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HomeMy WebLinkAbout10.18.2004• • COUNCIL WORK SESSION October 18, 2004 4:45 p.m. Council Chambers Members present: Mayor Hurley, Cole, Clark, Schmitt, Gunderson, Welper, Kincaid. Members absent: Greenwood. Moved by Welper, seconded by Gunderson that the Agenda, as proposed, be approved. Ayes: Five. Absent: Greenwood. Motion carried. Terry Poe-Buschkamp, Executive Director of Main Street Waterloo, updated the council. Every two years communities involved in the Main Street Waterloo program are asked to sign an agreement with the Iowa Department of Economic Development. The agreement is to be signed by Mayor Hurley and Main Street Waterloo Board President George Warren. Three copies of the agreement are sent to Des Moines for the signatures of Michael Blouin, Director of Iowa Department of Economic Development (IDED). In addition, the city council is asked to sign a resolution of support. Ms. Buschkamp requested that the agreement and resolution be placed on the October 25, 2004 council agenda. Kincaid now present at 4:49 p.m. Main Street Waterloo is also requesting an allocation of $30,000 in Tax Increment Funds (TIF) for Fiscal Year 2005. TIF monies were dedicated to Main Street Waterloo last year in exchange for services as outlined in the Professional Services Agreement. Ms. Buschkamp distributed copies of Main Street's last Annual Report, slide show notes, as well as their current Plan of Action where the steps Main Street has taken to accomplish their mutual goal to revitalize the central business district are outlined in detail. In addition to the nearly 50 events Main Street hosts each year, they have taken on a number of renovations of property Main Street inherited from their predecessor organization as well as other projects including an inventory of downtown property, business visitation and recruitment programs. Main Street's streetscape efforts include public art projects and flower plantings. Main Street Waterloo is one of the first in the nation to get an allocation of New Markets Tax Credits for property acquisition and investment, and coordinate fundraising programs. Statistics on the economic impact of Main Streets program since they became a Main Street community in 1996 show they have experienced a gain of 111 business starts, relocations or expansions, a net gain of 144 new jobs and 163 buildings have been rehabilitated or renovated. There have been $17,382,756 private dollars invested in rehabilitation and 58 buildings have been sold. In addition, $10,048,256 private dollars have been invested in downtown property acquisition, and there have been a total of 29,909 volunteer hours. Ms. Buschkamp reported that almost all Main Street programs in the nation receive funding support from city government. Typically, public sector financial support is committed from the general fund, and Main Street Waterloo is dependent upon the income since they no longer have the Self -Supported Municipal Improvement District (SSMID) tax. Main Street Waterloo just completed their annual review by state Main Street officials. Main Street Waterloo was one of a select group of Main Street programs in the country to be certified by the criteria established by the National Main Street Center for the fourth year in a row. Ms. Buschkamp updated the council on the Marsh Place Building. The Marsh Place Building was sold to Community Housing Initiative in 1996. Main Street Waterloo was to pay rent on the first floor, but they have not been able to find tenants. In addition, Main Street lent $40,000 to Community Housing Initiative with payment over 30 years. Ms. Buschkamp reported that she has been told that only five communities have a SSMID, although they had one for 22 years. Ms. Buschkamp stated that Main Street Waterloo made a commitment not to reapply for the SSMID for three years to those who donated money to Main Council Work Session October 18, 2004 Page 2 Street after the SSMID was dissolved. Ms. Buschkamp stated that the large number of absent property owners could make it difficult to gather enough support for the SSMID. Main Street's budget with the SSMID was $320,000 per year and now it is $194,000 per year. Ms. Buschkamp reported the former Osco Building has been turned into a successful incubator property run by UNI. The Regional Business Center has 13 spaces for tenants, and research shows that those tenants locate within one mile of an incubator., Gilmore & Doyle occupies the second floor of the building. Main Street owes the city $250,000 on a loan made to stabilize the former Osco building. The city also guaranteed a $300,000 loan to construct the Regional Business Center parking lot. Ms. Buschkamp updated the council on the Fowler Project, which is being funded with New Market Tax Credits. Ms. Buschkamp reported Main Street is involved with WDC, Cedar Valley Alliance, Chamber of Commerce and are interested in being involved with the Waterloo Development Corp. With no further business before the council, it was moved by Welper, seconded by Clark that the meeting be adjourned at 5:20 p.m. Ayes: Six. Absent: Greenwood. Motion carried. Nancy Eckert City Clerk • •