HomeMy WebLinkAboutMemo Taxing Entities Consultation on Schoitz 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: Schoitz Urban Renewal and Redevelopment Plan Project Amendment (2023).
Pursuant to Iowa Code Chapter 403.5, please find a copy of the Schoitz Urban Renewal
and Redevelopment Plan Project Amendment (2023). A consultation to discuss this
proposal will be held on November 3, 2023 at 1:42 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
SCHOITZ URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On September 20, 2021, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 5617 and Resolution No. 2021-623, 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 Schoitz Urban
Renewal and Redevelopment Plan of the City of Waterloo Iowa (the "Plan").
B. The City desires to amend the Plan to include new urban renewal projects and to
update related information in the Plan.
AMENDMENT
NOW THEREFORE, the Schoitz Urban Renewal and Redevelopment Plan, as
previously amended and restated, 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 (notice of public hearing)
3. Except as modified by this amendment, the Plan shall continue unmodified in full
force and effect.
November
PASSED AND APPROVED this 20th day of , 2023.
Qaet /,n l LGi °sicxio
Quentin Hart, Mayor
ATTEST:
2leffey FefchCe
Kelley Felchle, City Clerk
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
Schoitz Urban Renewal and Redevelopment Plan Project Amendment 2023
Acquisition, demolition, and redevelopment of former Schoitz Hospital
EXPENSES
Acquisition
$2,000,000
Engineering Fees, Platting
$200,000
Demolition activities
$2,000,000
TOTAL
$4,200,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$2,200,000
Private/State Tax Credits
$2,000,000
TOTAL
$4,200,000
Road Improvements
EXPENSES
Acquisition
$600,0000
Construction
$2,000,000900,000
Engineering Fees
$200,000100,000,
Construction Administration
$200,000100,000
TOTAL
$37000,0001,100,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$2,600,000900,000
Federal (MPO), State (RISE), and similar sources
$'100,000200,000
TOTAL
$3,0004001,100,000
Sale and Conveyance, platting, infrastructure to lots
EXPENSES
Appraisal, survey, platting
$200,000
Infrastructure extension
$1,600,000
Engineering, construction administration
$200,000
TOTAL
$2,000,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$1,000,000
Private
1,000,000
TOTAL
$2,000,000
TOTAL EXPENSES
Acquisition, demolition, and redevelopment of the former Schoitz Hospital
$4,200,000
Road Improvements
$3,000,0001,100,000
Sale and Conveyance, platting, infrastructure to lots
$2,000,000
Tax Rebates (master agreemem
$1,215,430
TOTAL
P,2-00,0008,515,430
Cost type breakdown:
Public Improvements
$3,600,0001,000,000
Private Investment/Improvements/Demolition
$2,200,0006,300,000
Architectural, Engineering, Study, Construction Administration
$800,000
and
Acquisition&
$2,600,000
Tax Rebates
$1,215,430
TOTAL
$9T2-00,0008,515,430
TOTAL FUNDING
City (Local Option, G.O. Bonds, TIF)
$5,800,0004,100,000
Private
$3,000,000
Federal (MPO), State (RISE), and similar sources
$400,000200,000
Tax Rebates
$1,215,430
TOTAL
$9T2-00,0008,515,430