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RESOLUTION NO. 26947 " CD -v
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RESOLUTION DETERMINING TO PROCEED WITH 7 '
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THE ISSUANCE OF NOT TO EXCEED $1 , 200,000 + . L , o
QUALIFIED URBAN RENEWAL AREA REVENUE BONDS, " `) a- o
SERIES 1980 (STEPHENS, INC. -- SYCAMORE '~ o
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MALL PROJECT) OF THE CITY OF WATERLOO, IOWA. %) )(-
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WHEREAS, the City of Waterloo, in the County of Black Hawk, EStat¢�,
of Iowa, (the "City") , proposes to issue Qualified Urban Renewal Area
Revenue Bonds, Series 1980 (Stephens, Inc.--Sycamore Mall Pro}ett) of
said City in a principal amount not to exceed $1 , 200,000 (the "Series
1980 Bonds") for the purpose of lending the proceeds thereof to Stephens ,
Inc. (the "Corporation") to defray the cost , to that amount , of certain
buildings and improvements (the "Project") by the Corporation suitable
for projects located within a qualified urban renewal area, all iji.,ac-
cordance with the provision of Chapter 419 of the Code of Iowa, 1979, as
amended (the "Act") ; and
WHEREAS, the Project to be completed by Stephens, Inc. is for im-
provements to land and buildings which are suitable for use in a commer-
cial enterprise, i.e. 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 defined , 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) ; and
WHEREAS, pursuant to published notice of intention this City Council
has conducted a public hearing, as required by Section 419. 9 of the Act ,
and this City Council deems it necessary and advisable to proceed with
the Project , the issuance of the Bonds, and the loan of the proceeds of
the Series 1980 Bonds to the Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, AS FOLLOWS:
Section 1 . That at the public hearing conducted by this City Council
pursuant to published notice all local residents who appeared were given
an opportunity to express their views for or against the proposal to issue
the Series 1980 Bonds.
Section 2. The Project is to be located within a qualified urban re-
newal area designated as such pursuant to Chapter 403 of the 1979 Code of
Iowa prior to July 1, 1979. The Project is consistent with the urban re-
newal plan for the City in said area.
Section 3. That this City Council deems it necessary and advisabl-,
and hereby determines, to proceed with the Project , the issuance of the
Series 1980 Bonds, and the loan of the proceeds of the Series 1980 Bonds
to the Corporation, all upon terms and conditions mutually satisfactory to
the City and the Corporation.
Section 4. That this Resolution shall become effective immediately
upon its passage and approval .
Passed and approved April 21, 1980.
C4 --P.
Leo P. Rooff, May
ATTEST: / //////
Y
Laq P. B ger, City erk.