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Home My WebLink About06/05/1986June 5, 1986 The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Council Chambers, Waterloo, Iowa at 4:00 p.m. on June 5, 1986. Mayor McKinley in the Chair. Roll call: Budak, Seeber, Lichty, Wright, Angel, Dowie and Miller. 89318 - Moved by Seeber, seconded by Miller that the Agenda, as proposed for the Special Session of June 5, 1986 at 4:00 p.m., be accepted and approved. Motion carried. 89319 - Moved by Wright, seconded by Seeber that copies of the call of the Special Meeting of June 5, 1986, at 4:00 p.m., be received and placed on file. Motion carried. 89320 W. Louis Beecher, representing the investors of Waterloo Meat Pack updated the Council on the progress made at the former Rath Packing Plant. He stated that after they had received the property, they were not able to gain access for two or three weeks (second or third week in February). The accounting firm of McGladrey and Henrickson has spent 550 hours looking at the fiscal operation, with a Des Moines firm reviewing the business plan for the firm. In order to commence operation, an area on the first floor of approximately 200' x 600' was needed to house the equipment. The building was found not to be high enough to house this equipment, therefore delaying the planned opening. The building at the corner of Sycamore and 18th Street was selected as a site for the equipment. Bids have been taken on the renovation of this building, but agreements have not yet been signed. Wayne Snyder from the architectural firm of Thorson Brom Broshar Snyder, showed the Council plans for the structure. He stated that under the circumstances, the firm has performed as rapidly as possible. Mr. Beecher indicated that the current plans of the firm is to have a two -shift operation with a minimum employment of 250 total persons by March 1, 1987. Tom Siders, McGladrey Henrickson, stated that since January 31 his firm has spent approximately 550 hours preparing the financial information for the firm. Such items as sales volumes, gross profit and operational expenses have been reviewed and compressed into 30 sets of financial statements. He presented information indicating the use of funds for Waterloo Meat Pack, Inc. and sources of those funds. Total cost of the plan is approximately $14 million. To date approximately $300,000 have been spent out of the pockets of the investors. He also indicated that stock will be offered for public sale soon and that Cedar Valley Action Company and the Waterloo Industrial Development Association will assist in the sale of these public stocks. Mr. Beecher asked that payment on the note with the City be extended until December 15 at which time the payment and accrued interest would be payable. Mr. Beecher clearly indicated that he would not be an investor in the firm and that he was not receiving any money for the work he had done on this project. He explained that he was not asking for money from the City but only for an extension of the principal and interest payment. Mr. Beecher indicated that the Council would be periodically updated on the progress made at Waterloo Meat Pack. Moved by Dowie, seconded by Miller that an extension be granted to Waterloo Meat Pack until December 15, 1986 on payment of its contract with the City with principal and interest due at that time. Prior to a vote on this motion, the following discussion was heard: Councilperson Lichty indicated that she had been sold on entering into the original contract because she had been told that the investors had millions and millions of dollars to invest. She stated that the public was tired of living on false hope and promises. 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Mayor McKinley in the Chair. Roll call: Budak, Seeber, Lichty, Dowie and Miller. Absent: Wright and Angel. 89306 - Moved by Seeber, seconded by Lichty that copies of the call of the Special Meeting of June 5, 1986, at 11:00 a.m. be received and placed on file. Motion carried. 89307 - This being the time and place fixed in the published notice for the consideration of proposals for the purchase of $1,000,000 Sewer Revenue Bonds, the Council proceeded accordingly. The Mayor announced that the time had arrived for the receipt of bids for said bonds. Moved by Seeber, seconded by Lichty that the following sealed bids be received, placed on file, but NOT OPENED and sealed bidding closed: Name of Bidder 1. Dain Bosworth 2. John Nuveen and Company, Inc. 3. Columbian Securities, Inc. 4. Piper, Jaffray and Hopwood Motion carried. 89308 - Moved by Dowie, seconded by Miller that proof of publication of notice of meeting for the issuance of $1,000,000 Sewer Revenue Bonds as published in the Waterloo Courier on May 22 and 29, 1986, be received and placed on file. Motion carried. 89309 - Moved by Seeber, seconded by Budak that Clerk be instructed to open all sealed bids which were as follows: Name of Bidder 1. Dain Bosworth, Inc. 2. John Nuveen and Company, Inc. 3. Columbian Securities, Inc. 4. Piper, Jaffray and Hopwood Motion carried. Net Interest 8.727% 8.8298% 8.7687% 8.5119% 89310 - Derek Engelen, Speer Financial, Inc, reported that the bid of Piper, Jaffray and Hopwood was in order and recommended its approval. Moved by Dowie, seconded by Miller that "Resolution authorizing sale and award and approving and authorizing the agreement Jaffray and Hopwood", be adopted. Ayes: Five. of $1,000,000 Sewer Revenue Bonds of such sale and award to Piper, Absent: Angel and Wright. Resolution adopted and upon approval by Mayor assigned No. 1986-327. 89311 - Moved by Seeber, seconded by Miller that the Clerk be instructed to return the unsuccessful bids and checks. 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