HomeMy WebLinkAbout1986-655-11.17.1986 RESOLUTION NO. 1986 - 655
A RESOLUTION AUTHORIZING A REVISION TO THE
W.C.F. & N. DRIVE PHASE II RISE APPLICATION
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a WHEREAS, the City of Waterloo, Iowa, on August 22, 1986
c i submitted a RISE Application for assistance in funding the W.C.F. & N.
Drive - Phase II Project; and
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s < WHEREAS, on November 4, 1986 the RISE Commission approved said
$ r, application contingent on the City of Waterloo revising the financing of
o R a the project; and
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C1) ru WHEREAS, the original application was a request for a
$345,000.00 grant, and
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m . WHEREAS, the State of Iowa will approve said application if it
be revised to a $258,000 grant and a $87,000 loan at 5% interest for 10
cc years, and
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c WHEREAS, it is in the City's best interest to accept the
F revised terms in order to complete said project.
M NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA that the RISE Application revision be approved to a
combination loan and grant.
Passed and adopted this 17th day of November, 1986.
e6414,
rnard L. McKinley
Mayor
ATTEST:
Lar y P. urger, Cit Clerk Auditor