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HomeMy WebLinkAbout1973-04-10 Resolution1 4ii iuwa revenue It was moved by Connell and seconded by Czarnecki that the Resolution as read be adopted, and upon roll call there were: AYES: NAYS: ABSENT: ABSTAIN_ Passed this 1 0 day of APr,; 1 , 19:_. I Ares: NAYS x x x x x ABSENT: Passed this 10 day of April 19 73 l RESOLUTION NO. 73-143 RESOLUTION OF APPROVAL OF CLASS "C" BEER PERMIT APPLICATION BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class "C" Beer Permit` Application is hereby approved for the following; named per- son or persons at the following described locations: Drug Fair Inc. 112 S. Clinton Street Said approval shall be subject to any conditions or restrictions hereafter imposed by ordinance or state law. The City Clerk shall cause a recommendation for approval to be endorsed upon the application and forward the same together with the license fee, surety bond and all other' information or documents required to the Iowa Beer and Liquor Control Dppartment. It was moved by White' and seconded by Hickerson that the Resolution as read be adopted, and upon roll call there were: . AYES: NAYS: ABSENT: Brandt x Connell , x Czarnecki x Hickerson x White x Passed this 10 day of Anr;i . 19 73 V � v YS.� s" r v a ttf A+'' t4iE• , i l°{,w r��'sw.� r,�� rc dvµa 7 a-kn r Ore. r �'l+i�cr .a. ., i+' �a7t/ i':0 Mrt. '� T f f Ffi tx'� t Fi `fin Ywtr � {�� �iV�'FY q f � {i �bl � _ i i i �• i S.(•iF4 �M�,�tt II( S�1 �)hA 3' �I(h 4�l Y I }fit i; �' �� 10V' i e��/q� r �, 'iaj l��L�,'p9�b �.�4 [{ �1�J1�{�T fti�t= RES ILUTION NO. 73-145 BEER & RESOLUTION(f AP'ROVAL OP CLASS C LIQUOR CONTROL LICENSE APPLICATION. BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class C Beer & Liquor Control License application is hereby ap- proved for thesfolfowing lamed person or persons at the following described location: The Highlander 180 and Hwy. 1 Said appr11 oval shell b- su)jecr to any conditions or restrictions here- after imposed by ordinanc,: or state law. Tile City Clerk shill cause a recommendation for approval to be endorsed upon the application and forward 't he same together with the — license 'fee, certificate;of financial responsibility, surety bond, sketch of the premises and all other information or documents'requireJ to the Iowa Beer and Liq!or:Control Department. It was moved by_ wbt� and seconded by HickarGon that the Resolution as r -ad be adopted, and upon roll call there were: Brandt Connell Czarnecki Hickerson White Passed this AY `S x NAYS: ABSENT: 10 _day of April 19 73 Name IOWA CITY FINANCE by. J. MORROW Date FEB 1974 Place CEDAR RAPIDS, IOWA 52403 Title' J f RIISOLUT ION I NO. 73-145 BEER & RESOLUTION OF APPROVAL OF CLASS C LIQUOR CONTROL LICENSE APPLICATION. BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class C Beer & Liquor Control License application is hereby ap- proved for the following named person or persons at the following described location: The Highlander 180 and Hwy. 1 Said approval shall be subject "to"any conditions or restrictions here- after imposed by ordinance or state law. The City Clerk shall cause a recommendation for approval to be endorsed upon the applicationand forward the same together with the license fee, certificate of financial responsibility, surety bond, sketch of the premises and all, other information or documents required to the Iowa Beer and Liquor Control Department. It was moved by white and seconded by Hickerson that the Resolution as read be adopted, and upon roll call there were: i Brandt Connell Czarnecki Hickerson White NAYS: ABSENT: Passed this 10 day of April 119 73 City Clerk RESOLUTION NO. 79_147 RESOLUTION SETTING PUBLIC HEARING ON PROPOSED URBAN RENEWAL PROJECT IOWA R-14 PLAN MODIFICATIONS (Second Resolution) WHEREAS, the City of Iowa City, Iowa, acting as Local Public Agency, hereinafter referred to as the LPA, has entered into a contract for a loan and grant with the United States of America for the implemen- tation of an Urban Renewal project known as Project No. Iowa R-14, and, WHEREAS, the City Council of Iowa City, Iowa, has before it certain proposed modifications of the Urban Renewal plan for said Project, and, WHEREAS, the City Council of Iowa City, .Iowa, deems it advisable and necessary to set a public hearing on said proposed plan modifications and amendments. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a public hearing be and the same is hereby set on the consideration of the proposed plan modifications and amendments, said public hearing to be held in the Iowa City Civic Center, Iowa City, Johnson County, Iowa, on the lst day of May 1973, at 4 :00 o'clock P.M. The City Manager is hereby authorized and directed to cause appropriate and legal notice of said public hearing to be published and given. It was moved by H; kprann and seconded by Connell that the resolution as read be adopted, and upon roll call there were: AYES: NAYS: ABSENT: Brandt x- Connell x x Czarnecki Hickerson x White x' RESOLUTION NO. 73-14R RESOLUTION ESTABLISHING A RIVER -FRONT COMMISSION FOR THE CITY OF IOWA CITY; IOWA, AND ESTABLISHING THE MEMBERSHIP, TERMS, DUTIES, POWERS, AND AUTHORITY, OF+ SAIDCOMMISSION. WHEREAS, the City Council:of the City of Iowa City, 'Iowa, deems it in the public interest that it establish itself as the River -front Authority for the City of Iowa City, Iowa, to assist the City Council in the area".'of River -front regulations and policy. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, as follows: I. There is hereby.established for. -the City of Iowa City „ Iowa; a River - front Commission. ' 2. The River -front Commission of the City.of Iowa City, 'Iowa, shall con- sist of seveu'(7) members or commissioners, and 'five 'of said members or commis- sioners shall` be appointed by the Mayor with the approval of the City Council. The Planning & Zoning and Parks & Recreation Commissions each shall recommend one of its members for appointment by the'.Mayor. All members of the Commission shall be qualifiedelectors of the City of Iowa City, Iowa, and, shall serve as such members or commissioners without compensation but shall be entitled to the necessary expenses, including travel expenses, incurred 'in'the discharge, of their duties. 3. All present members of the Commission appointed by the Mayor under Resolution 71-510 shall serve the balance of their present terms. Of the two new members established by this Resolution, one shall be appointed for a term to expire December 1, 1973 and the other for a>term to expire' December 1, 1974. Upon the expiration of all terms new members shall be appointed for three year terms. The term of office for members''of'Planning & Zoning and Parks '& Recre ation shall be one year terms. 4. The Commission shall investigate, study,,, review, and analyze the River - front needs and the meeting of such needs:�within'� the City of Iowa City, Iowa, and 'shall investigate and determine what rules and regulations are needed and what policies' should be established relating to the River -front in Iowa City, Iowa, and shall study and investigate and make recommendations relating to the problem of clearing, planning,-and:construction of riverbank areas and the problem of providing green areas and flood plains along the River -fronts. 5. The Commission shall report to the City Council from time to time the results of the Commission's studies and investigations and the Commission's recommendations. • 6. The Commission shall select its own chairman and shall adopt a set of By-Laws, Rules and Regulations which they deem necessary and advisable for the ccnduct of the business of the Commission, subject to the Ordinances%ofi - Eh6'` of Iowa City, Iowa. .�Cit 7. The City Manager shall be the Administra,tive� Officer of said Commission and shall be in charge of the administration of said Commission and he shall have the power and authority to employ at his discretion such administrative personneL:I both temporary and permanent, as may be necessary and advisable to carry out and donduct the business of said Commission and the various programs in which the City is or may become engaged. 