HomeMy WebLinkAbout2017-944-11/13/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo,IA 50703, (319)291-4323.
RESOLUTION NO. 2017-944
A RESOLUTION AFFIRMING SUPPORT OF
THE FEDERAL HISTORIC TAX CREDIT PROGRAM
WHEREAS,the Federal Rehabilitation Tax Credit, also known as the Federal Historic
Tax Credit Program(FHTC), in its current form,was enacted by the US Congress and signed
into law by President Ronald Reagan in 1986 to attract capital to historic rehabilitation projects
that help stimulate local economies, and
WHEREAS, each$1 of FHTC,results in an investment of$4 of private sector money and
for each$'1 of FHTC,the Federal Government receives $1.20 tax revenue.
WHEREAS, the FHTC, in conjunction with the Iowa's State Historic Tax Credit Program
(SHTC),has been a powerful tool for driving economic development in the State of Iowa, in
particular the Waterloo community; and
WHEREAS, FHTC projects are catalytic, generating additional real estate investment in
nearby properties that spur an area-wide revitalization cycle. The FHTC also leverages hundreds
of millions of dollars of funding from the SHTC that would not otherwise be utilized if the
FHTC program did not exist; and
WHEREAS,the FHTC program, combined with the SHTC program, is a powerful tool
that has led to the redevelopment of such vacant, blighted and/or underutilized buildings in
Waterloo as the Single Speed Brewing Company(former Wonder Bakery), President
Apartments, Russell Lamson Building, Repass Building, Steely Block, Fowler Building, Brown
Derby Building,the Union Block(former Walker's Shoe),the Walden Photo buildings,
Roosevelt School and at least 15 other buildings. Because of the FHTC,these buildings were
returned to both full utilization and to the local tax rolls; and
WHEREAS,there remains hundreds of thousands of square feet of vacant or
underutilized space in Waterloo buildings and dozens of buildings that need to be rehabilitated
and that would qualify for the Federal and State Historic Tax Credit, including buildings in
Downtown,the Walnut Neighborhood,the Triangle, Church Row and others. Rehabilitation of
most of these buildings and sites will not be financially feasible without the Federal Historic Tax
Credit.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Waterloo in
due regular and legal session convened, that the Waterloo City Council supports the Federal
Historic Tax Credit program in its current form and urges Senator Grassley, Senator Ernst and
Congressman Blum and the US Congress to continue the Federal Historic Tax Credit program in
its current form.
BE IT FURTHER RESOLVED by the City Council of the City of Waterloo in due
regular and legal session convened,that the Waterloo City Council urges Senator Bill Dotzler,
Senator Jeff Danielson,Representative Walt Rodgers, Representative Ras Smith and
Representative Timi Brown-Powers to support the Federal Historic Tax Credit Program.
Passed and adopted this 13th day of November 2017.
Quentin Hart, Mayor
Resolution 2017-944
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ATTEST:
Kelley Felc@
City Clerk