICR#LEi B'- CEDAR RAPIDS • DES MOINES J I No proposals may be withdrawn except by written request by the developer prior to the opening of the proposals. After the opening of the proposals, all I' offers shall remain valid and irrevocable for a period of 150 days from the date of opening. i The City will give public notice of its intent to enter into an agreement for disposition of land no later than 30 days prior to the final disposition. This 30 day period is for the purpose of public comment. After the end of the 30 day period, the City will then hold a public hearing on the disposition. a City intends this offering to be competitive and will evaluate the bids primarily on the basis of the following criteria: A. Price B. Proposed Development Cost C. Design and Appearance D. Developer's Past Experience and Financial Capability E. Compatibility with Surroundings MICROFILMED DY -�- JORM---MICR#LAB` ---- CEDAR CEDAR RAPIDS • DES MOINES I � ffl 1 f i i I i i i ffl r7tity of Iowa Cityr', MEMORANDUM Date: December 22, 1982 To: City Manager and City Council From: Bruce Knight, Planner Re: Proposed Amendment to the Subdivision Code Because of questions raised at the public hearing regarding the proposed amendment to the subdivision code, staff has made two revisions to the ordinance which act to clarify the intent. First, in Section A, the language "where a subdivision is required by this chapter" was placed at the beginning of the paragraph. While this language previously existed in the paragraph, placing it at the beginning acts to put one on notice immediately that this language applies only when a separate tract of land is divided into three or more lots or parcels for purpose of transfer of ownership or building development. Second, in paragraph B, the language "except pursuant to an agreement expressly conditioned on final subdivision approval" was moved to the beginning of the paragraph. By placing it at the beginning, it becomes clear that an agreement to transfer or sell land is permissible prior to final subdivision approval, as long as the agreement is conditioned on such approval. The intent of this provision is to restrict the actual transfer of land without proper subdivision procedures. It is hoped that these two wording changes will make the ordinance read more clearly. tp3/3 cc: Don Schmeiser Doug Boothroy Bob Jansen Dick Boyle p MICROFILMED BY l-1- -JORM--'MIC R¢C"AB-- CEDAR RAPIDS DES MOINES f NOTICE OF PUBLIC NEARING ON DISPOSITION OF OLD PUBLIC LIBRARY Notice is hereby given by the City of Iowa City, Iowa, pursuant to Chapter 364 of the Code of Iowa (1981) for the disposition of public property. A public hearing on disposition of Old Public Library to GWG Investments will be held on January 18, 1983, at the City of Iowa City City Council meeting which begins at 7:30 PM. Dated this 11th day of January, 1983. Ac7ing City Clerk MICROFILMED BY , �._ �. i'...._ JORIVI-MICR#CA CEDAR RAPIDS DES MOINES I I I I J� J� E 1'1 RESOLUTION NO. 83-13 RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE A CONTRACT WITH GWG INVESTMENTS FOR LOTS 1, 2, 3, AND 4 OF BLOCK 63 ORIGINAL TOWN (THE OLD PUBLIC LIBRARY AND ADJACENT PARKING LOT). WHEREAS, the City of Iowa City did by Resolution No. 82-3 authorize the solicitation of offers to purchase the Old Public Library and the adjacent parking lot for private redevelopment; and WHEREAS, an offer to purchase the Old Public Library and in conjunction with this offer, an option to purchase the entire adjacent parking lot, were received and opened by the City of Iowa City on June 4, 1982. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that the Mayor is authorized to sign and the Acting City Clerk to attest the Offer to Purchase - Old Public Library and Parking Lot between GWG Investments and the City of Iowa City (attached to resolution). It was moved by Balmer and seconded by McDonald the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x _ X X X X X X Passed and approved this 18th Balmer Dickson Erdahl Lynch McDonald Neuhauser Perret day of January 1983. MAYOR ATTEST: %II�-n� CIFY CLERK ' Rocelved & Approver: By Tha Legal Dapart ent B 141CROFILMED BY I. L,. -JORM_MICR#CAB'- -- 1 - ' CEDAR RAPIDS • DES MOVIES r FM I 2 and costs necessary to transfer title, including documentary stamps, recording fees and other fees, but not including attorney's fees. Claim for said fees and costs shall be furnished in writing to Seller upon demand. 6. Seller warrants that there are no tenants on the premises, holding with or without a lease. 7. Seller warrants that names and addresses of all lienholders are as follows: none. B. Buyer agrees to pay and Seller agrees to grant the right of possession, to convey title and to transfer possession as shown below: Building (Lots 3 and 4, Block 63, Original Town): $165,000.00 Parking Lot Lease Terms: The Buyer retains the right to purchase the parking lot in entirety within twelve (12) months from the date that title to the library is conveyed. Purchase price will be $205,000. The right to purchase shall be at Buyer's option and Buyer will exercise this option by giving written notice to Seller. Seller agrees to convey said property within sixty (60) days after receipt of said notice. Further, this Offer includes the right to lease all or part of the parking lot property at the following terms: at existing City lease j rates with a written request from Buyer to Seller one month in advance of lease period specifying the number of spaces desired for lease, for a period I of time not to exceed 12 months from the date of execution of this contract. This option shall extend for 12 months following the date of conveyance of the library property. i The Buyer, when exercising the option to purchase the parking lot property by written notice, will tender $20,500 in the form of a cashier's check, money order or certified check as earnest money. The balance on the purchase will be paid within sixty (60) days from the date this offer is exercised. If the Buyer fails to perform this agreement within the time limit herein specified, Seller may retain the earnest money as liquidated damages, not as a penalty or forfeiture, and declare this agreement terminated. The Seller may, as an option, proceed to have this agreement specifically enforced or pursue any other remedy that is available, in law or equity, for breach of this agreement. Seller and Buyer further agree that in the event the option to purchase the parking lot is exercised by the Buyer, Buyer agrees to construct a new building no later than 12 months after conveyance of parking lot and the design of same shall be subject to approval by the City Council, 9. Parties agree that the Buyer shall acquire Lots 3 and 4 for development purposes as set forth in the Library Marketing Brochure (see Attachment A). The failure of the Buyer to make reasonable progress on said development or redevelopment may require reconveyance of said property to the City of Iowa City. Reasonable 2rogress shall mean that the Buyer shall make a ii i MICROFILMED BY 1' JORM-MICRbLAB- CEDAR RAPIDS DES M014Es WA J OFFER TO PURCHASE - OLD PUBLIC LIBRARY AND PARKING LOT The undersigned, hereinafter referred to as "Buyer," offers to purchase from the City of Iowa City, hereinafter referred to as "Seller," the interest in real property, situated in the City of Iowa City, County of Johnson, State of Iowa, and described below, at the price and upon the terms and conditions as follows: 1. Buyer agrees to pay Seller a total purchase price of One Hundred Sixty -Five Thousand Dollars ($165,000.00) of which Fifteen Thousand Five Hundred Dollars ($15,500.00) hereinafter called "earnest money," is paid herewith to Seller to be refunded only if this offer is not accepted by Seller within ninety (90) days from the date this offer is received. The balance on the purchase shall be paid to Seller in the form of a Cashier's Check, Certified Check or Money Order within thirty (30) days from the date this offer is accepted, provided the Seller's deed is then ready for delivery. If the Buyer fails to perform this agreement within the time limit herein specified, Seller may retain the earnest money as liquidated damages, not as a penalty or forfeiture, and declare this agreement terminated. Seller may, as an option, proceed to have this agreement specifically enforced or pursue any other remedy that is available, in law or in equity, for breach of this agreement. 2. Seller shall convey or cause Lots 3 and 4, Block 63 (Original Town) of Iowa City, Iowa to be conveyed to Buyer by WARRANTY DEED subject to the conditions, exceptions and reservations as shown herein. Premises include all estates, rights, title and interest in the above real property, subject to easements of record. Seller agrees to comply with all applicable state law regarding disposal of public property. 3. Seller shall retain the following easements: Seller shall retain a driveway easement over the existing driveway over the easterly portion of Lot 3. The easement shall be for access only to the parking lot on Lots 1 and 2, Block 63 (Original Town) of Iowa City, Iowa. Seller shall have no obligation to maintain driveway. The easement will run with the land. However, the easement shall be terminated when Lots 1 and 2 herein described are no longer used as parking lots by Seller, its successors or assigns. 4. This Offer shall apply to and bind the legal successors in interest of the parties herein, and shall not be assignable. Upon acceptance in writing by City, this Offer shall constitute a Contract of Sale and shall be recorded in the Johnson County Recorder's Office and that upon said recording, the real property herein shall be deemed taxable real estate under Iowa property tax law. Further, parties agree that Buyer shall be responsible for all such property taxes from the date of recording of said Contract of Sale; and in the event legal title is not delivered to the Buyer, parties agree that said taxes will be pro -rated between Buyer and Seller between the applicable date of possession and date of termination or expiration of this Contract. 5. Seller agrees to convey said property free and clear of liens, and to warrant good and merchantable title under Iowa title standards. Seller shall provide an Abstract of Title continued to date showing merchantable title in Seller, and agrees to pay the cost of corrections, continuations, CL iv IdICROF ILNED BY � 11' —DORM -MICR6LAE3 - CEDAR RAPIDS DES MOINES 1 ;I 3 ^I commitment of no less than 300 percent of the Buyer's minimum bid for said property, to be demonstrated to the Seller's satisfaction within 18 months from final closing. The minimum 300% financial commitment shall be for 'hard' construction costs such as demolition, materials and other item purchases, and excludes fees for architectural and engineering services, consultants and other 'soft' costs paid to third parties. These hard construction costs shall be documented and made available on request to the Seller. 10. It is expressly agreed and understood by Buyer that Seller is making no representations with respect to soil conditions, structural conditions, subsurface conditions, and the like. Further, Buyer does not rely upon any studies of such conditions possessed by the Seller for purposes of purchase or development. In addition, Buyer has inspected the site for which this offer is being made and has satisfied him/herself as to surface and subsurface conditions of the site. This Offer has been made, signed and sealed by Buyer this 18th day of January , 1983. ,� roved Tra Legal Do r�ment 4 NOTE: PARTY TO WHOM TITLE WILL BE CONVEYED Buyer should clearly set forth the full and correct names of party or parties to whom title will be conveyed, their address, the relationship if any, and whether conveyance is to be joint tenancy or otherwise, and is accompanied, whether partnership, trust, trustee or corporation, by address of principal office and state of the corporation. GWG Investments, an Iowa General Partnership i o� R. Glasgow i 872 ✓ /0"4'/�/�1�� J. Wolfe i W. Glasgow Acknowledgement: tners Ison Street lIowa 52240 City of Iowa City, Iowa MICROFILMED BY •--. _I JOR M"' M I C R+L",4 ®'- I CEDAR RAPIDS DES MOMES II _ ..J L: 'iLa Lr;{ui Dopar rne.-rt I > 1 L: 'iLa Lr;{ui Dopar rne.-rt a nWM•e { (wp (0j C y r.•1 v ,� M y m w N° f'yGr n 'I- µ O „ a w -.4 0Q v'wm w m C$1 i) 000'fin' w O M O n N � Cm'G Hf7DS M 7 C a M + w 01 �p O M n K O N C n °0M mm c n' M nn M y 0 14 w R M O ?M a „w g7 n R w (D n 1 p 1 m 4 w w w M R� w7 u Fw+O i-• M4 H0 N w ] w R n wa�wo.y Y R f� °' O N m a o n i £ n w o M a I s Acknowledgement: BE CONVEYED ct names of party or parties to Ilationship if any, and whether , and is accompanied, whether Jdress of principal office and ruK�auYtK:— GWG Investments, an II000wa General Partnership �_ /� • H2O ce/ Rape: Bruce R. Glasgow Name: Allen J. Wolfe Name: Joseph W. Glasgow General Partners Relationship 834 N. Johnson Street Iowa City, Iowa 52240 Address FOR SELLER: City of Iowa City, Iowa VV1liLU IOLlt�ni��ne� Name: iUry Neuhauser, Mayor Name: 'Acting City�lerk _—MILRDF1LI4ED BY •�—._�' 1-JORM-MICR�LA6` CEDAR RAPIDS • DES MDI YES j'+� li: °. 