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HomeMy WebLinkAbout1983-08-02 Public hearingNOTICE OF PUBLIC Hconsider HEARING Notice of public hear;ng to the proposed rezoning of Lots 28 and 47-56 of Westgate Addition, located on the east side of Wheaton Road, from R3 to RIB. Notice is hereby given hearing will be held by the City Council of Iowa City, Iowa, at 7:30 p.m. on the 2nd day of August, 1983, in the Council Chambers ;n the Civic Center, Iowa City, Iowa; at which hearing the Council will consider the proposed rezoning of Lots 28 and 47-56 of Westgate Addition from R3 to RIB, which property is located on the east side of Wheaton Road. This notice is given Pursuant to Chapter 414.4 of the Code of Iowan, �1'9�8-3".� 1An[ f 1�A 4I nn n. KARR. CITY CLERK 4 1 t j ' 1 s i r j MICROFILMED BY tNls' 1JORM MICROLAB CEDAR RAPIDS -DES MOINES f fi STAFF REPORT To: Planning & Zoning Commission Prepared by: Bruce Knight Item: Z-8313. Westgate Addition GENERAL INFORMATION Applicant: Requested action: Purpose: Location: Size: Comprehensive Plan: Existing land use and zoning: Surrounding land use and zoning: Date: July 7, 1983 Marian Angersola 735 Wheaton Road Iowa City, IA 52240 Rezoning of Lots 28 and 47-56 of Westgate Addition from R3 to RIB. To establish the same zoning on both sides of Wheaton Road. The east side of Wheaton Road. Approximately 2.3 acres Residential, 2-8 dwelling units per acre. Single family residential and R3 North - Single family residential and R3 East - Duplex and R3 South - Single family residential and R3 West - Single family residential and RIB 45 -day limitation: 7/31/83 ANALYSIS The applicant, Marian Angersola of 735 Wheaton Road, representing the "residents of Wheaton Road", has requested the rezoning of Lots 28 and 47-56 of Westgate Addition from R3 to RIB. In the attached letter addressed to the City Council, she states four reasons why this property should be rezoned: "I. All houses in the specified area are presently single family homes. 2. Someone has immediate (July Ist) plans for buying one of the houses in the specified area and converting it to a duplex. 3. The proposed comprehensive zoning ordinance does change the east side of Wheaton Road to be compatible with the west side of Wheaton Road. 4. The conversion of this single family dwelling to a multi -family dwelling will possibly create additional noise, traffic and parking problems In what is presently a safe and quiet neighborhood." x-57 k i G{ � .MICROFILMED BY �JORM MICROLAB y LCEDAR RAPIDS•DES MOINES ' r 0 u J. s --1 2 The proposed rezoning would also conform to the comprehensive plan which shows the entire residential area located west of Westgate Street at a density of 2-8 dwelling units per acre. The lots in this general area which front on Westgate Street have been developed as duplexes. These lots back directly onto the request area which is developed entirely for single family dwellings. It is, therefore, appropriate to change the zoning district at the rear lot lines of the duplex lots. In addition to the area included in the application, Lots 22, 23, and 24 which front on Keswick Drive, and Lots 64-71 which are located on Westgate Circle, are also developed as single family dwellings and located in the R3 zoning district. Staff recommends that consideration be given at this time to rezoning these additional lots in conjunction with this application. I In summary, staff recommends that the request area and the additional area proposed above be rezoned from R3 to RIB for the following reasons: i I. All of the lots in question are currently developed as single-family i Presidential uses. 2. The proposed rezoning would insure that these lots, which are currently i developed for single family dwellings and integrated with a single family neighborhood, would continue to support uses compatible with the existing i development. 