HomeMy WebLinkAboutMemo Taxing Entities Consultation on Downtown Urban Renewal Plan Project Amendment 2023CITY OF
WATERLOO
Planning & Zoning
Memorandum
715 Mulberry St, Waterloo, IA 50703 9
Phone: (319) 291-4366 �.
CITYOFWATERLOOIOWA.COM
TO: Linda Laylin, Chairperson, Black Hawk County Board of Supervisors
Dr. Jared Smith, Superintendent, Waterloo Community Schools
FROM: Noel Anderson, Community Planning & Development Director
DATE: October 23, 2023
RE: Downtown Waterloo Riverfront Urban Renewal and Redevelopment Plan Project
Amendment (2023).
Pursuant to Iowa Code Chapter 403.5, please find a copy of the Downtown Waterloo
Riverfront Urban Renewal and Redevelopment Plan Project Amendment (2023). A
consultation to discuss this proposal will be held on November 3, 2023 at 1:30 p.m. in
the Mollenhoff Conference Room located on the second floor of City Hall, 715 Mulberry
Street. Staff is proposing to amend the Plan to include additional urban renewal projects
and to update related financial summaries of bonding capacity, and project expenses.
Please find attached a copy of the proposed amendment.
If you should have any questions, please do not hesitate to contact our office at
319.291.4366.
cc: TJ Koenigsfeld, Black Hawk County Assessor
Tim Jamison, Black Hawk County Auditor's Office
Prepared by Aric Schroeder, City of Waterloo, 715 Mulberry Street, Waterloo, IA, 50703 319-291-4366
Return to preparer after recording.
AMENDMENT TO
DOWNTOWN WATERLOO RIVERFRONT URBAN RENEWAL AND REDEVELOPMENT
PLAN
RECITALS
A. Whereas on December 23, 1974, the City Council of the City of Waterloo, Iowa
(the "City") adopted Ordinance No. 2723 which was amended by Resolution No.
1996-804, adopted December 16, 1996, amended by resolution 2001-394, adopted
on August 6, 2001, amended by Resolution No. 2003-225, adopted on April 7,
2003, amended by Resolution No. 2011-1109, adopted December 5, 2011,
amended by Resolution No. 2014-966, adopted November 10, 2014, amended by
Resolution No. 2015-632, adopted August 10, 2015, and amended by Resolution
No. 2017-772, adopted September 18, 2017, determining that certain areas
located within the City are eligible and should be designated as an urban renewal
area under Iowa law, and approved and adopted the Downtown Waterloo
Riverfront Urban Renewal and Redevelopment Plan of the City of Waterloo Iowa
(the "Plan").
B. The City desires to amend the Plan again to include new urban renewal projects
and to update related information in the Plan.
AMENDMENT
NOW THEREFORE, the Downtown Waterloo Riverfront Urban Renewal and
Redevelopment Plan, as previously amended, is hereby further amended as follows:
1. Attachments C and D to the Plan are hereby stricken in their entirety, and the
new Attachments C and D which are attached hereto are substituted in their place so that the
Plan shows current information about bonding capacity and project budgets.
2. The attachments listed below, each of which is attached hereto, are included in
this amendment to show compliance with procedural requirements under state law for adoption
of this amendment, but do not replace or supersede similar attachments to the original Plan or
any amendment thereto adopted prior to this amendment:
Attachment H (notice of consultation)
Attachment I (resolution adopting this amendment)
Attachment K (published notice of public hearing)
Attachment L (posted notice of public hearing)
3. Except as modified by this amendment, the Plan, as previously amended, shall
continue unmodified in full force and effect.
PASSED AND APPROVED this 20th day of November
ATTEST:
2�eCCey FeCchte <<
Kelley Felchle, City Clerk
2
Queniin
, 2023.
