HomeMy WebLinkAbout10.24.2005COUNCIL WORK SESSION
October 24, 2005
5:00 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid,
Welper.
Moved by Welper, seconded by Kincaid that
Seven. Motion carried.
Cole, Greenwood, Clark, Schmitt, Gunderson,
the Agenda, as proposed, be approved. Ayes:
Don Temeyer, Community Planning & Development Director, updated the council on the
expansion of the Community National Bank located at the intersection of Commercial Street and
West Park Avenue. Community National Bank is working to expand its professional building in
Downtown Waterloo. The Community National Bank site is located within the Expo Grounds
area of the Waterloo Downtown Master Plan. While it is a permitted use for its zoning district,
the council has previously evaluated each expansion development within this area to ensure that
it will work with the Downtown Master Plan goals.
The Waterloo Development Corporation is working towards the implementation of the
Downtown Waterloo Master Plan and will be discussing the Community National Bank
expansion. The Main Street Design Review Board will also review the design of the proposed
expansion.
The goal of the Waterloo Downtown Master Plan is to group together compatible uses within the
Downtown area to provide for attractions and draw people back to the downtown area. The Plan
has identified differing areas to concentrate on different uses to work towards a clustering effect
for unified strength.
Stacey Bentley, representing Community National Bank, reported they are planning a $1.4
million capital investment on the second floor. Vanderwalle & Associates has recommended the
bank expand up and not out. The bank is not requesting any tax incentives, and the expansion
will allow room for 15 new employees. The bank needs room for 10 new employees now and
will add five additional employees in the next five years. The bank could build an additional
third story which will allow room to move some of the Cedar Falls operations to Waterloo. The
Community National Bank Board will meet on Thursday to discuss the plans, and they hope to
start the expansion as soon as possible with a completion date of June or July. A decision will be
made at the Thursday Board meeting on the third floor addition, which could add an additional
$400,000.00 to $500,000.00 capital investment.
With no further business before the council, it was moved by Welper, seconded by Kincaid that
the meeting be adjourned at 5:10 p.m. Ayes: Seven. Motion carried.
Nancy Eckert
City Clerk