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HomeMy WebLinkAbout1981-10-12 ResolutionV RESOLUTION 81-275 A Resolution authorizing the execution of a Memorandum of Agreement with Marcia Kay Roggow 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 any industry or industries for the manufacturing, processing or assembling of any agricultural or manufactured products or of any commercial enterprise engaged in storing, warehousing or distri- buting products of agriculture, mining or industry, or of a national, regional or divisional headquarters facility of a company that does multistate business; and WHEREAS, the Issuer has adopted an urban renewal plan, the Neighborhood Development Plan or the u r5 _aW renewal area aesignated the reln t er an enewa 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 Marcia Kay Roggow (the 'Obligor") in her 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 1. 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. -2- MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOIRES IJ Q3 Section 3. That all resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved this 12th day of October 1981. i i 4ay o dr Attest: i Cit Clerk'��— (Seal) I i 1 i j t i i i -3- MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES 1401NES EXHIBIT A MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City, Iowa, (the "Issuer") and Marcia Kay Roggow (the 'Obligor"). 1. Preliminary Statement. Among the matters of mutual inducement which have resu ted in the 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 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 any industry or industries for the manufacturing, pro- cessing or assembling of any agricultural or manufactured products or of any commercial enterprise engaged in storing, warehousing or distributing products of agriculture, mining or industry, or of a national, regional or divisional headquarters facility of a company that does multistate business. (b) The Obligor wishes to obtain satisfactory assurance from the Issuer that the Issuer has adopted an urban renewal plan, the Nei hb0rh0od De el nt P �r the ur an renews area eslgnate t erein t e r an Renew` res 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 Marcia Kay Roggow (the 'Obligor") in his conmercial enterprise, located within the Urban Renewal Area. (c) The Issuer considers that the acquisition and construc- tion of the Project and the financing of the same will promote 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 $165,000. (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 Obligor, in the issuance and sale of such bonds, and the proceeds from the issuance of such bonds shall be loaned to the Obligor 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. -4- 1.5a3 MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES 1401NES 4' 3. Undertakings on the Part of the Obligor. (a) She will use all reasonable efforts to cooperate with the issuer and Projectply andwith the Act the issuanceand andall saletofrsuchprovisions of law relating bonds. (b) She will enter into a Loan Agreement with the Issuer under the terms of which the Obligor will obligate herself 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 Obligor 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 Obligor shall fsuch rtbo dsmutually acceptable terms relating to the issuance and sale (b) The Obligor agrees that she will reimburse the Issuer for all reasonable and necessary direct out-of-pocket expenses which the Issuer may incur at her request arising from the execution of this Agreement and the performance by the Issuer of its obligation hereunder. (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 the bonds and to constitute "some other similar official action" for purposes of the Treasury Regulations promulgated under Section 103 of 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 Ihdustrmal9otherRevenue BondsPolicl andpliance ProcedureshforltheoCityons of of Iowa -5 - rsa3 MICROFILMED BY JORM MICROLAB CEDAR. RAPIDS -DES MOINES Dated this 12th day of October 1981. Iowa City, Iowa V . 0 6, gig �ewm Attest: C er -' (Seal) By Marcia Kay Rog ow j State of Iowa j County of Johnson SS: )� City of Iowa City i I, the undersigned, do hereby certify that I am the duly appointed, qualified and acting City Clerk of the aforementioned City and that as such I have in my 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 Marcia Kay Roggow and said City. WITNESS my hand and the seal of said City hereto affixed this day of 1981. (Seal) MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES MOINES 1.5a 3 Proceedings Fixing Date for Hearing Iowa City, Iowa October 12 , 1981 The City Council of Iowa City, Iowa, met in special session on the 12th day of October 1981, atT-.