3. The rezoning would conform with the Comprehensive Plan. STAFF RECOMMENDATION Staff recommends that the request area plus Lots 22-24 and 64-71 of Westgate Illli Addition be rezoned from R3 to RIB. ATTACHMENTS I. Location map. 2. Letter from the applicant. i 3. Final plat of Westgate Addition. Approved by ' DoId Sc meiser, Director De4rtmen of Planning & j Program Development ! i I j � I r MICROFILMED BY tti !JORM MI_CROLAB I _ CEDAR RAPIDS•DES^MOINES.' r JI J s r L�-T iN M)L"'? Z -83r3 E f I+ �j I' '7 1:1i _ T • . I WA y 17 -\ll 111 ICO'W I i I i I I I I I I I ,1 G� ( MICROFILMED BY ;JORM MICRO_ LAB CEDAR RAPIDS•DES MOINES( TOs City Council Members - City of Iowa City FROMs Residents of Wheaton Road On Friday, June 17, we filed an application for rezoning with $200.00 collected from residents of Wheaton Road. We ask that you support our efforts to rezone the eastern side of Wheaton Road to be compatible with the 'Western side of Wheaton Road. This would involve changing the present R-3 zoning on the East side to R -ID. Attached is a plat of Wheaton Road with the specified areas marked. The following are the reasons that we ask that you give this matter your immediate attentions 1.) All houses in the specified area are presently single family homes. 2.) Someone has immediate (July 1st) plans for buying one of the houses in the specified area and converting it to a duplex. 3.) The proposed Comprehensive Zoning Ordinance does change the East side of Wheaton Road to be compatible with the west side of Wheaton Road. 4.) The conversion of this Single Family Dwelling to a Multiple Family Dwelling will possibly creataadditional noise, traffico and parking problems in what is presently a safe and quiet neighborhood. Due to the immediate plans for conversion of this property by the new owner, we are requesting that during the June 21st City Council meeting that you set a date for a public hearing. This would prevent any permits from being issued until this matter was settled. Thank you very much for your time and consideration in this matter. //fVQ�� Marian Angersola - for residents of Wheaton Road F I L E D JUN 17 1983 MARIAN K. KARR CITY CLERK (1) 15-19 rr' lMICROFILMED BY tai' '.JORM MICROLAB CEDAR RAPIDS -DES MOINES `�. 19 20oI 1r X22 X23°' 24o n 25 . 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SBe%G3VE ."'c //0G0' a •SBB%o3/E 7/i J7' .e,rr -•' 36 a H 000 ' h 41 I w 00' �u h 52g ^ //400• � o ° 37 SDD%07r'. o is n $ 50' 40 R 'n : e5ee%03/E: 8500'25'379 pJ�\�� 7 Ic 6. -96 g �//0a' 0 ' 0 38 a C 39 s9F _5&9%03/ E- 3�s&?''Y3,'0ne MILROFILMEO BY 'DORM MICROLAB I CEDAR RAPIDS -DES MOINES _j - d' //e/J%GOaJ'o3 7//'O1 ,3oZ, •tn eV : Z11 W' Q� -N,✓ S^6•. E, Vd.v' 3BYOi0SBS%o3/ 4_E CIE VB_8913n..00 62 :. ,S arse, ' s� /m 00, 4aD'r9 . ,0.1 G47J9u7 �c I ^ 63 G6 Pae. tlp6ti �. r -YJ- �_ •'505' 6/06 5.00' ` 7/00' 5y.0 S4':..•c 7/i J7' .e,rr -•' NEST BE/UT,OA1 J-rRfET MILROFILMEO BY 'DORM MICROLAB I CEDAR RAPIDS -DES MOINES _j - IF 1 STAFF REPORT To: Planning &Zoning Commission Prepared by: Karin Franklin Item: 5-8318. Oakes Third Addition- Date: July 7, 1983 Preliminary Plat GENERAL INFORMATION Dean Oakes Applicant: R. R. 2 Requested action: Purpose: Location: Size: Comprehensive Plan Update: Existing land use and zoning: Surrounding land use and zoning: Applicable regulations: 45 -day limitation period: SPECIAL INFORMATION Public utilities: Public services: Transportation: Iowa City, Iowa 52240 Approval of a preliminary subdivision plat. To subdivide 12.3 acres into 10 lots. Between Prairie du Chien Road and Old Dubuque Road off of Oakes Drive extended. 12.3 acres M/L. 2-8 DU/acre and AG/rural residential . Vacant; R1A. North - vacant; R1A South - vacant, agriculture; R1A East - single family residential; R1A West - vacant; R1A Subdivision, zoning, and storm water management ordinances. 7/25/83 Water is available. There is inadequate capacity in the downstream sewer system during wet weather. Police and fire protection are available. Access to the property Is provided from Old Dubuque Road and Oakes Drive. 15V? d I —11 pl I MICROFILMED DY I JORM MiCROLAB: CEDAR RAPIDS -DES MOINES"�` (- . 2 Physical characteristics: Hilly; steep slopes to the north and west. ANA�ygls Oakes Third Addition was originally platted in August, 1981 and included approximately 19 acres. The preliminary subdivision included 36 single family lots; secondary access from Prairie du Chien, and a lift station and 12-inch trunk to sewer this development and property to the south were required. The lift station would have emptied into a line running eventually to the River developer has Corridor Trunk. The preliminary plat expired in February 1983. The secondary accessdroad across aicated that h ravine costs were pf rovnanc ding all the lift station and the context of the single family development proposed. Y prohibitive within the The preliminary plat currently under review consists of six lots of one acre or more, which would be sewereq with private septic systems, and four smaller lots which would hook onto the City system. Two of these smaller lots would have private lift systems in the basements