HomeMy WebLinkAbout2018-120-2/26/2018 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-120
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA AFFIRMING ITS SUPPORT OF THE
STATE HISTORIC TAX CREDIT PROGRAM.
WHEREAS, the State of Iowa Rehabilitation Tax Credit, also known as the State Historic
Tax Credit Program (SHTC), in its current form, was enacted by the Iowa Legislature to attract
capital to historic rehabilitation projects that help stimulate local economies; and
WHEREAS, each $1 of SHTC, results in an investment of$3.20 of non-SHTC investment
and for each $1 of SHTC, the state and local government receives more tax revenue to local and
state government than the cost; and
WHEREAS, the historic tax credit program creates four times as many jobs as did new
construction with personal income gains four times that of new construction per dollar of tax credit;
and
WHEREAS, nearly one-half of State Historic Tax credit projects in 52 counties across Iowa,
between 2001-2014,were small projects with under$500,000 of qualified costs; and
WHERAS, current demand for SHTC exceeds available credits. During the October 2017
allocation round only $19.7 million of SHTC where allocated to 13 projects leaving 11 project,
representing an investment of$120 million,unfunded; and
WHEREAS, SHTC projects are catalytic, generating additional real estate investment in
nearby properties that spur an area-wide revitalization cycle. The SHTC also leverages hundreds of
millions of dollars of funding from the FHTC that would not otherwise be utilized if the SHTC
program did not exist; and
WHEREAS, the SHTC, in conjunction with the Federal Historic Tax Credit Program
(FHTC), has been a powerful tool for driving economic development in the State of Iowa, in
particular the Waterloo and the Cedar Valley community; and
WHEREAS, SHTC projects increase the utilization of existing streets and other public
infrastructure in our communities, thereby reducing burden on local, state and federal government
resources; and
WHEREAS, the SHTC program, combined with the FHTC 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), Courtyard by Marriott (former John
Deere)President Apartments, Russell Lamson Building,Repass Building, Steely Block,Fowler
Resolution 2018-120
Page 2
WHEREAS, it is the intention of this council to provide a copy of this resolution to Senator
William Dotzler, Senator Jeff Danielson, Representative Walt Rodgers, Representative Ras Smith,
Representative Timi Brown-Powers, Representative Sandy Salmon and Representative Bob Kressig
along with Senator Grassley, Senator Ernst and Congressman Blum.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Waterloo, that
the Waterloo City Council supports the State Historic Tax Credit program in its current form and
urges Senator William Dotzler, Senator Jeff Danielson, Representative Walt Rodgers,
Representative Ras Smith, Representative Timi Brown-Powers, Representative Sandy Salmon and
Representative Bob Kressig and other members of the Iowa Legislature to continue the State
Historic Tax Credit program in its current form.
BE IT FURTHER RESOLVED by the City Council of the City of Waterloo, that the
Waterloo City Council urges Senator Grassley, Senator Ernst and Congressman Blum to support
the State of Iowa Historic Tax Credit Program.
PASSED AND ADOPTED this 26th day of February 2018.
Quentin Hart, Mayor
NTT T r
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Kelley Felc
City Clerk