HomeMy WebLinkAbout1982-03-16 Resolution�L
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NOTICE OF INTENTION TO Imo,-ipl
HOSPITAL FACILITY REVENUE BONDS
(Mercy Hospital Project)
The City Council of the City of Iowa City, Iowa,
(the "Issuer") will meet on the 16th day of March,
1982, at the Civic Center Council Chambers, in Iowa
City, Iowa, at 7:30 o'clock, p.m., for the purpose
of conducting a public hearing on the proposal to
issue Hospital Facility Revenue Bonds (Mercy
Hospital Project) of the Issuer, in one or more
series, in an aggregate principal amount not to
exceed $23,000,000 (the "Bonds"), and to loan said
amount to Mercy Hospital, Iowa City, Iowa, an Iowa
nonprofit corporation (the "Hospital"), for the
purpose of defraying the cost, to that amount, of
the acquisition of land, the construction and
equipping of parking facilities, the construction
and equipping of a new hospital wing and the
renovation and equipping of the Hospital's existing
hospital facilities (the "Project") to be located
within the corporate boundaries of the Issuer, and
the retiring of certain existing indebtedness of
the Hospital (which existing indebtedness consists
of notes payable to Penn Mutual Life Insurance
Company given to evidence indebtedness incurred in
connection with constructing a previous addition
and improvements to the Hospital's facililties).
It is estimated that Bonds of one series in an
amount not to exceed $20,400,000 will be issued to
construct, acquire and equip the Project and that
Bonds of another series in an amount not to exceed
$2,600,000 will be issued to retire the existing
indebtedness of the Hospital. These estimates
include in each instance expenses related to the
issuance of the Bonds and the establishment of
necessary reserve funds in connection therewith.
The Bonds, if issued, will be limited obligations
and will not constitute general obligations of the
Issuer nor will they be payable in any manner by
taxation, but the Bonds will be payable solely and
only from amounts received by the Issuer under a
Loan Agreement between the Issuer and the Hospital,
the obligation of which will be sufficient to pay
the principal of and interest and redemption
premium, if any, on the Bonds as and when the same
shall become due.
At the time and place fixed for said public hearing
all local residents who appear will be given an
opportunity to express their views for or against
the proposal to issue the Bonds of either or both
series, and at the hearing or any adjournment
thereof, the Issuer shall adopt a resolution
determining whether or not to proceed with the
issuance of each series of the Bonds. Should the
City Council determine to proceed with the issuance
of both series of said Bonds, it also may consider a
resolution to issue said Bonds as a single series.
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By \,•der of the City Council, th. 22nd day of
February, 1982.
ABBIE STOLFUS
CITY CLERK
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Memorandum of Agreement
Iowa City, Iowa
March 16 1982
The City Council of Iowa City, Iowa, t met in re ularr session
on the 16th day of March , 1982, aO'clock,
P .m., at the Civic Center, City Nall, in Iowa City, Iowa. The meeting
was called to order and there were present Mary C. Neuhauser ,
Mayor, in the chair, and the following name Council Members:
Balmer, Dickson, Lynch, McDonald, Perret
Absent: Erdahl
Matters were discussed relative to the financing of a project
pursuant to Chapter 419 of the Iowa Code. Whereupon, Council Member
Balmer introduced a resolution entitled "A Resolution
authorizing the execution of a Memorandum of Agreement with Iowa State
Bank & Trust Company" and moved its adoption; seconded by Council Member
Lynch After due consideration of said resolu-
tion by the Council, the Mayor put the question on the motion and the
roll being called, the following named Council Members voted:
Ayes: Neuhauser, Perret, Balmer, Dickson Lynch, McDonald
Nays: None
Whereupon, the Mayor declared said resolution duly adopted and
approval was signed thereto.
Upon motion and vote, the meeting adjourned.
Attest:
City Clerk
(Seal)
Mayor U
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RESOLUTION 82-52
A Resolution authorizing the execution of a Memorandum
of Agreement with Iowa State Bank & Trust Company, Iowa City, Iowa
WHEREAS, the City of Iowa City, Iowa, in the County of Johnson,
State of Iowa (the "Issuer") is an incorporated municipality authorized
and empowered by the provisions of Chapter 419 of the Code of Iowa,
1981, as amended (the "Act") to issue revenue bonds for the purpose of
financing the cost of acquiring, by construction or purchase, land,
buildings, improvements and equipment, or any interest therein, suitable
for the use of commercial enterprises which the City Council of the
Issuer as the governing body, finds is consistent with an urban renewal
plan, adodpted by the Issuer pursuant to Chapter 403 of the Code of
Iowa; and
WHEREAS, the Issuer has adopted an Urban Renewal Plan, Project No.
Iowa R-14, (the "Urban Renewal Plan") for the Urban Renewal Area
designated therein (the "Urban Renewal Area") and in furtherance of its
efforts to carry out the Urban Renewal Plan the Issuer proposes to issue
its revenue bonds pursuant to the Act for the purpose of financing
certain improvements and equipment (the "Project") suitable for use by
Iowa State Bank & Trust Company, Iowa City, Iowa, (the "Company") in its
commercial enterprise, located within the Urban Renewal Area; and
WHEREAS, a Memorandum of Agreement in the form and with the contents
set forth in Exhibit A attached hereto, has been presented to the Issuer
under the terms of which the Issuer agrees, subject to the provisions of
such Agreement, to pursue proceedings necessary under the Act to issue
its revenue bonds for such purpose;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer,
as follows:
Section I. The Memorandum of Agreement in the form and with the
contents set forth in Exhibit A attached hereto be and the same is
hereby approved and the Mayor is hereby authorized to execute said
Memorandum of Agreement and the Clerk is hereby authorized to attest the
same and to affix the seal of the Issuer thereto,•said Memorandum of
Agreement which constitutes and is hereby made a part of this Resolution
to be in substantially the form, text and containing the provisions set
forth in Exhibit A attached hereto.
