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HomeMy WebLinkAboutHandouts - 9/19/2022Wan_ Sess;Diti - 1 I1 SeLF SUPPORTIr1G MUr1ICIPaL ImPRovemenT DISTRICT (SSMID) Monday, September 19, 2022 POWERED by • • MAIN STREET WATERLOO 212 E 4th Street Waterloo, IA 50703 319-291-2038 Director@MainStreetWaterioo.org WEI DISTRICT BOU DOWNTOWN WA ER O :: 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 DOWNTOWNN WA, EP POWERED by SSMID WHO HOW ManY VOTInG/ Non- VOTIF1G PROPeRTY owneRs Business owneRs ResIDemT Main sraeeT WaTeRLOO CITY OF WaTeRLOO Man sTReeT WaTeRLOO 3 2 1 1 Organization Council Representative 1 Economic Vitality Council Representative 1 Board President Voting Voting Voting Voting 1 Planning & Development staff person to be appointed by the Mayor EX-officio 1 City Council member to be appointed by the Mayor Non -voting Executive Director Ex-officio Non -voting • • • DOWNTOWN WA,_ERL2O VI POWERED by SSMID $2.00 PeR $1,000 OF TaxaBLe vaLue Example Rare. TaxaBLe vaLue TEIX AMOUfT PavmenTs $2.00/$1,000 $5,000,000.00 $2.00/$1,000 $190,000.00 $10,000.00 $380.00 September 2024 $5,000 March 2025 $5,000 September 2024 $190 March 2025 $190 ESTImaTeD TOTAL BaseD on 2021 TaxaBLe vaLues • $177,352.72 • September 2024 $88,676.36 • March 2025 $88,676.36 • Commercial and Industrial properties only • 5 D O W N T O W N WA ERLO POWERED by SSMID 3 ARedS OF FOCUS • St �tegy 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 GO LS Short Term Immediate Mid Term 2-5 Years Long Term 5+ Years Increase visual identification of Downtown Waterloo Defining the footprint and connecting the areas within the district Continued revitalization DOWNTOWN WA- ERLO LI 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 for a 1:1 match of the revenue collected with the SSMID .. Rat' DOWNTOWN WA ERLO �j POWERED by SSMID STRaTeGY 1: PROVIDe ResouRCes FOR COORDIlaTeD DOWf1TOWfl WaTeRLOO MaRKeTIf1G Project 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) Short Term Budget Immediate Mid Term Budget Long Term Budget 2-5 Years 5+ DOWNTOWN WATERI2O :: POWERED by SSMID STRaTeGY 2: ImPROVe THe LOfG- TeRm PHYSICAL aPPeaRaflCe OF DOWf1TOWfl WaTeRLOO 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 One fourth of the generated revenue (Approximately $44,338.18) • aT 1 D O W N T O W N WA ER L;. O POWERED by SSMID STRaTeGY 3: PROVIDe ReSOURces FOR SUSTaIfaBLe economic DeveLo menT in DOWf1TOW(1 WaTeRLOO Project SSMID Dollars Earmarked One third of the generated revenue (Approximately $59,117.59) City Match Dollars Earmarked Short Term Budget Mid Term Budget Long Term Budget 2-5 Years 5+ Immediate Most heavily weighted portion of generated revenue (Approximately $123,014.54) DOWNTOWN WA ERLO POWERED by SSMID PeTITIOn • 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 • • - _i • 11 H PROCe D O W N T O W N ERLO POWERED by SSMID PLanninG & zonlno • 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 •• DOWNTOWN WA ERLO 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 • • I H' PRO 'S D O W N T O W N WA ER O 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 WA ERLO 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. • • DOWNTOWN W E POWERED by SSMID Main Street Waterloo 212 E 4th St, Waterloo 319-291-0238 Jessica Rucker, Executive Director director@mainstreetwaterloo.org MAIN STREET •• i • WATERL9O DOWNTOWN 111 WA ERL O POWERED by SSMID Downtown Waterloo SSMID FAQ What is SSMID? SSMID stands for self -supported municipal improvement district. It is a self-imposed financial obligation that eligible property owners within a district can implement to fund improvements within an area. It is a mechanism that was approved through the Iowa State Legislature to help revitalize downtown areas. Why should Downtown Waterloo have a SSMID? In 2019, Main Street Waterloo decided to petition for a SSMID as part of the strategic planning. In general, it helps to diversify the income stream for MSW from being dependent on events. It allows MSW to align with the nationwide purpose of Main Street programming to 1.) Promote the district 2.) Create economic vitality through attracting and retaining business 3.) Support design initiatives that help improve the attractiveness of the district and 4.) Ensure the organization is structured and has the support to carry through on the previous items. Specifically, what type of