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HomeMy WebLinkAbout1981-191-04.27.1981 April 27, 1981 The City Council of the City of Waterloo, Iowa met in regular session at 7:00 o'clock P.M. at their regular meeting place in said City. The meet- ing was called to order and there were present Leo P. Rooff, Mayor, in the chair, and the following named Councilmen: Burton, Bowers , Dowie, Getty Roehr, Penaluna Absent: Wilharm * * * * * * * * Councilman Dowie introduced and caused to be read Resolu- tion No. 19 81-19 lentitled, "A Resolution Authorizing the Execution of a Memorandum of Agreement by and between the City of Waterloo, Iowa and Ken-Jan, Inc. , regarding the issuance of Urban Revitalization Area Revenue Bonds" , to finance a project which is to be located in a revitalization area to be created under Chapter 84 of the laws of the Iowa General Assembly 1979 Session, ( "Chapter 84") , and moved its adoption; seconded by Councilman Bowers • After due consideration of said resolution by the City Council , the Mayor put the question on the motion and upon the roll being called the following named Councilmen voted: Aye: Burton , Rnwprg , Dowie , Getty, Rochr Pena llina Nay: Whereupon, the Mayor declared said resolution duly adopted and signed his approval thereto. * * * * * * * * Upon motion and vote the meeting adjourned.. Mayor , L ,o P. Pnnff Attest: City erk La y P. Burger RESOLUTION NO. 1981-191 A RESOLUTION AUTHORIZING THE EXECUTION OF A MEMOR- ANDUM OF AGREEMENT BY AND BETWEEN THE CITY OF WATERLOO, IOWA and KEN-JAN, INC. REGARDING THE ISSUANCE OF URBAN REVITALIZATION AREA REVENUE BONDS WHEREAS, the City of Waterloo, Iowa (the "City") a municipality of the State of Iowa, is authorized by the laws of the State of Iowa, and speci- fically Chapter 419, 1981 Code of Iowa, as supplemented and amended (the "Act") , including Chapter 84 of the laws of the 68th General Assembly, 1979 Session, ("Chapter 84") , to issue revenue bonds for projects located within an urban revitalization area; and WHEREAS, the Project to be completed by Ken-Jan, Inc. (the "Corporation" is for the acquisition and improvement to land and buildings which are suit- able for use in a commercial enterprise; and WHEREAS, the City is considering a proposal to designate a certain area within the City as a revitalization area and adopt a revitalization plan for such area , all in conformity with the provisions of Chapter 84; and WHEREAS, under the Act, the City is authorized to issue its revenue bonds for the purpose of financing the costs of any such project; and WHEREAS, so as to accomplish the purposes of the Act, the City proposes to issue one or more issues of Urban Revitalization Area Revenue Bonds pur- suant to the provisions of the Act as then in effect to finance the costs of acquiring, improving and equipping certain real estate, buildings and fixtures for use as an automobile gas , service and wash facility (hereinafter referred to collectively as the "Project") , located at E . Park & Franklin in the City; and WHEREAS, the location of the Project within the City will improve the general health and welfare of the inhabitants of the City and will be con- sistent with the urban revitalization plan; and -1- WHEREAS, it is deemed necessary and advisable, to promote the general health and welfare of the inhabitants of the City, increase employment and add to the property tax base, that the Project be undertaken at the earliest practicable date, and the Corporation has requested satisfactory assurances from the City that the proceeds of the sale of one or more issues of Urban Revitalization Area Revenue Bonds of the City in an aggregate amount sufficient to finance the Project, currently estimated not to exceed $400,000, will be made available; and WHEREAS, the City deems it necessary and advisable that it take such actions as may be required under the Act as then in effect to authorize and issue one or more issues of Urban Revitalization Area Revenue Bonds to finance the cost of the Project; and WHEREAS, a form of agreement, designated as a "Memorandum of Agreement", has been prepared under which the Corporation has stated its willingness to arrange for the Project and to enter into contracts therefor and, at the time of delivery of the bonds, to convey, grant or lease the Project and assign such contracts to the City, or agree to complete the acquisition, improvement and equipping of the Project, and to enter into a lease of the Project from the City, or a contract to purchase the Project from the City, or a loan agree- ment with the City with respect to the Project, or any combination of the foregoing, under which the Corporation will be obligated to make periodic payments sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as and when the same shall become due and payable, and if necessary to vest title to the Project in the Corporation, the Corporation shall be obligated to purchase the interest, if any, of the City in the Project for an additional nominal amount and such lease, contract and agreement shall -2- contain such other provisions as may be required by the Act as then in effect and such other provisions as shall be mutually acceptable to the City and the Corporation; NOW, THEREFORE, Be It Resolved by the City Council of the City of Waterloo, Iowa , as follows : Section 1 . That in order to insure the acquisition, improvement and equipping of the land, building and equipment which are suitable for use as a commercial enterprise located within a proposed urban revitalization area, with the resulting public benefits which will flow therefrom, it is deemed neces- sary and advisable that Urban Revitalization Area Revenue Bonds be issued in an amount sufficient to finance the cost of the Project currently estimated not to exceed $400,000, and that the Memorandum of Agreement hereinafter referred to be approved and executed for and on behalf of the City. Section 2. That the Memorandum of Agreement by and between the Corporation and the City, substantially in the form and with the contents set forth in Exhibit A attached hereto, be and the same is hereby approved and authorized. Section 3. That the Mayor is hereby authorized and directed to execute and the City Clerk is hereby authorized to attest and to affix the seal of the City to the Memorandum of Agreement substantially in the form and with the contents set forth in Exhibit A attached hereto. Section 4. That the City will issue and sell Urban Revitalization Area Revenue Bonds in an amount sufficient to finance the costs of the Pro- ject subject to the execution of the Memorandum of Agreement herein authorized and upon the conditions specified in the Memorandum of Agreement. Section 5. That all resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. -3- Adopted April 27,1981 . Mayor, Leo P. off Attest: Ci 1 erk , Larr . Burger -4- • EXHIBIT A MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Waterloo, Iowa, a municipality of the State of Iowa (hereinafter referred to as the "City") , party of the first part, and Ken-Jan, Inc. , an Iowa corporation (hereinafter referred to as the "Corporation") , party of the second part; WHEREAS, the Project to be completed by Ken-Jan, Inc. (the "Corporation") is for the acquisition and improvement to land and buildings which are suitable for use in a commercial enterprise; and WHEREAS, the Project is consistent with the urban renewal plan for the urban renewal area designated as such pursuant to Chapter 403 of the 1979 Code of Iowa prior to July 1 , 1980. 1 . Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this agreement are the following: (a) The City is authorized by the laws of the State of Iowa , and specifically Chapter 419, Code of Iowa, 1981 , as supplemented and amended (the "Act") , including Chapter 84, to acquire, improve and equip all or any part of, or any interest in, land, buildings or improvements suitable for the use of any commercial enterprise in an urban revitalization area and is con- sistent with the plan for the area. (b) Under the Act the City is authorized to issue its revenue bonds for the purpose of financing the costs of any such project. (c) So as to accomplish the purposes of the Act, the City proposes to issue one or more issues of Urban Revitalization Area Revenue Bonds pursuant to the provisions of the Act as then in effect to finance the costs of acquiring, improving and equipping certain real estate, buildings and fixtures -1- within a qualiifed urban renewal area for use as an automobile gas, service and wash facility, (hereinafter referred to collectively as the "Project") , and to lease or sell , or both, the Project to the Corporation, or enter into a loan agreement with the Corporation with respect to the Project, or any combination of the foregoing pursuant to the provisions of the Act as then in effect (any of the foregoing being referred to herein as an "Agreement") . (d) The City is considering a proposal to designate a certain area within the City as a revitalization area and adopt a revitalization plan for such area, all in conformity with the provisions of Chapter 84; and (e) The Corporation wishes to obtain satisfactory assurance from the City that subject to public hearing requirements of the Act and the re- quirements of Chapter 84, such bonds will be issued by the City and avail- able in an aggregate principal amount sufficient to finance the Project. (f) The City