Quentin Hart, Mayor
Attachment C
City of Waterloo
Black Hawk County, Iowa
Study of Bonding Capacity as of January 1, 2022
January 1, 2022 Actual Gross Assessed Valuation $4,413,275,637
Legal Bonding Rate 5%
Legal Bonding Limit $ 203,580,256
Less Outstanding G.O. & Other Debt ($ 128,517,458)
Unused Gross bonding Capacity $ 75,062,798
63.13% of legal limit
ATTACHMENT D
DOWNTOWN URBAN RENEWAL AND REDEVELOPMENT AREA PROJECT AMENDMENT 2023
Project Proposals
Proposed Budgets Changes
Cedar River Upper Plaza Mall
Acquisition
City Property
Site Improvements
Construction
Landscaping & Public Art
Architectural Fees
Engineering Fees
Construction Administration
Total
$1,501,620
$48,380
$1,800,000
$12,400,000
$200,000
$1,300,000
$700,000
$400,000
$18,350,000
Downtown Pedestrian Riverwalk Loop Project
Levee Construction
$650,000
River edge/Wall Construction
$4,900,000
Bridge Connections
$17,000
Total
$5,567,000
Wellness and Sports Complex Project
Acquisition
$2,000,000
City Property
$250,000
Site Improvements
$3,000,000
Construction
$17,500,000
Landscaping & Public Art
$150,000
Architectural Fees
$2,600,000
Engineering Fees
$1,500,000
Construction Administration
$1,200,000
Total
$28,200,000
Techworks Campus Redevelopment/Hotel
Construction, Site Improvements and
$77,739,038
Acquisition/Platting
$5,000,000
Streetscape Improvements
Total
$82,739,038
Downtown Parking and Cedar Valley Trolley System
Depot District Stop
$10,000
Commercial Avenue South Stop
$10,000
Agritrade and Expo Stop
$10,000
Commercial Avenue North Stop
$10,000
Mullan Avenue East Stop
$10,000
City Transit Center Stop
$10,000
Equipment
Purchase Eight Trolley Cars
$1,600,000
Total
$1,660,000
Public Improvements
Wayfinding & Signage
$160,000
Commercial Street Reconstruction
$782,500
New Street Construction
$1,100,000
Streetscaping/Lighting
$4,440,000
Planning
$72,798
Skywalks
$2,000,000
Total
$8,555,298
Construction - Riverfront Renissance
Phase I
$3,500,000
Phase II
$3,500,000
Phase III
$3,500,000
Phase IV
$3,500,000
Phase V
$3,500,000
Phase VI
$3,500,000
Phase VII
$3,500,000
Phase VIII
$3,500,000
Phase IX
$3,500,000
Site Assembly
$4,000,000
Site Improvements
$2,000,000
UNICUE Downtown Center
$1,300,000
Parking
$300,000
Plaza
$300,000
Retail
$1,200,000
Total
$40,600,000
Downtown Gateway District
Acquisition
$3,000,000
Infill Redevelopment
$6,000,000
Total
$9,000,000
Cedar River Dam
Construction
$3,500,000
Engineering & Construction & Administration
$500,000
Total
$4,000,000
Grout Museum
Architectural & Engineering
$361,718
Construction
$5,995,870
Exhibits
$2,638,993
Total
$8,996,581
$4,000,000
$81,739,038
$3,440,000
11)
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14)
15)
16)
17)
18)
19)
20)
21)
22)
23)
24)
25)
26)
27)
28)
29)
ElizabethBlake, LLC (2005 Westfield, American Pattern)
Grant
Rebates
Total
$221,350
$500,000
$721,350
Endeavors, Ltd (former Johnstone Supply, 321 W 6th St)
Acquisition
$470,000
Demo
$600,000
Rebates
$200,000
Total
$1,270,000
Bread to Beer, LLC (Singlespeed, former Wonderbread,
Acquisition
$400,000
325 Commercial)
Abatement/environmental
$10,000
Grant
$160,000
Additional expenses
$550,000
Rebates
$940,699
Total
$2,060,699
Dolly James 2, LLC; Hi Yield, LLC
Acquisition
$1,040,000
(820-920 Sycamore apartments- six buildings)
Demo
$330,000
Rebates
$809,000
Total
$2,179,000
Convention Center/Plaza/Veterans Way - City
Bonds
$27,000,000
(200 W 4th)
Enginering/Architect Fees
$1,000,000
Including Skywalks and parking ramps
Total
$28,000,000
Hotel, 205 W 4th (Makenda LLC)
Bonds/TIF Rebates
$5,000,000
Hotel/Motel