8. The Commission shall be subject. to the authority of the City Council of the City of Iowa City, Iowa, and shall undertake such duties as are delegated to the Commission by the City Council of the City of Iowa City, Iowa, with all final authority over the administration, projects and theipolicing and regulation and ordinances over the River-fronts being retained and exercised by the City Council of. the City of Iowa City, Iowa. 9. Resolution No. 71-510 is hereby repealed. It was moved by -Connell and seconded by Hickerson that the Resolution as read be adopted, and upon roll call there were.- AYES: NAYS: ABSENT: x Bra;,dt, x Connell x Czarnecki x Hickerson x White Mayor ATTEST: City Clerk Passed and approved this 10 day of April A.D., 1973. :JLPA �l1zCNTAL C©NIF S-) C� DATE April 19 1973 SUBJECT_ Re solution 1 ut' ion No: 73-148 To Mary Neuhauser DEPT Chmn. Riverfront Commission FROM Abbie Stolfus DEPT City Clerk The Iowa City Council adopted the enclosed resolution at their ship meeting on from 5 April 10, 1973 which increases the member- to 7 members. RESOLUTION NO. 73-149 RESOLUTION ORDERING CONSTRUCTION, APPROVING PLANS,,.SPECIFICATIONS ANDFORM OF -CONTRACT AND NOTICE TO BIDDERSi FIXING AMOUNT -OF -BIDDER'S 'CHECK,'` -AND `ORDERING CITY:':CLERKTO.'PUBLISH :NOTICE.TO BIDDERS `AND "-FIXING,A DATE. FOR:RE- CEIVING SAME, AND FOR A -PUBLIC HEARING ON PLANS,;; SPECIFICATIONS:AND FORM"OF'CONTRACT _ COURT STREET SANITARY SEWER IMPROVEMENT;'PROJECT BENT -RESOLVED BY THE 'CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: That the Court St. Sanitary Sewer.Project- is hereby ordered to be constructed. BE IT FURTHER RESOLVED -that the detailed plans and -- specifications as prepared _by George Bonnett, City, .-.-Engineer for the project, forthe of the. courr St. San. - Sewer Program and the.form of';contract and Notice to Bidders,'as prepared by the Attorney, be and the <same are 'hereby approved, and are hereby -ordered placed on file in the office of the Clerk for public inspection: BE IT FURTHER RESOLVED, that the 'amount of -the check to accompany each bid shall be in thefaimaunt<of $2So0e'o0; �- pursuant to the provisions of Section 391A.16(3).., BE IT FURTHER RESOLVED, that the Clerk -is hereby directed to -advertise for bids for the construction of said improvements, bids to be received, by the;City":'Manager in behalf of the City Council of the City of Iowa City, Iowa,- up to 10:00' o' clock A.M. , on the 3ri1 ,day -of .- May , 1973, and tobe opened by the City Manager at a.public meeting to be presided over by him at that time.and there- upon referred to the City:Council for "action upon said bids at a meeting -to be held'at-the.Council Chambers:.Iowa City, Iowa," on the -8 th day .of May ;` 197 3, at '4': 00 . o' clock -, ' P.M. Notice.to-Bidders is -to`be`published once:.each week" for two consecutive- weeks in the `Iowa City Presse Citizen, a `legal newspaper printed wholly in the English language, the first' publication to be"not less than fifteen clear days prior to the date fixed for said letting.-In'the absence.ofthr City Manager, said bid openinq.may be con- " ducted by.any city official to whom such power has been : delegated by ordinance." BE IT FURTHER RESOLVED, that the Council hold a public ' hearing on the matter of the adoption of.proposed`plans,' _-.specifications and form-of:contract for the making of said improvements, which documents'are now on file in the:"office of, the Clerk, said hearing to be held atthe.place last above mentionedon the :1st?;day of may , 1973 at '9:00 o'clock P,.M. and that the Cit yClerk give, notice of said hearing by publication once in a local legal newspaper, printed wholly in the English language, at least'ten clear days prior to the date fixed therefor. PASSED AND APPROVED, this, 10 day 'of , 197300,. i MAY ATTESTSCa' CITY CLERK i :a -7- -- R i NOTICE TO BIDDERS FOR THE CONSTRUCTION OF THE COURT