Section 2. Officials of the Issuer are hereby authorized to take
such further action as may be necessary to carry out the intent and
purpose of the Memorandum of Agreement.
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EXHIBIT A
MEMORANDUM OF AGREEMENT
THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City,
Iowa, (the "Issuer") and Iowa State Bank & Trust Company, Iowa City,
Iowa, (the "Company").
1. Preliminary Statement. Among the matters of mutual inducement
which have resu ted in t e execution of this Agreement are the following:
(a) The Issuer is authorized by Chapter 419 of the Code of
Iowa, 1981, as amended (the "Act") to issue revenue
construction bonds for
sthelpurpose
b
of financing the cost of acquiring, y
buildings, improvements and equipment, or any interest therein, suitable
for the use of commercial enterprises which the City Council of the
Issuer as the governing body, finds is consistent with an urban renewal
plan, adopted by the Issuer pursuant to Chapter 403 of the Code of Iowa.
(b) The Issuer has adopted an Urban Renewal Plan, Project
No. Iowa R-14, (the "Urban Renewal Plan") for the Urban Renewal Area
designated therein (the "Urban Renewal Area") and in furtherance of its
efforts to carry out the Urban Renewal Plan the Issuer proposes to issue
its revenue bonds pursuant to the Act for the purpose of financing
certain improvements and equipment (the "Project") suitable for use by
Iowa State Bank &Trust Company, Iowa City, Iowa, (the "Company")
in commercial enterprise, located within the Urban Renewal Area.
(c) The Company wishes to obtain satisfactory assurance from
the Issuer that subject to the public hearing required by the Act and
upon reaching mutually acceptable terms regarding such bonds, such bonds
will be issued by the Issuer in the aggregate principal amount not to
exceed $3,500,000 sufficient to finance all or a portion of the costs of
the Project.
(d) The Issuer considers that the undertaking of the Project
and the financing of the same is consistent with the Urban Renewal Plan
and will promote urban renewal, rehabilitation and redevelopment of the
Issuer and will enhance the tax base of the Issuer, increase commerce
within the Issuer and add to the welfare and prosperity of the Issuer
and its citizens.
2. Undertakings on the Part of the Issuer.
(a) The Issuer will begin the proceedings necessary to
authorize the issuance of such bonds, in an aggregate principal amount
not to exceed $3,500,000.
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(b) Subject to due compliance with all requirements of law,
including the provisions of and the public hearing required by the Act,
and upon reaching mutually acceptable terms regarding such bonds, it
will cooperate with the Company, in the issuance and sale of such
bonds, and the proceeds from the issuance of such bonds shall be loaned
to the Company upon terms sufficient to pay the principal of and interest
and redemption premium, if any, on such bonds, as and when the same
shall become due.
3. Undertakings on the Part of the Company.
(a) It will use all reasonable efforts to cooperate with the
Issuer and comply with the Act and all other provisions of law relating
to the Project and the issuance and sale of such bonds.
(b) It will enter into a Loan Agreement with the Issuer
under the terms of which the Company will obligate itself to pay to the
Issuer sums sufficient to pay the principal of and interest and redemp-
tion premium, if any, on such bonds as and when the same shall become
due and payable.
4. General Provisions.
(a) All commitments on the part of the Issuer and the Company
herein are subject to the condition that on or before one year from the
date hereof (or such other date as shall be mutually agreed to) the
Issuer and the Company shall have agreed to mutually acceptable terms
relating to the issuance and sale,of such bonds.
(b) Whether or not the events set forth in subsection (a) of
this Section 4 take place within the time specified herein or any
extension thereof, the Company agrees that it will reimburse the Issuer
for all reasonable and necessary costs which the Issuer may incur arising
from the execution of this Memorandum of Agreement and the performance
or the preparation to perform its obligations hereunder, or done at the
request of the Company.
(c) All commitments of the Issuer hereunder are further
subject to the conditions that the Issuer shall in no event incur any
liability for any act or omission hereunder, and that such bonds
described herein shall not constitute an indebtedness of the Issuer
within the meaning of any constitutional or statutory provision and
shall not constitute nor give rise to a pecuniary liability of the
Issuer or a charge against its general credit or taxing powers.
(d) It is expressly understood by both parties to this
Agreement that its execution by the Issuer is intended both as an expres-
sion of the Issuer's current intention to proceed with the issuance of
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the bonds and to constitute "some other similar official action" for
purposes of the Treasury Regulations promulgated under Section 103 of 1
the Internal Revenue Code of 1954, as amended. The execution of the
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 with all provisions of the }
Industrial Revenue Bond Polic and Procedures for the Cit of Iowa J
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Dated this day of�A*,��
1982.
