HomeMy WebLinkAboutWaterloo Crossroads Waterloo Urban Renewal and Redevelopent Plan Project Amendment 2024 11.18.24Prepared by Aric Schroeder, City of Waterloo, 715 Mulberry Street, Waterloo, IA, 50703 319-291-4366
Return to preparer after recording.
AMENDMENT TO
CROSSROADS WATERLOO URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On November 17, 2014, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 5253 and on November 10, 2014 adopted Resolution No.
2014-965, and amended by Resolution No. 2019-516, adopted July 8, 2019,
amended by Resolution No. 2019-517, adopted July 8, 2019, and amended by
Resolution No. 2020-521, adopted July 17, 2020, 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 amended and restated
Crossroads Waterloo 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 Crossroads Waterloo 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 published)
Attachment L (notice of public hearing posted)
3. Except as modified by this amendment, the Plan, as previously amended, shall
continue unmodified in full force and effect.
PASSED AND APPROVED this 18 day of November 2024.
ATTEST:
Kelley Felchle
DIGITALLY
SIGNED
Kelley Felchle, City Clerk
2
Quen-6in art
i SIGNED
Quentin Hart, Mayor
Attachment C
City of Waterloo
Black Hawk County, Iowa
Study of Bonding Capacity as of January 1, 2023
January 1, 2023 Actual Gross Assessed Valuation $5,379,355,874
Legal Bonding Rate 5%
Legal Bonding Limit $ 268,967,794
Less Outstanding G.O. & Other Debt ($ 136,127,751)
Unused Gross bonding Capacity $ 132,840,043
50.61 % of legal limit
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14)
Project Proposals
ATTACHMENT D
Crossroads Project Amendment (2024)
Proposed Budgets
Future or Anticipated Acquisition
Acquisition
$20,000,000
Future or Anticipated Demolition
Demolition
$8,000,000
Site Improvements, Platting
Site Improvements, Platting
$3,000,000
Sanitary Sewer, Water, Road, Bridge, RISE
Utility/ Infrastructure expansion
$14,000,000
Legal Fees, Consulting fees, and related expenses
associated with administration and operation of the
General Administrative Fees
$800,000
Urban Renewal Area
Total
$800,000
Miscellaneous (certification, environmental)
Misc. Expenses
$300,000
Total
$300,000
Road expansion south of Crossroads Blvd
Construction
$6,000,000
Architectural & Engineering Fees
$250,000
Construction Administration
$150,000
Total
$6,400,000
LaPorte Road
Acquisition
$5,000,000
Construction
$24,000,000
Engineering Fees
$2,500,000
Construction Administration
$2,500,000
Total
$34,000,000
Evaluation of Traffic Patterns throughout area
Construction
$1,200,000
Traffic Study
$400,000
Right-of-way acquisition
$100,000
Total
$1,700,000
Construction of Isle of Capri Blvd to Hess Road
Construction
$1,200,000
Engineering Fees
$120,000
Construction Administration
$60,000
Total
$1,380,000
Flood Plain Mapping
Engineering Fees
$600,000
Total
$600,000
_
Acquisition of Right-of-way from State of Iowa
Acquisition
$3,000,000
Total
$3,000,000
Redevelopment of Crossroads Mall
Design/Planning
$1,000,000
Demolition
$10,000,000
Grants/Acquisitions
$12,000,000
Rebates
$6,000,000
Infrastructre
$15,000,000
Total
$44,000,000
Grant Park, LLC (former Long John Silver's)
Land Value
$220,000
Rebates
$250,000
Infrastructre
$80,000
Total
$550,000
Sub Total
$137,730,000
Changes
$14,000,000
$4,000,000
$1,000,000
$2,000,000
$1,000,000
$30,000,000
$300,000
$3,000,000
$10,000,000
$0
$19,300,000
$0
$0
$0
$0
$84,480,000
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Tax Rebate Projects
Crossing Point Tax Rebates
$1,279,215
Fairfield Inn Tax Rebates
$422,344
Car Wash
$500,000
DUPACO
$35,000
Grant Park LLC (2775 Crossroads Blvd)
$500,000
Club Car Wash (1009 E San Marnan Dr)
$16,000
Sub Total Tax Rebates
$2,752,559
TOTAL
$140,482,559
$87,232,559