1:yJ1 L.: 7al'ii110aI' M { ❑ [ 01H ODa o Do Oo;aMoo0 SITE PLAN The site of the old libraryis located in the Central Business Districtand is across from the new City Plaza mill. A 450 space municipal parking ramp is to the southwest. A pro- posed hatel/department store project is directly west of the site. Proximity to the University of Iowa, over 1500 down• town parking spaces, and limited suburban shopping op- portumties are important indicators that downtown low, City will remain a vital commercial center with a full array of day and night time activities. The public and private urban renewal projects have greatly increased the down• town's attractiveness and business. PROPOSAL SELECTION In evaluating a development proposal, the City will examine how well the proposal satisfies the basic objectives of increasing the tax base and encouraging downtown revitalization. In addition, the City desires a proposal that compliments, reinforces, and may encourage other downtown private investments. Proposals may include, but are not limited to, spcaialty and general retail, restaurant and office uses, lodging, high density residential, or service businesses. While the City encourages renovation of the present building, it will accept designs for new construction. Any new construction designs will be stringently evaluated. The City will accept proposals for adaptive reuse or imaginative construction meeting our criteria. The City reserves the right to reject any and all bids. EVALUATION CRITERIA The minimum bid price for only the library parcel is S155,000. A minimum bid of $205,OD0 will be accepted for the parking lot. While this offer is essentially a competitive bid, other factors (such asproject design, developer experience, financial capability and project time schedule) will influence the hid award. Additional evaluation criteria are included in the bid packes. BID INFORMATION The bid period for this offering is between January 11, 1982, and Match 29, 1982. Bid proposals will be ACCEPTED after February 2, 1982. The bid proposal format is detailed in the bid packet. For additional information, call: 319-356-5235 r; ji{. t.... IV r. Yr}. rlT L t � �e4'.t. ��avuoaw rt Ca�ku_1011 ATTACME0T A OFFERING: IOWA CITY'S OLD PUBLIC LI BRARY In June 1981, the It, va City Public Library moved to its new quarters on City Plaza. The former public library building and lot are now being offered for development. CITY OF 10\\h\ CITY *4 10 F.WASIII NGTON NT,• IfJ\\'A (.1TY. IOWA 89 MWi MICROFILMED BY _-JORM_._MICR411C,4 B- ,' LCEDAR RAPIDS s DES Id01YE5 1 / � I f THE BUILDING The former public library building is approximately 23,94. t M1';U.."Iru,,"v;•yry-y t gross sq. ft. on six Jilferent levels. The main scaiun of the building is a Carnegie library constructed in 1903 with a -- sealed stone foundation wall, brick masonite walls and a � _!�a rc limestone veneer. In 1962, an addition of concrne Tom ` !rr-r R y bluck wide a veneer of charcoal4•`1•Nl - 1 brick and Indiana limestone s '- Or . }�'•' was constructed on the cast end w of the original building. The original portion of the building is in the Greek Revival style. This style is represented in the central 'temple' mass which forms the portico and main entrance. Two main wings running north and south from the central mass feature quoining at th ners and a decorative cornice which runs around the entire structure. The addition, constructed in 1962, iso design exhibiting clean and simple ling tended to mcld the old with the new. IWII.DIiNG CMI)ITIOtN r Evaluations of the library building were done for structural soundness and necessity [� of tepair. f oth the new and old sections of the building were found to be physically M sound. Structural constraints to development exist in that load-bearing walls pre- vent any substantial increase in interior usable space. However, the two seaions taken to,;nhcr otter a good opportunity for a multip6mc facility. The mechanical and electrical systems for plumbing, heating, and air-conditioning will require up- grading and overhauling. 1 t Detailed information on the architectural evaluation of the building and reuse al• = -"• ternativo is available from Andrea Hauer, Development Coordinator. 319.3565235 FINANCING. r r•" c The Iowa City Public Library has been nomi- natcd for placement on the National Register of Historic Places. Placement on the Regiuer ` '! enables property owners to take advantage of federal matching gram aid for preservation and to enjoy certain in advantages under the', nomic Recovery Tax Aa of 1981. The City may be able to offer Indu. Revenue Bonds for this project depending upon the outcome of pen federal legislation. Contact our office for current financing informatim PARKING I.O*I' The adjacent Cityownvd parking lot provides 78 parking spaces. If the development proposal includes to the lot, bids will be accepted for long-term lease and/or option-to-purchue arrangements for all or pan of parking area. The City may favor the purchase option if new construction is proposed which requires puking area. Hnwacr, the City may retain ownership of the lot, if the City and the developer deet agreeable. SlT(.IFI/.A'I'IONS LIBRARY LOT Lot: 20,520 squue feet Frontage: 152ft.on Linn Street • 135 f6 on College Sire, PARKING LOT Lot: 29,189 square feet Car Capacity: 79vehicles Frontage: 152ft.on Gilben Street • 192ft.on College St LIBRARY BUILDING Original Building -1903 9600 square feet Two structural floors • One memnine One temporary lour supported by load bearing bookshrly Addition —1962 13,800 square feet Three structural floors 1 MICROf ILMED BY JORM"--MICR+L AE CEDAR RAPIDS • DES MDINE' OFFER TO PURCHASE - OLD PUBLIC LIBRARY AND PARKING LOT The undersigned, hereinafter referred to as "Buyer," offers to purchase from the City of Iowa City, hereinafter referred to as "Seller," the interest in real property, situated in the City of Iowa City, County of Johnson, State of Iowa, and described below, at the price and upon the terms and conditions as follows: 1. Buyer agrees to pay Seller a total purchase price of One Hundred Sixty-Five Thousand Dollars ($165,000.00) of which Fifteen Thousand Five Hundred Dollars ($15,500.00) hereinafter called "earnest money," is paid herewith to Seller to be refunded only if this offer is not accepted by Seller within ninety (90) days from the date this offer is recp�iced. The balance on the purchase shall be paid to Seller in the form o /a Cashier's Check, Certified Check or Money Order within thirty, (30) d s from the date this offer is accepted, provided the Seller's deed is t en ready for delivery. If the Buyer fails to perform this agreement wit n the time limit herein specified, Sell r may retain the earnest money s liquidated damages, not as a penalty orNforfeiture, and declare thisreement terminated. Seller may, as an optio proceed to have this agr ment specifically enforced or pursue any other medy that is available, in law or in equity, for breach of this agreement. 2. Seller shall convey r cause Lots 3 an 4, Block 63 (Original Town) of Iowa City, Iowa to be co veyed to Buy by WARRANTY DEED subject to the conditions, exceptions and reserva ons as shown herein. Premises include all estates, rights, ti le and int rest in the above real property, subject fi to easements of record. Seller grees to comply with all applicable state law regarding disposal of ubli property. 3. Seller shall retain the fol ing easements: Seller shall retain a driv a easement over the existing driveway over the easterly portion of Lot T e easement shall be for access only to the parking lot on Lots 1 a d 2, Bl ck 63 (Original Town) of Iowa City, Iowa. Seller shall have no ligation to maintain driveway. The easement will run with the land. wever, the asement shall be terminated when Lots 1 and 2 herein descri ed are no ]on er used as parking lots by Seller, its successors or assi s. 4. This Offer shall pply to and bind th legal successors in interest of the parties herein, and shall not be assign ble. Upon acceptance in writing by City, this Off r shall constitute a Con act of Sale and shall be recorded in the Johnso County Recorder's Office d that upon said recording, the real proper herein shall be deemed t xable real estate under Iowa property to law. Further, parties agree at Buyer shall be responsible for all su property taxes from the date o recording of said Contract of Sale; and in the event legal title is not del'vered to the Buyer, parties agree th t said taxes will be pro-rated betwe n Buyer and Seller between the app icable date of possession and date of t mination or expiration of this Co tract. 5. Seller agrees to convey said property free and clear of liens, and to warrant good and merchantable title under Iowa title standards. Seller shall provide an Abstract of Title continued to date showing merchantable title in Seller, and agrees to pay the cost of corrections, continuations, it i IIICROFILIIED BY 'DORM -" MICR*L AB _ - - l CEDAR RAPIDS • DES MOINES I I M J 2 and costs necessary to transfer title, including documentary stamps, recording fees and other fees, but not including attorney's fees. Claim for said fees and costs shall be furnished in writing to Seller upon demand. 6. Seller warrants that there are no tenants on the premises, holding with or without a lease. 7. Seller„warrants that names and addresses of all li/holders are as follows: I. Buyerrees to pay and Seller agrees to grant the right of possession, to F convey ti le and to transfer possession as shown below: y Buildin\Lease and 4 Block 63 Original Town > • 9 ): $165,000.00 t Parking Terms: The Buyer retains the right to purchase the parkingtirety within twelve (12) months from the date that title trary is conveyed. Purchase price will be $205,000. The rigrchase shall be at Buyer's option and Buyer will exercisp ion by giving written notice to Seller. Seller agrees sa• property within sixty (60) days after receipt of said not F Further, this Offer inc des the right to lease all or part of the parking lot property at t following terms: at existing City lease rates with a written,reques from Buyer to Seller one month in advance of lease period specifying th\hn ber of spaces desired for lease. 6 This option shall extend f12 months following the date of conveyance of the library prop t This Offer sh 11 grant theer the right of first refusal to purchase the arking lot proa er the end of the twelve (12) month period ollowing the connce o the property. t The Buyer, when exercising option t purchase the parking lot property b written notice, tender 20,500 in the form of a cashier's heck, money order ortified the k as earnest money. The balance o the purchase will id within s'xty (60) days from the date thi offer is exercisedf the Bu er ails toY perform this agreeme t within the time lierein specifi , Seller may retain the ea nest money as liquid damages, not as a penalty or forfei ure, and declare this ament terminated. he Seller may, as an op ion, proceed to have tagreement specific lly enforced or pursu any other remedy thatavailable, in law r equity, for bred h of this agreement. 9. Parties agree that the Buyer shall acquire Lots 3 and 4 for development purposes as set forth in the Library Marketing Brochure (see Attachment A). The failure of the Buyer to make reasonable progress on said development or redevelopment may require reconveyance of said property to the City of Iowa City. Reasonable progress shall mean that the Buyer shall make a commitment of no less than 300 percent of the Buyer's minimum bid for said property, to be demonstrated to the Seller's satisfaction within 18 months 1 MICROFIL14ED BY l --JORM-MIC R46CA O” ,I% I CEDAR RAPIDS DES 1401NES CL n Jj r (� 3 from final closing. The minimum 300% financial commitment shall be for 'hard' construction costs such as demolition, materials and other item purchases, and excludes fees for architectural and engineering services, consultants and other 'soft' costs pa d to third parties. These hard constructs costs shall be documented Tnd made available on request to the Seller. 