HomeMy WebLinkAbout1982-02-22 ResolutionRESOLUTION NO. 82-42
RESOLUTION AUTHORIZING A TRANSFER OF OWNERSHIP, CONTROL OR
INTEREST IN OLD CAPITOL CENTER
WHEREAS, Old Capitol Center Partners constructed Old Capitol Center,
and,
WHEREAS, Section 502 of the real estate contract between Old Capitol
Center Partners and the City of Iowa City prohibits transfer of
control or ownership without the approval of the City, and
WHEREAS, Old Capitol Center Partners wishes to transfer certain
rights of ownership, control or interest, and,
WHEREAS, the City Council of Iowa City wishes to approve this
transfer.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY,
IOWA, that approval is granted for the transfer of ownership, control
or interest as requested in the letter of February 19, 1982, from Old
Capitol Center Partners, which is attached to this resolution.
It was moved by Balmer and seconded by
McDonald the Resolution be adopted, and upon roll call there
were:
AYES: NAYS:
ABSENT:
Balmer
Dickson
Erdahl
Lynch
McDonald
Neuhauser
Perret
Passed and approved this 22nd day of February 1982.
c.,
MAYOR
ATTEST:
CITY CLERK
Received & Apliroverl
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February 19, 1982
Mr. Neal Berlin
City Manager
City of Iowa City
410 Bast Washington Street
Iowa City, Iowa 52240
Dear Mr. Berlin:
Old Capitol Center Partners as the redeveloper and owner
of Old Capitol Center, the urban renewal project constructed on
Block 84 and part of Block 83 in Iowa City, does hereby request
the express written approval of the City of Iowa City to the
transfer of ownership or control of a ten percent (10%) or more
interest in the redeveloper through increased capitalization or
other means in connection with the investment by Center Investors,
a local investment group headed by Kenneth L. Albrecht and
Frank Boyd, two of the original investors in Old Capitol Business
Center Company. Additional information as to the amounts being
invested and the names of the investors is available to the members
of the City Council and the City Staff at the Manager's Office on
the upper level of Old Capitol Center.
Very truly yours,
Wilfa�ymus
FEB 1 97982
_982
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