STREET PAVING IMPROVEMENTS AND WORK INCIDENTAL THERETO IN AND FOR THE CITY OF IOWA CITY, IOWA Sealed proposals will be received. by the City Manager'or.his authorized representative of the City of Iowa City, Iowa, until 10:00 a.m. on the 3rd day of May , 19 73 , and opened immediately thereafter. Proposals will be acted upon by the City Council at a meeting to be held in the Council Chambers at 4:00 p.m. on May 8, 1973 or at such later time -and place as may then.be fixed. The proposed street improvements will consist of the construction of 7" -Portland '.Cement Concrete paving_with.integral curb, 6" thick Portland Cement Concrete alley pavement, 4" thick Portland Cement y grading and incidental concrete sidewalk together with necessar eets and alleys or portions drainage facilities on the following str thereof, within the City of Iowa City, to -wit: Court Street - From 15 feet east of the cernterline of Madison Street to 50 feet west of centerline of Gilbert Street The kinds of materials and estimated quantities of materials proposed to;be'used in constructing said pavement improvements are as follows: 10,943 sq. yd. 7" P.C.C. Pavement 4,280 lin. ft. 6 Integral Curb 874 sq. yd. 6'' P.C. Concrete Alley Pavement 393 sq. yd. 6" P.C. Concrete Driveway Pavement 161472 sq. yd. 41, P.C. Concrete Sidewalk 26 ton Type A Asphaltic Concrete Surfacing 35 gel. Tack 364 ton Crushed Rock 6S8 lin. ft. R.C.P. 2000D Storm Sewer (12" Diam.) 372 lin. ft. R.C.P. 2000D Storm Sewer (15" Diam.) 387 lin. ft. R.C.P. 2000D Storm Sewer (18" Diam.) 30 lin. ft. R.C.P. 2000D Storm Sewer (24" Diam.) 396 lin. ft. R.C.P. 2000D Storm Sewer (30" Diam.) 425 lin. ft. R.C.P. 2000D Storm Sewer (36" Diam.) 520. lin. ft. R.C.P. 2000D Storm Sewer (42" Diam.) 65 lin. ft. R.C.P. 2000D Storm Sewer (42" Diam.) Jack in Place 705 lin. ft. R.C.P. 2000D Storm Sewer (48" Diam.) 7 each Standard Precast_ Manhole (48" Diam.) 6 each RA -3 Inlet 12 each RA -8 Inlet 67 lin. ft. RA -8 Throat A-1 N -4A 3 each Double Alley Inlet 9`422 sq. yd. Pavement Removal X512 sq. yd. Concrete Driveway Removal 14,815 sq. ft. Sidewalk Removal 911 lin. ft. Saw Cut -8 each Grate Type Inlet Removal 2 each Manhole Removal 3,593 cu. yd. Excavation 180 sq. Sod 670 cu-. ft. Concrete Steps 392 cu. ft. Concrete Step Removal 2 each Concrete Headwall 2 each 94 x 82 Special Manhole 1 each 82 x 76 Special Manhole 1 each Stump Removal 2 each Clear $ Grub 6"-9" Tree 4 each Clear f, Grub 9"-15" Tree 5 each Clear f, Grub 18"-24" Tree As req'd -lbs. #4 Steel Reinforcing Rod for Paving As req'd each RA -6 Inlet -As req'..d lin. ft. RA -7 Throat All work is to be done in strict compliance with the plans and specifications prepared by.George R. Bonnett, P.E., City Engineer of Iowa City, Iowa, which have heretofore been approved by the City Council,'and are on file for public examination in the Office of the City Clerk. Wherever, reference is made to the specification in the plans or contract proposal, it shall be understood to include the "Standard Specifications for Construction on Primary, Farm to Market, and Secondary•Roads and Maintenance Work on the Primary Road System", Series of 1972, Iowa State Highway Commission. Each proposal shall be made on a form furnished by the City - and must be accompanied by a check drawn on, and certified by, an Iowa Bank and filed in a sealed envelope separate from the one containing the proposal, and in the amount of $25,000.00 made payable to the City Treasurer of the City of Iowa City, Iowa, and may be cashed by the Treasurer of the City of Iowa City, Iowa, as liquidated damages in therevent-the successful bidder fails,to enter into a contract within ten (10) days and post bond satisfactory to the 'City insuring the faithful performance of the contract. Checks'of the lowest two or more bidders may be retained for a period of not to exceed fifteen (15) days until a contract is awarded or rejection made. Other checks will be returned after the canvass and tabulation of bids is completed and re- ported to the City