Iowa City, Iowa
BY
Mayor
Attest:
IOWA STATE BANK & TRUS COMPANY,
i IOWA CITY, IOW
• � ity Clerk � I
(Seal) By
W cha d Summerwill, President
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r A. Powers, vice President !
and Cashier +
State of Iowa
County of Johnson SS:
City of Iowa City ;
I, the undersigned, do hereby certify that I am the duly appointed,
qualified and acting City Clerk of the aforementioned City and that as
isuch I have in Rey possession or have access to the complete official
records of said City and of its Council and officers; and that I have
carefully compared the transcript hereto attached is a true, correct and
complete copy of all of the official records showing the action taken by
the City Council of said City to authorize the execution of a Memorandum
of Agreement by and between Iowa State Bank & Trust Company, Iowa City,
Iowa, and said City.
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WITNESS ry hand and,the_seal_of.said.City hereto affixed this
16th day of March • 1982.
City Clerk
(Seal)
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City of Iowa City
MEMORANDUM
DATE: Fla rch ?1,,1982
TO: City Council
FROM: Rosemary Vitosh, Director of Finance ALJ
RE: Industrial Revenue Bond Application From Iowa State Bank & Trust
Staff review of the application has verified that the project complies
with all legal requirements. The financial review indicated no problem
areas. Because the project is still in the early stages of planning,
a public hearing will not be set until specifics about the project are
more definite.
The attached letter and application from Ben Summerwill, Chairman of
the Board of Iowa State Bank & Trust, describes the proposed project
and why Industrial Revenue Bond financing is being requested.
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B IOWA STATE BANK & TRUST COMPANY
10WAG M 10WA
52244
AREA CODE 319-218-3635
February 18, 1982
The Honorable Mayor & Members
of The City Council
City of Iowa City
410 East Washington Street
Iowa City, Iowa 52240
RE: INDUSTRIAL REVENUE BOND APPLICATION
Dear Mayor Neuhauser, Ms. Dickson and Gentlemen:
We have been advised that you would like further clari-
fication and elaboration on the respects in which the use of
industrial revenue bond financing will enhance the proposed
expansion of our main bank facilities in downtown Iowa City.
Although, as is indicated by the application, our expansion
plans are in a very preliminary stage at this time, we feel
that we can pinpoint several respects in which the City, the
bank, and the redevelopment of the Central Business District
will all benefit from the issuance of industrial revenue bonds
for this project.
Although we are some time away from the actual construction
of this facility, planning has been underway for some period
of time. The bank retained Bank Building Corporation of St.
Louis, Missouri to do a feasibility study for this project and
to make recommendations as to the best alternatives for the
bank to pursue in attempting to meet future space needs.
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IOWA STATE BANK & TnusT COMPANY
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This study has now been completed, with several alternatives
having been presented. Certain alternatives involve only the
rehabilitation of existing structures, with others providing
for the construction of a new building on the property south
of the main bank building. While rehabilitation of existing
facilities would be less expensive, we feel that a new build-
ing will be in the long term best interests of both the City
and the bank. Hopefully, if building costs and debt service
requirements permit, the new building would consist of three
floors and basement, although one alternative is for two floors
and basement. The three story structure would, in our opinion,
make more efficient use of available land, would have a preferable
architectural relationship to surrounding structures and would
meet space needs of the bank for a longer period without further
interior and exterior disruptions. Either new structure would
generate significantly greater property tax revenues than the
rehabilitated properties, and would have a more favorable economic
impact on the community during construction because of the higher
cost. obviously, debt service requirements of the project must
be kept within reasonable limits. We feel that the availability
of this financing will make feasible a new building which, prefer-
ably, will consist of three floors and a basement.
The availability of this financing will, in all probability,
also permit further upgrading of the existing building, thereby
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improving the attractiveness of that structure and also increasing
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its assessed valuation. Although many improvements to this
building have been made in recent years, such as rewiring, we
would like to be able to make further improvements to this
structure to improve its appearance and usefulness. Once
again, prudence dictates that debt service requirements be
considered before spending the funds necessary for this re-
habilitation.
It is our understanding that we would be required to
obtain approval by the Design Review Committee of the architect-
ural design of this building if industrial revenue bond financing
is utilized. Although we would plan to construct an aesthetically
pleasing structure in any event (such as our award-winning Keokuk
Street auto bank.), the utilization of this process could bring
about broadly-based citizen input into the design of this building.
We have attempted to respond to your inquiry as definitively
as is possible at this time. We will certainly be happy to
respond to any further inquiries which you might have.
Sin a Y.
C/
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Ben E. Summerwill
Chairman of the Board
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APPLICATION FOR INDUSTRIAL REVENUE BOND FINANCING
IOWA CITY, IOWA
Note: Three complete copies of this application form -'add all attachments
must be submitted.
I. APPLICANT INFORMATION ("Applicant" refers to the proprietor,
general partner or corporate officer signing this application):
Ben E. Sumnerwill
329 Post Road
Street Address
Iowa City, Iaaa 52240
City, State and Zip Code
319/337-3776
Telephone
II. BUSINESS INFORMATION:
Iaaa State Bank & Trust CcaTpany of Iaaa City, Iara
Name of Business
102 South Clinton Street
Current Address of Business
Iaaa City, Iaaa 52240
City, State and Zip Code
102 South Clinton Street
Proposed Address of Business
Iaaa City, Iaaa 52240
City, State and Zip Code
319/338-3625
Telephone
Type of Business Date Established
Bank Where Your Business
Has An Account N/A - applicant is commercial bank
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III. Reason for IRB Application/How will IRB financing enhance your
project? The availability of this type of financing may well
determine whether the proposed project is undertaken inasmuch
as the applicant can continue to occupy the present building
located upon the project site. Decreased 'debt service require-
ments of Industrial Development Revenue bonds will permit the
applicant to construct a more spacious and aesthetically
pleasing structure.