programs/investments/activities would money be spent on? A short-term plan (12-18-month plan) has been created, allocating 30% to downtown marketing; 40% to be used for aesthetic improvements, including a master tree plan, benches, facade grant program, holiday decor and light poles; and 30% for an economic liaison & business owner support staff role. Several plans and concepts have been outlined for after 18 months; however we know that the ultimate success of this program is dependent on engagement of property owners. How do you determine how the money will be spent? Independent research performed by Midwest Studies Group (company in part owned by the Chuck Rowe, the previous Executive Director of the Boys & Girls Club) found there are three key areas that MSW should focus on: 1.) Provide resources for coordinated Downtown Marketing. This is a strategic marketing program that to measure current perceptions for important audiences and develop marketing programs to improve perceptions and create awareness of the opportunities Downtown offers. This is more than just event marketing; this will also include lifestyle -based marketing to build a strong brand and awareness for Downtown Waterloo. DOWNTOWN WAIERLO POWERED by SSMID 2.) Improve long-term physical appearance of Downtown Waterloo. In the research performed by Midwest Studies Group we heard repeatedly that even though there have been major improvements in downtown over the last 25 years, there is still room to go. MSW can play a part in focusing attention and improving parts of our city that would make it feel safer and more walkable. We can use those resources to invest in improvements and have internal resources that could work with Main Street Iowa to develop and implement plans. 3.) Provide resources for sustainable economic development in Downtown Waterloo. With a team of 1.5 people, it is impossible for the current Main Street Waterloo staff to provide the leadership needed in economic development downtown. We plan to hire one additional staff person to focus on building relationships with property owners and business owners. Their role will be to connect people to resources and help them find solutions. They will also be the individual on Main Street's staff responsible for helping fill vacant buildings and spaces. 4.) A 4th area was added based on a study performed by John Deere: Demonstrate leadership through noteworthy participation in youth and diversity programs. We are lucky enough to have a community full of diversity and youth. As a community agency, it is important for us to model the behaviors of inclusiveness through our programming. How does SSMID get implemented? Property owners will be asked to sign a petition supporting the self -assessment. For the SSMID to get implemented, we need a minimum of 26% of eligible property owners to sign the petition for 26% of the eligible assessed value of the district. As an organization, we feel it is important to get a much larger percentage, so we know the district is truly supportive of the initiative. A property owner is the legally recognized owner for a property. For example, if 3 properties are owned by ABC Corporation and the legally authorized signer for ABC Corporation is Alvin Brown then Alvin can sign on behalf of all three parcels. (This will be recorded as one property owner even though it is three parcels.) If Alvin has another company called AlTown LLC, he will sign for AlTown and that is considered a different property owner. Which properties would contribute to the SSMID? All properties coded in the county property tax records as: commercial, industrial, or multi -residential are included. Residential and Exempt would not be included. (Multi -Residential will only be included DOWNTOWN OEM llama WA. ERLO POWERED by SSMID for one year. Then it will be excluded due to changes in the Iowa State Code.) Questions about how your property is coded, you can contact the Black Hawk County Assessor at 319-833-3006. What would be a property owner' s additional cost? We are requesting $2 per thousand of taxable value. If a property had a taxable value of $100,000 their annual impact would be $200. When would we start paying? First payments would not be made (as a part of the property taxes) until September 2023. It would be paid to the county as part of your regular semi-annual