of the dwellings which would hook into a Force main taking the effluent to a line on Oakes Drive. The other two small lots will run on a gravity system to the Oakes Drive line. The road proposed extends Oakes Drive in a curve to the southerly boundary of the subdivision. At some time this road can be extended through adjoining property to complete a loop to Old Dubuque Road. The Comprehensive Plan Update shows development of this area at a density of 2-8 DU/acre and rural residential development at I DU/acre. The proposed subdivision with its combined usage of acre plus lots on septics and low density single family development is consistent with this planned use. Two issues are of concern to the staff. The first relates to the provision of secondary access and the future construction of Foster Road. The road included in the original subdivision provided secondary access to the Oakes Third Addition and obviated the need for the construction at some future date of the northerly alignment of Foster Road east of Prairie du Chien. The plat under consideration does not provide any secondary access for this subdivision and eliminates the possibility of a secondary access road provided through Oakes Third Addition for any future development to the north (see attached map). The question of whether secondary access Is needed for the proposed subdivision hinges on the number of lots and the densit of served. Oakes Drive currently serves 23 lots as the one means of ingress to and egress from the development. The Y population being maximum of 10 o lots at a very low density to ersery d by onlelsion a cess.ould Giveada nthelow density in the area generally and the small increment which is being added, the provision of secondary access to the Oakes Third Addition at the time the land to the south is developed should be sufficient. In regard to the provision Of secondary access to future development, approval of the subdivision proposed will leave the Foster Road northerly alignment as the only feasible means of providing secondary access to the undeveloped area between Prairie du Chien and Highway 1. i,I i MICROFILMED BY '.JORM MICROLAB CEDAR RAPIDS -DES MOINES J i1 i 3 The second issue concerns City sewer service for this area. The effluent from the four lots which tie into the line on Oakes Drive will eventually enter the horseshoe system through the Northeast Trunk. According to the Council's policy adopted June 22, 1983 regarding development in the east and northeast portions of Iowa City, development in this area cannot occur without prior plat approval or without a contractual agreement. The original preliminary plat for Oakes Third Addition expired in February 1983 and no agreement between the City and the developer exists for this area. STAFF RECOMMENDATION The staff recommends that the preliminary plat for Oakes Third Subdivision be denied based on inadequate capacity in the downstream sewer system. DEFICIENCIES AND DISCREPANCIES 1. Two force mains will be required for the lots where ejection pumps are used. 2. For consideration on the final plat, the legal description must close within the required limits. ACCOMPANIMENTS Preliminary plat. Approved by: Do aid Sc�meiser, Director partmen of Planning and Program Development /So?o MICRDFILMED DY ;JORM MICROLAB r J 'CEDAR IRAPIDS•DES-IdDINES ' OEM 0 00 O ROADWAYS WITH PREVIOUS OAKES 3RD PIAT, AUG 1981' r MICROFILMED BY 'JORM MICRO_ LAB CEDAR RAPI DS-DES-MOINEt.. 0 I t NOIiCE OF PUBLIC HEARING OF INTENTION TO ISSUE COMMERCIAL DEVELOPMENT REVENUE BONDS (PIPLYARD PARTNERS 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 August 2, 1983, on the proposal to issue not to exceed $550,000 principal amount of the City's Commercial Development Revenue Bonds (Pipeyard Partners 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 multi -unit residential apartment facility to be located at 320 S. Gilbert and within the area of and consistent with the City's Neighborhood Development Plan. The proposed facilities will be owned by Pipeyard Partners, an Iowa general partnership (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 pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue said Bonds, and at said hearing, or any adjournment thereof, the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By Order of the City Council. Marian K. Karr, City Clerk /sa 7 y L. MICROFILMED BY I t±'{' '.JORM MICROLAB I� I CEDAR RAPIDS•DES.. MOINES r J J. --1 Iowa City, Iowa, August 2, 1983. The City Council of Iowa City, Iowa, net on the above date in the Council Chambers, Civic Center, 410 East Washington Street, in Iowa City, Iowa, at 7:30 o'clock p.M., in open regular session p pursuant to law and the rules of said Council. i i i The meeting was called to order b _ dY the Mavor P.m Tem � David per etpresiding, and on roll call the following Council € i Members were present; ! I .