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HomeMy WebLinkAbout01.28.2002 (2)COUNCIL WORK SESSION January 28, 2002 4:00 p.m. Council Chambers Members present: Mayor Rooff, Berry, Welper, Greenwood, Clark, Jordan, Getty, Hurley. Moved by Jordan, seconded by Getty that the Agenda, as proposed, be approved. Ayes: Six. Absent: Hurley. Motion carried. Mayor Rooff stated that John Deere informed the city that we need to provide the following livability standards in order for John Deere to retain and hire new employees: jet services, affordable housing, education, and quality of life. Hurley now present at 4:09 p.m. Mayor Rooff stated that the city created the Waterloo Development Corporation, hired Vanderwalle & Associates and then the State of Iowa created Vision Iowa funding. Mayor Rooff reviewed the Master Plan for the Cedar Valley Riverfront Renaissance Plan. Some of the items are happening simultaneously but may not be part of the Riverfront Renaissance Plan, but are part of the big picture. Mayor Rooff reviewed the project being presented to Vision Iowa. The plan includes the river, including installation of a dam. The city received a $200,000 grant from the Army Corps of Engineers to study the river. The Riverwalk Loop ties in with the American Discovery Trails, which will allow for biking, walking, jogging, rollerblading and pedestrian use. Mayor Rooff reviewed the Cedar Valley Art Mall and private funding of the mall. Mayor Rooff reviewed the Cedar Valley Recreation Complex which includes a gathering place, fitness and wellness center. Mayor Rooff commented that 65 percent of the area's population is 44 years old or younger, and the young people want and expect recreational facilities. The complex includes a 50 meter competition pool, recreational pool, indoor soccer, and an additional sheet of ice. Mayor Rooff stated that the investment by the city will not increase taxes, as part of the plan will be paid using TIF funds and bonds. The city is retiring its debt faster than we are acquiring new debt. Black Hawk County has been asked to commit $6 million to the project, and we are negotiating for Vision Iowa funds. Jim Walsh, City Attorney, stated that the following agreements will be presented to the Vision Iowa Board: 1. Master Agreement for Redevelopment —an agreement between the City and Black Hawk County. The Master Agreement was presented to the Board of Supervisors last Tuesday, and they will consider it at their next meeting. 2. Ground Lease Agreement —an agreement with the Waterloo Development Corporation. 3. Development Agreement —an agreement with the Waterloo Development Corporation. Michelle Weidner, Chief Financial Officer, reported that the city will provide $13.8 million through the sale of General Obligation Bonds and/or Tax Increment Financing funds and the city shall make in -kind contributions (real property, infrastructure and services, etc.) in the approximate amount of $3.5 million. Black Hawk County will provide $6 million through the sale of General Obligation Bonds. Additional funding includes: $28 million in VIP funds and $18.9 million in private development. Other funds include: donations for Art Center addition, CAT grant for Art Center, city property contribution, Waterloo Development Corporation loan, state and federal enhancement funds for trails, State RISE funds for streets, local option tax funds and donations. Mr. Walsh stated that there are no other private investments at this time as the retail developers are waiting to see what Vision Iowa will give to the project. Mr. Walsh reviewed the Master Agreement for Development with the Black Hawk County. Both the City and Black Hawk Council Work Session January 28, 2002 Page 2 County understand that if the issuance of bonds becomes subject to a county -wide election and the voters turn down the issuance of the bonds, Black Hawk County will be released from its obligations in the agreement. The agreement states that within 120 days of the date of the agreement both government entities shall have held all public hearings and taken steps necessary for the purpose of approving the issuance of bonds for the project. Mr. Walsh stated that Vision Iowa will give funding based on the agreement. Mayor Rooff stated if the agreement is approved by the council tonight and the Board of Supervisors at its meeting tomorrow and the private sector signs the agreements, the committee will try to get our funding request put on Vision Iowa's February agenda. Don Temeyer, City Planner, stated the Waterloo Development Corporation and city is negotiating with private investors, but cannot release any numbers at this time. Mayor Rooff stated that we don't need that much private investment to receive Vision Iowa funds, but they are necessary for the overall plan. Mr. Walsh explained "excess revenues." The manager of the athletic complex will be paid a fee per year, and any excess revenue is given to the taxing authorities. Mr. Walsh stated that real estate and brick and mortar will be owned by the City and Black Hawk County for tax exempt purposes. Councilperson Hurley stated he feels everyone needs to support this agreement at the council meeting tonight to show Black Hawk County and the citizens that we believe in the Riverfront Renaissance Plan. Moved by Getty, seconded by Jordan that the council unanimously support the agreement at the council meeting tonight and that the meeting be adjourned at 4:44 p.m. Ayes: Seven. Motion carried. Nancy Eckert City Clerk