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Home My WebLink About1986-520-08.25.1986 Waterloo, Iowa, August 25, 1986. The City Council of Waterloo, Iowa, met on the above date in the Council Chambers, City Hall, in Waterloo, Iowa, at 7 :00 P.M. , in open regular session, pursuant to law and the rules of said City Council. The meeting was called to order by Bernard L. McKinley, Mayor, presiding, and on roll call the following Council Members were present: Jack Seeber Frank Dowie III Rose Angel Willie Mae Wright Tony Budak Mary Lichty Jim Miller " Absent: None * * * * * * * * -1- Matters were discussed relative to the request from Depot Restoration Corporation to increase the authorized aggregate principal amount of the Issuer' s Industrial Development Revenue Bond (Depot Restoration Corporation Project) from not to exceed $177, 000, as previously approved, to not to exceed $199, 000. Following a report on the proposed Project and a discussion of the proposal, Council Member Frank Dowie III introduced the following Resolution in written form and moved its adoption. Council Member Jim Miller seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was adopted by the following vote: AYES : Jack Seeber Frank Dowie III Rose Angel Willie Mae Wright Tony Budak Mary Lichty Jim Miller NAYS : None The Resolution was thereupon signed by the Mayor and in evidence of approval was attested by the City Clerk and declared to be effective. The Resolution is as follows: -2- RESOLUTION NO. 1986-520 RESOLUTION APPROVING THE AMENDMENT OF RESOLUTION NO. 1986-338 TO INCREASE THE AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BOND (DEPOT RESTORATION CORPORATION PROJECT) SERIES 1986, OF THE CITY OF WATERLOO, IOWA, FROM $177,000 TO NOT TO EXCEED $ 199 , 000 . WHEREAS, the City of Waterloo, a municipal corporation of the State of Iowa ( the "Issuer" ) , is authorized by Chapter 419 of the Iowa Code, as amended (the "Act" ) , to issue revenue bonds for the purpose of defraying the cost of purchasing land and building, remodeling and equipping the building and improving the land to be used for a professional office complex. This is a commercial project in the Downtown Urban Renewal Area located at 605 Bluff Street, Waterloo, Iowa (the "Project" ) which the Issuer finds is consistent with the urban renewal plan adopted by the Issuer pursuant to Chapter 403, Code of Iowa, and to loan the proceeds from the sale of such Bonds , pursuant to a loan agreement, to Depot Restoration Corporation, an Iowa corporation (the "Borrower" ) to be used for the aforesaid purposes; and WHEREAS, the Issuer has determined said Project is located within the area of and is consistent with and authorized by the Issuer' s Downtown Urban Renewal Area, and there is a public need in the Issuer and its surrounding environs for implementation of said Downtown Urban Renewal Area, which will promote urban renewal, rehabilitiation and redevelopment of the Issuer, will eliminate blighted areas within the Issuer and provide employment opportunities for residents of the Issuer and the surrounding area; and WHEREAS, the Issuer has previously been requested by the Borrower to authorize and issue not to exceed $250, 000 in aggregate principal amount of its Industrial Development Revenue Bond (Depot Restoration Corporation Project) , ( the "Bond" ) pursuant to the provisions of the Act for the purpose of defraying all or a portion of the cost of the Project; and WHEREAS, the City Council, pursuant to its Resolution No. 1985-677 duly adopted on November 25, 1985, previously entered into a Memorandum of Agreement with the Borrower providing for the issuance of said Bond in the aggregate principal amount of not to exceed $250, 000 ; and -3- WHEREAS, the City Council, pursuant to its Resolution No. 1985-707 duly adopted on December 16, 1985, conducted a public hearing a approved proceeding with the issuance and sale of the Bond in an amount not to exceed $250, 000 ; and WHEREAS, the City Council, pursuant to its Resolution No. 1986-338 duly adopted on June 9, 1986, authorized the issuance of the Bond in an amount not to exceed $177, 000; and WHEREAS, the Issuer has now been advised that the amount necessary to defray all or a portion of the cost of the acquisition, construction and improving of the Project, including necessary expenses incidental thereto, will require the issuance by the Issuer of not to exceed $199, 000 aggregate principal amount of its Bond pursuant to the provisions of the Act; and WHEREAS, the Issuer hereby reaffirms its approval of the Project and approves the increase from $177,000 to not to exceed $199, 000 in the proposed amount of its Bond to be issued pursuant to the Act; and NOW, THEREFORE, Be It Resolved by the City Council of the Issuer as follows: Section 1 . That, as requested by the Borrower, Section 3 of Resolution No. 1986-338 of this City Council, duly adopted on June 9 , 1986, is hereby amended by substituting the amount of $199, 000 for the amount $177, 000 in all places in said Resolution where said amount appears. Section 2. All Resolutions and Orders or parts thereof, in conflict herewith are, to the extent of such conflict, hereby repealed and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved August 25, 1986. City of Waterloo, Iowa (Seal) '-iBe na2A• Kin ley' May' ` M Attest: - - ::) -Z, ry Burger ely Clerk -4- CLERK'S CERTIFICATE 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, State of Iowa; that as such I have in my possession, or have access to, the complete corporate records of said City and of its City Council and officers; 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 the corporate records showing the action taken by the City Council of said City at a meeting open to the public on August 25, 1986, approving the amendment of Resolution No. 1986-338 to increase the aggregate principal amount of Industrial Development Revenue Bond (Depot Restoration Corporation Project) Series 1986, of the City of Waterloo, Iowa, from $177, 000 to not to exceed $199, 000 ; that said proceedings remain in full force and effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the City Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the City Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the City Council and the provisions of Chapter 21, Iowa Code, and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. Witness my hand and the Corporate Seal of said City hereto affixed this 27th day of August, 19 . (Seal) ar P urger, C . y Clerk State of Iowa SS: County of Blackhawk Subscribed and sworn to before me this day, the date last above written. ,, ( Seal) Notary Public -5- (This Notice to be Posted) NOTICE AND CALL OF MEETING Governmental Body: The City Council of Waterloo, Iowa Date of Meeting: August 25, 1986 Time of Meeting: 7 :00 P.M. Place of Meeting: Council Chambers City Hall Waterloo, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1 . Resolution Approving the Amendment of Resolution No. 1986-338 to Increase the Aggregate Principal Amount of Industrial Development Revenue Bond (Depot Restoration Corporation Project) Series 1986, of the City of Waterloo, Iowa, From $177, 000 to Not to Exceed $199, 000. 2 . Such additional matters as are set forth on the additional page(s ) attached hereto (attach copy of agenda) . This notice is given at the direction of the Mayor, pursuant to Chapter 21, Iowa Code, as amended, and the local rules of said governmental body. ar y . urger, o the Cites of Water,., Iowa -6- -cry N r.W Z H\DU50 (D voo (D0 • cn � rn-dc 0 HH v 0 0 rt rt 0 00 Cort o r-n 0 0\ H. (D rh I 0 rt rt cn w0 O• (Dnarod O C) Po rt 0 rt N• rt D7 0 1 r 0 0H• �H. H• H o Po (00 0 (D oa n 11 0 Po rt N '-d lD cn 0 (D rt 0 C (D (D • (a, (D (D n (1) hrtw H cn rt0 5 N O w'b (D (D 00 �• o ( 1 0 0 hi -CrQ 0 o o � 0 (D�m rt • (DCPo0 n (D rt I-h n rt P0 o (D ~d (D CD H 0 rj o 0 H w 000 (D aHrt�1 cn 'd 1 • Po 0