10. It is expressly greed and under tood by Buyer that Seller is making no representations with respect t soil conditions, structural conditions, subsurface conditio , and the ike. Further, Buyer does not rely upon any studies of such condi 'ons po sessed by the Seller for purposes of purchase or development. In ad W o , Buyer has inspected the site for which this offer is being made an has satisfied him/herself as to surface and subsurface conditions of site. This ffer has been made signe and sealed by Buyer this M day of 1963. MICROFILMED BY I-�- DORM---MICR#LAB_ -- CEDAR RAPIDS DES MOINES r L r r) 4 �. NOTE: PARTY TO WHOM TITLE WILL BE CONVEYED Buyer should clearly set forth the full and correct names of party or parties to whom title will be conveyed, their address, the relationship if any, and whether conveyance is to be joint tenancy or otherwise, and is accompanied, whether partnership, trust, trustee or corporation, by address of principal office and state of the corporation. Acknowledgement: FOR BUYER: GWG Investments, an Iowa General Partnership Name: Acting City Clerk Roeetvad a Apprnve8 By The legal Dopaftent MICROFILMED BY t� JORM-""MICR#CAB_ CEDAR RAPIDS DES M014ES Ity of Iowa City'' MEMORANDUM Date: January 13, 1983 To: City Council From:Ok Andrea Hauer Re: Old Public Library and Adjacent Parking Lot A resolution authorizing the Mayor to execute a contract with GWG Invest- ments and the contract for the sale of the library property with an option to purchase the adjacent parking lot are included in the agenda packet. There seems to be some question as to the disposition of the parking lot adjacent to the library. To refresh the issue, a brief review of the actions concerning the sale of the library and the adjacent parking lot are given below. Summary In October 1981, the Zuchelli, Hunter & Associates report on the disposi- tion of the library recommended including the parking lot as part of the offering. The Council concurred with this recommendation and decided to market the old library with the adjacent parking lot, with the parking lot acting as a "sweetner" to attract developers' interest. In December 1981, a draft of the Library Marketing Brochure was taken to the Council. The wording regarding the sale of the parking lot was as follows: The adjacent City -owned parking lot provides 78 parking spaces. If the development proposal includes use of the lot, bids will be accepted for long-term lease and/or option to purchase arrangements for all or part of the parking lot. The City may favor the purchase option if new construction is proposed which requires the parking area. The Council indicated it wanted less restrictive language for that section ("Keep the options open" were the words used in the meeting minutes). A new sentence was added: However, the City may retain ownership of the lot, if the City and the developer deem it agreeable. The purpose of that sentence, in keeping with the Council's wishes, was to convey to a potential developer of the library site that an offer on the parking lot was not necessary in order to submit a successful offer for the library site. In January 1982, the marketing documents were approved by the Council and the parcels went out on the market. From January to April 1982, at least ten advertisements were run for the property in newspapers including the Press -Citizen and the Cedar Rapids Gazette. These ads noted that the parking lot was being sold as an option with the sale of the library parcels. i I•IICROFIL14ED BY 1 'DORM -"MIC R�ICA6- CEDAR RAPIDS • DES MOIYES I J� � L f J r-, 2 In June 1982, the bid period closed. The bid documents from GWG Invest- ments, including a section on the parking lot, were sent to the City Council for the Council's consideration. GWG Investments indicated an intent to lease the lot for up to a year with an option to purchase at the bid price of $205,000 within 12 months after the conveyance of the library lot's deed. Additional written inforimation submitted by the developers indicated their intent to construct a new building on the parking lot property. In July 1982, the Council discussion of the bid materials did not include any discussion of the parking lot. Further Council discussion of the additional bid materials submitted by GWG Investments in August 1982 show no discussion about the parking lot. The minutes state that "Council is giving staff direction to proceed Con the GWG Investments' bid] and the Council knows what staff is proceeding on." Contract Attached to the resolution for the conveyance of the property is the contract for the purchase of the Old Public Library site for $165,000 ($10,000 above the minimum bid) and an option to purchase the parking lot for $205,000 (the minimum bid price) within 12 months after conveyance of the library lot's deed. The only changes made to the contract from the contract offered in the marketing documents are of a minor nature (e.g. attaching the Library Marketing Brochure to the contract). GWG Investments had initially indicated it wanted to change the 300% minimum investment provision; the buyer has now indicated it will comply with the City's requirements to invest at least $495,000. cc: Robert Jansen, City Attorney bdw/sp i MICROFILMED BY JORM -MICR6CA8" CEDAR RAPIDS DES MOINES MA ----- } rl RECEIVED J:7' 6 083 JOHNSON COUNTY BOARD OF SUPERVISORS g COURT HOUSE IOWA CITY, IOWA 52244 PHONE: (319) 338.5442 December 30, 1982 BOARD OF SUPERVISORS HAROLD M. DONNELLY DENNIS J. LANGENBERG DICK MYERS BETTY OCKENFELS DON SEHR Mayor Michael Katchee 924 - 14th Avenue Coralville, Iowa 52241 Dear Mayor Katchee: During the formal meeting of the Board on December 23, 1982, you were re -appointed to a three-year term on the Senior Center Commission. The Board appreciates the fine job you have done to serve the county and looks forward to working with you in the future. Sincerely, Betty Ockenfels Chairperson jm . / : Mayor Neuhauser S MICROFILMED BY -1 f- JORM'"`MI C R#l:"A ff- CEDAR RAPIDS DES MOINES, W T 0 r. i I j I I t 0 I 1n� 6 RESOLUTION NO. 83-14 RESOLUTION DESIGNATING HILTON -IOWA CITY PARTNERSAS THE PREFERRED DEVELOPER FOR URBAN RENEWAL PARCEL 64-1b (HOTEL) IN DOWNTOWN IOWA CITY. WHEREAS, the City of Iowa City, Iowa, acting as the Local Public Agency, p entered into a contract for a Loan and Grant with the United States of America for the implementation of an Urban Renewal Project known as the City -University Project No. Iowa R-14; and WHEREAS, the City of Iowa City, Iowa, has pursuant to the provisions of Title 24, Part 570, Section 570.801(c) the -' of Code of Federal Regulations, transferred Community Development Block Grants to said Urban Renewal Project, and transferred control of certain real property acquired in _ carrying out said Urban Renewal Project to the City Council of the City of r Iowa City from the City Council acting as the Local Public Agency by y+ Resolution No. 76-446, dated December 14, 1976, and by Resolution No. 77- 312, dated August 9, 1977; and I J, WHEREAS, the City Council of Iowa City, Iowa, did by Resolution No. 82-241 authorize the solicitation of offers to purchase land for private redevelopment for Parcel 64-1b; and I WHEREAS, offers to purchase land for private redevelopment were received and opened by the City of Iowa City on November 8, 1982, j NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that pursuant to the authority granted by Chapter 403 of the 1981 Code of Iowa, Section 570.801(c) Title 24, Part 570, Code of Federal Regulations, and pursuant to the procedures in the Prospectus/Hotel (Parcel 64-1b), the following developer is designated as the preferred developer of Urban Renewal Parcel 64-1b: HILTON -IOWA CITY PARTNERS BE IT FURTHER RESOLVED that this designation is subject to the following conditions: 1. The developer shall submit to the City all construction plans as ' defined in Section 301 of the proposed Contract for Sale of Land for Private Redevelopment. 2. The Contract for Sale of Land for Private Redevelopment shall be executed on or before May 16, 1983. BE IT FURTHER RESOLVED that the City Manager and staff are hereby authorized and directed to carry out land disposition procedures in accordance with Iowa law and as set forth in the Prospectus/Hotel (Parcel 64-1b). go ` � Id ILROFILIAED BY —JOA M -MIC R/L AB L! CEDAR RAPIDS • DES'MOINES 41V3 BE IT FURTHER RESOLVED that this designation of the preferred developer does not constitute formal City acceptance of any offer to purchase. It was moved by McDonald and seconded by Dickson the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer X Dickson x Erdahl X Lynch X McDonald X Neuhauser X Perret Passed.and approved this 18th day of January , 1983. ATTEST: AtTING CITY CLERK IIICROFILIIED BY -� - DORM--MICR't AW- '- ----� CEDAR RAPIDS • DES M014ES I i Iowa City, Iowa, January 18, 1983. F; The City Council of Iowa City, Iowa, met on the above date I ' " in the, Civic Center, in Iowa City, Iowa, at 7:30 o'clock P.M., in open regular session, pursuant to law and the rules of said il Counc. r I k I The meeting was called to order by Mary C. Neuhauser, Mayor, presiding, and on roll call the following Council Members were present: Balmer, Dickson, Erdahl_ Lynch, -- x McDonald, Perret._ Absent: iNone ------------------- * # * # * Or C I i i " 1 N it ` MICROFILMED BY i JORM�-MICRf�L"A B" " CEDAR RAPIDS DES M014ES r Matters were discussed relative to the request from Gene Kroeger, regarding the issuance of not to exceed $250,000 in aggregate principal amount of the City's Industrial Development Revenue Bonds (Gene Kroeger Project). Following an explanation of the proposed Project by Gene Kroeger and a discussion of the proposal, Council Member Lynch ____ introduced the following Resolution in written form and moved its adoption. Council Member Balmer seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was adopted by the following vote: AYES: Perret, Balmer, Dickson, Erdahl, Lynch, McDonald, Neuhauser. NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of her approval, was attested by the City Clerk, and was declared to he effective. The Resolution is as follows: 0 -2- 1 IAICROFILRED BY I 1-- JORM--MIC R�L Ai B— ' CEDAR RAPIDS DES MOINES /00 n RESOLUTION NO. 83-15 A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $250,000 IN AGGREGATE. PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (GENE KROEGER PROJECT) OF THE CITY OF IOWA CITY, IOWA, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE, CALLING A PUBLIC HEARING ON THE PROPOSAL TO ISSUE SAID BONDS AND AUTHORIZING EXECUTION OF A MEMORANDUM OF AGREEMENT. WHEREAS, the City of Iowa City, Iowa (hereinafter referred to as the "City") is a municipal corporation organized and existing under the Constitution and laws of the State of Iowa, and is authorized and empowered by Chapter 419 of the Code of Iowa (hereinafter referred to as the "Act"), to issue Industrial Development Revenue Bonds, and loan the proceeds from the sale of said Bonds to one or more parties to be used to defray all or a portion of the cost of acquiring, constructing, improving and equipping land, buildings and. improvements suitable for the use of any commercial enterprise which the City Council, as the governing body, finds is consistent with an urban renewal plan adopted by the City, pursuant to the Act and Chapter 403, Code of Iowa; and WHEREAS, the City has been requested by Gene Kroeger, an individual (hereinafter referred to as the "Company"), to authorize and issue its Industrial Development Revenue Bonds ' (the "Bonds") pursuant to the provisions of the Act for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping a commercial enterprise consisting of a commercial office building (hereinafter referred to as the "Project"); and WHEREAS, said Project is located within the area of and is consistent with and authorized by the Neighborhood Development Plan adopted by the City, and will promote urban renewal, reha- bilitation and redevelopment of the City, will eliminate blighted areas, and will provide employment opportunities for residents of the City and the surrounding area; will enhance the tax base of the City and overlapping taxing jurisdictions and will provide and induce other public benefits which will add to the welfare and prosperity of the City and its inhabitants; and i 1 i WHEREAS the City has determined that the amount necessary to defray all or a portion of the cost of acquisition, con- struction, improving and equipping the Project, including necessary expenses incidental thereto, will require the issuance by the City of not to exceed $250,000 in aggregate principal amount of its Industrial Development Revenue Bonds pursuant to theprovisions of the Act, and it is proposed that the City loan said amount to Company under a Loan Agreement between the City and Company pursuant to which loan payments will be made by the Company in amounts sufficient to pay the s` principal of and interest and premium, if any, on said Bonds, as and when the same shall be due; and WHEREAS, the Bonds, if issued, shall be limited obligations of the City, and shall not constitute nor give rise to a pecu- niary liability of the City or a charge against its general L ' credit or taxing powers, and the principal of and interest and c premium, if any, on the Bonds shall be payable solely out of the revenues derived from the Project to be financed by the Bonds; and } WHEREAS, regulations promulgated under Section 103 of the ! Internal Revenue Code of 1954, as amended, may require that the 4 Issuer of such Bonds adopt a Resolution with respect to such Bonds or take "some other similar official action" toward the t issuance of such Bonds prior to the commencement of construc- tion or acquisition relating to the proposed Project, and it is intended that this Resolution shall constitute "some other similar official action" toward the issuance of the Bonds E within the meaning of said federal income tax regulations; and S WHEREAS, there has been presented to the Council a Memo-randum of Agreement, attached hereto as Exhibit "A" which sets forth certain mutual undertakings and agreements between the City and Company, relating to the further processing and issu- ance of said Bonds, and the City believes it desirable and in its best interest that said Memorandum of Agreement be executed for and on behalf of the City; and WHEREAS, before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided by Section 419.9 of the Act. NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Iowa City, Iowa, as follows: Section 1. A public hearing shall be conducted on February 15, 1983, at 7:30 o'clock P.M., before this City Council in the Council Chambers at the Civic Center in the City -4- /00 v MICROFILMED BY ..