Council. Payment to the Contractor will be made in cash from such funds of the City that may be legally used for such purposes on the basis of monthly estimates in amounts equal to ninety percent (90%) of the work accomplished as -outlined in "Method of Payment". By virtue of statutory authority; preference will be given to products and provisions grown and coal produced within the State of Iowa, and preference will be given to Iowa domestic labor in the construction of the improvement. A-2 ai Th e', successful bidder will be required to furnish a bond in an amount equal to one hundred percent (100%) of the contract'price, said bond to'be issued by,a responsible surety approved by the City Council and shall guarantee the prompt payment of all materials and labor and protect and save harmless the City from claims and damages of any kind' .caused by the operation of the contract, and shall also guarantee the maintenance of the improvement for a period of five 5 years from and after its completion and acceptance by theCity.' The work under the proposed contract will be commenced within ten 10 .days, after signing of the contract and shall be completed eptem er 30, 1973. Time is an essential element of the contract. Liquidated damages in the amount'of fifty dollars ($50.00) will be assessed in accordance with the "Base Specification" Article 1103.07 for each calendar day required for project completion after the 'above designated date. ' The plans, specifications and proposed contract documents may be examined at the.. Office of_the -City -Clerk, Copies of the said plans and specifications and: form of proposal blanks may, be secured at the Office of the City En ineer.of Iowa City, Iowa,.by bona fide bidders upon payment' of _twenty ollars 20.00) which will be returnable to the bidders provided the p ans an specs ications are returned to the City Engineer's Office in good condition'within fifteen (15) days after the opening of bids. The City reserves the right to reject any or all proposals and to waive technicalities and irregularities. Published upon order of the City Council of Iowa City, Iowa. Abbie Stolfus City Clerk of Iowa City, Iowa A-3 RESOLUTION NO. RESOLUTION ORDERING CONSTRUCTION, APPROVING PLANS, SPECIFICATIONS AND.`FORM OF'.CONTRACT AND NOTICE TO BIDDERS, FIXING AMOUNT OF BIDDER'S CHECK, AND ORDERING CITY CLERK.TO`,PUBLISH NOTICE_TO BIDDERS AND FIXING A:DATE FOR RE- CEIVING SAME- AND FOR APUBLIC HEARING ON PLANS„ SPECIFICATIONS AND FORM .OF CONTRACT ' COURT STREET PAVING IMPROVEPiENT-PROJECT 1973 BE IT RESOLVED BY.THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: That the 1973 Court St. Paving Improvement `Proj.is hereby ordered to be constructed. BE IT.' FURTHER RESOLVED that the detailed plans and specifications as prepared by: George,, Bonnett, City Engineer for the project,',for the construction of the 1973 Court St:' Paving Improvement Program and! the'form of contract and Notice to Bidders, as;prepared.by the 'Attorney, be and the same are hereby`,approved, and are hereby ordered placed on file in the officeofthe Clerk for public inspection. BE ITFURTHERRESOLVED, ;that the amount of the check to accompany.each'bid shall be in the amount of'$2s.nnn pursuant to the ;provisions of Section 391A.16(3). BE IT FURTHER RESOLVED, that the Clerk is:-hereby directed to advertiseforbidsfor the construction of said improvements, bids to be received by'the City Manager in behalf of the City Council of'the City of;Iowa City, Iowa, up to 10-00 o'clock A.M., on the 3-,ri� day, of May , 1973 and to be.openedrby the City Manager at a public meetingi,to be, presided over by-him at that time, and there- upon referred to the City Council for action upon said bids at a.meeting -to -be heldatthe Council Chambers, Iowa City, Iowa, on the 8thZ day; of May: , 1973, at 4:00 o'clock P.M. Notice to Bidders is to-be published once each week for-two-consecutive weeks in the Iowa City Press Citizen, a legal' newspaper,printed wholly in the English language, the first'publication.to be'not'less-than fifteen clear days prior to the date fixed".:for-said iettinq.