HomeMy WebLinkAboutSupplemental Attachments - 12/2/2024 City of Waterloo
Finance Committee Preliminary Draft Invoice Report
Finance Committee Accounts Payable Open Invoice Report Total
As of Thursday, November 21 , 24 2,093,449.46
Bank Fees 11 ,002.71
GATSO 38,313.00
UMB 2,131 ,718.59
Thursday Total 4,274,483.76
Ad: BHC Auditor 110,950.00
Add: Health Equity 2,213.60
Add: UMB 1,200.00
4,388,847.36
Housing Authority Assistance EFT's 2,178.66
Housing Authority Assistance EFT's 442,901 .01
Payroll
Bill Payment Total - Monday November 25, 2024 4,833,927.03
City of Waterloo
Finance Committee Preliminary Draft Invoice Report
Finance Committee Accounts Payable Open Invoice Report Total
As of Wednesday, November 25 , 24 2,484,014.67
Add: Wellmark 187,416.80
Add: Health Equity 4,849.05
2,676,280.52
Housing Authority Assistance EFT's 4,948.00
Housing Authority Assistance EFT's
Payroll 2,142,415.76
Bill Payment Total - Monday December ,02 2024 4,823,644.28
PIA66 C , .(A4- — / h(a J S A
DEVELOPMENT, LLC.
Monday, December 2, 2024
City Council
City of Waterloo, Iowa
715 Mulberry St
Waterloo, IA 50703
Council Members:
Please consider this our Company's objection to the issuance of$10.5 million of general obligation Urban
Renewal Bonds on tonight City Council agenda (Public Hearings number 3). We do not object to the project to
relocate City Hall and the City Hall Annex to 100 E Park Avenue in principle. Our objection is to be placing the
entire financial burden for this project on Downtown Waterloo real estate taxpayers. This project, if no other,
certainly benefits the entire City and therefore should be funded through bonds supported by the general
debt service levy.
The issuance of these bonds does not provide significant enough new tax revenue to the TIF district to justify
the expenditure from limited TIF funds. The $6.2 million development grant, in exchange for$6.6 million of
taxable value, exceeds the terms of any previous Downtown development grant by at least 3.5 times.
Previous comparable agreements would likely have only produced a development grant of no more than $1.7
million for this $6.6 million in taxable value. The $4.3 million to remodel 100 E 4th Street for the City's use
does not produce incremental benefit to the TIF as the property will not be taxable and relocating a workforce
three blocks provides inconsequential incremental benefit to adjoining properties.
There are several unfunded opportunities for improving Downtown Waterloo for which these resources are
needed. These include:
1) Landmark properties—There is currently over 310,000 square feet of space located in four largely
vacant properties (Black's, River Plaza, US Bank, Bergan KDV) that are not already under a
development agreement. Each of these projects will take substantial TIF participation to
successfully happen. These projects together are on par with the Crossroads redevelopment
project and therefore we should expect similar levels, or more, of incentive will be necessary.
2) One-way Conversion —The conversion of 5th and 6th Streets will provide substantial benefit to
Downtown and increase valuation and marketability for properties located in the corridor. This
project has been discussed for nearly a decade. While a study has been done, paid for with
Downtown TIF, and funding applications have been made to the Federal government, this project
remains unfunded. Given the upcoming changes in Washington DC, resources from outside
become increasingly unlikely.
3) Street Scaping—There is no plan for improvements to the streetscape in the historic core of
Downtown between West and East 3rd Street and the Iowa Northern tracks. The only street scape
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JSA DEVELOPMENT•215 EAST 4TH STREET, WATERLOO, IOWA 50703 • (319) 233-3147
•
JS A
DEVELOPMENT. LLC.
improvements made on the cross streets (Mulberry, Lafayette, Sycamore, Cedar, Commercial and
Jefferson) to date have happened largely because of JSA Development driving the process and
largely at our cost. We have made multiple requests to have the City of Waterloo lead the effort by
developing a tree plan for Downtown. These requests have fallen on deaf ears.
4) Main Street Waterloo—Main Street Waterloo is the only unifying champion for Downtown
Waterloo. While providing significant benefit to both Downtown and the City, the organization
remains chronically underfunded and limited in its potential because of the constant struggle to
raise funds from the very people and businesses who are paying taxes into the Downtown TIF.
We are not opposed to the City Hall relocation project; we are opposed to funding it only with Downtown
Waterloo TIF dollars. To fund this way would be like saying that Downtown TIF should be the source of funds
to purchase City vehicles because the vehicles are parked Downtown.
I look forward to and would welcome your feedback on why this funding sources makes sense for the
Downtown TIF. If you have any questions, please reach out to me via email at ddeeds@jsadevelopment.com
Sincerely,
7,)1ra
David Deeds
President
C: Mayor Quentin Hart
Jessica Rucker, Main Street Waterloo
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JSA DEVELOPMENT• 215 EAST 4TH STREET, WATERLOO, IOWA 50703 • (319) 233-3147