- � F.rriahl •. i J _MgDonald �. I - Absent: t11, q. Ne, a,pr f i r' Ii I i i I -1_ Apt IrNN • Ci �MICROFILMED BY �.JORM MICROLA6 `CEDAR RAPMOES,MOINES ■ ■ 1 (Other Business) The temporary chair announced that the purpose of the meeting was to hold a public hearing on the proposal to issue not to exceed 6550,000 aggregate principal amount of the City's Commercial Development Revenue Bonds (Pipeyard Partners Project), as required by Section 419.9, Code of Iowa, and Section 103(k) of the Internal Revenue Code of 1954, as amended, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping a multi -unit residential apartment facility located within the area of and consistent with the City's Neighborhood Development Plan. It is proposed j that the proceeds from the sale of said Bonds be loaned by the City to Pipeyard Partners, with loan payments sufficient to pay principal of, interest and premium, if any, on such Bonds as the same shall fall due. The temporary chair then asked if thete was any person or persons present to express views for or against the proposal to issue said Bonds, notice of said hearing having been published as required by law. Written objections or other comments were filed by the following: (List names of persons filing objections and attach copies of same. If none, insert the word "None".) None Oral objections or other comments were made by the following: (List names of persons appearing and a summary of any views expressed. If none, insert the word "None".) None -2- j MICROFILMED By I IJORM MICROLAB I CEDAR RR PIDS- DES. IAM NEi 7 l /sd J.� I 1. 9 i After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the Bonds, Council Member Lynch proposed the following Resolution 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: McDonald Balmer Dickson Erdahl, L ny ch, Perret NAYS: None The Resolution was thereupon signed by the Mayor Pro Tem, evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -3- MICROFILMED 3 - MICROFILMED BY - t1 JORM MICROLAB' CEDAR RAPIDS•DES.'MOINES I i E '1 NOTICE OF PUBLIC HEARING OF INTENTION TO ISSUE COMMERCIAL DEVELOPMENT REVENUE BONDS (LYMAN ADDITION ASSOCIATES 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 August 30, 1983, on the proposal to issue not to exceed $900,000 principal amount of the City's Commercial Development Revenue Bonds (Lyman Addition Associates 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 28 -unit residential apartment facility to be located at 308 S. Gilbert and within the area of and consistent with the City's Neighborhood Development Plan. The proposed facilities will be owned by Lyman Addition Associates, an Iowa general partnership (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 pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue said Bonds, and at said hearing, or any adjournment thereof, the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By Order of the City Council. -6- /SR i r MICROFILMED 9Y :JORM MICROLAB CEDAR RAPIDS -DES. MOINES MMartan K. Karr, Clerk of the City of Iowa City, Iowa -6- /SR i r MICROFILMED 9Y :JORM MICROLAB CEDAR RAPIDS -DES. MOINES Section 3. The City recognizes that regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as action or Some other amended, may require the taking by this City Council of official Commercial" Developments Revenue imilar oBonds aissued oby the City rand used 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 federal income tax purposes official action or "some other similar official action" with respect Bonds. to the issuance of such Section 4. That in order to assure the acquisition, con- struction, improvement and equipping of the proposed facilities in the City, with the resultingpublic benefits which will from the operation thereof, it iflow s deemed necessary and advisable that the Memorandum of Agreement, in the form attached hereto as Exhibit "A", be approved and that the Mayor of the City be and Agreement hereby is authorized and directed to execute said Memorandum of auand the t authorized to attesttClerk ohC hesameandtoaffix ethe dseal eof the City thereto and said Memorandum of ,Agreement is hereby made a part of this Resolution. Section S. 