-"In the absence-ofthe City Manager`, said bid opening may be con- ducted by any; city official to whom such power has been delegated by Ordinance.` = BE Il FURTHER RESOLVED,_that,the Council hold a public hearing on the matter of_the adoption of proposed plans, specifications and form Iof contract for -:the making of said imprbvernentst which documents,are:now on`file 'in theoffice of the Clerk, said hearing to be held at the place last ` .. above-. mentioned on the `: May 4:00 Ls t, day: of . „ , •- 1973 at o'clock P..M. and that the City`Clerk_give notice of said hearing by publication.once in a local legal newspaper, printed wholly in the. English language,-at-least ten clear days prior to the date fixed therefor. PASSED. AND APPROVED, this to day of , 1973. • i ATTESTS CITY CLERK i -7- RESOLUTION NO. 73-151 RESOLUTION ADOPTING PLANS, SPECIFICATIONS AND FORM OF CONTRACT WHEREAS, on the 'day of r 1973, plans,,specifications and form of contrac were sled with the Clerk of Iowa City, Iowa, for the con- struction of improvements known as the 1973 Sidewalk Assessment Program in said Municipality, as described in the Resolution of Necessity, adopted by the Council on March 27 , 1973; and, WHEREAS, said plans and specifications are consistent and in compliance with final grades heretofore established by ordinance for all streets and avenues to be improved; and, WHEREAS, notice of hearing on said plans, specifications and form of contract was published as required by law: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: That the said plans, specifications and form of contract are hereby approved and adopted as the plans, specifications and form of contract for said improvements. PASSED AND APPROVED this 1n _ day of jpYi, , 1973. mayor ay ATTEST: Clerk -3- AHLERS. GOONEY. DORWEILER. ALLSEE R HAYNIE. LAWYERS. DES MOINES. IOWA 1 NOTICE OF PUBLIC HEARING ON 6 PLANS, SPECIFICATIONSAND FORM OF CONTRACT FOR 1973 'SIDEWALK ASSESSMENT PROGRAM IN THE CITY OF IOWA CITY, IOWA ..�_� TO ALL,TAXPAYERS OF THE CITY OF IOWA CITY, IOWA, AND TO OTHER PERSONS INTERESTED: .i _ Public notice is hereby given that the City Council of the City of Iowa City, Iowa, will conduct a public hearing on plans, _1 specifications and form of contract for the construction of the 1973 Sidewalk Assessment Program —� in said City at 4:00 o'clock p.m., on the, 10th day of April , 19 73 , said meeting to be held in_the Council.Chambers in the Civic Center in said City. jSaid plans, specifications and form of contract are now on file in the office of the Clerk in the Civic Center. in Iowa City, Iowa, and may be inspected'by any persons interested. Any persons interested may appear at said meeting of the "�. City Council for the purpose of making objections to said ,plans, =� specifications or contract or the cost of making said improvement. This notice given by order of the City Council of the City of Iowa 'City, Iowa. PH -01 tion of the 1973 Sidewalk Assessment Program, within the City of Iowa City, Iowa; and hearing on plans, specifications and form of contract was WHEREAS, notice of published as required by law: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY -OF IOWA CITY, IOWA: That the said plans, specifications and form of contract are hereby approved as aid 1973 Sidewalk Assessment the plans, specifications and form of contract for s a that the It as move by and seconded by n';rP — d � �� - resolution as read be adopted, and upon roll call there were: AYES: NAYES: ABSENT: Brandt Connell Czarnecki Hickerson white Loth day of April 19 73 Passed and approved this �— Mayor RESOLUTION NO. 77 -iso RESOLUTION ESTABLISHING FAIR MARKET VALUP FOR ACQUISITION OF CERTAIN URBAN RENEWAL PROPERTY WHEREAS, the City of Iowa City, acting as the Local Public Agency, hereafter referred to as the LPA, :has entered into a contract for 'loan and grant with the.United-States of America for the implementation of an urban renewal project