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NOEL ANDERSON
Subject: RE:Agenda
My notes had the general consensus of Council ok with that amount.
Notes
- The Church is requesting the$250,000 amount as it is to pay back their SBA Loan amount from the 2008 flood
event. They have been unable to fully recover from thew flood event, and properly utilize the building, which is a
main reason why they are asking for us to acquire.
- They are also working to potentially co-locate with another church in Waterloo, to help membership and use of a
church building for both parties and for the good of the community
- The site is located within the Rath area and is zoned M-2 Industrial District. The City has a lot of good
redevelopment of lots in this area for bringing employment back to the former Rath Packing Plant area.
- The 18'h Street Bridge and the 11th Street Bridge both received RISE funding from the Strate of Iowa for
reconstruction. RISE funding is specific to job creatin and helping companies expand and locate in commercial
and industrial areas of a city. So this acquisition works in concert with those former actions and investments.
- I have attached a spreadsheet showing past investment on smaller lots in this general area from 6'h to 18'h Street
on both sides of the Cedar River. Based on that sheet:
o The Church building would be demolished. Estimated cost$60,000 to 80,000.
o The Church sits upon 4.5 lots in total.
o Assuming four new single lot commercial buildings, or a combination of a double-lot building(s) and single
lot building(s) (range from attachment at$203,000 to $347,780 for newer ones) would be $812,000 to
$1.26 million in new private taxable value.
o The Church lots—there are 4.5 lots. There is a building on site, but it would be demolished. But does
have a current value of$69,720. At$250,000 minus building, that would put a value on each lot at
$40,062. If the City were to acquire smaller lots through 657A, it is about$300 to $500 in costs. Plus
demo is about$20,000 for smaller homes and $25,000 to$30,000 for larger homes (depending upon
asbestos). But we do not usually get lots in this great of a location, across from Crystal and their recent
expansions, good visibility from 18'h Street for small business access as well across river to Highway
218. Plus the lots bundled together give a better chance for larger development and job creation.
This action would put all lots to be acquired on the tax rolls after development. A standard Development Agreement for
area would be to sell land for$1.00, for a building to be constructed, and they would most likely utilize the CURA for tax
abatements, or 5 years at 50% tax rebates. .
This redevelopment could help sell other city lots in area in near future.
Thanks,
Noel
Noel Anderson
Community Planning &Development Director
City of Waterloo Community Planning &Development Department
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
Phone: 319.291.4366
Fax: 319.291.4262
1
Cell: 319.290.6357
Email: noel.anderson(a�waterloo-ia.orq
City website: www.cityofwaterlooiowa.com
Brown fields website: www.thenewwaterloo.com
"Can't fail is arrogance. Won't fail is confidence."—Lord John Roxton
2
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