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 otherwise 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 August 2., 1983. Ciof Iowa City, low (SEAL) ,lam>rCVYf� Attest: David) Perret, May Pro tem -ia K. Karr, City Clerk -7- l1 MICROFILMED by ?' ')ORM IvIICROLAB CEDAR RAPIDS•DES.140INES r 1 J 0 CLERK'S CERTIFICATE I, Marian K. Karr, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified, 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 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 August 2, 1983, regarding the issuance of not to exceed $900,000 aggregate principal amount of Commercial Development Revenue Bonds (Lyman Addition Associates 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; that said proceedings remain in full 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 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, 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 2aL. day of August, 1983. (SEAL) Marian K. Karr, City Clerk State of Iowa ) SS.. County of Johnson ) Subscribed and sworn to before me this day, the date last above written. V! of ryubIic'in,0nd for the (SEAL) State of Iowa -M- JMICROFILMED BY .JORM MICROLAB I M CEDAR RA PIDS•DES. MOINES r J i 0 �wr�....A %• 3-i (This Notice to be Posted) NOTICE AND CALL OF COUNCIL MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 2, 1983 Time of Meeting: 7:30 P.M. Place of Meeting: 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 $900,000 Aggregate Principal Amount of Commercial Development Revenue Bonds (Lyman Addition Associates 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 15 page(s) attached hereto (attach copy of agenda). This notice is given at the direction of the Mayor Pro tem pursuant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Marian K. Karr, Clerk of the City of Iowa City, Iowa -9- 1sa9 (� i MICROFILMED BY i+i' JORM MICROLAB ( CEDAR RAPIDS•DES-1401NE5 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 Lyman Addition Associates, an Iowa general partnership, 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 Commercial Development Revenue Bonds for the purpose of defraying all or 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 consistent 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 Commercial 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 28 -unit residential apartment facility (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 commencing the Project, the Company desires satisfactory assurances from the City that the proceeds from the sale of the City's Commercial Development Revenue Bonds, which, when issued, will be used to finance the Project and 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 $900,000. (d) Representatives of the City have indicated the will- ingness of the City to proceed with and effect such financing -1- 1.5,;P?/ L; MICROFILMED BY I MICROLAB CEDAR RAPIDS•DES. MOINES J aCity and adviseds an inducement to the Company to locate the Project in the compliancehwithtallarequirementseofolawnandhatthe, subject obtainingoofue 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 hereafter be conferred, will issue and sell itexist or may s 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 renewal, rehabilitation and redevelopment 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. i 2, w=s a akin s on the .part of the Cit 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 Of the Project, pursuant to the terms of the Act as then in force, in an aggregate principal amount presently estimated not to exceed $900,000, (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, to be That the pay the basic payments (i.e, the payments anl interest on the Bonds) ppayable lunder pthe iLoan rAgEeementdshall be such sums as shall be sufficient to pay the principal of, when rthe same and redemption shall dueandpayable. the Bonds as and (d) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appro- priate in pursuance thereof. -2- /-ski 1 li MICROFILMED BY } :JORM MICROLAB ( CEDAR RAPIDS -DES. 140114ES f J 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 delivery 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 teams 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 became 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 aforesaid 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 August 1, 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 accept- able terms for the Bonds and of the sale and delivery thereof, and mutually acceptable terns 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- /50?i Y MICROFILMED BY 'JORM MICROLAB 'MOINES CEDAR RAPIDS -DES. 