IV. Information about Management (List the name of all owners, officers,
directors, and/or partners. Provide the percent of ownership and
the annual compensation.):
Name and title
Address
Name and Title % of Ownership
Address
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Name and Title of Ownership
Address
Name and Title of Ownership
Address
V. Project Cost and Funding:
Complete and attach Exhibit A.
VI. Attachments to be Provided (Blank exhibit forms should be utilized):
1. Exhibit B, Personal History Statement - one must be submitted
for each stockholder (20% or greater ownership), partners,
officer and owner.
2. Exhibit C, Personal Financial Statement - one must be submitted
for each stockholder (20% or greater ownership), partner,
proprietor and guarantor.
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3. Exhibit D, Financial Information - financial statements for the
past three years, statements which are no older than 90 days for
the current year, and earning projections for at least one year.
4. Exhibit E, Listing of outstanding 'contracts, notes and
mortgages payable.
5. Exhibit F, Brief history of business.
6. Exhibit G, Description of educational, technical and business
background for all people involved in ownership or management
of the business.
7. Exhibit H, Listing of co-signers and/or guarantors for the
bonds.
8. Exhibit I, Listing of equipment or fixtures to be purchased with
bond proceeds.
9. Exhibit J, Summary of collateral.
10. Exhibit K, Supplemental information.
VII. Proposed Project Information:
1. Brief description of products/services to be produced:
Full service canTexcial -banking services.
2. Does a need for this service or product exist within Iowa City?
Yes.
3. Will this product compete with other local businesses?
Yes.
4. Explain how this facility will attract other related
industries. This facility will enable the applicant to
provice improved banking services to its customers more
efficiently, thereby assisting its present and potential
customers, including present and future industries.
5. Number of local employees currently employed at local business
(if business exists at this time) on a full-time and part-time
basis: 126 full-time, 12 part-time.
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6. Number of new jobs to be created on full-time and part-time
basis: 12
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7. Number of management level employees at Iowa City location:
28
8. Skill type and salary levels of jobs created and/or retained by
this project: Tro managenx-nt level enaloyees at approximately
$15,000 per year; ten full and part -tire clerical enployees j
at an average of approximately $8,000 per year.
9. Will new jobs be on a seasonal or on an annual basis?
1�
Annual
10. Number of people expected to reside in Iowa City as a result of
project:
a. Number of people moving to Iowa City.
Unknown.
b. Number of people already living in Iowa City.
All but 8 present employees.*
11. a. Current payroll if already located in Iowa City
(monthly/annual): $1,765,800.00 per year.
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b. Projected payroll (monthly/annual):
$1,875,800.00 based upon present
compensation levels. It is assumed that this &MMt
will be greater at the tim of Completion of the
project.
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Ben E. Sumnenaill, Chariman and Director
329 Post Road; Iowa City, Iowa
8 of Ownership: 5.4538
W. Richard Sumnerwill, President and Director
1006 Highcodd; Iowa City, Iowa
8 of OwnershiD: 3.2778
George R. Dane, Senior Vice President
R. R. n3 Box 130; Iowa City, Iowa
8 of Ownership: .6148
Richard A. Barkalow, Senior Vice President
1504 Olde Hickory lane; Coralville, Iowa
8 of Ownership: .0728
Clair A. Powers, Vice President and Cashier
1209 Kirkwood Avenue; Iowa City, Iowa
8 of Ownership: .0658
John S. Koza, Vice President and Director.
209 Lexington Avenue; Iowa City, Iowa
8 of Ownership: 11.9278
Erik A. Nilausen, Vice President
1813 Mbrningside Drive; Iowa City, Iowa
8 of Ownership: .0018
Richard D. Smith, Vice President
1702 Flatiron; Iowa City, Iowna
8 of Ownership; .0058
Larry G. Waggoner, Vice President
4506 Fairlane Ct. N.E.; Cedar Rapids, Iowa
8 of Ownership: .018
B. L. Barnes, Director
1805 Glendale Road; Iowa City, Iowa
8 of Ownership: .0948
0. D. Bartholow, Director
1125 Pickard; Iowa City, Iowa
8 of Ownership: .48
John W. Colloton, Director
316 Monroe; Iowa City, Iowa
8 of Ownership: .18
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Marvin D. Hartwig, Director
212 N. Post Road; Iowa City, Iowa
% of Ownership: .058
Paul E. McNutt, Director
R. R. r2; Iowa City, Iowa
8 of Ownership: .0678
W. W. Simmeiwill, Director
933 Highcood; Iowa City, Iowa
8 of Ownership: 3.28
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12. Number of plant relocations since 1955 (give reasons why
relocation occurred): Auto Bank Facility at corner of
College and Capitol Streets, Iowa City, Iowa, relocated
to 325 S. Clinton Street, Iowa City, Iowa,
of Urban Renewal Project R14.
13. Location of other facilities currently operated by applicant:
Keokuk street office - Keokuk Street and Highway 6 bypass,
Iowa City, Iowa, South Clinton Street office - 325 S. Clinton
Street, Iowa City, Iowa.
Coralville office - 110 First Avenue, Coralville Iowa.