-T5—o'clock, p.m., at the Civic Center, City Hall, in Iowa City, Iowa. The meeting was called to order and there were present John R. Balmer , Mayor, in the chair, and the following named CouncilMembers: Erdahl, Lynch, Neuhauser, Perret, Roberts, Vevera Absent: None Matters were discussed concerning the issuance of Industrial Development Revenue Bonds. Whereupon, Council Member Erdahl introduced a resolution entitled: "Resolution fixing a date for hearing on proposed Industrial Development Revenue Bonds, Series 1981 (Marcia Kay Roggow Project)", and moved its adoption; seconded by Council Member Perret . After due consideration of the said resolution by the ounce, t e ayor put the question upon the motion and the roll being called, the following named Council Members voted: Ayes: Erdahl Lynch Neuhauser, Perret Roberts, Vevera, Balmer Nays: None Absent: None Whereupon, the Mayor declared the said resolution duly adopted and approval was signed thereto. I Upon motion and vote, the meeting adjourned. Zzy o r Attest: (Seal) -1- MICROFILMED By JORM MICROLAB CEDAR RAPIDS•OES 140INES sa3 ...7 City of Iowa Ci", MEMORANDUM Date: October 9, 1981 To: City Council and City Manager From: Rosemary Vitosh, Director of Finance P-0 Re: Marcia Kae Roggow Industrial Development Revenue Bonds Staff review of the application for this bond issue has verified that the project complies with all legal and City requirements such as meeting IRS guidelines for tax-exempt status, environmental factors and community service factors. The financial review of the project revealed no problem areas. Building plans have been reviewed and approved for issuance of a building permit. The application form submitted by Ms. Roggow does not indicate that she had applied for conventional financing, but that several Savings and Loans have recommended that she use the IRB program rather than conventional financing for this project. The reason stated on the application for applying for IRB's reads "By using the IRB financing as opposed to the conventional financing I will be able to construct three apartments on the second level of the building that I would not have been able to finance otherwise. I also will be able to do considerable landscaping and keep some parking available instead of taking up the whole lot with buildings in order to increase income needed to pay on a higher interest mortgage." Staff recommends that the Council proceed with the issuance of the bonds, bj5/9 MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES I40INES l5'c23 RESOLUTION 81-276 Resolution fixing a date for hearing on proposed Industrial Development Revenue Bonds, Series 1981 (Marcia Kay Roggow Project) 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 any industry or industries for the manufacturing, processing or assembling of any agricultural or manufactured products or of any commercial enterprise engaged in storing, warehousing or distri- buting products of agriculture, mining or industry, or of a national, regional or divisional headquarters facility of a company that does multistate business; and WHEREAS, the Issuer has adopted an urban renewal plan, or the ur an renewa e1areaPlan esignate erein t e Urban Renewa 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 Marcia Kay Roggow (the 'Obligor") in her commercial enterprise, located within the Urban Renewal Area; and WHEREAS, it is proposed to finance the cost of the Project through the issuance of Industrial Development Revenue Bonds, Series 1981 (Marcia Kay Roggow Project) of the Issuer in an aggregate principal amount not to exceed $165,000 (the "Bonds") and to loan said amount to the Obligor under a Loan Agreement between the Issuer and the Obligor, upon mutually acceptable terms, the obligation of which will be sufficient to pay the principal of and redemption premium, if any, and interest on the Bonds as and when the same shall be due and payable; and WHEREAS, before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided for by Section 419.9 of the Act; NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, as follows: Section 1. This Council shall meet at the Civic Center, City Hall, in Iowa City, Iowa, on the L day of 1981, at 7:30 o clock, _m. , at which time hor and place a public -2- sae/ MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES hearing shall be held on the proposal to issue the Bonds referred to in the preamble hereof, at which hearing all local residents who appear shall be given an opportunity to express their views for or against the proposal to issue the Bonds. Section 2. The Clerk is hereby directed to give notice of inten- tion to issue the Bonds, setting forth the amount and purpose thereof, the time when and place where the hearing will be held, by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing, in the Iowa Cit Press-Cit'z , a newspaper published and having a genera circu a n on with n the Issuer. The notice shall be in substantially the following form: i i i I I I -3- I MICROFILMED BY JORM MICROLAB f CEDAR RAPIDS-DES MOINES �-- I NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1981 (Marcia Kay Roggow Project) The City Council of the City of Iowa City, Iowa, (the "Issuer") will meet on the _____l�opt�h� _� day of NnyPmbpr 1981, at the Civic Center, City RaTT—,in Iowa City, Iowa, at�7Q_ o'clock, M., for for the purpose of conducting a public hearing on the proposal to issue Industrial Development Revenue Bonds, Series 19B1 (Marcia Kay Roqgow Project) of the Issuer, in an aggregate principal amount not to exceed $165,000 (the "Bonds"), and to loan said amount to Marcia Kay Roggow (the "Obligor"), for the purpose of defraying all or a portion of the cost of certain improvements or equipment suitable for the use of her commercial enterprise consisting of a retail facility located within the Urban Renewal Area designated in the Issuer's urban renewal plan � sasMue "wi J i ent Plan ! The(iconon s, wwhen Issue wi a smite obligations and wil I not consti- tute 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 Obligor, 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, and at the hearing or any adjournment thereof, the Issuer shall adopt a resolution determining whether or not to proceed with the issuance of the Bonds. By order of the City Council, this 22nd day of October 1981. City Clerk J -4- 1,sas� MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES MOINES L ._I "- Section 3. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved this 12th day of October 1981. , yor Attest: i � city Clerc (Seal) i I t I i t I 1 1 I I j MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES MOINES 19J-4 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 such I have in my possession or have access to the official records of said City and of its officials and that I have compared the transcript hereto attached with the said official records and that the same constitutes a true and correct and complete copy of such official records showing the action taken by the City Council of said City to set a date for a public hearing on the proposal to issue Industrial Development Revenue Bonds, Series 1981 (Marcia Kay Roggow Project) in an aggregate principal amount not to exceed $165,000. WITNESS my official signature and the seal of said City this 12th day of October , 1961. (Seal) L'. S� MICROFILMED BY 'JORM MICRO_ LAB CEDAR RAPIDS•DES MOINES 15 -LV F (Attach publisher's affidavit of publication of Notice of Intention to Issue Bonds) State of Iowa County of Johnson SS: City of Iowa City I, the undersigned, City Clerk of the aforementioned City, do hereby certify that I caused a notice of which the printed slip annexed to the publisher's affidavit hereto attached, is a true and complete copy, to be published in Iowa City Press -Citizen , a legal newspaper, printed wholly in the English anguage, pu Is a in said City of Iowa City, Iowa, and of general circulation in such City as evidenced by the said affidavit. WITNESS my hand and the seal of the aforementioned City hereto affixed this 96it. day of nCT'oliF2 , 1961. ity Cler (Seal) (PLEASE NOTE: This certificate must be dated as of or subsequent to the actual date of publication of the notice.) -7- MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES MOINES 4- Printers fee $ /Q - '6 Cl"11TIFICATE OF PUIIIACATION STMT'01-7 IOWA, Johnson County.ss: THF, IOWA CITj' PRIiSS•CI'1IZI-,N 1. Bronwyn S. Van Fossen, being; duly sworn. silt that I it'll the cashier of Ehe IUl1':1 CI'I'1' PHIiSSCI'1'I!,1?N. a nex's paper puhlished in said county, and that '1 notice. :1 printed( -opt, of %which is hereto att:u;hed. leas published in said loliritw d:o...�-limelsl. on the fill. Y Cashier Subscribed and sworn to before me Ihi S naY/ day 0100. A. 1). IO U/ N o. 19316a otary Piliwic OFFICIAL PUBLICATION NOTICE Of INTENTIOM To ISSUE IMDIISIRIAL DEVELOPMENT REVENUE BOMOS SERIES 1981 u ENerCl1 My Roppov Prof«q HCl t'sCooncll of the City o1 loy City. low, Wena. 1981. 1p tee Cfvic [rnter� IlDt Mir In tie CItY. lora, LL ]: )0 o'clock, D.N.. for the m It of cwwtip a DWIIc Malnp Bn the p.ul to "" IMVurltl Dor<loper. Revenw rk1, Srrlrwr 1 1983 EMrcla "Y Rwp proJKt) of ..Ws SleS 1000 n 1pprepete Principal W.nt not W ,on, to(� X19. Ind to loan slid N+rcla Fly R.— r,._ Wan Ar nt Dri.e:n`IAe 1" nr .rN lM`Oellpor , the a fiFitlon of Mich M111 o su/1l14 to w Y the Dr IneID11 of aW Inurnt eW adept ion iM1iu It any..n the Bonds 1s 1nd Mtn the ilea trcorr due. k the tlr aW pl¢r fled for 1110 ybllc Muirq all lout residents vM eDPur will M 91ren 1n .plartunitY to npnss heir rle.1 for or ap 1w lM Dropout to luoe the It 1W at the nerliip or airy 1dj..,.,t there.,, the 111wr $hell Wpt 1 " too I 4. of nip ~htr a not to Arm, tiro the hwance ./.LM B.M1. BY order of lne City Cooncll, LM1 3rW 01y of (i1981. OLIOAy 17. IDBt MICROFILMED BY JORM MICROLAB CEDAR RAPIDS - DES MOVIES