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. (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 intention to proceed with the issuance of the Bonds and to constitute "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 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 City (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 omission hereunder, ,and that the Bonds described herein shall 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 y e City or a charge against its general credit or taxing powers. IN WITNESS WHEREOF the parties hereto have entered into this ey gree� datheir ruoffiCers thereunto duly authorized as of th Ci of Iowa City, Iowa (Seal of City) I �yA David Perret, Mayor Pro tem Attest: M r an K. Karr, uiry CleZk Lyman ddition Associates CSC 4 MICROFILMED BY V.i� '.JORM MICROLAB CEDAR RAPIDS -DES -MOINES 11 154 J r. ■ _ City of Iowa Cit^ MEMORANDUM Date: July 28, 1983 To: City Council From: Rosemary Vitosh, Director of Finance ` \J Re: Industrial Revenue Bonds - Lyman Addition Associates Project An application was received from James and Loretta Clark for the issuance Of $900,000 of Commercial Development Revenue Bonds for the new construc- tion of a 28 -unit apartment building, located on the second lot south from the southeast corner of Gilbert and Burlington Streets. The majority of the parking for the apartments will be provided for underneath the building. Staff review of the application and the financial analysis revealed no problem areas. Results of the review done by the Design Review Committee at their meeting held on July 27, 1983, appear elsewhere in this agenda packet. The application stated that conventional financing for the project would result in a variable interest rate of up to five points higher than that to be received on Industrial Revenue Bond financing. The variable rate will be subject to change annually and as such is too high, too risky and too short-term to make the project financially feasible. The use of Commercial Development ,Bonds would provide for a fixed, long-term interest rate. bj4/2 MICROFILMED BY I JORM MICROLAB I CEDAR RAPIDS•DES. MOINES /.Sd 1 i J 1 1 ■ NOTICE OF PUBLIC HEARING OF INTENTION TO ISSUE COMMERCIAL DEVELOPMENT REVENUE BONDS (OUTLOT 25 ASSOCIATES 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 August 30, 1983, on the proposal to issue not to exceed $650,000 principal amount of the City's Commercial Development Revenue Bonds (Outlot 25 Associates 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 20 -unit residential apartment facility to be located at 302-304 S. Gilbert and within the area of and consistent with the City's Neighborhood Development Plan. The proposed facilities will be owned by outlot 25 Associates, an Iowa general partnership (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 pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue said Bonds, and at said hearing, or any adjournment thereof, the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By Order of the City Council. narian K. Karr, Clerk of the City of Iowa City, Iowa -6- /S33 l; MICROFILMED BY �I `JORM MICROLAB CEDAR RAPIDS -DES MOINES r � J. .-. Section 3. The City recognizes under Section 103 of that regulations promulgated the Internal Revenue Code of 1954, as action amended, may require the taking by this City Council of official Commercial" DevelopmentSome other sRevenueimilar oBondsaissuedob if interest on to acquire, construct, improve and equip suchyprojecthe tisato buesed exempt from federal income taxes, In order exempt to preserve such ; ederal income on, this Resolution is intended to constitute solely for ftax purposes official action or "some other similar official action" with respect to the issuance of such Bonds. Section 4. That in order to assure the acquisition, con - in struction, improvement and equipping of the proposed facilities fromthe hioperationthe the es lting;sdeemed public necessary sawhich will flow that the of, of Agreement, in the form attached heretobas Exhibit "A" j hved and that ereby is aur orizedoand directed toeexecute said Memor Pro tem of orandum 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. j Section 5. In order that the project will not be unduly delayed, Company ;s hereby authorized expenditures and advances to make such commitments, Project as toward payment of the costs of it considers appropriate, the subject to reimbursement from the proceeds of the Bonds when and if delivered, but otherwise 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, repealed, and this Resolution shall be in full fhereby force and effect immediately upon its adoption. Adopted and approved August 2, 1983. Cit of Iowa Ci Iowa (SEAL)' � I �Dvrry .