` �. "JORM�"MIC R(�LAB- L(/ CEDAR R FIDS • OE S L-A i R L of Iowa City, Iowa, on the proposal to issue not to exceed $250,000 in aggregate principal amount of the City's Industrial Development Revenue Bonds (Gene Kroeger Project) pursuant to the provisions of the Act, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping the Project, including necessary expenses incidental thereto, and all local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue such Bonds; and at said hearing, or any adjournment thereof, this City Council shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. Section 2. The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15) days prior to the date fixed for said hearing, in the Iowa City Press -Citizen, a legal newspaper published and having a general circulation within the City, a Notice of Intention to issue said Bonds in substantially the following form: -5- 4 MICROFILMED BY r DORM" MIC RbLA B'- CEDAR RAPIDS • DES MOINES 1 /Qd `-T r', . r � NOTICE OF PUBLIC HEARING OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (GENE KROEGER PROJECT) Notice is hereby given that a public hearing will be conducted before the Council of the City of Iowa City, Iowa, in the Council Chambers at the Civic Center, Iowa City, Iowa, at 7:30 o'clock P.M. on February 15, 1983, on the proposal to issue not to exceed $250,000 principal amount of the City's Industrial Development Revenue Bonds (Gene Kroeger Project) pursuant to the provisions of Chapter 419 of the Code of Iowa, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping a commercial enterprise consisting of a commercial office building to be located within the area of and consistent with the City's Neighborhood Development Plan. The proposed facilities will be owned by Gene Kroeger, an individual (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 said Company the proceeds from the sale of the Bonds in return for loan payments from the Company sufficient 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 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 pecu- niary liability of said City or a charge against its general credit or taxing powers. 1 All local residents who appear at said hearing shall be given 1 an opportunity to express their views for or against the propo- sal to issue said Bonds, a6d at said hearing, or any adjourn- ment 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. f1arian K. Karr, Actino Clerk of the City of Iowa City, Iowa -6- /00 I MICROFILMED BY _7 1-JORM -M1CR6L_AI3'. 1' CEDAR RAPIDS DES M014ES I /� Section 3. The City recognizes that regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended, may require the taking by this City Council of official action or "some other similar official action", if interest on Industrial Development Revenue Bonds issued by the City and used k to acquire, construct, improve and equip such project is to be exempt from federal income taxes. In order to preserve such exemption, this Resolution is intended to constitute solely for 6; federal income tax purposes official action or "some other Simi- lar official action" with respect to the issuance of such Bonds. Section 4. That in order to assure the acquisition, con- struction, improvement and equipping of the proposed facilities n in the City, with the resulting public benefits which will flow from the operation thereof, it is deemed necessary and advisable r that the Memorandum of Agreement, in the fo nn attached hereto as Exhibit "A", be approved and that the Mayor of the City be and hereby is authorized and directed to execute said Memorandum of Agreement and the City Clerk of the City be and hereby is authorized to attest the same and to affix the seal of the City thereto and said Memorandum of Agreement is hereby made a part of this Resolution. L Section 5. In order that the Project will not be unduly delayed, Company is hereby authorized to make such commitments, expenditures and advances toward payment of the costs of the _ Project as it considers appropriate, subject to reimbursement • from the proceeds of the Bonds when and if delivered, but other- wise without liability on the part of the City. section 6. That officials of the City are hereby authorized to take such further action as may be necessary to carry out the intent and purpose of the Memorandum of Agreement. Section 7. All Resolutions and Orders or parts thereof, in conflict herewith are, to the extent of such conflict, hereby repealed, and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved January 18, 1983. City of Iowa City, Iowa ( SEAL) use1 14 a, 1_ � Mary C. euhauser, Mayor Attest: —`—mos_=--'._`--iJ� ''!�.A�—.. -----✓�' Marian K. Karr, Actinn City Clerk —7— Id ICRDFILPIED BY I ` JORM--- MICROL'A9-- 1 j CEDAR RAPIDS • DES MOMES t W section 6. That officials of the City are hereby authorized to take such further action as may be necessary to carry out the intent and purpose of the Memorandum of Agreement. Section 7. All Resolutions and Orders or parts thereof, in conflict herewith are, to the extent of such conflict, hereby repealed, and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved January 18, 1983. City of Iowa City, Iowa ( SEAL) use1 14 a, 1_ � Mary C. euhauser, Mayor Attest: —`—mos_=--'._`--iJ� ''!�.A�—.. -----✓�' Marian K. Karr, Actinn City Clerk —7— Id ICRDFILPIED BY I ` JORM--- MICROL'A9-- 1 j CEDAR RAPIDS • DES MOMES t W 1 117- F I CLERK'S CERTIFICATE t .�_ I, Marian K. Karr . being first duly sworn do hereby depose and certify that I am the duly appointed, and Acting City Clerk of the City of Iowa City, in the County of Johnson, State of Iowa; that as such I have in my possession, or have 3 access to, the complete corporate records of said City and of i its Council and officers; that I have carefully compared the t transcript hereto attached with the aforesaid corporate records; and that said transcript hereto attached is a true, correct and complete copy of all the corporate records showing the action taken by the City Council of said City at a meeting open to the p public on January 18, 1983, regarding the issuance of not to exceed $250,000 aggregate principal amount of Industrial Development Revenue Bonds (Gene Kroeger Project) of j the City of Iowa City, Iowa, directing publication of Notice of ( Intention to Issue, calling a public hearing on the proposal to S issue said Bonds and authorizing execution of a Memorandum of t Agreement; that said proceedings remain in full force and i effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, in accordance with a notice of meeting and tentative agenda, 9 , a copy of which was timely served on each member of the Council and posted on a 4f bulletin board or other prominent place easily accessible to E the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 28A, Iowa Code, 4 and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. Witness my hand and the Corporate Seal of said City hereto affixed this 18th day of January, 1983. -'7771'' .JI JJ (SEAL) !urian K. Karr, Actino City Clerk State of Iowa ) - ) SS.: iCounty of Johnson ) Subscribed and sworn to before me this day, the date last above written, ^ / , 9'YIr:.Li?xrY.^ lG-£•fndf ------ Nb ary Public in and for the (SEAL) State of Iowa i IdI CRDFILMED BY L JORM-MICR6LA0_� CEDAR RAPIDS • DES MOINES I II s' (This Notice to he Posted) NOTICE AND CALL OF COUNCIL MEETING Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Iowa City, Iowa. January 18, 1983 7:30 P.m. Council Chambers Civic Center Iowa City, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Resolution Regarding the Issuance of Not To Exceed $250,000 Aggregate Principal Amount of Industrial Development Revenue Bonds (Gene Kroeger Project) of the City of Iowa City, Iowa, Directing Publication of Notice of Intention to Issue, Calling a Public Hearing on the Proposal to Issue Said Bonds and Authorizing Execution of a Memorandum of Agreement, 2. Such additional matters as are set forth on the additional 12 page(s) attached hereto (attach copy of agenda). This notice is given at the direction of the Mayor, pur- suant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Marian K. Karr, Actinn Clerk of the City of Iowa City, Iowa -9- rIr^- 1 i MICROFILMED BY _I l JORM--MICR46LAB_ CEDAR RAPIDS DES MOINES 106 T r�, ^ EXHIBIT "A" MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City, in Johnson County, Iowa, party of the first part (hereinafter referred to as the "City"), and Gene Kroeger, an individual, party of the second part (hereinafter referred to as the "Company"). 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Agreement are the following: (a) The City is an incorporated municipality of the State of Iowa, authorized and empowered by the provisions of Chapter 419 of the Code of Iowa (the "Act"), to issue Industrial Development Revenue Bonds for the purpose of defraying all or a portion of the cost of acquiring and improving land, buildings and improvements suitable for use of any commercial enterprise which the City Council, as the governing body, finds is con- sistent with an urban renewal plan adopted by the City pursuant to the Act and Chapter 403, Code of Iowa; and (b) The City has adopted the Neighborhood Development Plan and in furtherance of efforts to rehabilitate and redevelop the designated Urban Renewal Area therein, the City proposes to issue its Industrial Development Revenue Bonds (the "Bonds") and to loan to the Company the proceeds from the sale of said Bonds to enable the Company to finance the cost of acquiring, constructing, improving and equipping a commercial enterprise consisting of a commercial office building (herein referred to as the "Project"); and (c) It is considered essential that acquisition and construction related to the Project commence at the earliest practicable date, and that orders be placed for acquiring the necessary improvements and equipment. However, before com- mencing the Project, the Company desires satisfactory assuran- ces from the City that the proceeds from the sale of the City's Industrial Development Revenue Bonds, which, when issued, will be used to finance the Project, will be made available in an amount sufficient to finance all or a portion of the cost of i the Project. The amount of the Bonds requested to be issued is presently estimated not to exceed $250,000. (d) Representatives of the City have indicated the will- ingness of the City to proceed with and effect such financing -1- i t MICROFILMED BY I—JOFIM - MIc F1#LA9" CEDAR RAPIDS DES MOINES IJ i t i /OD r J� Mrr as an inducement to the Company to locate the Project in the City and the City has advised the Company that, subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts, conditions and things required to exist, happen and be performed precedent to and in connection with such financing in due time, form and manner as required by law, the City, by virtue of such statutory authority as may now exist or may hereafter be conferred, will issue and sell its Bonds in an amount sufficient to finance all or a portion of the cost of the Project. (e) The City considers that the undertaking of the Project will promote urban revitalization, rehabilitation and redeve- lopment of the City, will eliminate blighted areas, and will provide employment opportunities for the inhabitants of the City, enhance the tax base of the City and overlapping taxing jurisdictions, increase the City's commerce and add to the welfare and prosperity of the City and that of its inhabitants: 2. Undertakings on the Part of the City. The City agrees as follows: (a) That it will authorize, or cause to be authorized, the issuance and sale of an issue of its Bonds to be issued and sold for the purpose of financing the Project, pursuant to the terms of the Act as then in force, in an aggregate principal amount presently estimated not to exceed $250,000. (b) That it will cooperate with Company to sell the Bonds upon mutually agreeable terms, and it will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary or advisable for the author- ization, issuance and sale of the Bonds and the financing of the Project as aforesaid, and the entering into a Loan Agree- ment with the Company with respect to the Project, all as shall be authorized by law and mutually satisfactory to the City and the Company. (c) That the aggregate basic payments (i.e. the payments to be used to pay the principal of, premium, if any, and interest on the Bonds) payable under the Loan Agreement- shall be such sums as shall be sufficient to pay the principal of, interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable. (d) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to imple- ment the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 3. Undertakings on the Part of the Company, The Company covenants and agrees as follows: (a) That it will coope rate,with the City to sell the Bonds in an aggregate principal amount as above stated; provided, however, that the terms of the Bonds and of the sale and deli- very thereof shall be mutually satisfactory to