14. Location of headquarters of applicant (address, phone number,
and contact person):
102 South Clinton Street, Iowa City, Iowa 52240
338-3625
Ben E. Summerwill, Chairman of the Board
VIII. Environmental factors:
1. Exact location of proposed project (plat, map or diagram)
See page 6 of form for location: Street address is locally known
as 110-112-114 South Clinton Street, Iowa City, Iowa. The project
may involve substantial remodeling of the six (6) story and'
basement bank building locally -known as 102-104-106-108 S. Clinton
Street, Iowa City,, Iowa.
2. Size of project facilities (sq. ft.)
8,000 square feet on each of three floors and basement - total
3 lud00 s e feet. The foregoing square footage does not in-
ce spceto be renrdeled in the building at 102-104-106-108
S. Clinton Street, Iowa City, Iowa.
3. Amount of land required (acreage)
8,000 square feet, excluding the land occupied by building at
102-104-106-108 South Clinton Street, Iowa City, Iowa.
4. Compliance with existing zoning
Yes
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5. Pollution criteria:
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a. Water - Cargaarable to usage in present structure
1. Project requirements (gallons per day)
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2. Use of water (heating, for product use, etc.)
Heating and employee use.
3. Flowage rates (hourly, daily, seasonal, annual)
C parable to rate in present structure.
4. Water line requirements for fire protection
Lines presently installed.
5. New and/or enlarged lines required from existing
mains
None
Sewerage
1. Compliance with Clean Water Act
Yes
2. Effluent constituents (type and amount)
Canparable to usage frau present structure.
3. Toxic or hazardous wastes (as defined by EPA)
None
4. On-site pre-treatment necessary?
No
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5. Final treatment on-site or muniicpal treatment?
Municipal
6. New and/or enlarged lines required from existing
mains?
None
C. Air
1. Compliance with Clean Air Act
Yes
2. Impact on State Implementation Plan (SIP)
None
3. Air pollution constiuents (types and amounts)
None
4. Odor(s)
None
5. Visual impact (smoke plume, haze, fog, water vapour,
etc.)
None
d. Noise
1. Noise compliance with Noise Control Act
Yes
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2. Change in noise and vibration levels
None
3. Impact on neary-by properties (can be shown diagram-
matically using frequency and temporal distribution,
and magnitude)
None
e. Other
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1. Compliance with Stormwater Management Ordinance
Not Applicable
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2. Visual appearance of plant and landscaping
It is anticipated that a highly attractive
structure will :be constructed.
i 3. Impact on fragile area(s) (e.g. headwaters area)
None
IX. Community Service Factors:
1. Ability of existing trafficways' to carry additional traffic
load.
Yes I
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2. Projected number of vehicles due to:
a. Workers - five.
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b. Manufacturing process N/A
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C. Other transportation modes to be used by facility (rail,
air)
None.
3. Would this facility's employees use public transit?
Yes
4. Utilities (other than water and sewerage)
a. Natural gas Yes
b. Electricity (detail load requirements)
Comparable to present structure - will be serviced
by new downtown utility lines.
C. Use of alternative energy sources (solar, cogeneration,
etc.) The use of solar energy and other energy conservation
possibilities will be fully explored in the development
of this project.
Additional application and exhibit forms are available from the Director
of Finance or the City Manager, Iowa City, Iowa.
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ESTIMATEU PROJECT COSTS AND SOURCES OF FUNDING
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.l. COST:
Land (including present building to be.dewolished), $ 500,000.00
Building: x New _Purchase _Renovate $ 3,250,000.00
Machinery & Equipment . . . . . . . . . . . . . . . $ 250,000.00
Leasehold Improvements . . . . . . . . . . . . . . . . . .
Engineering . . . . . . . . . . . . . . . . . .
Legal & Underwriting . . . . . . . . . . . . . . . . . .
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Other:
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TOTAL COST $ 4,000,000.00
2. FUNDING:
Industrial Revenue Bonds . . . . . . . . . . . . . . . . $ 3,500,000.00
Other:
Owner's Equity $ 500,000.00
TOTAL FUNDING $ 4,000,000.00
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NOTE: TOTAL COST AND TOTAL FUNDING MUST BE EQUAL. 1
HAVE YOU APPLIED FOR CONVENTIONAL FINANCING FOR THIS PROJECT?
The applicant has been exploring, and will continue to explore, all
reaschably possible alternatives for the financing of this -project.
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SIGNATUREelo/ i TITLE Chairman
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EXHIBIT "F":
Brief History of Business:
The hank was organized by local business persons
after the bank "holiday" of the Great Depression
to fill a need in the canmhnity for banking services.
The bank opened for business on 15 October 1934, with
its first president being Ben S. Sumrwill.
Iowa State Bank Interest & Turst Company has en-
joyed a very favorable growth pattern over the years,
as is evident in the accompanying 10 year capital,
surplus and undivided profits, deposit and footings
statistics submitted with s application.