� Attest: /' DAVID FERRET, MAYOR PRO TEM I — �// --_,J �Y 9�.L, r� Marian K. Karr, C ty Clerk -7- IS33 ,ti C MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS•DES. MOINES _J CLERK'S CERTIFICATE I, Marian K. Karr, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified, 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 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 August 1, 1983, regarding the issuance of not to exceed $650,000 aggregate principal amount of Commercial Development Revenue Bonds (outlot 25 Associates 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; that said proceedings remain in full 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 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, 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 _-Ai day of August, 1983. (SEAL) Marian K. Karr, City Clerk State of Iowa ) SS.: County of Johnson ) Subscribed and sworn to before we this day, the date last above written. Notary public i and for the (SEAL) State of Iowa 1533 MICROFILMED BY '.JORM MICROLAB f CEDAR RAPIDS•DES. MOINES r J C (This Notice to be Posted.) NOTICE AND CALL �T COUNCIL MEETING Y 1"t . . 1) 1' CC •v/j•3•: Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 2, 1983 Time of Meeting: 7:30 P.M. Place of Meeting: 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: i - i 1. Resolution Regarding the Issuance of Not To I Exceed $650,000 Aggregate Principal Amount of Commercial Development Revenue Bonds (Outlot 25 Associates Project) of the City of Iowa City, Iowa, 1 Directing Publication of Notice of Intention to Issue, Calling a Public Hearing on the Proposal to Issue Said Bonds and Authorizing Execution of a I Memorandum of Agreement. i 2. Such additional matters as are set forth on the additional 15 page(s) attached hereto (attach copy of agenda). This notice is given at the direction of the Mayor Pro tem i pursuant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Q 4f) Mar"n K. Karr, Clerk of the City of Iowa City, Iowa am MICROFILMED BY { JORM MICROLAB j 'CEDAR RAPIDS -DES MOINES r i /533 J OEM t ■ 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 Outlot 25 Associates, an Iowa general partnership, 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 Commercial Development Revenue Bonds for the purpose of defraying all or e 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 consistent 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 Commercial 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 20 -unit residential apartment facility (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 commencing the Project, the Company desires satisfactory assurances from the City that the proceeds from the sale of the City's Commercial Development Revenue Bonds, which, when issued, will be used to finance the Project and 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 $650,000. (d) Representatives of the City have indicated the will- ingness of the City to proceed with and effect such financing -1- /S33 4; ! MICROFILMED BY ;JORM MICRO_ LAB CEDAR RAPIDS -DES MOINES r J 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 renewal, rehabilitation and redevelopment 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 $650,000. (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 implement the aforesaid undertakings or as it may deem appro- priate in pursuance thereof. -2- MICROFILMED 2 - MICROFILMED BY +' '.JORM MICROLAB f ,CEDAR RAPIDS -DES MOINES r 11 J. 3• Undertaken s on the Part of the Com an The Company covenants and agrees as follows; (a) That it will cooperate with the City to sell the in an aggregate principal amount as above stated; however, that the terms of the Bonds and of the sale and Bonds deliveryprovided, the Company. shall be mutually satisfactory to the City and P y. (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 a wll contris or paid or incurred any costs related thereto, which and if issuedor Thereimbursed from the proceeds of the Bonds, when now intends to enterCintona contract' does worecontractseforthat the it acquisition, construction, improv Project and take, with reasonablement and