known as Project Number Iowa R-14, and, WHEREAS, in order to accomplish the goals and objectives of that urban renewal project and in furtherance of the public welfare, the LPA.deems it necessary and in the public interest to acquire the property described below, either by purchase or by the exercise of the powers ofeminent domain, and, WHEREAS, the LPA has received appraisals, staff reports and recommendations concerning.the fair marked value of certain - property contained therein, and has reviewed the appraisals, and reports, and being familiar with the property identified below, desires -to-establish the -fair market value of said . property for the purposes of acquisition. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY,. IOWA, that the prices and amounts opposite each parcel of land, and all interests therein, includingimprovements, build- ings, and fixtures, identified below, is hereby' declared to be the fair market value for the purpose of acquisition of each said parcel and all other interests. The Staff of the LPA is hereby authorized to .begin negotia- tions for the purchase of said property and the Mayor and City Clerk are authorized to contract for the purchase of said pro- perty. -In the event negotiations for purchase are unsuccessful, the LPA Staff and the Urban -Renewal -Attorney are hereby author- ized to institute condemnation proceedings for the acquisition of said property. Ya3ces^no. u4-i •.. .Addre 11 E.<Washington ,.Owner: APPRAISAL.REVIEW.; C.E. a—Bernice H. ecc _ Iowa R-14 "'Lot" Size: Same X Dif. H.&B. Use Same Dif: i Appraiser: A B C •Date WATERS IAR CO WEHR of Appraisal 2-23-71 7-11-72 3-7-73 Total Value $ 3542533.00 $ 234,533.00 $ 264,533.00 'Land $ 138,000.00 $ 108,000.00 $ 117,000.00 Per Square Foot $ 23.00 PSF $ 18:00 PSF $ 19.50 -PSF Improvements $ 207,000.00.. $ 117,000.00 $ 138,000.00 Total R.E. Appraisal $,345,000.00: $ 225,000.00 $ 25S,000.00 Leasehold"Interest $ 85,000.00 $ 53,000.00 $ 57,700 00 Fixtures $-9;533.00 Total Leased Fee260;000.00 $ $ 172000.00 , $ 197,300.00 Total Leasehold Interest $ 85,000.00 $ 53,000.00 $ 57,700.00 INCOME. Actual Rent $ 9,000.00 $ 9,000.00 $ 9,000.00 Estimated Rent $ 49,040.00 $ 44,910.00 S 45,204.00 Expenses $ 17,932.00 $ 20,162.00 $ 20,259.00 Net Income $ 31,108.00 $ 24;748.00 $ 24,945.00 Cap. Rate 9% 11% 10.5% Value today $ 345,600.00 $ 224,000.00 $'237,000.00 MARKET DATA , A B C G.A.I.M. Comps. 1.'34 @ 7.21PSF 1. 56 @12.15PSF 1. @ 5.61PSF 2. 38 @12.15PSF 2.`69-A @ 9.63PSF 2. @ 5.96PSF 3. 39 @ 9.84PSF 3. @ 5.77PSF $PSF 7.0 $12.00 5.25 • VALUE $343,300.00 $205,000.00$2702000.00 Reviever 4-5-73 r. l i+ • 919 Talwrn court Iowa City, Iowa 52240 April 4� 1973 Itc. Rodney R. Parsons Real Estate Coordinator Department of Urban Renewal City of Iowa City Iowa'City, Iowa 52240 Dear Mr. Parsons Re: 84_7 '(Beck)' Initially I reviewed the appraisals by Waters and'IARCO. While they were procedurally, and methodologically acceptable, their final estimates of value were quite far apart. A third.appraisal was - recommended and now has been accomplished,' 11 I-P ` Portions of the three appraisals can be summarized as follows: WATERS _ IARCO WEHR Date of AppraisalJan, ll, 1971 June 16, 1972 March 7, 1 Estimate of market ,Value 973 $345,000 $225,000 ~255,000 Land Value Estimate $23/s.f, $18/s.f. $19-50/s.f. Market Value Via: Cost Approach N/A N/A $255,000 Market Approach Sq.foot 342,200 Gross Rent Multiplier 343,300 225,000 270,000 Income Approach 345,600 205,000 237,000 In my opinion, Waters gross',rents are probably too high. Perhaps the summer vacancy rate was underestimated. In addition, his operating expenses and cap, rate were the lowest used of any of the.three reports. They are also on the low side when viewed against the general 'perspec tive_of the market. It is therefore my feeling that Waters income approach is less credible than the others and should be discounted sig- nificantly, In addition, Waters uses a gross rent multiplier of 7.0. Again this is on the high side, in my opinion, and