tax assessment. Is the city going to contribute? We are requesting the city match what MSW is collecting from SSMID. We know it is important for all parts of our community to be invested in the success of downtown since it is the heart of our community. We are requesting the city provide a contribution of funds based off of the assessed property values. What is the expected impact to Main Street Waterloo' s Budget? Based on current assumptions, we expect that the district property owners would pay $133,000 and the City of Waterloo would contribute an additional amount, not to exceed $133,000. Does the city council need to approve the SSMID petition before it can be implemented? Yes. The process is that a petition is written, property owners are asked to sign for the parcels, once enough signatures are gathered, it is presented to the city. The city has a process that includes Planning & Zoning review and then approval by City Council. Who will develop and implement plans for expenditures as time goes on? We need .. property owners, business owners and residents to make recommendations for future expenditures. This will happen through a formal SSMID committee that will report to the Main Street Waterloo Board. How long will this program last? This petition will be effective for 5-years. Our expectations are that this program will be generating value for downtown property owners and it will be renewed to continue the investment in Downtown. DOWNTOWN WA ERLO POWERED by SSMID If I don' t sign the petition to support SSMID, will my property still incur the additional charges if it passes? Yes. How was the district determined? It went through several rounds of review and conversation among the Main Street Waterloo Board, as well as other city stakeholders. These factors were used to determine the area: 1.) What do visitors consider included in our downtown area? 2.) Where do we need to be an asset in improving important amenities for guests (employees/residents/visitors) to the downtown? 3.) Where is it important to link elements of our downtown to one another to make our community more walkable, bikeable, and cohesive? What other communities have a SSMID in place? Cedar Falls has had one for many years. Property owners recently renewed their SSMID for another 5-year term after continuing to see the program leveraged to improve the downtown area for all involved. Downtown Iowa City, Spencer, Des Moines, Ford Dodge, Ottumwa, Davenport, Cedar Rapids and more all have SSMID programs. New Businesses in Downtown Waterloo (Net) • 2018 Net 17 New Businesses • 2019 Net 10 New Businesses • 2020 Net 7 New Businesses • 2021 Net 14 New Businesses • 2022 Net 2 New Businesses so far Legend Proposed SSMID Boundary 1 DOWNTOWN WATERLO POWERED by SSMID Initial Proposed SSMID Budget gals 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 Income 1 Year $2.00/$1 000 Mid Term Budget 4 Years Long Term Budget Each Year SSMID Dollars from Property Owners $ 177,352.72 $ - City 1:1 Match $ 177,352.72 $ - TOTALS Strategy 1: Provide resources for coordinated Downtown 1/3 of SSMID Generated Revenue $ 354,705.44 Waterloo Short Term Budget 1 Year $ 59,1 17.57 $ 1,418,821.76 marketing. Mid Term Budget 4 Years $ 236,470.29 $ 354,705.44 Long Term Budget Each Year $ 59,1 17.57 City Match Portion $ 10,000.00 $ 40,000.00 $ 10,000.00 TOTALS Strategy 2: Improve the long-term physical appearance 1/3 of SSMID Generated Revenue $ 69,117.57 of Downtown Short Term Budget 1 Year $ 59,117.57 $ 276,470.29 Waterloo. Mid Term Budget 4 Years $ 236,470.29 $ 69,117.57 Long Term Budget Each Year $ 59,117.57 City Match Portion $ 44,338.18 $ 177,352.72 $ 44,338.18 TOTALS $ 103,455.75 $ 413,823.01 $ 103,455.75 Strategy 3: Provide resources for sustainable economic development Short Term Budget 1 Year in Downtown Waterloo. Mid Term Budget Long Term Budget 4 Years Each Year 1/3 of SSMID Generated Revenue $ 59,117.57 $ 236,470.29 $ 59,117.57 City Match Portion $ 123,014.54 $ 492,058.16 $ 123,014.54 TOTALS Administrative Expenses Legal Fees $ 182,132.11 Short Term Budget 1 Year $ - $ 728,528.45 Mid Term Budget 4 Years $ - $ 182,132.11 Long Term Budget Each Year Bank Fees $ - $ - TOTALS Discretionary Funds Available $ - S 0.00 $ - $ 0.00 $ - • Slag NEM IMO DOWNTOWN ERLO LI POWERED by SSMID SSMID Submission and Approval Timeline Due Dates Notes 2020 Work with Midwest Studies Group to complete a feasibility study Property owners were supportive of the concept and the MSW Board of Directors voted to move forward with petitioning to implement SSMID 2021 Initial work to implement a SSMID for Downtown Waterloo Work was tabled after speaking with property owners. MSW wanted to better understand the development agreements that are in place. MSW also understood that everyone is still in COVID recovery and wanted to delay a year to ensure property owners and business owners were in a better place. 