the City and the Company, (b) That it has not, prior to the execution of this agree- ment by the City, acquired or commenced construction of the Project, or any part thereof, and has not entered into any contracts or paid or incurred any costs related thereto, which will be paid or reimbursed froln the proceeds of the Bonds, when and if issued. The Company does, however, represent that it now intends to enter into a contract or contracts for the acquisition, construction, improvement and equipping of the Project and take, with reasonable diligence, the other necessary steps toward the realization of the Project. (c) That contemporaneously with the sale of the Bonds it will execute a Loan Agreement with the City under the terms of which the Company will obligate itself to pay to the City sums sufficient in the aggregate to pay the principal of, interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable, such instrument to contain other provisions required by law and such other provisions as shall be mutually acceptable to the City and the Company. (d) That it will take such further action and adopt such further proceedings as may be required to implement its afore- said undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions, (a) All commitments of the City under paragraph 2 hereof and'of the Company under paragraph 3 hereof are subject to the condition that on or before January 31, 1984 (or such other date as shall be mutually satisfactory to the City and the Company), the City and the Company shall have agreed to mutually acceptable terns for the Bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the documents referred to in paragraph 3 and the proceedings referred to in paragraphs 2 and 3 hereof, (b) Whether or not the events set forth in (a) of this paragraph take place within the time set forth or any extension thereof, the Company agrees that it will reimburse the City for -3- i 3- i 141CROF I LI4ED BY I-"JORM-MIC R1dCt1B - CEDAR RAPIDS • DES MOINES /OD T J� all reasonable and necessary direct out-of-pocket expenses which the City may incur, including but not limited to, legal i fees, printing and publication costs and filing fees arising i from the execution of this Agreement and the performance, or preparation to perform by the City of its obligations here - sunder, * or done at the request of the Company. (c) It is expressly understood by both parties to this Memorandum of Agreement that its execution by the Issuer is intended both as an expression of the Issuer's current inten- tion to proceed with the issuance of the Bonds and to consti- tute "some other similiar official action" for purposes of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended. The execution of i this Memorandum of Agreement by the Issuer is not intended to nor does it create a binding commitment of the Issuer to proceed with the issuance of the Bonds. It is further understood that the issuance of the Bonds is subject to further review by the City Council of the Issuer and is conditioned 6 upon, among other things, full compliance with all provisions E of the Industrial Revenue Bond Policy And Procedures For The y City Of Iowa City, Iowa. (d) All commitments of the City hereof are further subject -4- ` ) r I t11CROFILMED DY � JORMI-MIC RbLA15 --�--� (/ ( CEDAR RAPIDS BEY /OD T � 1 D to the conditions that the City, and its elected and appointed " officials, shall in no event incur any liability for any act or omission hereunder, and that the Bonds described herein shall a not constitute an indebtedness of the City within the meaning r of any constitutional or statutory provision and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. IN WITNESS WHEREOF the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the 18th day of January, 1983. y City of Iowa City, Iowa i i (Seal of City) C. Mary C. Neuhauser, Mayor Attest: z Clerk Marian K. Karr, Acting City Gene Kroeger 4"_ Gefht K roege r -4- ` ) r I t11CROFILMED DY � JORMI-MIC RbLA15 --�--� (/ ( CEDAR RAPIDS BEY /OD T � 1 D t - r"I"ity of Iowa City:". MEMORANDUM Date: January 13, 1983 To: City Council p �� From: Rosemary Vitosh, Director of Finance Re: IRB Application (Gene Kroeger Project) The Industrial Revenue Bond application from Mr. Gene Kroeger requests that bonds in an amount not to exceed $250,000 be issued to finance the construction of a commercial office building at 320 South Linn Street. The building will replace a structure that was demolished in November, 1982. The application and preliminary plans have been reviewed by staff and a financial analysis of the project was done, both of which revealed no problems. The project was considered by the Design Review Committee on January 5, 1983, and its report is included in this agenda packet. Mr. Kroeger's application states the reason for requesting the IRB financing as "Because of current high interest rates in the general market, the issuance of IRB is necessary to make the project possible." Additional justification received from Mr. Kroeger states the following: "Along with creating new employment opportunities, a new brick building will be built on a now vacant lot. This will increase the tax base and add to the current downtown redevelopment. I believe this project fits in very well with the urban renewal project that has been going on in the adjacent downtown area." bj4/8 1 _ 1 J MICROFILMED BY -1" JORM --- MICRIJCAB'_. j CEDAR RAPIDS • DES MOINES IJ 1&6 T i f _ 1 ; �"•'1 • • '� 196,E Ahlem, Cooney, Dorweiler, Hay -w" & Smith LAWYERS 300 LIBERTY BUILDING, SIXTH AND CRAND ' DES MOINES, IOWA 50309 (515) 243-7611 January 11, 1983 Ms. Rosemary Vitosh Director of Finance City of Iowa City Civic Center 410 E. Washington Iowa City, Iowa 52240 Paul F. Ahlen, of Counsel James Evans Cooney lance A. Coppock Philip I. Dmweiler Fli I. Wirt, Kenm•Ih N Ilavnie David 11. Lu,inbill It. Ridurd Smith Wait W. Deemsan Robsrl C AM,-, Edward W, Remsbqrg lamer I Kramherk Thomas F. Stanbenv John F. McKinney, Ir. Rirheul W. Hohmann L. W. Rm,+mok Randall H. Slefanl Ris haul G. Santi FdRar It. Dlltle I W.In-lls CreRR Kennedy Alouis I. Knopf Paldcia I. Martin Terry L. Monson Wash. R. Ilamer III Re: Proposed $250,000 - City of Iowa City, Iowa Industrial Development Revenue Bonds (Gene Kroeger Project) Dear Rosemary: Enclosed are five copies of proposed proceedings for con- sideration by the Iowa City City Council in connection with the proposed issuance of the City's Industrial Development Revenue Bonds for Gene Kroeger in an amount not to exceed $250,000. The enclosed proceedings schedule a public hearing on this Bond issue on February 15, 1983, direct the City Clerk to publish notice of the public hearing and authorize execution of a Memorandum of Agreement between the City of Iowa City, Iowa and Gene Kroeger. As you know, notice of the public hearing must be published once, not less than 15 days prior to the date of the public hearing. For your convenience we have enclosed two extra copies of the notice of public hearing which can be pubished in the Press -Citizen at any time following adoption of the enclosed proceedings provided the notice is published not later than January 30, 1983. Attached to the enclosed proceedings as Exhibit "A" is the Memorandum of Agreement between the City of Iowa City and Gene Kroeger. The Memorandum of Agreement should be completely signed by both the Mayor and City Clerk of Iowa City, and Gene Kroeger, prior to Gene Kroeger incurring any expenditures related to his proposed Project. f11CROFILliED BY DORM-MICR�CA B--- CEDAR RAPIDS • DES M01YE5 i 160 MS. Rosemary Vi tda7i' January 11, 1983 Page 2 By a copy of this letter to Mr. Kroeger, we are reminding him that either he or another representative should be present at the City Council meeting to answer any questions which the members of the City Council may have regarding this proposed Project or this proposed financing. It may be possible for you to deliver the Memorandum of Agreement to Mr. Kroeger for signing at that time. If the enclosed proceedings are satisfactory we would appreciate your returning three completed copies of the pro- ceedings and three completed copies of the Memorandum of Agree- ment to us so that we can include them in the bound Bond transcripts. Additionally, we would appreciate your sending us the customary Affidavit of Publication so that we can review the notice of the public hearing prior to the date of the public hearing. Upon receipt of the completed proceedings and Memorandum of Agreement, and the Affidavit of Publication we will prepare and forward to you the necessary proceedings for consideration at the public hearing. If you have any questions concerning the enclosed pro- ceedings or any other matters relating to this proposed financing, please do not hesitate to contact us. Very truly yours, AHLERS, COONEY, EILER By omas E. St TES:er Enclosures cc: Mr. Gene Kroeger Mr. Robert W. Jansen Mr. Alan R. Leff —� d wlceoEuweo BY JORM--MICR46LAB` LCEDAR RAPIDS • DES MOINES ' :l /DO 3 'r i • l ' i Iowa City, Iowa, January 18, 1983. Thr# City Council of Iowa City, Iowa, met on the above date i in the Civic Center, in Iowa City, Iowa, at 7:30 o'clock P.M., � I in open regular session, pursuant to law and the rules of said Council. The meeting was called to order by Mar Mayor, presiding, and on roll call the fol, Members were present: Balmer._Dickson. Erdahl Lvnch McDonald, Perret Absent: None • • w * • x ,r r -1- J MICROFILMED BY DORM-NAICR#CA8" 1II CEDAR RAPIDS DES MOINES Matters were discussed relative to the request from the The Williams Company, regarding the issuance of not to exceed $750,000 in aggregate principal amount of the City's Industrial Development Revenue Bonds (The Williams Company Project). Following an explanation of the proposed Project by representatives of the Company and a discussion of the proposal, Council Member Erdahl introduced the following Resolution in written form and moved its adoption. Council Member McDonald seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was 'adopted by the following vote: AYES: Dickson, Erdahl, Lynch, McDonald, Neuhauser, Perret, Balmer NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of her approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: ri 1 MICROFILMED BY 1 '-JORM -MICR+LA B'- CEDAR RAPIDS DES MOMES -J RESOLUTION NO. 83-16 A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $750,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (THE WILLIAMS COMPANY PROJECT) OF'THE CITY OF IOWA CITY, IOWA, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE, CALLING A PUBLIC HEARING ON THE PROPOSAL TO ISSUE SAID BONDS AND AUTHORIZING EXECUTION OF A MEMORANDUM OF AGREEMENT. WHEREAS, the City of Iowa City, Iowa (hereinafter referred to as the "City") is a municipal corporation organized and existing under the Constitution and laws of the State of Iowa, and is authorized and empowered by Chapter 419 of the Code of Iowa (hereinafter referred to as the "Act"), to issue Industrial Development Revenue Bonds, and loan the proceeds from the sale of said Bonds to one or more parties to be used to defray all or a portion of the cost of acquiring, constructing, improving and equipping land, buildings and improvements suitable for the use of any commercial enterprise which the City Council, as the governing body, finds is consistent with an urban renewal plan adopted by the City, pursuant to the Act and Chapter 403, Code of Iowa; and WHEREAS, the City has been requested by The Williams Company, a general partnership (hereinafter referred to as the "Company"), to authorize and issue its Industrial Development Revenue Bonds (the "Bonds") pursuant to the provisions of the Act for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping a commercial enterprise consisting of a retail and commercial office building (hereinafter referred to as the "Project"); and WHEREAS, said Project is located within the area of and is consistent with and authorized by the Neighborhood Development Plan adopted by the City, and will promote urban renewal, reha- bilitation and redevelopment of the City, will eliminate blighted areas, and will provide employment opportunities for residents of the City and the surrounding area; will enhance i the tax base of the City and overlapping taxing jurisdictions and will provide and induce other public benefits which will add to the welfare and prosperity of the City and its inhabitants; and -3- 141CROFILMED BY j t I -JORM' 'MIC RbLA 13 CEDAR RAPIDS DES 1401.1ES i l0/ J WHEREAS the City has determined that the amount necessary to defray all or a portion of the cost of acquisition, con- struction, improving and equipping the Project, including I necessary expenses incidental thereto, will require the issuance by the City of not to exceed S75O,OOO in aggregate principal amount of its Industrial Development Revenue Bonds pursuant to the provisions of the Act, and it is proposed that ; the City loan said amount to Company under a Loan Agreement between the City and Company pursuant to which loan payments F. will be made by the Company in amounts sufficient to pay the principal of and interest and premium, if any, on said Bonds, as and when the same shall be due; and I F WHEREAS, the Bonds, if issued, shall be limited obligations of the City, and shall not constitute nor give rise to a pecu- niary liability of the City or a charge against its general credit or taxing powers, and the principal of and interest and premium, if any, on the Bonds shall be payable solely out of f the revenues derived from the Project to be financed by the (: Bonds; and WHEREAS, regulations promulgated under Section 103 of the } Internal Revenue Code of 1954, as amended, may require that the { Issuer of such Bonds adopt a Resolution with respect to such j Bonds or take "some other similar official action" toward the issuance of such Bonds prior to the commencement of construe- tion or acquisition relating to the proposed Project, and it is i. intended that this Resolution shall constitute "some other similar official action" toward the issuance of the Bonds within the meaning of said federal income tax regulations; and I WHEREAS, there has been presented to the Council a Memo- randum of Agreement, attached hereto as Exhibit "A" which sets forth certain mutual undertakings and agreements between the City and Company, relating to the further processing and issu- ance of said Bonds, and the City believes it desirable and in its best interest that said Memorandum of Agreement be executed sfor and on behalf of the City; and WHEREAS, before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided by Section 419.9 of the Act. I I NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Iowa City, Iowa, as follows: Section 1. A public hearing shall be conducted on February 15, 1983, at 7:30 o'clock P.M., before this City Council in the Council Chambers at the Civic Center in the City I " -4- I 141CROFILMED BY -"DORM �M IC R(�LA0 _.