considers that the acquisition and construction of the Project and the financing of the same will promote the welfare and pros- perity of the City and its citizens and secure the public purposes set forth in Chapter 84. (g) It is deemed necessary and advisable, to accomplish the purposes of the Act, that the Project be undertaken at the earliest practicable date , and the Corporation has requested satisfactory assurances from the City that the proceeds of the sale of one or more issues of Urban Revi tal i zation Area Revenue Bonds of the City will be made available to finance the Project. (h) Representatives of the City have indicated the willingness of the City to proceed with and effect such financing and have advised the Corporation that, subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts , conditions and things required precedent to such financing, the City by virtue -2- of the Act or such other statutory authority as may now or hereafter be conferred, will issue and sell one or more issues of its Urban Revitalization Area Revenue Bands in an aggregate amount sufficient to finance the Project currently estimated not to exceed $400,000. 2. Undertakings on the Part of the City. Subject to the conditions above stated, the City agrees as follows: (a) That it will authorize or cause to be authorized, the issuance and sale of of one or more issues of its Urban Revitalization Area Revenue Bonds, in an aggregate principal amount sufficient to finance the cost of the Project currently estimated not to exceed $400,000. (b) The City will begin or has begun the proceedings necessary to establish such area as a revitalization area and adopt the revitalization plan for such area in accordance with Chapter 84. (c) That it will adopt, or cause to be adopted, such proceedings and authorize and direct the execution of such documents and take, or cause to be taken such actions as may be necessary or advisable to effect the auth- orization, issuance and sale of the bonds and the acquiring , improving and equipping of the Project, and the entering into and performance of an Agreement with the Corporation with respect to the Project, all as then shall be authorized by law and mutually satisfactory to the City and the Corporation. (d) That the aggregate periodic payments to be used to pay the principal of, and interest and premium, if any, on the bonds payable under the Agreement with the Corporation shall be such sums as shall be sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as -3- and when the same shall become due and payable, and, if necessary to vest title to the Project in the Corporation, the Corporation shall have an obligation to purchase the interest of the City, if any, in the Project for an additional nominal amount. (e) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 3. Undertakings on the Part of the Corporation. Subject to the conditions above stated, the Corporation agrees as follows : (a) That it will use all reasonable efforts to find one or more purchasers for the bonds. (b) That it will enter into a contract or contracts for the acquiring , improving and equipping of the Project, and at the time of the delivery of the bonds, it will convey, grant or lease the Project and assign such contracts to the City or agree to complete the acquisition, improvement and equipment of the Project. (c) That contemporaneously with the delivery of the bonds , it will enter into an Agreement with the City under the terms of which the Corporation will obligate itself to pay sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the bonds as and when the same shall become due and payable, any such Agreement to contain such other provisions as may be required by the Act as then in effect and such other provisions as shall be mutually acceptable to the City and the Corporation . (d) That it will take such further action and adopt such further proceedings as may be required to implement its aforesaid undertakings or as it may deem appropriate in pursuance thereof. -4- 4. General Provisions. (a) All commitments of the City under Paragraph 2 hereof and of the Corporation under Paragraph 3 hereof are subject to the conditions that, on or before two years from the date hereof (or such other date as shall be mutually satisfactory to the City and the Corporation) , (i ) the City and the Corporation shall have agreed to mutually acceptable terms for the bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the agreement referred to in paragraph 3, (ii) the proceedings referred to in paragraphs 2 and 3 hereof shall have been taken and (iii ) all regulatory or other governmental approvals requisite to the execution of such documents and the issuance and sale of