SIMIATURE:
Mi
EXHIBIT "G":
Provide below a brief description of the educational, technica
and business background for all the people involved in the
ownership or management of the business:
Name: Ben E. Sumarnvill Title: Chairman
Management and Educational Experience: Graduate,;--
of Iona, 1941, with Major in Economics;, 5 years in United
States Army as an officer; since 1 March 1946 with Iona
State Bank & Trust Com?any-in various managerial capa- - -
Name: W. Richard Summerwill Title: President
Management and Educational Experience: Graduate University of
Michigan, 1958, with Major in Economics; U.S. Navy, 1958-1961;
The Bort ern 'rrustChicago, 1noi 51=63T�
Ababa Sank & Trust Co any, lova City,. Icwain various
managerial capacities since 1963. W. Richard ShmTerwill has
attended various banking schools oyez the years and has sq ---d
ITLE: Chairman DATE:
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1. Does your business have any contingent liabilities? ® Yes
❑ No
If yes, please explain below. Accounts or notes receivable discoUnted or sold with
endorsement or guarantee should be explained. _'-^A W, _,cc^w
notes - issued bY bank in ordinary course of business.
2. If business real estate is or will be rented, attach a copy of the lease. If not
available, state below the terms of the existing or proposed lease.
N/A.
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3. Bond Purchaser Information:Unk,own
Address:
Name:
j Attach copy of agreement which includes
i interest rate, maturities, amorization
and pre -loan requirements.
4. Bond Reserve Funds, if any (description and amount): unknown.
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5. Projected closing date for issuance of bonds: Spring
1983-
6. Local Attorney:
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Name: Robert N. Downer Address: ioua °tyIaaas 5e22t0
7. Bond Attorney (if any):
(Jame: Frederick C Blackledge _ Address: 2000 Financial Center
Des Moi.nes, Iowa 50309
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SIGNATURE:46, �'�
TITLE: Chairman DATE:'•!-��;:
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RESOLUTION NO. 82-53
RESOLUTION CONSOLIDATING PORTIONS OF EAST LUCAS TOWNSHIP
WITH IOWA CITY PRECINCT 7 FOR THE PURPOSE OF CREATING A
SINGLE ELECTION PRECINCT.
WHEREAS, the Johnson County Commissioner of Elections recommends
consolidation of portions of East Lucas Township with Iowa City
Precinct Seven in order to comply with Section 49.3, Iowa Code
(1981); and
WHEREAS, the Johnson County Board of Supervisors resolved on
February 18, 1982, that this consolidation should take place;
IT IS HEREBY RESOLVED by the City Council of the City of Iowa City
that the portion of East Lucas Township contained in the forty-sixth
representative district of the State of Iowa and the portion of the
City of Iowa City designated by the City Council of the City of Iowa
City as Precinct Seven shall constitute one election precinct, in
concurrence with the above stated action of the Johnson County Board
of Supervisors.
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
X, Lynch
x McDonald
x Neuhauser
x Perret
Passed and approved this 16th day of March 1982.
MAYOR
ATTEST:
CITY CLERK P4
Received & wpproveJ
By jho Legal Depar"MOnt
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CITY OF I OWECITY...
CIVIC CENFER
41 O E. WASHINGTON ST. IOWA CNY, IOWA 52240 (319) 356-50M
March 18, 1982
7
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Tom Slockett, Johnson County Auditor
and Commissioner of Elections
Sandra J. Steinbach, Elections Deputy
Johnson County Courthouse
Iowa City, Iowa 52240 j
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Dear Tom and Sandra:
'Enclosed please find an originally executed Resolution as adopted
by the Iowa City Council at their meeting on March 15, 1982,
allowing the precinct change you requested in your letter of
February 19, 1982.
Yours very trrully,,,y,
Abbie Stolfus, /
CMC, City Clerk 1
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RESOLUTION NO. 82-54
RESOLUTION ESTABLISHING A COMMITMENT TO PROVIDE FINANCIAL
SUPPORT TO THE JOHNSON COUNTY COUNCIL OF GOVERNMENTS
WHEREAS, financial support is necessary to assist the participating
members in studies and planning, make recommendations to public agencies,
coordinate planning for the various governmental units and provide such
services as are agreed to by the Johnson County Council of Governments,
herein referred to as "JCCOG", and its members; and
WHEREAS, Section 1, Article VII of the Amended Articles•of Agreement of
the JCCOG requires that member agencies adopt a resolution of financial
support, including a commitment to contribute the requested assessment
for the two succeeding fiscal years.
NOW, THEREFORE, BE IT RESOLVED BY THE - City ofIowa City ,
IOWA, that the City does hereby agree to provide financial,
support to the JCCOG for the fiscal years 198,3 and 1984 in an amount
agreed upon by the JCCOG and its member agencies upon consideration of the
fiscal year budgets for each year.
It was moved by Balmer 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
—7t-' LYNCH
x MCDONALD
_x NEUHAUSER
x PERRET
Passed and approved this 16th day of March
ATTEST:
1982.
ReOlved & Approved
13 The Legal De
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RF LUTICN NO. 82-55
RESOUnION AUTHORIZING ExBcMCN OF AN AGREEMENT
WITH THE IOWA DEPARTMENT OF TRANSPORTATION, as amended
WHEREAS, the City of Iowa City, Iowa, has negotiated an agreement
of said agreement
with Iowa Department of Transportation , a OOpy = �r f
being at to this ReSuluLlOn euu uy � a reference made a part eC ,
arid,
WHEREAS, the City Council deans it in the public interest to enter
into said an agreement for construction along Highway Nos. 6/218, Newton
Highway Nos. 6/218 and Hawkins Road inter -
Road, Rocky Shore Drive, and the {
section. The project will be funded from monies provided by the 69t11
General Assembly and no costs will be borne by the City. As part of this
project a portion of Newton Road will become one-way east bound.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL:
authorized and directed i
1. That the Mayor and City Clerk are hereby i
to execute the jLgmant with the Io�� Deo-rtmen+ of Transportation
raa
as amended copies of said agreement
2. That the City Clerk shall furnish
to any citizen requesting =M.