} L�.._\ .... I I CEDAR RAPIDS • DES M011ES j of Iowa City, Iowa, on the proposal to issue not to exceed $750,000 in aggregate principal amount of the City's Industrial Development Revenue Bonds (The Williams Company Project) pursuant to the provisions of the Act, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping the Project, including necessary expenses incidental thereto, and all local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue such Bonds; and at said hearing, or any adjournment thereof, this City Council shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. Section 2. The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15) days prior to the date fixed for said hearing, in the Iowa City Press -Citizen, a legal newspaper published and having a general circulation within the City, a Notice of Intention to issue said Bonds in substantially the following form: u _ l Id ....FILLED DY —� 111 J ORM`S MOME9-- - CEDAR RANDS DS • OEMOIYES i NOTICE OF PUBLIC HEARING OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (THE WILLIAMS COMPANY PROJECT) Notice is hereby given arinwill before the Council ofnthe aCity poflIowa ic eCity, Iowa,binctheucted ! Council Chambers at the Civic Center, Iowa City, o'clock P.M., on February 15, Iowa, at 7:30 1983, on the proposal to issue } not to exceed $750,000 principal amount of the City's Industrial Development Revenue Bonds (The Project) pursuant Williams Company to the provisions of Chapter 419 of the Code of Iowa, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and 'equipping a commercial enterprise consisting of a retail and commercial Office building to be located within the area of and consistent f with the City's Neighborhood Development Plan. The proposed facilities will be owned by The Williams Company, a general (the "Company"). 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 said Company the Proceeds from the sale of the Bonds in return for loan Payments from the Company sufficient to Pay the principal of, interest and premium, if any, on such Bonds as the same shall fall due. j ! Such Bonds, if issued, and the interest solely out othe thereon will be payable s shall neverconstitutenansindebtedmosaid Loan gwithintthed ness { meaning of any state constitutional provision or statutory limitation, and shall not constitute nor give rise to a pecu— niary liability of said City or a charge against its general j credit or taxing powers. IAll local residents who appear at said hearing shall be given an opportunity to express their views for or against the even t sal to issue said Bonds, and at said hearing, or any adjourn— ment 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. I i C2L. i_ Marian K. Karr, Acting Clerk of t— he City of Iowa City, Iowa -6- /40/ Idi CROS ILMED BY 1—JOIFIPA 'MICR6L B` J -� 1% I CEDAR RAPIDS DES MOINES r J� j/ i 1 i r , Section 3. The City recognizes that regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended, may require the taking by this City Council of official action or "some other similar official action", if interest on Industrial Development Revenue Bonds issued by the City and used to acquire, construct, improve and equip such project is to be r exempt from federal income taxes. In order to preserve such exemption, this Resolution is intended to constitute solely for federal income tax purposes official action or "some other simi- lar official action" with respect to the issuance of such Bonds. Section 4. That in order to assure the acquisition, con- struction, improvement and equipping of the proposed facilities i G in the City, with the resulting public benefits which will flow from the operation thereof, it is deemed necessary and advisable that the Memorandum of Agreement, in the form attached hereto as f . Exhibit "A", be approved and that the Mayor of the City be and hereby is authorized and directed to execute said Memorandum of j' Agreement and the City Clerk of the City be and hereby is - F authorized to attest the same and to affix the seal of the City . 1 thereto and said Memorandum of Agreement is hereby made a part of i 11 this Resolution. i Section 5. In order that the Project will not be unduly delayed, Company is hereby authorized to make such commitments, 11. expenditures and advances toward payment of the costs of the i. Project as it considers appropriate, subject to reimbursement ; from the proceeds of the Bonds when and if delivered, but other- wise without liability on the part of the City. j Section 6. That officials of the City are hereby authorized P to take such further action as may be necessary to carry out the intent and purpose of the Memorandum of Agreement. p Section 7. All Resolutions and Orders or parts thereof, in ii conflict herewith are, to the extent of such conflict, hereby i repealed, and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved January 18, 1983. City of Iowa City, Iowa (SEAL) Mary C. euhauser, Mayor Attest: I Marian K. Karr, Acting City Clerk i I -7- i 'r ` 141CROEILMED BY I _) i L�- JOR M-MIC R�LAB- (% I CEDAR RAPIDS DES MOINES / i CLERK'S CERTIFICATE I, Marian K. Karr , being first duly sworn do hereby depose and certify that I am the duly appointed, and Actinq City Clerk of the City of Iowa City, in the County of Johnson, State of Iowa; that as such I have in my possession, or have access to, the complete corporate records of said City and of its Council and officers; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; and that said transcript hereto attached is a true, correct and complete copy of all the corporate records showing the action taken by the City Council of said City at a meeting open to the public on January 18, 1983, regarding the issuance of not to exceed $750,000 aggregate principal amount of I Industrial Development Revenue Bonds (The Williams Company Project) of the City of Iowa City, Iowa, directing publication 1 of Notice of Intention to Issue, calling a public hearing on 2t the proposal to issue said Bonds and authorizing execution of a Memorandum of Agreement; that said proceedings remain in full 3 force and effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, in accordance with a notice of -meeting and tentative agenda, a copy of which was timely served on each member of. the Council , and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that pur- pose at the principal office of the Council (a copy of the face ( sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 28A, tIowa Code, and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. Witness my hand and the Corporate Seal of said City hereto affixed this 18th day of January, 1983. kik t (SEAL) Marian K. Karr, Acting City Clerk State of Iowa ) I ) SS.. County of Johnson ) Subscribed and sworn to before me this day, the date last above written. ( /� No a Public in and for the (SEAT.) State of Iowa ` 1L i MICROFILMED BY DORM -"MIC Rf�LA13 i 1 CEDAR RAPIDS • DES MOINES L I I �: o o A• .v..5ai (This Notice to be Posted) NOTICE AND CALL OF COUNCIL MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: Time of Meeting: Place of Meeting: January 18, 1983 7:30 P.M. Council Chambers Civic Center Iowa City, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Resolution Regarding the Issuance of Not To Exceed $750,000 Aggregate Principal Amount of Industrial Development Revenue Bonds (The Williams Company Project) of the City of Iowa City, Iowa, Directing Publication of Notice of Intention to Issue, Calling a Public Hearing on the Proposal to Issue Said Bonds and Authorizing Execution of a Memorandum of Agreement. 2. Such additional matters as are set forth on the additional 12 page(s) attached hereto (attach copy of agenda). This notice is given at the direction of the Mayor, pur- suant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Marian K. Karr, Actino Clerk of the City of Iowa City, Iowa -9- 141CROFILMED BY JORM-'MICR61:_AB_- CEDAR RAPIDS DES MOINES /0/ I , i i EXHIBIT "A" �I MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City, in Johnson County, Iowa, party of the first part r (hereinafter referred to as the "City"), and The Williams { Company, a general partnership, party of the second part t (hereinafter referred to as the "Company"). 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Agreement are the following: i i (a) The City is an incorporated municipality of the State ?� of Iowa, authorized and empowered by the provisions of Chapter 419 of the Code of Iowa (the "Act"), to issue Industrial i 7 Development Revenue Bonds for the purpose of defraying all or a portion of the cost of acquiring and improving land, buildings j and improvements suitable for use of any commercial enterprise which the City Council, as the governing body, finds is con- j sistent with an urban renewal plan adopted by the City pursuant t to the Act and Chapter 403, Code of Iowa; and I (b) The City has adopted the Neighborhood Development Plan and in furtherance of efforts to rehabilitate and redevelop the F... designated Urban Renewal Area therein, the City proposes to issue its Industrial Development Revenue Bonds (the "Bonds") and to loan to the Company the proceeds from the sale of said Bonds to enable the Company to finance the cost of acquiring, constructing, improving and equipping a commercial enterprise consisting of a retail and commercial office building (herein referred to as the "Project"); and (c) It is considered essential that acquisition and construction related to the Project commence at the earliest practicable date, and that orders be placed for acquiring the necessary improvements and equipment. However, before com- mencing the Project, the Company desires satisfactory assuran- ces from the City that the proceeds from the sale of the City's Industrial Development Revenue Bonds, which, when issued, will be used to finance the Project, will be made available in an amount sufficient to finance all or a portion of the cost of the Project. The amount of the Bonds requested to be issued is presently estimated not to exceed $750,000. " (d) Representatives of the City have indicated the will- ingness of the City to proceed with and effect such financing MICROFIL14ED BY I-VORM "MICRbLEi B�- % CEDAR RAPIDS DES MOINES f • ff - -- - -- - — , i as an inducement to the Company to locate the Project in the City and the City has advised the Company that, subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happenAg of all acts, conditions and things required to exist, happen and be performed precedent to and in connection with such financing in due time, form and manner as required by law, the City, by virtue of such statutory authority as may now exist or may j( hereafter be conferred, will issue and sell its Bonds in an amount sufficient to finance all or a portion of the cost of the Project. (e) The City considers that the undertaking of the Project h will promote urban revitalization, rehabilitation and redeve- lopment of the City, will eliminate blighted areas, and will ;I provide employment opportunities for the inhabitants of the y City, enhance the tax base of the City and overlapping taxing ( jurisdictions, increase the City's commerce and add to the ( welfare and prosperity of the City and that of its inhabitants. !I 2. Undertakings on the Part of the City. The City agrees as follows: (a) That it will authorize, or cause to be authorized, the issuance and sale of an issue of its Bonds to be issued and sold for the purpose of financing the Project, pursuant to the terms of the Act as then in force in i , an aggregate principal amount presently estimated not to exceed $750,000. (b) That it will cooperate with Company to sell the Bonds upon mutually agreeable terms, and it will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary or advisable for the author- ization, issuance and sale of the Bonds and the financing of the Project as aforesaid, and the entering into a Loan Agree- ment with the Company with respect to the Project, all as shall be authorized by law and mutually satisfactory to the City and the Company, (c) That the aggregate basic payments (i.e. the payments to be used to pay the principal of, premium, if any, and interest on the Bonds) payable under the Loan Agreement shall i be such sums as shall be sufficient to pay the principal of, interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable, (d) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to imple- ment the aforesaid undertakings or as it may deem appropriate in pursuance thereof. -2 Loi (. 