HomeMy WebLinkAboutMemo Taxing Entities Consultation on University Urban Renewal Plan Project Amendment 2023 (1)CITY OF
�� �� WATERLOO 715 Mulberry St, Waterloo, IA 50703 9
Planning & Zoning Phone: (319) 291-4366 ".
CITYOFWATERLOOIOWA.COM 9F,
Memorandum
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: University Avenue Area Urban Renewal and Redevelopment Plan Project Amendment
(2023).
Pursuant to Iowa Code Chapter 403.5, please find a copy of the University Avenue Area
Urban Renewal and Redevelopment Plan Project Amendment (2023). A consultation to
discuss this proposal will be held on November 3, 2023 at 1:44 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
UNIVERSITY AVENUE AREA URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On March 1, 2021, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 5588 and Resolution No. 2021-125, 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 University
Avenue Area 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 University Avenue Area 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 loth day of , 2023.
Quenil/Z l L 61CGN
Quentin Hart, Mayor
ATTEST:
2�eCCey FeCchte
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
University Avenue Area Urban Renewal and Redevelopment Plan Project Amendment 2023
Acquisition of vacant buildings, underutilized buildings, and sites for redevelopment
EXPENSES
Acquisition
$5,000,000
Engineering Fees, Platting
$200,000
Demolition activities
$2,500,000
TOTAL
$7,700,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$6,500,000
Private
$1,200,000
TOTAL
$7,700,000
Road
EXPENSES
Acquisition
$300,000
Construction
$2,500,000
Engineering Fees
$,300,000
Construction Administration
$300,000
TOTAL
$3,400,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$2,000,0003,000,000
Federal (MPO), State (RISE), and similar sources
$474-097000400,000
TOTAL
$3,400,000
Sale and Conveyance, platting, infrastructure to lots
EXPENSES
Appraisal, survey, platting
$400,000
Infrastructure extension
$1,200,000
Engineering, construction administration
$400,000
TOTAL
$2,000,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$2,000,000
TOTAL
$2,000,000
Potential flood plain mapping
EXPENSES
Engineering fees
$400,000
TOTAL
$400,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$400,000
TOTAL
$400,000
Acquisition of right-of-way from State of Iowa
EXPENSES
Acquisition
TOTAL
$200,000
$200,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$200,000
TOTAL
$200,000
TAX REBATE PROJECTS
Papa John site, 1608 University Ave
$244,800
3 Stooges, Falls Ave at Edison site
$55,000
Highland Enterprises, 4000 University Ave
$640,000
TOTAL
$939,800
TOTAL EXPENSES
Acquisition of vacant buildings, underutilized buildings, and sites for redevelopment
$7,700,000
Road Improvements
$3,400,000
Sale and Conveyance, platting, infrastructure to lots
$2,000,000
Potential flood plain mapping
$400,000
Acquisition of right-of-way from State of Iowa
$200,000
Tax Rebates
$939,800
TOTAL
$1300,00014,639,800
Cost type breakdown:
Public Improvements
$6,200,000
Architectural, Engineering, Study, and Construction Administration
$2,000,000
Acquisitions
$5,500,000
Tax Rebates
$939,800
TOTAL
$T300014,639,800
TOTAL FUNDING
City (Local Option, G.O. Bonds, TIF)
$11,100,00013,039,800
Private
$1,200,000
Federal (MPO), State (RISE), and similar sources
$400,000
TOTAL
$00014,639,800