HomeMy WebLinkAbout2015-01-20 Public hearingNOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa, at
7:00 p.m. on the 20th day of January, 2015, in
Emma J. Harvat Hall, 410 E. Washington Street,
Iowa City, Iowa, or if said meeting is cancelled, at
the next meeting of the City Council thereafter as
posted by the City Clerk; at which hearing the
Council will consider:
1. A rezoning ordinance to designate
properties located at 608, 610 and 614
S. Dubuque Street as local historic
landmarks (the building at 614 S.
Dubuque Street has been removed).
(REZ14-00024)
2. An ordinance conditionally rezoning
21.24 acres of property to amend the
Planned Development Plan for the
Planned Development Overlay/High
Density Single Family Residential
(OPD/RS12) zone to allow 72 multi-
family dwelling units located south of
Paddock Circle and west of Heinz
Road. (REZ14-00010)
Copies of the proposed ordinances and
resolutions are on file for public examination in the
office of the City Clerk, City Hall, Iowa City, Iowa.
Persons wishing to make their views known for
Council consideration are encouraged to appear
at the above-mentioned time and place.
MARIAN K. KARR, CITY CLERK
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Planning and Zoning
Items
January 20, 2015
Rezoning Item
REZ14-00024: Discussion of an application submitted by
Iowa City Historic Preservation Commission for a rezoning
to designate the properties located at 608 and 610 S.
Dubuque Street as Iowa City Historic Landmarks.
Note — the structure at 614 S Dubuque St has been
demolished and therefore no longer qualifies for Historic
Landmark designation
611TY OF I011A CITY
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POWER POINT BY
ALICIA TRIMBLE
WORKERS COTTAGES
608, 610, 614 South Dubuque Street
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Iowa City History & Culture
Charles H. BerryHill
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Settled in 1838
First dry goods salesman
Merchant
Farmer
Land speculator
Alderman
Sold land for first jail
Owned the building of first
newspaper
Son became State Representative
Recognized Cottages Importance
State of Iowa
State Historic Preservation Office December 24t", 2014
Preservation Iowa
Iowa's Most Endangered list January 19, 2015
Iowa City Historic Preservation Commission
Unanimous December 1 1, 2015
Iowa City Planning & Zoning Commission
Unanimous December 18`1 2015
Local Landmark Criteria
Significant to Iowa City History and Culture (14 -3B -1-C1 a)
Intact collection of historic buildings that are unique to this city
Important Pioneers
Integrity (14-313-1-C 1 b)
Integrity of location
Integrity of setting
Integrity of materials and workmanship
Patterns of History (14-313-1-C 1 c)
Building boom following the railroad and civil war
Associated with Significant Persons (14-313-1-C 1 d)
Pioneers
Transfer of Development Rights
Rewards property owners with four times the square
footage for area preserved
Example: Tate Arms House
71000 Sq Ft x 4 = 28,000 sq ft
Uses on another site or
sold
Transfer of Development Rights
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POWER POINT BY
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Rezoning Item
REZ14-00010: Discussion of an application submitted by
Steve Gordon for a rezoning to amend an OPD -12 plan to
allow 72 multi -family condominium dwellings for property
currently zoned for single-family manufactured housing on
21.24 acres of property located south of Paddock Circle and
west of Heinz Road.
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POWER POINT BY
STEVE GORDON
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CONFLeEN;
NOTICE OF PUBLIC HEARING
TO ALL TAXPAYERS OF THE CITY OF
IOWA CITY, IOWA, AND TO OTHER
INTERESTED PERSONS:
Public notice is hereby given that the
City Council of the City of Iowa City,
Iowa, will conduct a public hearing on
plans, specifications, forms of contract
and estimated costs for the construction
of the: Dubuque Street/1-80 Pedestrian
Bridge Project [IM -080-6(320)24--13-52,
Bridge New — PPCB in Iowa City along
Dubuque Street from Foster Road North
1.1 miles to the Iowa River. Includes
Pedestrian Overpass over 1-801 in said
city at 7:00 p.m. on the 201h day of
January, 2015. Said meeting to be held
in the Emma J. Harvat Hall in the City
Hall, 410 E. Washington Street in said
city, or if said meeting is cancelled, at the
next meeting of the City Council
thereafter as posted by the City Clerk.