4 MICROEILMED BY -DORM" "-M IC R#LAB' -� !i ( CEDAR RAPIDS • DES MOINES ! -- - - - 3. Undertakings on the Part of the Company. The Company covenants and agrees as follows: (a) That it will cooperate with the City to sell the Bonds in an aggregate principal amount as above stated; provided, however, that the terms of the Bonds and of the sale and deli- very thereof shall be mutually satisfactory to the City and the Company. (b) That it has not, prior to the execution of this agree- ment by the City, acquired or commenced construction of the Project, or any part thereof, and has not entered into any contracts or paid or incurred any costs related thereto, which will be paid or reimbursed from the proceeds of the Bonds, when and if issued. The Company does, however, represent that it now intends to enter into a contract or contracts for the acquisition, construction, improvement and equipping of the Project and take, with reasonable diligence, the other necessary steps toward the realization of the Project. (c) That contemporaneously with the sale of the Bonds it will execute a Loan Agreement with the City under the terms of which the Company will obligate itself to pay to the City sums sufficient in the aggregate to pay the principal of, interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable, such instrument to contain other provisions required by law and such other provisions as shall be mutually acceptable to the City and the Company. (d) That it will take such further action and adopt such further proceedings as may be required to implement its afore- said undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions. (a) All commitments of the City under paragraph 2 hereof and of the Company under paragraph 3 hereof are subject to the condition that on or before January 31, 1984 (or such other date as shall be mutually satisfactory to the City and the Company), the City and the Company shall have agreed to mutually acceptable terms for the Bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the documents referred to in paragraph 3 and the proceedings referred to in paragraphs 2 and 3 hereof. (b) Whether or not the events set forth in (a) of this paragraph take place within the time set forth or any extension thereof, the Company agrees that it will reimburse the City for -3- MICROFILMED BY �- --JORM-MICR46CAB` CEDAR RAPIDS DES MOHES /0/ T r all reasonable and necessary direct out-of-pocket expenses which the City may incur, including but not limited to, legal fees, printing and publication costs and filing fees arising from the execution of this Agreement and the performance, or preparation to perform by the City of its obligations here- under,. or done at the request of the Company. I(c) It is expressly understood by both parties to this ( Memorandum of Agreement that its execution by the Issuer is intended both as an expression of the Issuer's current inten- tion to proceed with the issuance of the Bonds and to consti- tute "some other similiar official action" for purposes of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended. The execution of this Memorandum of Agreement by the Issuer is not intended to nor does it create a binding commitment of the Issuer to proceed with the issuance of the Bonds. It is further (((I understood that the issuance of the Bonds is subject to further review by the City Council of the Issuer and is conditioned upon, among other things, full compliance of all provisions of the Industrial Revenue Bond Policy And Procedures For The Cid OL Iowa City, Iowa. — -- 14i (d) All commitments of the City hereof are further subject to the conditions that the City, and its elected and appointed officials, shall in no event incur any liability for any act or 1 omission hereunder, and that the Bonds described herein shall I. not constitute an indebtedness of the City within the meaning of' any constitutional or statutory provision and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. I IN WITNESS WHEREOF the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the 18th day of January, 1983. J (Seal of City) City of Iowa City, Iowa I Attest: Mary C. euhauser, Mayor Marian K. Karr, Acting City Clerk ms William C. Nii Ber ner------- I rga ----- rga -4- MICROFILMED 4 - r, partner MICROFILMED BY '-JORM "MICR46L"A B` _..} CEDAR RAPIDS - DES MOINES II I /O/ Ji G i (``:Ity of Iowa City; MEMORANDUM Date: January 13, 1983 To: City Council n,) From: Rosemary Vitosh, Director of Finance 1� Re: IRB Application (Williams Company Project) Mr. William Nusser submitted an Industrial Revenue Bond application for financing for the construction of a two-story building in the 10 block of South Dubuque Street. The new building will replace the structure that burned in December, 1982. Staff review of the application, preliminary plans and financial analysis found no problem areas. The project was considered by the Design Review Committee on January. 5, 1983, and its report is included in this agenda packet. Mr. Nusser's reply to the application's question on the reason for the IRB application is as follows: "The IRB's will enable us to spend additional monies to improve the area of the 10 block on South Dubuque Street. These IRB's will make it possible to have a building with architectural merit and perhaps to encourage others in the area to do the same." The application lists the following additions to the project which will be made possible by the use of IRB financing: "1. More square footage of ground space. 2. An architecturally valid facade as opposed to a generic facade. 3. Super code compliance - a safer building." bj4/9 r 14[CROFILMED BY DORM --'MIC Rfb!�CA:6 } CEDAR RAPIDS • DES MOINES /0/ O r : r•, • i j Ahlers, Cooney, Donveiler, Haynie & Smifh LAWYERS 300 LIBERTY BUILDING, SIXTH AND GRAND DES MOINES, IOWA 50309 (515) 243.7611 January 11, 1983 Ms. Rosemary Vitosh Director of Finance City of Iowa City Civic Center 410 E. Washington Iowa City, Iowa 52240 Z3-/6 Paul F. Ahlers, of Counsel lamer Evans Camey Lance A. Coppock Philip I- Dmweiler Eli 1. Wirta Kenneth H. Haynie David If. lu,inbill It. Richard Smith Mark W. Deerman Robert G. Allbee Edward W. Remsbury James L. Krambeck Thomas E. Slanbeny John F. McKinney. Jr. Ridiard W. Ilolfmann L W. Rosebrook Randall H. Stefan! Richard G. Sant, Edgm H. (little Fli,alxth GreRR Kennedy Monis L Knopf Patricia I. Martin Torry L. Manson Wdde R. Hauser III Re: Proposed $750,000 - City of Iowa City, Iowa Industrial Development Revenue Bonds (Williams Company Project) Dear Rosemary: Enclosed are five copies of proposed proceedings for con- sideration by the Iowa City City Council in connection with the proposed issuance of the City's Industrial Development Revenue Bonds for William G. and Margaret L. Nusser in an amount not to exceed $750,000. The enclosed proceedings schedule a public hearing on this Bond issue on February 15, 1983, direct the City Clerk to publish notice of the public hearing and authorize execution of a Memorandum of Agreement between the City of Iowa City, Iowa and the Williams Company. As you know, notice of the public hearing must be published once, not less than 15 days prior to the date of the public hearing. For your convenience we have enclosed two extra copies of the notice of public hearing which can be pubished in the Press -Citizen at any time following adoption of the enclosed proceedings provided the notice is published not later than January 30, 1983. Attached to the enclosed proceedings as Exhibit "A" is the Memorandum of Agreement between the City of Iowa City and the Williams Company. The Memorandum of Agreement should be completely signed by both the Mayor and City Clerk of Iowa City, and Mr. and Mrs. Nusser, prior to the Williams Company incurring any expenditures related to this proposed Project. r^' t 1 141CROFILMED BY ....._� DORM --'MIC R(JLAB" CEDAR RAPIDS a DES MOINES I� �J ......._... ... © �J Ms. Rosemary Vitosh January 11, 1963 Page 2 By a copy of this letter to Mr. Nusser, we are reminding him that he or his representative should be present at the City Council meeting to answer any questions which the members of the City Council may have regarding this proposed Project or this proposed financing. It may be possible for you to deliver the Memorandum of Agreement to Mr. Nusser for signing at that time. If the enclosed proceedings are satisfactory we would appreciate your returning three completed copies of the pro- ceedings and three completed copies of the Memorandum of Agree- ment to us so that we can include them in the bound Bond transcripts. Additionally, we would appreciate your sending us the customary Affidavit of Publication so that we can review the notice of the public hearing prior to the date of the public hearing. Upon receipt of the completed proceedings and Memorandum of Agreement, and the Affidavit of Publication we will prepare and forward to you the necessary proceedings for consideration at the public hearing. If you have any questions concerning the enclosed pro- ceedings or any other matters relating to this proposed financing, please do not hesitate to contact us. Very truly yours, AHLERS, COONEY, RWEILER, HAYNIE & SMITH By a Stanerry TES:er Enclosures CC: Mr. William G. Nusser Mr. Robert W. Jansen Mr. Charles A. Mullen S-1 MICROFILMED BY JORM-MICR4bLA9 - CEDAR RAPIDS DES MOINES I 0/ rl r ,cwcLLKbb1NCE 1654 Tot Neil Berlin Rromt Bill Nusser Sr. In response to your question concerning what will we be doing with the proceeds of our insurance, I submit to you the following plant First, the building was insured for $289,000 with one thousand dollars deductable. To date we have spent approximately $38,000 in clean up and sight costs. Additional engineering costs; contracting and architectual costs should account for approximately $50,000.00. There exists some liability for which we are not covered. Some customer's goods were destroyed. This could amount to $6,000.00 We intend to go beyond code in "stringing" and equiping the electrical wires and telephone systems throughout the building. We could spend as much as $10,000.00 on this. Included in this is a finished basement. We intend to add a three -stop elevator. This is an additional $40,000.00. The insurance for furniture and fixtures, contents of the WGN Companies and Comers was not adequate. We feel to decorate and inventory Comers, replace the depreciated equipment will take at least $70,000.00 in addition to the small amounts we were insured for. As an example, we have had to spend $43,000.00 to date to replace the computer hardware and software. The insurance on our old system was $16,100.00. All of our software was destroyed. We originated our own software at a cost of $24,000.00. The insurance on this total amount of $400100.00 will probably ;Meld $21,000, A $23,000 deficit, The appreciation of replacement costs of our fixtures was phenominal. Most costs dated to 1971 - 1975. Finally, $75,000 of the insurance proceeds will go toward retiring the sales contract that was held by a trust in a bank. 1096, WASHINGTON ST, IOWA CITY, IOWA 52240 (319)351-0333 L R spectfully, William G. Nusser Sr. WESTDALE MALL SUITE 102 CEDAR RAPIDS, IOWA 52404 (319)396.7331 I I41CR01 ILI41D 6r JORM MICROLAB CEDAR RAPIDS • DLS '401'7CS LINDALE MAI.I. CEDAR RAPIDS, IOWA 52402 (319)393-7743 /Q/ 1 J I COLONIAL NATIONAL MORTGAGE COMPANY 8850 LADUE ROAD, ST. LOUIS, MISSOURI 83124 January 17, 1983 Mr. Neil Berlin, City Manager City of Iowa City Civic Center 410 E. Washington Street Iowa City, Iowa 52240 Dear Mr. Berlin: 314.7273770 THOMAS McNEELY / Vice President At the request of Mr. Don Staley of Integra -Build Inc., we are providing a letter of interest regarding financing of a proposed hotel. The project consists of a 150 room hotel and related facilities to be constructed on a Renewal site in Iowa City, Iowa. The estimated cost of the project is $9.5 million. The proposed financing is to be structured as follows: $2.0 million - U.S. Department of Rousing and Urban Development Urban Development Action Grant; and $7.0 Industrial Revenue Bonds to be issued by the City of Iowa City; with the remainder to be provided by the developer's equity. Colonial Mortgage would be responsible for the structuring of the total financing package jointly with Rivera Consultants, Colonial Mortgage