The URL can be used to link to this page

Home My WebLink About1981-11-16 Agenda__SPECIAL -MEETING OF NOVEMBER 16, 1981 --_/- MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES I40INES N L G P T,V C. MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES I40INES N L G P T,V C. kin AGENDA SPECIAL COUNCIL MEETING 1 NOVEMBER 16, 1981 Item No. 1 - MEETING TO ORDER ce �� . - �.iS ��f• ROLL CALL �71�� ✓�y R� Item No. 2 - CONSIDER RESOLUTION FIXING A DATE FOR HEARING ON PROPOSED INCREASE IN AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BOND INC., PROJECT). (HENRY LOUIS, Comment: The Council approved a resolution on November 10, 1981, to a%S set a public hearing to consider increasing the amount of Industrial Revenue Bonds for the Henry Louis, Inc., Project Comment: from $80,000 to $90,000. Henry Louis, Inc., had actually requested an increase in the amount to $95,000 and the resolution previously approved had an incorrect amount. This resolution sets a public hearing on December 8, 1981, to consider increasingthe amount from $80,000 to $95,000. Action: D V._V) lam 640 Gam°(• Item No. 3 i - CONSIDER A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $2,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOP- i MENT REVENUE BONDS (RALSTON CREEK APARTMENTS, LTD, 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 a%S AGREEMENT. Agi,clt ate' --rd, 3:IS1'.AA, Comment: The resolution will be the usual resolution authorizing execution of a memorandum of agreement and setting a public hearing on December 8, 1981. The Bond Attorney was not able to mail the resolution until Friday, November 13, 1981. Copies will be distributed to Council at the meeting on Monday, November 16. Deferral of consideration of this resolution until the November 24 Council meeting would necessitate scheduling the public hearing on December 22, 1981. This would delay the issuance of bonds and could jeopardize the possibility of issuing bonds at Action: due to pe ding Fede al legislation. Mpp— I Item No. 4 - ADJOURN TO INFORMAL SESSION. MICROFILMED BY JORM MICRO_ LAB CEDAR RAPIDS -DES MOINES i n VO - VW Q 1131, 6LC� %Cag cz;` O. c- �,2-14t MICROFILMED BY �JORM MICROLAB CEDAR RAPIDS-DESMO114ES V_ MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOIRES L.,, �l I Vi- L, j MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES -MOINES 31 j MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES-MOINES - 4- I AGENDA SPECIAL COUNCIL MEETING NOVEMBER 16, 1981 Item No. 1 - MEETING TO ORDER ROLL CALL Item No. 2 - CONSIDER RESOLUTION FIXING A DATE FOR HEARING ON PROPOSED INCREASE IN AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BOND (HENRY LOUIS, INC., PROJECT). Comment: The Council approved a resolution on November 10, 1981, to set a public hearing to consider increasing the amount of Industrial Revenue Bonds for the Henry Louis, Inc., Project from $80,000 to $90,000. Henry Louis, Inc., had actually requested an increase in the amount to $95,000 and the resolution previously approved had an incorrect amount. This resolution sets a public hearing on December 8, 1981, to consider increasing the amount from $80,000 to $95,000. Action: + i i Item No. 3 - CONSIDER A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $2,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOP- MENT REVENUE BONDS (RALSTON CREEK APARTMENTS, LTD, 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. j Comment: The resolution will be the usual resolution authorizing execution of a memorandum of agreement and setting a public hearing on December 8, 1981. The Bond Attorney was not able to mail the resolution until Friday, November 13, 1981. Copies will be distributed to Council at the meeting on Monday, November 16. Deferral of consideration of this resolution until the November 24 Council meeting would necessitate scheduling the public hearing on December 22, 1981. This would delay the issuance of bonds and could jeopardize the possibility of issuing bonds at all due to pending Federal legislation. Action: Item No. 4 - ADJOURN TO INFORMAL SESSION. MICROFILMED BY 'JORM MIGROLAB CEDAR RAPIDS•DES I401NES F City of Iowa C1.1", MEMORANDUM DATA November 13, 1981 TO: City Manager's Office FROM: Rosemary Vitosh, Director of Finance If: Ralston Creek Apartments, Ltd. Application for Industrial Revenue Bonds James A. Clark has filed an application with the City for issuance of Industrial Revenue Bonds to Ralston Creek Apartments, Ltd. in an amount not to exceed $2,000,000. Staff review of the application has verified that the project complies with 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 reveals no problem areas. An appeal has been filed with the Board of Adjustment for a Special Use Permit to allow parking in the Floodway Overlay Zone. Mr. Clark has agreed to pay 50% of the cost of moving the sewer line. Conventional financing was applied for but it was found that the interest rate charged would have made the project finaicially unfeasible. The reason stated on the application for applying for Industrial Revenue Bonds was that the, lower interest rate charged:on industrial revenue bonds would make the project financially feasible. Current market rates in conventional financing are too high to make the project possible and no one wants to finance the project with conventional financing. Staff recommends that the City Council consider the issuance of the bonds. MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES 1401NES