Said plans, specifications, forms of
contract and estimated costs are now on
file in the office of the City Clerk in the
City Hall in Iowa City, Iowa, and may be
inspected by any interested persons.
Any interested persons may appear at
said meeting of the City Council for the
purpose of making objections to and
comments concerning said plans,
specifications, contracts or the costs of
making said improvements.
This notice is given by order of the City
Council of the City of Iowa City, Iowa and
as provided by law.
MARIAN K. KARR, CITY CLERK
NOTICE OF PUBLIC HEARING ON PLANS,
SPECIFICATIONS, FORM OF CONTRACT AND
ESTIMATED COST FOR THE SYCAMORE
STREET — CITY LIMITS TO SOUTH GILBERT
STREET, PHASE 1 PROJECT
IN THE CITY OF IOWA CITY, IOWA
TO ALL TAXPAYERS OF THE CITY OF IOWA
CITY, IOWA, AND TO OTHER INTERESTED
PERSONS:
Public notice is hereby given that the City Council
of the City of Iowa City, Iowa, will conduct a public
hearing on plans, specifications, form of contract
and estimated cost for the construction of the
Sycamore Street — City Limits to South Gilbert
Street, Phase 1 Project in said city at 7:00 p.m. on
the 20th day of January, 2015, said meeting to be
held in the Emma J. Harvat Hall in the City Hall,
410 E. Washington Street in said city, or if said
meeting is cancelled, at the next meeting of the
City Council thereafter as posted by the City Clerk.
Said plans, specifications, form of contract and
estimated cost are now on file in the office of the
City Clerk in the City Hall in Iowa City, Iowa, and
may be inspected by any interested persons.
Any interested persons may appear at said
meeting of the City Council for the purpose of
making objections to and comments concerning
said plans, specifications, contract or the cost of
making said improvement.
This notice is given by order of the City Council
of the City of Iowa City, Iowa and as provided by
law.
MARIAN K. KARR, CITY CLERK
IN
NOTICE OF PUBLIC HEARING
Notice is hereby given that the City Council
of Iowa City will hold a public hearing on the 20th
day of January, 2015, at 7:00 p.m. in the Emma
J. Harvat Hall of the Iowa City City Hall, 410 E.
Washington Street, Iowa City, Iowa, or if said
meeting is cancelled, at the next meeting of the
City Council thereafter as posted by the City
Clerk; at which hearing the Council will consider
a Resolution Authorizing Conveyance of 1128
Muscatine Avenue, also described as Lot C in
Schuppert & Koudelka's Sub -division of Lots 6
and 7, Block 2, Clark & Borland's Addition to
Iowa City, Iowa, to an income -eligible family.
Copies of the proposed resolution are on
file for public examination in the office of the City
Clerk, City Hall, Iowa City, Iowa. Persons wishing
to make their views known for Council
consideration are encouraged to appear at the
above-mentioned time and place.
MARIAN K. KARR, CITY CLERK
. �A, /
/) a 15
Publish 12/22
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
IOWA CITY, STATE OF IOWA, ON THE MATTER OF THE
PROPOSED AUTHORIZATION OF A MUNICIPAL PARKING
SYSTEM REVENUE LEASE PURCHASE AGREEMENT IN THE
PRINCIPAL AMOUNT OF NOT TO EXCEED $16,000,000, FOR
THE LEASE PURCHASE ACQUISITION OF THE HARRISON
STREET PARKING FACILITY, AND THE PUBLIC HEARING ON
THE AUTHORIZATION THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Iowa City, State of
Iowa, will hold a public hearing on the 6th day of January, 2015, at 7.00 o'clock P.M., in the Emma J.
Harvat Hall, City Hall, 410 E. Washington, Iowa City, Iowa, at which meeting the Council proposes
to take additional action for the authorization of a Municipal Parking System Revenue Lease
Purchase agreement in the principal amount of not to exceed $16,000,000, the proceeds of which will
be used for the lease purchase acquisition of the Harrison Street Parking Facility.
