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Home My WebLink AboutCouncil Packet - 9/19/2022COUNCIL WORK SESSION September 19, 2022 Time indicated below Harold E. Getty Council Chambers RULES FOR WORK SESSION PUBLIC COMMENT Iowa Code Chapter 21 gives the public the right to attend council meetings, but it does not require cities to allow public participation except during public hearings. The city council shall not receive any public comment during a work session. Roll Ca11 Agenda, as proposed or amended Approval of Minutes 4:15 p.m. Discussion of establishing a Self -Supported Municipal Improvement District in Downtown Waterloo. Submitted By: Noel Anderson, Community Planning and Development Director ADJOURNMENT Kelley Felchle City Clerk CITY OF WATERLOO Council Communication Discussion of establishing a Self -Supported Municipal Improvement District in Downtown Waterloo. City Council Meeting: 9/19/2022 Prepared: 9/7/2022 REVIEWERS: Department Reviewer Action Date Clerk Office Felchle, Kelley Approved 9/7/2022 - 12:06 PM ATTACHMENTS: Description Type ❑ Presentation Backup Material SUBJECT: Submitted by: Recommended Action: Summary Statement/ Background Information: Neighborhood Impact: Data: Community Engagement Methods: Analysis and Strategies: Implementation, Accountability, and Communication:: Expenditure Required/ Source of Funds: Alternative: Discussion of establishing a Self -Supported Municipal Improvement District in Downtown Waterloo. Submitted By: Noel Anderson, Community Planning and Development Director MAIN STREET • • • • WATERL2O DOWNTOW N WATERLOO :: POWERED by SSMID • DOWNTOWN WATERIC Q POWERED by SSMID SSMID: Self -Supporting Municipal Improvement District • A tool communities in Iowa can use to help fund public improvement and maintenance projects within an adopted District • Used to promote continued economic development/redevelopment and business growth/retention within the adopted District • Funds are created through an additional self imposed tax placed on property owners in the adopted District • Established after enough property owners initiate their support through a voluntary petition process • A SSMID Oversight Committee will be responsible for setting project priorities and making recommendations for expenditures of the SSMID funds made up of property owners, business owners, and community members • Waterloo is not alone in using SSMIDs - Des Moines, Cedar Rapids, Ottumwa, Fort Dodge, Davenport, Newton, Webster City, Iowa City, Bettendorf, Cedar Falls and others have at least one SSMID 2 4 11, fr I t -=�l11 _ �,, risme: r 713 meRai$, -131 rilfi 17)11111: 1111tIts saw ---.4r44 linliVale* * At mop*t. • 4. 4444 44e4A, ,.....f, ,,,,,,,,,,,,,,„ ,,,, ...i, , ,_-�e 44 , \\741,41114! :41144. ** ‘- , 44,+.4t4, :Fogg% w-7174 EL /�i� 2 N N E E o u N 1- 0 0a) > o DOWNTOWN WATERLCO 41: POWERED by SSMID HOW many VOTInG/ NOn- VOTInG PROPeRTY owneRs Business owneRs ResIDenT Main sTReeT WaTeRLOO CITY OF WaTeRLOO Main sTReeT WaTeRLOO 3 2 1 1 Organization Council Representative 1 Economic Vitality Council Representative 1 Board President 1 Planning & Development staff person to be appointed by the Mayor 1 City Council member to be appointed by the Mayor Executive Director Voting Voting Voting Voting Ex-officio Non -voting Ex-officio Non -voting 4 DOWNTOWN WATERIC Q POWERED by SSMID $2.00 PeR $1,000 OF TXBL vLue Example $2.00/$1,000 $5,000,000.00 $2.00/$1,000 $190,000.00 $10,000.00 $380.00 IIMPREIT September 2024 $5,000 March 2025 $5,000 September 2024 $190 March 2025 $190 EsrimaTeD TOTaL Bases on 2021 Taxane vaLues • $177,352.72 • September 2024 $88,676.36 • March 2025 $88,676.36 • Commercial and Industrial properties only 5 DOWNTOWN WATERIC Q POWERED by SSMID 3 ARS OF FOCUS ▪ . �rat.eyy Provide resources for coordinated Downtown Waterloo Marketing • Strategy 2• Improve the long-term physical appearance of Downtown Waterloo • Strategy 3. Provide resources for sustainable economic development in Downtown Waterloo Short Term Mid Term Long Term Immediate 2-5 Years 5+ Years Increase visual identification of Downtown Waterloo Defining the footprint and connecting the areas within the