2022 Update District Boundaries Finalized updated boundaries following parcle lines. Submitted to Main Street Iowa as our official Main Street Waterloo Downtown District April 2022 Petition Property Owner Began meeting with property owners to discuss SSMID and asking them to sign the petition in support. Aug/Sept 2022 Meeting with City Council Met with members of City Council to discuss what SSMID and what the ask of the City will be. September 19, 2022 City Council presentation and ask for City Match, Statement of Support, and to sign petition Sept 2022 - Feb 2023 Continue to meet with property owners October 3, 2022 City Council vote on State of Support and to sign petition Oct 2022 - Jan 2024 City budget for match request February 15, 2023 MSW deadline to submit paperwork to the City March 14, 2023 Waterloo Planning & Zoning Commission reports to City Council recomendation of SSMID April 3, 2023 Council action to set date of public hearing April 2023 Notice mailed by certified mail to each property owner of public hearing May 1, 2023 City Council hearing on adoption of ordinance & first reading May 15, 2023 City Council second reading of the ordinance June 5, 2023 City Council third reading and adoption of the ordinance July 1, 2023 SSMID details provided to Black Hawk County to be entered into the system December 31, 2023 SSMID information entered in to Black Hawk County sytem September 2024 Year onelst payment of SSMID and match dollars March 2025 Year one 2nd payment of SSMID and match dollars May 2025 Year one update to City Council September 2025 Year two 1st payment of SSMID and match dollars March 2026 Year two 2nd payment of SSMID and match dollars May 2026 Year two update to City Council September 2026 Year three 1st payment of SSMID and match dollars March 2027 Year three 2nd payment of SSMID and match dollars may 2027 Year three update to City Council September 2027 Year four 1st payment of SSMID and match dollars March 2028 Year four 2nd payment of SSMID and match dollars May 2028 Year four update to City Council May 2028 Begin conversations with property owners and the City for renewal of SSMID September 2028 Year five 1st payment of SSMID and match dollars March 2029 Year five 2nd payment of SSMID and match dollars May 2029 Year five update to City Council MAIN STREET • • • Main Street Waterloo Board of Directors President Zach Hansen _ Vice President Samantha Meier MEMO Past President Blake Hamer Treasurer Daniel Janssen Design Council Brandon Alvarado Economic Vitality Council Michael Huisman Organization Council Purvis Williams Promotions Council Nick Hedrick At Large David Deeds Mark lehl Bailey Moore Ivan Valtchev Brendon Wagner WATERO City of Waterloo 715 Mulberry St. Waterloo, IA 50703 RE: Downtown Waterloo Self -Supporting Municipal Improvement District Dear Mayor Hart and City of Waterloo City Council members, Main Street Waterloo is a non-profit organization focused on the strategic growth and beautification of downtown Waterloo by providing leadership and advocacy for downtown economic development, planning, complete streets, events, marketing, and cultural vitality. The organization is working to implement a Self - Supporting Municipal Improvement District in Downtown Waterloo. The dollars will be used to continue the advancement of our city center and strengthen the downtown district. To help leverage the dollars and accomplish more, Main Street Waterloo is requesting the following: 1. Main Street Waterloo is asking for the City of Waterloo to match funds generated by the Downtown Waterloo SSMID. This dollar amount is in addition to the Professional Service Agreement in place between Main Street Waterloo and the City of Waterloo. 