HomeMy WebLinkAbout10/11/1985October 11, 1985
The Council of the City of Waterloo, Iowa, met in Special Session at City Hall
Council Chambers, Waterloo, Iowa, at 9:00 a.m. on October 11, 1985. Mayor Bowers
in the Chair. Roll Call: Dowie, Seeber, Getty, Lichty, Klinger. Absent: Wright
and Penaluna.
88193 - Moved by Klinger, seconded by Seeber
that the Agenda, as proposed for the Special Session of October 11, 1985, at 9:00
a.m., be accepted and approved.
Motion carried.
88194 - Moved by Seeber, seconded by Lichty
to receive and file the call.
Motion carried.
88195 - Lyle Taylor presented a proposal on behalf of a group of former Rath Packing
Company workers requesting that the City of Waterloo commit 2.5 million dollars
to a new meat processing company. He stated that in conjunction with the auction
scheduled for November 11, 1985, that his group is interested in buying 20% of the
existing Rath Plant. He projected employment prospects at approximately 400
persons. In addition to asking the City for this amount of money he stated that he
would be requesting that the Economic Development Committee also camnitt money to
the plan. In response, Mayor Bowers indicated that prior to the City's commitment
to this project, the City would require the following information:
1. Project description.
2. Financial information, including balance sheet, inane statement, cash
projection and personal financial statements of each officer and stock
holder with 20% or more ownership.
3. Description of the educational, technical and business background for all
persons involved in the ownership or management of the business.
4. List all collateral.
5. Project schedule of starting and ending dates regarding construction and
operation of the plant.
6. Listing permits required for operation and status report on each.
7. Marketing plan.
8. Detailed site specific information.
9. City and EDC involvement and project.
10. Committment letters for financing.
Lyle Taylor indicated that the group needed to move on this plan immediately and
that the gathering of this information was unnecessary. The overall goal is
employing people in the City of Waterloo.
Anna Mae Weems, active in the placement of unemployed Rath workers in the community
through Job Service of Iowa, asked that the Council act speedily and that the
interest of the workers be taken into consideration.
Councilperson Seeber stated that he could not commit an answer at this time, but
that it should be investigated. It was indicated that the Council may require up
to two (2) weeks to review the proposal as stated.
Lyle Taylor indicated that two (2) weeks was much too long for the plan to became a
workable one. Earl Rogers a member of the Rath ERC (Employee Reorganization
Committee) stated that once the equipment from the former Rath Packing has gone,
there will be no jobs generated.
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