district Continued revitalization 6 DOWNTOWN WATERIC O POWERED by SSMID • Downtown is the heart and face of our community, our City Center • Important for all parts of our community to be invested in the success of our downtown • Asking the City of Waterloo fora 1:1 match of the revenue collected with the SSMID DOWNTOWN WATERIC Q POWERED by SSMID STRaTeGY 1: PROVIDe ResouRCeS FOR COORDIlaTeD DOWf1TOWf1 WaTeRLOO aRKeTIflG Project Short Term Budget Mid Term Budget Long Term Budget Immediate 2-5 Years 5+ SSMID Dollars Earmarked One third of the generated revenue (Approximately $59,117.59) City Match Dollars Earmarked A fraction of the generated revenue (Approximately $10,000) 8 DOWNTOWN WATERIC Q POWERED by SSMID STRaTeGY 2: ImPROVe THe LOCIG- TeRm PHYSICAL aPPeaRance . DOWCIT WaTeRLOO Project SSMID Dollars Earmarked City Match Dollars Earmarked Short Term Budget Immediate Mid Term Budget 2-5 Years Long Term Budget 5+ One third of the generated revenue (Approximately $59,117.59) One fourth of the generated revenue (Approximately $44,338.18) 9 DOWNTOWN STRTGY 3 WATERIC Q POWERED by SSMID STRaTeGY 3: PROVIDe ReSOURceS FOR SUSTaIfl BLe economic DeveLOPmenT in DOWCITOWCI WaTeRLOO Project Short Term Budget Immediate Mid Term Budget 2-5 Years Long Term Budget 5+ SSMID Dollars Earmarked One third of the generated revenue (Approximately $59,117.59) City Match Dollars Earmarked Most heavily weighted portion of generated revenue (Approximately $123,014.54) 10 DOWNTOWN WATERIC Q POWERED by SSMID PTITIOfl • Property owners are being asked to sign a petition in support of SSMID • The petition must include 25% of all commercial or industrial property owners within the proposed SSMID AND • The petition must include signatures representing 25% of the assessed value of all applicable property types within the proposed SSMID • As an organization, we feel it is important to secure a much larger percentage to demonstrate the district is truly supportive - Our goal is 76% • Planning to submit no later than February 15, 2023 11 DOWNTOWN WATERIC Q POWERED by SSMID PLflflIflG ZOflIflG • Planning & Zoning will review the petition and make recommendations to the Waterloo City Council in regard to the proposed district • Planning & Zoning will prepare a report for the City Council on the merit and feasibility of the project 12 DOWNTOWN WATERIC Q POWERED by SSMID CITY council_ • City Council will set a date of public hearing • Notices will be mailed to each property owner within the district • City Council will hold a hearing on adoption of the ordinance and have the first reading • City Council will have a second reading • City Council will have a third reading and adoption of the ordinance • Once approved the levee rate will be provided to the county to be entered into their system • January - March 2023 City Council will include the City match in the FY2024 budget 13 DOWNTOWN WATERIC Q POWERED by SSMID paymenT • Property owners will make their first payment with the September 2024 property tax assessment • The SSMID will be included on their Black Hawk County Property Tax bill and paid directly to the County • A check will be issued to Main Street Waterloo for the SSMID dollars • A separate SSMID banking account has been established to ensure the funds are being used as intended 14 DOWNTOWN WATERIC Q POWERED by SSMID 1. Main Street Waterloo is asking for a match of the funds generated by SSMID from the City of Waterloo. This dollar amount is in addition to the Professional Service Agreement we have with the City. 2. Main Street Waterloo is asking City Council to vote and issue a Statement of Support for Main Street Waterloo' s work to implement a SSMID. This Statement of Support would include a statement about the requested City contribution. 3. Main Street Waterloo is asking the City of Waterloo to sign the petition for Parcel ID 891326213017 (the Public Market building) in support of SSMID. 15 DOWNTOWN E r? 100 POWERED by SSMID Main Street Waterloo 212 E 4th St, Waterloo 319-291-0238 Jessica Rucker, Executive Director director@mainstreetwaterloo.org NW RN tELIEEEINREILL,LL , Pk' FR' wr CUE! i i.:11 17W MAIN STREET •••• WATERIPO