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 Downtown Waterloo 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 SSMID petition for Parcel ID 891326213017 (the Public Market building) in support of SSMID. Thank you for your consideration. Sincerely, Jessica Rucker Executive Director Main Street Waterloo MAIN STREET OWA 212 E 4th St • Waterloo, IA 50703 • 319-291-2018 www.mainstreetwaterloo.org MAIN STREET AMERICA PETITION TO ESTABLISH THE DOWNTOWN WATERLOO SELF -SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT PURSUANT TO CHAPTER 386, CODE OF IOWA (the "Act") We, the undersigned, being owners of property within the self -supported municipal improvement district proposed and hereinafter defined by this petition, hereby petition the City Council of the City of Waterloo, Iowa, pursuant to the provisions of Chapter 386 of the Code of Iowa (the "Act"), as follows: 1. To establish a self -supported municipal improvement district in the City of Waterloo, Iowa, as follows: a. The name of the district shall be the "Downtown Waterloo Self -Supported Municipal Improvement District" (hereinafter referred to as the "Proposed District"), b. The purposes of the Proposed District shall be to assist the City of Waterloo in the orderly redevelopment of the area within the Proposed District and to continue funding Main Street Waterloo. The undertaking of actions, and the design and construction of any and all improvements authorized by the Act and the performance of administration, redevelopment, and revitalization of the Proposed District, as authorized by the Act, any and all of which actions and improvements are intended to benefit the property within the Proposed District, c. All property in the Proposed District shall be described as follows: i. Beginning at the intersection of the centerline of East 3rd Street and the centerline of Walnut Street; thence Southeasterly along the centerline of Walnut Street to the centerline of Lime Street; thence East along the centerline of Lime Street to the centerline of East 4' Street; thence South along the centerline of East 4th Street to the centerline of Walnut Street; thence Southeasterly along the centerline of Walnut Street to the centerline of the Union Pacific Railroad line between 6th Street and 7m Street; thence Southwesterly along the centerline of the Union Pacific Railroad to the centerline of West 7th Street; thence Southwesterly along the centerline of West 7th Street to the centerline of North -bound Washington Street as presently located Northeasterly of Highway 218; thence Northwesterly along the centerline of North -bound Washington Street to the centerline of West 6th Street; thence Southwesterly along the centerline of West 6th Street to the centerline of South -bound Washington Street as presently located Southwesterly of Highway 218; thence Northwesterly along the centerline of South -bound Washington Street to the centerline of West 4th Street; thence Southwesterly along the centerline of West 4th Street to the centerline of South Street; thence Northwesterly along the centerline of South Street to the centerline of West 2nd Street; thence Northeasterly along the centerline of West 2"d Street crossing Highway 218 to the centerline of the Highway 218 off -ramp to Highway 63; thence Northwesterly along the centerline of said off -ramp to the centerline of North -bound Highway 63, also known as — 2022 Petition West 1st Street; thence southwesterly along the centerline of West 1st Street to its intersection with the centerline of West Mullan Avenue; thence Northerly and Northeasterly along the centerline of West Mullan Avenue to the centerline of South -bound Highway 63; thence Southwesterly and Westerly along the centerline of South -bound Highway 63 located between West Mullan Avenue and Sergeant Road to its intersection with a Southerly extension of the Westerly line of Parcel "G" of Plat of Survey recorded as file 2020-00012244 recorded 01/09/2020; thence Northerly along the Southerly extension of said Westerly line of Parcel "G", said Westerly line of Parcel "G", and a Northerly extension of said Westerly line of Parcel "G" to the Northerly line of Tract "B" of Techworks Addition; thence Easterly along the Northerly line of said Tract "B" to the North Westerly line of Tract "E" of Techworks Addition; thence Northeasterly and Northerly along the Northwesterly line of said Tract "E" to the Northerly most point of said Tract "E"; thence Northeasterly to the Southwesterly bank of the Cedar River said line being perpendicular to the Southwesterly bank of the Cedar River; thence Southeasterly along the Southwesterly bank of the Cedar River to its intersection with a Southwesterly extension of the centerline of East 3`d Street; thence Northeasterly along said Southwesterly extension and the centerline of East 3rd Street to the centerline of Walnut Street and the Point of Beginning. Also including Tract "A" of Techworks Addition and that part of Tract "B" of Techworks Addition not included in the above description. 