S
It was owed by Lynch and seconded by Perret the y
Resolution be adopted, �—cal1 there were:
AYES: NAYS:i ABSENP:
_ i
x BALMER
X DICKSON
_ x EROAHL
I x LYNCH
j x McDONALD
x NEUHAUSER
x PERRET
Passed and approved this 16th day of March , 1982.
i
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0Mayor
ATIMT:� Clerk Reeelved & Approved
/ By The Legal Department
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Order No.
A G R E E M E N T
County Johnson
City Iowa City
Proj. No. FN -6-7(24)--21-52
Iowa D.O.T.
Agreement No. 81-3-112
IT IS AGREED by and between the State of Iowa, Iowa
Department of Transportation (hereafter D.O.T.), Highway
Division and the City of Iowa City in Johnson County, Iowa
(hereafter City) as follows:
1. The State University of Iowa presently has under
contract, construction of the University of Iowa
Hawkeye Sports Arena. The Sports Arena lies
just south ofcombined U.S. Primary Highway No.'s
6/218 and just west of Newton Road located within
the City.
2. House File No. 850 as enacted by the 1981 Session
of the 69th General Assembly has provided up to
$1.5 million dollars to be used for new roadway
construction and the reconstruction of existing
street and highway facilities in and around the
new sports complex as referenced above.
3. The $1.5 million dollars will be turned over to
the D.O.T. who will administer said funds for the
proposed project. That portion of the project
which lies within City boundaries is further
described as follows and the location is shown on
Exhibit "A" attached:
a. Combined U.S. Primary Highway No.'s U.S. 6/218
will be reconstructed from its junction with
Newton Road extending westerly to the City's
west corporation line including 42" storm'
sewer construction along the south side of
said roadway from Newton Road westerly to a
point opposite Rocky Shore Drive (future
location of Hawkins Drive) and extension
of an existing culvert located under U.S. 6/218
Just west of Rocky Shore Drive. The existing
facility will be widened with Portland Cement
Concrete (on the south side only) and full -width
_Asphaltic Concrete resurfaced to provide for
two (2) full traffic lanes in each direction
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and left turn storage lanes whereneeded. A raised
concrete median will be provided from near the
Newton Road intersection extending westerly to the
Rocky Shore Drive intersection. A painted median
will be provided from the Rocky Shore Drive
intersection extending westerly to the City's west
corporation line. A retaining wall (maximum
height of 15 ft.) will also be constructed for a
length of approximately 400 ft. in the southeast
quadrant of the U.S. 6/218, Rocky Shore Drive and
future Hawkins Drive intersection.
b. Existing Rocky Shore Drive will be slightly
widened and reconstructed northerly approximately
200 ft. (measured from U.S. 6/218 centerline) with
Portland Cement Concrete. A painted median will
be provided from U.S. 6/218 extending northerly
approximately 135 ft.
C. Traffic signals will be constructed at the intersection
of combined U.S. 6/218 and Rocky Shore Drive (to
the north) and proposed Hawkins Drive (to the
south).
4. The Board of Regents acting on behalf of the State
University of Iowa will design, let and construct the
project as described in Section 3 and as shown on
construction plans prepared by Shive-Hattery and Associates
dated October 1,.1981, February 9, 1982 and February
19, 1982 and funding for same will be provided entirely
from said -$1.5 mil -lion dollars as referenced under
Section No. 2 herein, all at no expense to the City.
5. Inspection services for construction which is located
on combined U.S. 6/218 and Rocky Shore Drive within the
City will be provided by D.O.T. forces all at no expense
to the City.
i 6. Project specifications shall conform to either Iowa
City Design Standards or D.O.T. Design Standards,
whichever are more stringent, for that portion of the
project lying within City right of way and all improvements
maintained by.the City.
7. The City will take whatever steps may be required to
legally establish the gradelines of the new highway
facilities constructed under said project in accordance
with Section 364.15 of the Code of Iowa.
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8. The City further agrees, upon completion of the Project
that no changes in the physical features there will be
undertaken or permitted without the prior written consent
of the D.O.T.
9. In the event this project- is financed with Federal
funds, the City shall take whatever action may be
necessary to comply with applicable Federal laws and
regulations.
10. Responsibilities for this project shall be in accord
with 820 I.A.C. (06,P) Ch. 1 (Iowa Administrative Code).
11. sts incurred by the City in perfo
M under shall ne exclusively
by wi sement by the D
12. The City shall take all necessary legal action to
discontinue and prohibit any use of primary highway
right of way for business purposes. The City shall
prevent any future encroachment or obstruction within
the limits of said right of way.
13. Parking shall be prohibited on the minor street
approaches for a distance of 35 ft. in advance of
the stop signs and on the exit sides of the minor
streets for a distance of 35 ft. beyond the far
crosswalks. Parking shall be prohibited on the
project.
14.ect to the approval of and'without expense
to th O.T., the City agrees to perform ause
to be per ed), all relocations, al tions,
adjustments o emovals of utilit acilities,
including but not mited to er, telephone and
telegraph lines, nat 1 g pipelines, water mains
and hydrants, curb boxe anitary sewers, and
related poles, insta ations d appurtenances,
whether privately publicly ow and all other
facilities or structions which are cated within
the limits an established street or a and which
will erfere with construction of the Proje all
i accordance with the Utility Accommodation Pol y
of the D.O.T.
