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HomeMy WebLinkAbout1981-030-01.19.1981 Waterloo, Iowa January 19, 1981 The City Council of the City of Waterloo, Iowa, met in regular session at 7:00 o'clock P.M., at the Council Chambers in the City Hall in said City The meeting was called to order and there were present Jack Roehr, Mayor Pro Tem, in the chair, and the following named Councilmen: Bowers, Burton. Dowie, Getty, Penaluna, Roehr, Wilharm Absent: NONE * * * * * * * * * * Councilman Bowers introduced and caused to be read in tull Resolution No. boI-3O entitled, "RESOLUTION fixing a date for hearing on proposed Qualified Urban renewal Area Revenue ° ik.ds, Series 1981 ,`Wm. F. Mclntee & Sons, Inc. & Lincoln Park Properties Project)" and moved its adoption seconded by Councilmen Wilharm After due consideration of said resolution by the Council, the Mayor put the question and, upon the roll being called, the following voted: Aye: Bowers, Burton, Dowie, Getty, Penaluna, Roehr, Wilharm Nay: NONE Whereupon, the Mayor Pro Tem declared said resolution duly adopted and signed his approval thereto. * * * * * * * * * * On motion and vote the meeting adjourned. 7°I T or Pro Tem, Jack Roe Attest: y lerk rry P. ger RESOLUTION NO. 1981-30 RESOLUTION fixing a date for hearing on proposed Qualified Urban Renewal area Revenue Bonds, Series 1981 (Wm. F. Mclntee & Sons, Inc. and Lincoln Park Properties-Project) WHEREAS, the City of Waterloo, a municipality and political subdivision in the County of Black Hawk, State of Iowa (the "City") is authorized by Chapter 419 of the Code of Iowa, 1979, as amended (hereinafter sometimes referred to as the "Act") to issue revenue bonds and loan the proceeds to one or more contracting parties to be used to pay the cost of buildings and improvements suitable for projects located within a qualified urban renewal area; and WHEREAS, the Project to be completed by Wm. F. Mclntee & Sons, Inc. and Lincoln Park Properties is for the acquisition and improvement to land and buildings which are suitable for use in a commercial enterprise; i.e. the construction and renovation of commercial office space and retail business space (the "Project") ; 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; and WHEREAS, that the Project be acquired, improved and equipped, as aforesaid and that the City take such action as may be required under applicable statutory provisions to authorize and issue the Series 1981 Bonds, as hereinafter defined, to finance the cost of the Project; and WHEREAS, the aggregate cost of the Project has been estimated not to exceed $600,000 and it is proposed to pay the cost of the Project, to that amount through the issuance of the Qualified Urban Renewal Area Revenue Bonds, Series 1981 (Wm. F. Mclntee & Sons, Inc. and Lincoln Park Properties) (the "Series 1981 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1981 Bonds, as required and provided by Section 419.9 of the Act; NOW, THEREFORE, Be It Resolved by the City Council of the City of Waterloo, Iowa, as follows: Section 1. That this Council meet at the Council Chambers in the City Hall in said City on the 9th day of Feb, , 1981, at 7 o'clock P. M., at which time and place a public hearing shall be held on the proposal to issue the Series 1981 Bonds in an amount currently estimated not to exceed $600,000 as referred to in the preamble hereof, and at which hearing all local residents who appear shall be given an opportunity to express their views for or against the proposal to issue the Series 1981 Bonds. Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1981 Bonds by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing in The Waterloo Daily Courier, a legal newspaper published and having a general circulation fhithir said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE QUALIFIED URBAN RENEWAL AREA REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 9th day of Feb. , 1981, at the Council Chambers in the City Hall, Waterloo, Iowa, at 7 o'clock PM. for the purpose of conducting a public hearing on the proposal to issue Qualified Urban Renewal Area Revenue Bonds, Series 1981 (Wm. F. Mclntee & Sons, Inc. and Lincoln Park Properties Project) of said City in principal amount not exceeding $600,000 for the purpose of loaning the proceeds thereof to Wm. F. Mclntee & Sons, Inc. and Lincoln Park Properties, to defray the cost, to that amount, of acquisition and improvements to land and buildings which are suitable for use in a commercial enterprise; i.e. the construction and renovation of commercial office space and retail business space at 325 E. 4th Street in Waterloo, Iowa. The Project is to be constructed within a qualified urban renewal area designated as such pursuant to Chapter 403 of the 1979 Code of Iowa, prior to July 1, 1980. It is necessary that the City Council determine at said hearing that the Project is consistent with the Urban Renewal Plan of the City for that area. These estimates include, in each instance, expenses of issue related to the Bonds. These Bonds, when issued, will be limited obligations and will not constitute general obligations of said City nor will they be payable in any manner by taxation, but said Bonds will be payable solely and only out of the revenues to be derived by said City from a Loan Agreement, Mortgage and Security Agreement between said City and said Corporation. At the time and place fixed for said public hearing, all local residents who appear will be given an opportunity to express their views for or against the proposal to issue said bonds. By order of the City Council January 19, 1981. Larry . B r, ity C k Section 3. That the City hereby recognizes that actions taken and to be taken by the Corporation in connection with the acquisition and construction of the Project have been and will be taken in reliance upon the willingness of the City to issue the Series 1981 Bonds. Section 4. That all resolutions or parts thereof in conflict herewith be and the same are hereby repealed, and this resolution shall be effective forthwith upon its passage and approval. Passed and approved January 19 1981. (/‘c Eck Roehr, Mayor Pro em Attest: Cit Cle , Larry P. urger Recorded , 1981 'ty rk