HomeMy WebLinkAbout01.20.2004 (2)• •
COUNCIL WORK SESSION
January 20, 2004
4:00 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid, Cole, Greenwood, Clark, Gunderson, Welper.
Moved by Welper, seconded by Kincaid that the Agenda, as proposed, be approved. Ayes: Six.
Motion carried.
Don Temeyer, Community Planning and Development Director, updated the council on the
amendment to Section 108 Loan Guarantee for the Cedar Valley Riverfront Renaissance Project.
The City of Waterloo has been awarded a $2,000,000 BEDI grant and $8,750,000 Section 108
Loan from the Housing and Urban Development. In order to complete the documentation for the
BEDI grant and Section 108 Loan, the city contracted with Development Solutions, Inc. of
Washington, DC, and they have submitted the revised application.
The revised application provides for the original activities but also adds the Lafayette Park
reconstruction and Rath Administration Building demolition to the grant program and accelerates
neighborhood street construction in the Rath area and provides for a business loan pool in the
Section 108 program. The previous portions of the application, such as Down Payment
Assistance and Riverwalk Loop, are still included but with a revised amount.
The revisions to the Section 108 program will complement the Rath Brownfield target area and
the Logan Avenue Urban Renewal Program, the proposed Neighborhood Economic Strategy
Area, and the New Market Tax Credit Program. All of these programs will increase the chances
of success for East Side Economic Development.
Mr. Temeyer reviewed the original application and the revised application for Section 108/BEDI
funding. Mr. Temeyer reviewed the following items included in the revised application:
Riverwalk Loop/Dam, Neighborhood Street Construction, Loan Pool, Rath Site Preparation,
Home Ownership Down Payment Assistance and the Lafayette Park Rehabilitation.
The Community Development Board held a hearing on December 16, 2003 and has
recommended submission of the amendment to the city council for final approval. A 30-day
public comment period was held from December 15, 2003 through January 15, 2004. Any
comments received during this period will be attached to the proposed amendment package for
submission to the Department of Housing and Urban Development.
The city council held a bond hearing for $6.75 million for the Vision Iowa Project. The bonds
will be sold as soon as financing is in place. The Black Hawk County Solid Waste Commission
refund will be used to pay for the bonds borrowed for the city's cost of the project.
With no further business before the council, it was moved by Clark, seconded by Welper that the
meeting be adjourned at 4:29 p.m. Ayes: Six. Motion carried.
Nancy Eckert
City Clerk