It is agreed that no new or future utility occupancy
of primary highway right of way, nor any future
relocations of or alterations to existing utilities
within such limits, shall be permitted or undertaken
by the City without the prior written consent of the
D.O.T. All work shall be performed in accordance
with the Utility Accommodation Policy and other
applicable requirements of the D.O.T.
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rch 16, 1982
AMENDMENT TO AGREEMENT #81-3-112
1. Delete paragraph 11 and renumber all following paragraphs
accordingly.
2. Delete paragraph 14 and substitute the following language:
Subject to the approval of, and without expense to the D.O.T.,
the City agrees to perform (or cause to be performed), all
relocations, alterations, adjustments or removals of water mains,
hydrants, curb boxes and appurtenances within the limits of the
project. Sanitary sewers, storm sewers, street lights and traffic
signals shall be removed or relocated, where necessary, at the
expense of the I.D.O.T.
City of Iowa City
By: Q
MAYOR
ATTEST:
CITY CLERK
IOWA DEPARTMENT OF TRANSPORTATION
By:
Right of Way' Director
Highway Division
ATTEST:
1 IAIf D0FI11AC11 AV
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15. The City shall be responsible for the routine
maintenance of all storm sewers constructed by
the D.O.T. as.a part of said project and lying
within D.O.T. or City right of way. The City
shall not make any connections to said storm
sewers without the prior written approval of the
D.O.T. The City shall take all appropriate measures
to prevent use of such storm sewers as a sanitary
sewer.
16. The CITY, its successors in interest and assigns,
as part of the consideration hereof, does hereby
covenant and agree that; (1) no person on the ground
of race, color, sex, or national origin shall be
excluded from participation in, denied the benefits of,
or be otherwise subject to discrimination in the use
of said facilities, (2) that in the construction of
any improvements on, over or under such land and the
furnishing of services thereon, no person on the
ground of race, color, sex, or national origin shall
be excluded from participation in, denied the benefits
of, or otherwise be subjected to discrimination, (3)
that the City shall use the premises in compliance
with all other requirements imposed by or pursuant to
Title 49, Code of Federal Regulation, Department of
Transportation, Subtitle A, Office of the Secretary,
Part 21, Nondiscrimination in Federally Assisted
Programs of the Department of Transportation -
Effectuation of Title VI of the Civil Rights Act of
1964, and as said Regulations may be amended and
Title 23 U.S. Code Section 324, Prohibition of
Discrimination on the basis of sex.
17. If any section, provision or part of this Agreement
shall be found to be invalid or unconstitutional,
such judgment shall not affect the validity of the
Agreement as a whole or any section, provision or part
thereof not found to be invalid or unconstitutional.
18. This Agreement may be executed in two counterparts,
each of which so executed shall be deemed to be an
original and both shall constitute but.one and the
same instrument.
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County Johnson
Project No. FN -6-7(29)--21-52
IN WITNESS WHEREOF, each of the parties hereto has executed
Agreement No. 81-3-112 as of the date shown opposite it's
.signature below.
City .o1 f� Iowan City
� " e
By: VVAJ,. `-I,l�tue,.u�, March 16 198
Title: Mayor
I, Abbie Stolfus , certify that I am
the Clerk of the CITY, and that Mary C Neuhauser
as amended
Mayor, who signed said Agreement/for and on behalf of the CITY was
duly authorized to execute the same by virtue of a formal
Resolution, Resolution No. 82=55 , duly passed and
adopted by the CITY, on the 16th day of Marrh
19 82 .
IOWA DEPARTMENT OF TRANSPOORTATION
BY:
Right Wary Direc or
Highway Division
ATTEST:
BY:
March 16 , 19 E
/ lG , 19
Dat
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RESOLUTION NO. 82-56
RESOLUTION AUTHORIZING EXECUTION OF A REQUEST TO WITHDRAW 1973
PL -566 WATERSHED PROTECTION AND FLOOD PREVENTION PROGRAM
APPLICATION.
WHEREAS, the City of Iowa City, Iowa, has, jointly, with the Johnson County
Soil Conservation District requested by letter to the State Soil Conservation
Committee withdrawal of said application, a copy of said letter being attached
to this Resolution and by this reference made a part hereof, and
WHEREAS, the City Council deems it in the public interest to execute said
letter requesting withdrawal of our 1973 PL -566 Watershed Protection and Flood
Prevention Program Application for the Ralston Creek Watershed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL:
1. That the Mayor is hereby authorized and directed to execute the letter
to the State Soil Conservation Committee.
2. That the City Clerk shall furnish copies of said letter to any citizen
requesting same.
It was moved by Balmer and seconded by McDonald 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 16th day of March 1982.
ATTEST: OL-
CITY CLERK
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Received & Approved
By The Legal Department
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Match 5, 1982
Kenneth Kassel, Chairman
State Soil Conservation Committee
MIX
Ayrshire, Iowa 50515
Dear Mr. Kassel,
We would like to request that our 1973 PL -566 Watershed Protection and
Flood Prevention Program application be returned.
Our understanding is that a recent study revealed that a feasible solution
is not possible under PL -566.
However, we would like to reserve the right to re -submit this application
should, in the future, the program change enough to accomodate this project.
Sincerely,
C.
Mary He er, Mayor Boge C. Stutaman, Chairman
City of Iowa City Johnson County Soil
Conservation District
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