having lead responsibility for arranging the placement of the Revenue Bonds. Colonial proposes to finance this project through arranging the placement of approximately $7.0 million in tax exempt industrial revenue bonds backed by Federally -Insured Certificates of Deposit. Because the repayment of the Bonds guaranteed by Certificates of Deposit insured by the Federal Deposit Insurance Corporation (FDIC) or Federal Savings and Loan Insurance Corporation (FSLIC), the Revenue Bonds qualify for a AAA Rating by Standard and Poore and the lowest possible interest rate. This format is a modification of the Loans -to -Lenders mechanism which has been used extensively for tax-exempt financing of single and multifamily housing. Generally, the Certificate of Deposit Back Revenue Bond program is structured as follows: (1) an underwriter purchases the Revenue Bonds and deposits the proceeds f with a Trustee; (2) the Trustee purchases Certificates of Deposit paying interest at a rate equal to the Bond interest rate from a Federally insured Bank or Savings and Loan; (3) the Bank or Savings and Loan lends the funds received for the Certificates of Deposit to the borrower for the project. Typically, the Bank lends the funds at a higher rate than the interest rate of the bonds to compensate it for being the lender. A COLONIAL MORTGAGE SERVICE COMPANY OF PENNSYLVANIA CORPORATION +1 I IdI CROF iLMEO BY � I JO RIVI —MIC RI�L"AB- 1 CEDAR RAPIDS • DES MOINES /0/ Mr. Neil Berlin, City Manager Page Two January 17, 1982 Presently, Colonial is reviewing the Integra -Build proposal and analyzing the financing needs. Within 45 days of the date of this letter, Colonial will provide a completed financing structure with estimated rates and issuance expenses and identify a purchaser for the Revenue Bonds. I would be pleased to answer any questions you may have regarding our involvement in this project and appreciate this opportunity to work with your community. Sincerely, i Thomas W. McNeely Vice President TWM/caf cc: Mr. Don Staley Integra -Build Inc. 14540 Pennock Avenue Apple Valley, MN 55124 Mr. Larry Savre Rivera Consultants, Inc. Pioneer Executive Center, Suite 201 7820 North University Peoria, Illinois 61614 IAILROF ILIdED BY ^. ___ IYES (9/ FHA Insured Projects Development Financing COLONIAL NATIONAL MORTGAGE COHPANY 8850 Ladue Road St. Louis, Missouri 63124 (314) 727-3770 /a/ MICROFILMED BY JORM--MICR#LAB_ (� CEDAR RAPIDS • DES MOINES f f i WHO IS COLONIAL NATIONAL MORTGAGE COMPANY? Colonial National Mortgage Company is one of "The Colonial Companies", subsidiaries of the Philadelphia National Corporation. Its parent is the Colonial mortgage Service Company, headquartered in Philadelphia, Pennsylvania, a subsidiary of the Philadelphia National Bank. With a servicing portfolio in excess of $4 billion, GMSC is ranked as the eighth largest mortgage banking organization in the United States. s In addition to its Eastern Regional (headquarters) Offices in Philadelphia, its Midwest Regional Office in St. Louis, and its Western Regional Office in San Diego, Colonial has 30 area offices located throughout the country. Colonial National is a company formed to provide financing for the development of insured multihousing and health-care projects, on a nationwide basis. The nucleus of this group is composed of the officers and staff of the former Insured Projects Division of Mercantile Mortgage Company, a Mercantile Bancorporation affiliate. This innovative team pioneered the tax-exempt financing mechanisms in the insured projects field, closing the first such transactions in many of the HUD Area Offices across the country. Colonial rojects via the GNMA Mortgage -Backed National also provides funds for p f Securities program, and construction financing (taxable) for GNMA Tandem { permanent -finance projects. WHAT CAN COLONIAL NATIONAL OFFER YOU? i tColonial National is a unique financial services organization - bridging the gap between the traditional mortgage banker and the capital markets j represented by Wall Street institutions. In today's complex financing f markets, the Colonial team brings to the real estate developer the necessary creative expertise, and the necessary Governmental, commercial banking, mortgage banking, and investment banking resources, to assure a funding structure which will result in a successful and advantageous project(s) funding. i Eminently familiar with the HUD and FHA programs, our team of experts can rapidly and professionally analyze an FHA Firm Commitment, advise you of the financing structure best suited to move your project to an initial closing and a construction start, and provide the necessary technical assistance to you and your local HUD Area office, including required exhibits and documentation, to effect the selected funding strategy. Our Wall Street associations insure the widest range of potential investment sources to provide immediate attention to the securing of funds for your development. Our marketing philosophy relies upon the volume of dollars represented by the overall capital markets, and the proven capability of our group to merge talents and knowledge to create the necessary environment to attract investment dollars at the very best price and terms to those developer clients we represent. i MICROFILMED BY -JORM- MIC RfI1LAB-` CEDAR RAPIDS • DES MOIYES J t Colonial National's day-to-day monitoring of and negotiations in the national capital markets; our knowledge of all the various facets of HUD/FNA programs and regulations, and our ability to deal with HUD office personnel on your behalf; the team we assemble to provide Bond counsel services, secure rating agencies' approvals, et. al. - all combine to provide you with a unique service organization unparalleled in today's real estate finance industry. r i i I + i y I I i i E t Colonial National's day-to-day monitoring of and negotiations in the national capital markets; our knowledge of all the various facets of HUD/FNA programs and regulations, and our ability to deal with HUD office personnel on your behalf; the team we assemble to provide Bond counsel services, secure rating agencies' approvals, et. al. - all combine to provide you with a unique service organization unparalleled in today's real estate finance industry. r i i I + i I I i 0 ADDENDA Below is a partial listing of FHA—insured project fundings which the Colonial National financing group has served either in its former identity as the Insured Projects Division of Mercantile Mortgage Company or under its current Colonial affiliation. Project Name and Location Loan Amount Alderson Convalescent Hospital $ 1,460,700 Sacramento, California Baltimore County General Hospital 18,806,000 Baltimore, Maryland Benedictine Hospital 2,267,000 Kingston, New York Cathedral Park 5,123,800 Buffalo, New York Cooper Medical Center 26,707,334 Cawden, New Jersey Eagle Hill Rehabilitation Center 2,900,000 Newtown, Connecticut Emergency Hospital 14,000,000 Buffalo, New York Kings Highway Hospital 8,863,500 Brooklyn, New York Laughlin Osteopathic Hospital 4,834,400 Kirksville, Missouri Lincoln Residential Center 1,670,100 Jackson, Mississippi Mary Thompson Hospital 6,300,000 Chicago, Illinois Piercy South Hospital 4,900,000 Hamilton, Ohio Mercy Hospital 3,870,000 Elwood, Indiana Missouri Methodist Medical Center Phase I 8,550,000 St. Joseph, Missouri Missouri Methodist Medical Center Phase II 6,892,600 St. Joseph, Missouri Newark Beth Israel Hospital 23,436,000 Newark, New Jersey Provident Hospital 13,750,000 Chicago, Illinois Valley Health Care Center 1,134,900 Haywood, Wisconsin Bicentennial Apartments 2,438,500 Rock Springs, Wyoming Carriage House of Kendallville 4,112,600 Kendallville, Indiana Cougill's Manor 2,174,400 Charleston, Illinois Lincoln Westmoreland Apartments 3,623,000 Chicago, Illinois +jf � I 111CkOFILMED BY L-! I -D ' ORM"MIC R�I CAB" I CEDAR RAPIDS DES M019ES A AV 'J i i i i i 'J MICROFILIIED BY JORIVI-MICR#LAB'- CEDAR RAPIDS DES MOINES /O/ 0 t t Oglethorpe Square 2,239,900 1 Savannah, Georgia j Watch Hill Tower 3,682,100 ( Moline, Illinois f Chantilly I Apartments 824,700 I Newport News, Virginia Chantilly II Aprtments 870,800 1 Newport News, Virginia We Care Nursing Home 1,202,300 Sheboygan, Wisconsin The Willows 991,800 Sun Prarie, Wisconsin Willowbrook 984,400 Lake Mills, Wisconsin Bethany Village 2,535,900 Oklahoma City, Oklahoma Wedgewood West 1,967,800 _.. Rochester, New York Wedgewood on the Green 1,933,100 Rochester, New York Edgewood Housing 3,244,600 Atlanta, Georgia Jefferson Manor 2,956,400 Kansas City, Missouri III Alleghney Manor 1,815,400 Pennsylvania Bicentennial Apartment Village II 1,310,800 Rock Springs, Wyoming Deerfield Woods Apartments 2,689,600 East Moline, Illinois Mill Street Apartments 1,004,800 Carbondale, Illinois North Omaha Homes 1,609,300 Omaha, Nebraska Parkview Apartments 1,902,100 Spokane, Washington Raleigh Annex Apartments 1,675,800 McGee, Mississippi South Wind Acres Apartments 1,788,100 Hugo, Oklahoma Wellington Arms III 2,355,400 St. Louis, Missouri Wright Park House 1,883,200 Tacoma, Washington Willow Springs Apartments 4,275,800 i Mt. Vernon, Illinois Seven Oaks Apartments 1,575,100 Kansas City, Missouri Three River Manor 8,471,700 Pittsburgh, Pennsylvania Heathland Personal Care Home 1,211,200 Louisville, Kentucky Linwood Housing 2,939,400 Buffalo, New York MICROFILIIED BY JORIVI-MICR#LAB'- CEDAR RAPIDS DES MOINES /O/ 0 Russell Park Apartments 2,508,200 Lewiston, Maine Chateau Village 3,836,300 Houston, Texas Winwood Village 1,965,300 Plainview, Texas Cayuga Village 2,535,000 Cheektowaga, New York Garrett Apartments 1,369,400 Englewood, New Jersey Southgate Village 2,468,200 Elk City, Oklahoma Bissell Apartment 3,795,80Q Venice, Illinois O'Fallon Apartments 4,889,600 O'Fallon, Illinois Seville Apartments 3,190,300 Beaumont, Texas Piroque Cove Apartment 9,178,900 New Orleans, Louisianna Eastview Terrace 2,901,400 Little Rock, Arkansas Morningside Housing 2,319,500 New York, New York Cumberland Village 4,019,500 Springfield, Massachusetts Villa Neuva Vista 6,531,700 Springfield, Massachusetts Rochester Avenue Apartments 4,564,900 Brooklyn, New York Rivers Edge Apartments 4,400,000 Madison, Wisconsin Central Eleven Apartments 1,927,100 Union City, New Jersey Chestnut Place 2,704,700 Lewiston, Maine Maureen Anna Snowden James Apartments 2,730,300 Greenwood, Mississippi Ernestine McNeace Apartments 1,753,800 Greenwood, Mississippi St. Benedict's Manor 3,320,100 Ogden, Utah Park Shadows Apartments 4,128,100 Beaumont, Texas Vivindas La Victoria 10,625,700 Boston, Massachusetts Woodstock Mutual Homes 5,619,800 Philadelphia, Pennsylvania Harlen Housing 11,697,400 New York Kendelwoid Apartments 4,448,700 St. Louis, Missouri /0/ �1 MICROFIL14ED BY _I L`I' J DAR RAP'MIC S M0 (( � CEDAR RAPIDS DES MOINES t I � i J L Allen Market Lane Apartments 3,177,300 St. Louis, Missouri Hamilton Apartments 3,307,000 St. Louis, Missouri O'Fallon Place 1A 7,261,900 St. Louis, Missouri O'Fallon Place 1B 2,393,700 St. Louis, Missouri Lindell Plaza 1,447,100 St. Louis, Missouri Fordem Towers 4,676,100 Madison, Wisconsin Madison Park IV 8,162,700 Boston, Massachusetts Pevely Square Apartments 4,274,700 St. Louis, Missouri Vicksburg Village 3,372,700 Norman Oklahoma Georgian Gardens Nursing Home 2,271,100 Potosi, Missouri Manchester Heights 5,152,200 Kansas City, Missouri O'Fallon Place Apartments, Phase II 8,431,947 St. Louis, Missouri Bellerive Apartments 3,756,400 Kansas City, Missouri Lakewood Apartments 2,790,600 Columbia, Missouri Clinton Nursing Home 1,171,500 Milwaukee, Wisconsin MICRDFILNED BY JORM-MICR6LAB CEDAR RAPIDS • DES MOINES jo/ RESOLUTION N0. 83-17 t A RESOLUTION ESTABLISHING A FARE POLICY FOR IOWA CITY TRANSIT. WHEREAS, the City Council recognizes the need for the continuance of mass i transportation, and I WHEREAS, the City Council recognizes the need to keep mass transit viable, and WHEREAS, the City Council recognizes the need for continuous financial support of mass transit and WHEREAS, The City Council also recognizes that the foregoing needs will be supported through the adoption of a sound method for financing transit services. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY: 1 1. That a fare structure be established and maintained which provides for annual fare revenue which is not less than 40% of annual operating 1 expenses. I • 2. That the City of Iowa City provide additional financial support for transit jjj equal to 40 percent of annual operating expenses. 3. That the City of Iowa City phase out the use of Revenue Sharing funds for { financial support of transit expenses and replace these funds with a i Transit Levy. E s 4. That the City of Iowa City continue to support Federal and State programs E which will provide financial support equal to 20% of annual operating expenses. 5j It was moved by McDonald and seconded by Perret the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: } x Balmer x Dickson x Erdahl 1 x Lynch ( x McDonald X Neuhauser x Perret Passed and approved this 18th day of - January 1983. I j `. D 11tirt1 Dt MAYOR f f ATTEST: C TY CLERKI:L , Ro�eivD.I A A provW BY Legal De •a ,lett} /De2. J MICROFILMED BY -� i ��'- l•. -„A -�' JORM"-MICR#LAB - LCEDAR RAPIDS • DES M01'ES � r