At the above meeting the Council shall receive oral or written objections from any resident or
property owner of the City, to the above action. After all objections have been received and
considered, the Council will at this meeting or at any adjournment thereof, take additional action for
the authorization of the Municipal Parking System Revenue Lease Purchase agreement or will
abandon the proposal.
e Lease Purchase Agreement will not constitute
The Municipal Parking System Revenu
general obligations or be payable in any manner by taxation, but will be payable solely and only out
of the net earnings of the Municipal Parking Enterprise.
This notice is given by order of the City Council of the City of Iowa City, State of Iowa, as
provided by Section 364.4(f) of the Code of Iowa, as amended.
Dated this 22nd day of December 2014.
s/Marian K. Karr
City Clerk, City of Iowa City, State of Iowa
(End of Notice)
r Previously sent as item # 6 - January 6 agenda a
CITY OF IOWA CITY 9
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EMORANDUM
Date: December 19, 2014
To: Tom Markus, City Manager
From: Dennis Bockenstedt, Finance Director
RE: Harrison Street Parking Garage - Lease/Purchase Agreement Financing
Introduction
This memorandum is the Finance Department recommendation for the selection of a financial
institution to provide financing for the lease/purchase of a new multi-level parking facility in the
Riverfront Crossings area along Harrison Street.
History/Background
The City has been in negotiations with A & M Development for a lease/purchase agreement for
the construction of a parking facility that will be adjacent to the new Midwest One office building
and a proposed 28 unit townhouse development and will be on Harrison Street between Clinton
and Dubuque Streets. The Finance Department was tasked with finding a financial institution
that would accept assignment of the lease and the City's promise to pay from the developer in
exchange for funding the construction cost of the facility.
Discussion of Solution
On November 18, 2014, the Finance Department in conjunction with the City's financial advisor,
Public Financial Management, the City's bond counsel, Ahlers & Cooney, PC, and the City
Attorney's Office issued a Request For Proposals (RFP) to ten separate banks, underwriters,
and financial institutions/brokers. The proposals were due to be submitted to the City Finance
Department by 10am on December 9, 2014. In response to the RFP, the City received five
proposals from institutions (JP Morgan, Capital One Public Funding, Midwest One Bank, D.A.
Davidson & Company, and Piper Jaffray & Company.)
Proposals were reviewed by the City Attorney, the City Finance Department, Ahlers & Cooney,
P.C., and Public Financial Management. After reviewing the proposals for overall compliance
with the RFP and estimated cost of financing, the proposal being recommended for acceptance
was that submitted by Capital One Public Funding (COPF).
Financial Impact
The financial impact to the City is the issuance of a tax exempt lease with a principal balance of
an estimated $15,305,000 (the estimated cost of the parking structure plus issuance costs.)
The projected completion of the parking garage construction and subsequent issuance of the
lease is August 1, 2016. Lease payments would begin in Fiscal Year 2017.
The COPF proposal is for a 20 -year, fixed-rate lease/purchase. The rate will be determined
upon the acceptance by the City of the parking garage improvements based upon a formula
using the 10 -year LIBOR swap rate. The formula rate as of the date of the proposal was 3.96%.
The financing requires no underwriting discounts or protective debt reserves, and COPF is
responsible for their own legal and issuance costs. The City will pledge the net revenues from
the City's Parking System along with the developer's interest in the Harrison Street parking
facility as a guarantee for the financing. This will not be a general obligation of the City and will
not be repaid or guaranteed with property taxes.
December 22, 2014
Page 2
The City's estimated interest costs over the 20 -year lease/purchase are $7,199,445 given the
current calculated interest rate and assuming that the lease remains outstanding for the entire
20 years. The lease may be called by the City at $2,000,000 per year starting in year two and is
fully callable starting in year eight.
Recommendation
It is the Finance Department recommendation to accept the financing proposal from Capital One
Public Funding for the lease/purchase agreement with A & M Development.