when coupled with the high gross rent figure he employs, it results in a high estimate of value, °Finally, in his market approach by square foot of ,building method, Waters applies ,the $23,00 figure to all three floors._ Since the overall square foot approach implicitly contains a land value component and since the comparables are not full three story buildings, it would appear that Waters approach results in overstating the land value • implicit in this technique. Since the income approach should be weighted most heavily in valuing income property, a figure.close to those above would appear to be well supported by their analyses, .Based upon my analysis of the appraisals, I believe the fair market value of this property to be $240,000. Finally, a'few comments on the allocation of the property's value between the leassee and the owner are in order, 1) Since the allocation with change over time, reducing the leassee's interest and increasing the owners, it will be necessary to adjust the Waters and IARCO appraisals and perhaps 'Wehr's too,,in order to reflect the change in the influence of time on the property interests. 2) The present lease is favorable to the tenant. There 3s, however, a clause in the lease to the effect that the owner can sell the pro- perty after the initial lease has expired (subject to a right of first refusal by the tenant) and, shouldit be sold, the new owner can have the present tenant vacate on one year's notice. Since the lease is unfavorable to the owner and since the owner has a way of escaping from the unfavorable lease, it would seem logical to only value the leasehold for the minimum period, The Wehr appraisal analysis of this rationale is very good, Beck Cont, IARCO uses a very low gross rent multiplier on the rooming house portion of the gross income, If this were increased to, say 4,0 or 4.5X, their figure for this approach would be closer to the value estimate by, the capitalization of income approach, 'Alternatively, an overall GRM of 5,O or 5,5 would put them in about .the same spot,. Wehr uses a,GRM of 5,25 and applies it to the theoretical gross rent figure of $519360. On most properties this would be a reason- able approach, but it can be argued in this case that since they normally have such'a high vacancy rate in the rooms during the summer, this should be reflected in either a lower GRM or adjusting the gross rents to reflect this unusual vacancy situation. Wehr,,uses a split cap rate - 8% for land and 13% for building, This is equivalent to an overall rate of about 10,5,%, IARCO uses 110. Both are also quite close on gross 'income, figures and expenses, i.e, - WEHR IARCO Gross Rent 45/2 $1�, 910 Expenses 20.259 :`. 20.162 Net Income $24,fQ,' 5 $24.7 L�8 Overall Rate a S0, (implied) a 11% 237,000 $225,000 Since the income approach should be weighted most heavily in valuing income property, a figure.close to those above would appear to be well supported by their analyses, .Based upon my analysis of the appraisals, I believe the fair market value of this property to be $240,000. Finally, a'few comments on the allocation of the property's value between the leassee and the owner are in order, 1) Since the allocation with change over time, reducing the leassee's interest and increasing the owners, it will be necessary to adjust the Waters and IARCO appraisals and perhaps 'Wehr's too,,in order to reflect the change in the influence of time on the property interests. 2) The present lease is favorable to the tenant. There 3s, however, a clause in the lease to the effect that the owner can sell the pro- perty after the initial lease has expired (subject to a right of first refusal by the tenant) and, shouldit be sold, the new owner can have the present tenant vacate on one year's notice. Since the lease is unfavorable to the owner and since the owner has a way of escaping from the unfavorable lease, it would seem logical to only value the leasehold for the minimum period, The Wehr appraisal analysis of this rationale is very good,