the bonds shall have been obtained. (b) If the events set forth in (a) of this paragraph do not take place within the time set forth or any extensions thereof and the bonds are not sold within such time, the Corporation will reimburse the City for all reasonable and necessary direct out-of-pocket expenses which the City may incur at the Corporation 's request arising from the execution of this Memorandum of Agreement and the performance by the City of its obligations hereunder, and this Memorandum of Agreement shall thereupon terminate. IN WITNESS WHEREOF, the parties hereto have entered into this Memorandum of Agreement by their officers thereunto duly authorized as of the 27th day of April , 1981 . CITY OF WATERLOO, IOWA Mayor , Les, •'. Rooff (SEAL) Attest: it7terk , ry/ . Burger -5- KEN-JAN, INC. By Its President (SEAL) Attest: Its Secretary -6- I, Larry P. Burger, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified and acting City Clerk of the City of Waterloo, Iowa; that as such I have in my possession , or have access to, the complete records of the City Council of said City; that I have carefully compared the transcript hereto attached with the aforesaid corporate records ; and that said transcript hereto attached is a true, correct and complete copy of all of the corporate records showing the action taken by the City Council of said City on April 20, 1981 , to authorize the execution of a Memorandum of Agreement by and between said City and Ken-Jan, Inc. regarding the issuance of U rban Revitalization Area Revenue Bonds. WITNESS my hand and the corporate seal of said City hereto affixed at Waterloo, Iowa this 29 th day of April , 1981 . ,,,,,CZ-1//7 ---..\ i ty erk L y P . Burger (SEAL) STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) Subscribed and sworn to before me this day, the date last above written . j r' __A ',tea Y�,-,,YL.' , �)-u .�"e-C Notary Public i and for the Stat) of Iowa My commission expires: Cl(WiV3 (SEAL) .,AwwF.Ver+rnf w PERMANENT EASEMENT FOR CONSTRUCTION AND MAINTENANCE OF STORM SEWER AND APPURTENANCES ALL THAT PART OF THE EXISTING RAILROAD RIGHT-OF-WAY OF THE WATERLOO RAILROAD IN SECTION 14, TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE FIFTH PRINCIPAL MERIDIAN. WATERLOO, BLACK HAWK COUNTY, IOWA. LYING WITHIN THE FOLLOWING DESCRIBED BOUNDARY: BEGINNING AT A POINT WHICH 1S 140 FEET WEST OF THE EAST LINE OF THE SOUTHEASTs OF SAID SECTION 14 AND 60,FEET NORTH OF THE NORTH LINE OF LOT 12,.BLOCK LITCHFIELD ADDITION (THE POINT OF BEGINNING BEING IO FEET SOUTH OF THE CENTERLINE OF THE MAINLINE TRACK OF THE WATERLOO RAILROAD); THENCE WEST. PARALLEL WITH THE. CENTERLINE OF THE MAIN TRACK A DISTANCE OF 65 FEET; THENCE SOUTH NORMAL TO THE MAIN TRACK CENTERLINE A DISTANCE OF 25 FEET: THENCE WEST PARALLEL WITH AND 35 FEET SOUTH OF THE CENTERLINE OF THE MAIN TRACK TO THE CENTERLINE OF LINCOLN Si: EXTENDED; THENCE NORTHWESTERLY ALONG A STRAIGHT LIME TO A POINT ON THE CENTER- LINE OF COLUMBIA STREET EXTENDED•WHICH POINT IS 35 FEET RADIALLY DISTANT SOUTH- .WESTERLY.FROM SAID MAIN TRACK CENTERLINE; THENCE SOUTHWESTERLY RADIALLY MITN SAID -MAIN -TRACK CENTERLINE A DISTANCE OF 15 FEET TO THE SOUTHERLY RIGHT-OF-WAY-'` ." 'tl.NE:OF.THE-WATERLOO RAILROAD; THENCE EASTERLY ALONG SAID RIGHT-OF-WAY LINE T0. A POINT WHICH.IS 140 FEET WEST OF THE EAST LINE OF THE SOUTHEAST 2 OF SAID SECTIO$ 14 THENCE NORTH A DISTANCE OF 40 FEET TO THE POINT OF BEGINNING. CONTAINING APPROXIMAT•ELY 23.130 SQ. FT. ARLINGTON ti LEGEND r -- 1:.lPERMANENT EASEMENT /TEMPORARY EASEMENT 129' I0 9 8 7 6 5 4 129' 12 13 14 15 `0 16 17 18 19 20 21 22 13 14 15 STREET TEMPORARY EASEMENT FOR CONSTRUCTION OF A,STORM SEWER AND -APPURTENANCES DESCRIPTION THE SOUTHERLY 40 FEET IN EVENWIDTH.OF THE EXISTING RAILROAD RIGHT-OF- WAY OF THE WATERLOO RAILROAD IN SECTION 14, TOWNSHIP 89. NORTH: RANGE 13 WEST OF THE FIFTH PRINCIPAL MERIDIAN, WATERLOO, BLACK HAWK COUNTY, IOWA, LYING BETWEEN THE WEST RIGHT-OF-WAY LINE OF LOGAN AVENUE AND THE NORTHERLY EXTENSION OF THE WEST RIGHT-OF-WAY LINE OF COLUMBIA STREET. EXCEPTING THAT•PART THEREOF CONTAINED IN THE PERMANENT R-0-W DESCRIPTION. • . REVISIONS' 129' t 11 10 9 8 7 0 6 5 4 3 2 I -- WATERLOO RAILROAD STA. 56.34 0 129' 12 f3 14 15. 4� 16 17 10 19 20 21 22 3' 33' r 4 I HEREBY CERTIFY THAT THIS PLAT, MAP, SURVEY OR REPORT WAS MADE DY NE OR UNDER MY DIRECT PERSONAL SUPERVISION AND THAT'I .U4 A DULY REGISTERED LAND SURVEYOR UNDER THE LAWS OF THE STATE OF IOWA.. - SIGNED'.. DATE .. _. LINCOLN.. ACKERMANT AREA STORM. SEWER AND SANITARY :SEWER .IMPROVEMENTS 'STAGE II rice, Petrides & _Associates int,-Eagiaeers 'r'14/ATEFa00 3` OES'_6tOINES ` IOWA' RIGHT-OF-WAY :.EXHIBIT & DESCRIPTION .OWNER:' WATERLOO. RAILROAD PROJECT N0. 3-1063