HomeMy WebLinkAbout11.12.2005• •
COUNCIL WORK SESSION
November 12, 2005
4:45 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid, Cole, Greenwood, Clark, Schmitt, Gunderson,
Welper.
Moved by Welper, seconded by Clark that the Agenda, as proposed, be approved. Ayes: Seven.
Motion carried.
The purpose of the work session was to review the Development Agreement with Cedar Valley
Restoration and Development (David Deeds) for the Eastside Riverfront Housing Project. The
agreement is in response to the proposal Cedar Valley Restoration and Development submitted
to the RFQ advertised by the city in March 2005. Cedar Valley Restoration and Development
was the only company that responded to the RFQ.
The agreement transfer the land to Cedar Valley Restoration and Development for $1.00
generally bounded by Sycamore Street, East 8th Street, the flood dike along the Cedar River and
the Union Pacific Railroad.
Cedar Valley Restoration and Development is required to build a minimum of 40 units with an
absorption rate of at least six units per year. The agreement also grants tax rebates for ten years
with owners of the units receiving 20 percent, Cedar Valley Restoration and Development will
receive 75 percent and the city will receive 5 percent to be used for streetscape and future land
purchases.
The agreement grants Cedar Valley Restoration and Development the first right of refusal on
future phases in the next three blocks along the Cedar River.
A Design/Build Management Team will review the development of the project and
improvements. The Design/Build Management Team will consist of the City Engineer,
Community Planning and Development Director, representative from the city council, Waterloo
Development Corporation Executive Director, Main Street Waterloo Executive Director, and
Water Works Director. Cedar Valley Restoration and Development will be a voting member on
public improvements projects.
The city will initiate the establishment of a Water Street Self -Supported Municipal Improvement
District (SSMID) for ongoing maintenance of public amenities and facilities located within the
boundaries of the SSMID. These include landscaping, grass mowing, snow removal, security
and general high level of care and maintenance. The city will relocate the sanitary sewer by June
30, 2006.
David Deeds explained his project. Phase 1A includes adaptive reuse of the existing two-story
building located at 910 Sycamore Street. The reuse will consist of approximately six to eight
loft -style apartments. Mr. Deeds feels this will give people an opportunity to rent and try the
neighborhood. The next phase includes construction of row houses and condominiums which
will be located 15 feet from the toe of the embankment. The row houses will have garages at
ground level and the condominiums will have grade parking with living space above. The units
will have a minimum of 1,200 square feet, two bedrooms and two baths and costs from
$115,000.00 to $300,000.00. The elm tree located at 820 Sycamore Street will not be removed.
With no further business, it was moved by Welper, seconded by Kincaid that the meeting be
adjourned at 5:08 p.m. Ayes: Seven. Motion carried.
Nancy Eckert
City Clerk