2. To establish an operation and improvement fund with respect to the Proposed District to be known as the "Downtown Waterloo Self -Supported Municipal Improvement District Operation & Improvement Fund" (the "SSMID Fund"), and be authorized to levy an annual tax (the "SSMID Tax") upon the property, as defined in the Act (excluding property assessed as residential property for property tax purposes) within the Proposed District (the "Property") for the purposes of: (a) Provide resources for coordinated Downtown Waterloo marketing, (b) Improve the long-term physical appearance of Downtown Waterloo, (c) Provide resources for sustainable economic development in Downtown Waterloo, with respect to the Proposed District, for a period of 5 years, commencing with the levy of taxes for collection in the fiscal year beginning July 1, 2023, and continuing for 4 additional years. The SSMID Tax shall be levied annually upon the Property at the following rate: a. The rate of tax shall not exceed two dollars ($2.00) per one thousand dollars ($1,000) of taxable value. 3. SSMID Oversight Committee will develop a strategic plan and annual budget. It will be provided for review and approval by the Main Street Waterloo Board of Directors. 4. It is the further intent of this Petition that all taxes levied and collected on behalf of the Proposed District shall be expended for new, additional or enhanced services within the Proposed District, and that the City shall not diminish the type and extent of governmental services described in this Petition with the intention of transferring the cost of providing such services from the City budget to the Operation Fund. 5. It is the further intent of this Petition that, notwithstanding the fact that the Proposed District is located within the boundaries of Tax Increment Finance Districts which have been created by 2022 Petition the City, an amount of funds which would be derived from the annual levy of the SSMID Tax against property within the Proposed District if the Proposed District were not located within such Tax Increment Finance Districts shall be made available annually for the services, improvements and activities set out in this Petition, and that the City should take all actions necessary to accomplish this purpose, including, if necessary, allocation to these services, improvements and activities of a portion of the incremental property taxes which are attributable to properties within the Proposed District, but only to the extent permitted by — applicable law. In furtherance of the foregoing, the undersigned petitioners hereby represent and warrant to the City Council that the creation of the Proposed District and the undertaking of the services, improvements and activities described herein are considered essential to the petitioners' efforts to create new jobs and income in the City of Waterloo and to retain jobs and income in the City that would otherwise be lost. We do hereby certify that we are the owners of properties described below and are shown as owners on the transfer books in the office of the County Auditor. Subject to any ownership limitation set forth, the undersigned have full authority to execute this petition and to commit our property to its terms. Signers on behalf of corporations certify that they hold the corporate office set forth opposite their names and have signed this petition with authorization by the board of directors and full authority to bind and commit the corporation to the terms hereto. Done and signed at Waterloo, Iowa, the dates shown below: Parcel No: 891326283017 2021 Assessed Value: $15,030.00 Address: Waterloo, IA 50703 Estimated SSMID: $27.05 Owner's Name: REMMEK LLC Signed By: Date: Signed By: Date: — 2022 Petition