$1,500,000
ED Grant
$450,000
Total
$6,950,000
Grand Investments, LLC
Acquisition
$800,000
(Grand Crossing Phase I - 45 W Jefferson)
Demo
$400,000
Rebates
$1,900,000
Total
$3,100,000
Dolly James 2,LLC; Hi Yield, LLC
Acquisition
$120,000
(6COMM, NE corner of 6th & Commercial)
Demo
$80,000
Rebates
$1,300,000
Total
$1,500,000
Commercial & Jefferson Streetscape 2019
Design & Construction
$1,400,000
Total
$1,400,000
Verve Kombucha, 327 W 3rd St
Fire Sprinkler System
$68,765
Rebates
$200,000
Construction (remodel/insulation)
$600,000
Total
$868,765
Cedar Valley Real Estate (300 Commercial Street)
Grant
$300,000
Rebates
$300,000
Total
$600,000
Crystal Distribution Acquisition, 70-90 Sycamore St
Property Acquisition
$650,000
Demo
$450,000
Total
$1,100,000
Legal Fees, Consulting Fees, maps, marketing,
materials, and related expenses
Misc. Fees
$700,000
Total
$700,000
Property Acquisition
Property Acquisition
$16,000,000
Total
$16,000,000
LSBX
Grant
$550,000
Rebates
$2,200,000
Total
$2,750,000
IRD
Bond
$3,000,000
Total
$3,000,000
Art Bloc
Land Grant
$100,000
Rebates
$1,700,000
Total
$1,800,000
WCA Parking Lot
Construction
$3,500,000
Total
$3,500,000
Econo Lodge
Grant
$35,000
Rebates
$800,000
Acquisition
$1,200,000
Demo
$1,000,000
Construction
$1,500,000
Total
$4,535,000
$0
$268,765
$250,000
$900,000
$11,000,000
$11,000,000
$2,500,000
$2,500,000
30)
31)
32)
33)
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42)
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2)
3)
4)
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10)
Former Courier Building
Acquisition Grants
$545,000
$0
$300,000
$2,856,000
$3,701,000
Demo
Construction
Rebates
Total
Westfield Lot Development
Sewer
$230,000
Environmental
$10,000
Total
$240,000
Marina
Acquisition
$100,000
Grant
$550,000
Construction
$3,000,000
Rebates
$1,300,000
Total
$4,950,000
Tech Works Campus Redevelopment/Outlots (Hard
Infrastructure
$4,000,000
Court Project)
Grant
$2,800,000
Rebates
$2,000,000
Planning/Engineering
$300,000
Total
$9,100,000
Grand Crossing III
Acquisition
$0
Rebates
$2,500,000
Total
$2,500,000
Midwest Pattern 84-180 W 11th St
Acquisition
$1,000,000
Demolition
$40,000
Total
$1,040,000
Demolitions (various, such as: 100-114 E 10th St, 105 E
Demolition
$3,500,000
11th St, 100 E 9th St, 105 E 10th St, 1100 Sycamore St, 817
Bluff St, 321 W 6th St, 70-90 Sycamore St
Total
$3,500,000
JSA 704-706 Jefferson St
Grant
$230,000
Rebates
$248,000
Construction
$3,000,000
Total
$3,478,000
Cedar River Whitewater Course
Local Funds
$7,200,000
Grant
$5,600,000
Design/Engineering
$1,200,000
Total
$14,000,000
Bridge Lighting
Local Funds
$2,000,000
Design/Engineering
$600,000
Grant/Other Funds
$2,200,000
Total
$4,800,000
HAA LLC, 319 Jefferson St
Grant
$150,000
Rebates
$114,000
Total
$264,000
JSA Development, 716 Commercial St
Grant
$120,000
Rebates
$124,000
Total
$244,000
$0
Total
$0
Sub Total
$337,519,731
Tax Rebate Projects
Fischels Holdings, LLC (1118 Jefferson St)
$50,000
Court Square Building CO (620 Lafayette)
$10,000
Hotel President Partners LP (500 Sycamore)
$200,000
3 Stooges, LLC (1116-1118 Commercial)
$41,220
Grand Crossing II (21 W Jefferson)
$1,100,000
Park Avenue Lofts, LLC (Masonic Temple, 325 E Park)
$125,000
Upper Plaza (335 Cedar Street)
$1,400,000
JSA Master Development Agreement
$1,000,000
Sub Total Tax Rebates
$3,926,220
TOTAL
$341,445,951
$950,000
$1,000,000
$800,000
$3,050,000
$2,000,000
$3,950,000
$2,400,000
$1,000,000
$100,000
$5,500,000
$200,000
$1,500,000
$1,700,000
$1,500,000
$1,500,000
$0
$0
$0
$0
$0
$0
$320,160,731
$324,086,951