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HomeMy WebLinkAbout26900 RESOLUTION NO. 26900 RESOLUTION fixing a date for hearing on proposed Qualified Urban Renewal Area Revenue Bonds, Series 1980 ( Stephens , Inc .--Sycamore Mall 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 Stephens , Inc . is for improvements to land and buildings which are suitable for use in a commer- cial enterprise,' Le the construction of a shopping center (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 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 1980 Bonds, as hereinafter de- fined, to finance the cost of the Project; and WHEREAS, the aggregate cost of the Project,has been estimated not to exceed $1 ,200,000, 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 1980 ( Stephens , Inc . -- --Sycamore Mall Project) (the "Series -1- 1980 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1980 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 2lst day of April , 1980, at 7 : 00 o 'clock p .M. , at which time and place a public hearing shall be held on the proposal to issue the Series 1980 Bonds in an amount currently estimated not to exceed $1 ,200,000, 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 1980 Bonds. Section 2. ,.The, City Clerk is hereby directed to give notice of intention to issue the Series 1980 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 within 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 21st day of April , 1980, at the Council Chambers in the City Hall , Waterloo, Iowa , at seven o 'clock P .M. for the purpose of conducting a public hearing on the proposal to issue Qualified Urban Renewal Area Revenue Bonds, Series 1980 ( Stephens , Inc.--Sycamore Mall Project) of said City, in principal amount not exceeding -2- $1 ,200,000 for the purpose of loaning the proceeds thereof to Stephens , Inc. to defray the cost, to that amount, of improvements to land and buildings which are suitable for use in a commercial enterprise; i .e. , the construction of a shopping center in the 600 block of Sycamore 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 March 24 ,1980. Cit“ erk Section 3. That the City hereby recognizes that acti / s 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 1980 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 . -3- Passe' and approved , 1980. Mayor r Attest: .--, /A# ity erk Recorded , 1980. /2 ci c ierk -4-