equipping of the e diligence, necessary steps toward the realization the other of the Project, (c) That contemporaneously with the sale of the Bonds it will execute a Loan Agreement with the City under the temns of which the Company will obligate itself to pay to the Cit sufficient in the aggregate to pay the principal of, interest and redemption premium, if an Y sums same shall become due and y, on the Bonds as and when the Other provisions required payable, such instrument to contain shall be provisions y law and such other provisions as 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 aforesaid undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions, (a) All commitments of the City under paragraph 2 he reof and of the Company under paragraph 3 hereof are subject to the condition that on or before August 1, 1984 (or such other date as shall be mutually satisfactory to the City and the Company), the City and the Company shall have agreedabl and eterms oBonds oto mutually accept - and mut allyacceptabletermsandhe sale and delivery thereof, referred to in para ra h conditions of the documents e3 and the proceedings paragraphs 2 and 3 herofreferred to in (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- IS-33 j MICROFILMED BY I ':.JORM MICROLAB j CEDAR RAPIDS -DES MOINES a T 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. (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 intention to proceed with the issuance of the Bonds and to constitute "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 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 City (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 omission hereunder, and that the Bonds described herein shall 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. IN WITNESS WHEREOF the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the -dild_ day of August, 1983. cit' �of Iowa Ci "S Iowa (Seal of City) I\ iA I Ly-� Attest: David PPerret, Mayor Pro tem -4- 1533 i MICROFILMED By �{ di' .JORM MICROLAB ( CEDAR RAPIDS -DES MOINES I City of Iowa Cit. MEMORANDUM Date: July 28, 1983 To: City Council pp From: Rosemary Vitosh, Director of Finance W� Re: Industrial Revenue Bonds Outlot 25 Associates Project James and Loretta Clark submitted an application for the issuance of $650,000 of Commercial Development Revenue Bonds for the new construction Gilbert on the southeast corner of a 20 -unit apartment building, located Gilbert and Burlington Streets. All parking will be located underneath the building. Staff review of the application revealed no legal or financial problem areas. The res this agenda packet. ults of the review done by the Design Review Committee at their meeting on July 27, 1983, appear elsewhere in The application states that conventional financing for the project would result in a variable interest rate of up to five points higher than the interest rate to be received on Industrial Revenue Bond financing. The variable interest rate would be subject to change annually and as such is too high, too risky and too short-term to make the project financially feasible. The use of Industrial Revenue Bonds would provide for a fixed, long-term interest rate. bj4/1 rrl'' 1 MICROFILMED BY I JORM MICROLAB I CEDAR RA PIDS•DES.'MOINES r /53.3 I J t, "t City of Iowa Cit. MEMORANDUM Date: July 28, 1983 To: City Council pp From: Rosemary Vitosh, Director of Finance W� Re: Industrial Revenue Bonds Outlot 25 Associates Project James and Loretta Clark submitted an application for the issuance of $650,000 of Commercial Development Revenue Bonds for the new construction Gilbert on the southeast corner of a 20 -unit apartment building, located Gilbert and Burlington Streets. All parking will be located underneath the building. Staff review of the application revealed no legal or financial problem areas. The res this agenda packet. ults of the review done by the Design Review Committee at their meeting on July 27, 1983, appear elsewhere in The application states that conventional financing for the project would result in a variable interest rate of up to five points higher than the interest rate to be received on Industrial Revenue Bond financing. The variable interest rate would be subject to change annually and as such is too high, too risky and too short-term to make the project financially feasible. The use of Industrial Revenue Bonds would provide for a fixed, long-term interest rate. bj4/1 rrl'' 1 MICROFILMED BY I JORM MICROLAB I CEDAR RA PIDS•DES.'MOINES r /53.3 I J t,