HomeMy WebLinkAboutWaterloo Downtown Urban Renewal 2024 Project Amendment 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
DOWNTOWN WATERLOO RIVERFRONT URBAN RENEWAL AND REDEVELOPMENT
PLAN
RECITALS
A. Whereas on December 23, 1974, the City Council of the City of Waterloo, Iowa
(the "City") adopted Ordinance No. 2723 which was amended by Resolution No.
1996-804, adopted December 16, 1996, amended by resolution 2001-394, adopted
on August 6, 2001, amended by Resolution No. 2003-225, adopted on April 7,
2003, amended by Resolution No. 2011-1109, adopted December 5, 2011,
amended by Resolution No. 2014-966, adopted November 10, 2014, amended by
Resolution No. 2015-632, adopted August 10, 2015, and amended by Resolution
No. 2017-772, adopted September 18, 2017, 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 Downtown Waterloo
Riverfront Urban Renewal and Redevelopment Plan of the City of Waterloo Iowa
(the "Plan").
B. The City desires to amend the Plan again to include new urban renewal projects
and to update related information in the Plan.
AMENDMENT
NOW THEREFORE, the Downtown Waterloo Riverfront Urban Renewal and
Redevelopment Plan, as previously amended, 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 (published notice of public hearing)
Attachment L (posted notice of public hearing)
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
ATTEST:
Kelley Felch(e
DIG) 'ALLY
SIGNED
Kelley Felchle, City Clerk
2
62cuert-an
Quentin Hart, Mayor
, 2024.
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
ATTACHMENT D
DOWNTOWN URBAN RENEWAL AND REDEVELOPMENT AREA PROJECT AMENDMENT 2024
Project Proposals
Proposed Budgets Changes
Cedar River Upper Plaza Mall
Acquisition
City Property
Site Improvements
Construction
Landscaping & Public Art
Architectural Fees
Engineering Fees
Construction Administration
Total
$1,501,620
$48,380
$1,800,000
$12,400,000
$200,000
$1,300,000
$700,000
$400,000
$18,350,000
Downtown Pedestrian Riverwalk Loop Project
Levee Construction
$650,000
River edge/Wall Construction
$4,900,000
Bridge Connections
$17,000
Total
$5,567,000
Wellness and Sports Complex Project
Acquisition
$2,000,000
City Property
$250,000
Site Improvements
$3,000,000
Construction
$17,500,000
Landscaping & Public Art
$150,000
Architectural Fees
$2,600,000
Engineering Fees
$1,500,000
Construction Administration
$1,200,000
Total
$28,200,000
Techworks Campus Redevelopment/Hotel
Construction, Site Improvements and
$77,739,038
Acquisition/Platting
$5,000,000
Streetscape Improvements
Total
$82,739,038
Downtown Parking and Cedar Valley Trolley System
Depot District Stop
$10,000
Commercial Avenue South Stop
$10,000
Agritrade and Expo Stop
$10,000
Commercial Avenue North Stop
$10,000
Mullan Avenue East Stop
$10,000
City Transit Center Stop
$10,000
Equipment
Purchase Eight Trolley Cars
$1,600,000
Total
$1,660,000
Public Improvements
Wayfinding & Signage
$160,000
Commercial Street Reconstruction
$782,500
New Street Construction/Bridges
$4,000,000
Streetscaping/Lighting
$4,440,000
Planning
$72,798
Skywalks
$2,000,000
Total
$11,455,298
Construction - Riverfront Renissance
Phase I
$3,500,000
Phase II
$3,500,000
Phase III
$3,500,000
Phase IV
$3,500,000
Phase V
$3,500,000
Phase VI
$3,500,000
Phase VII
$3,500,000
Phase VIII
$3,500,000
Phase IX
$3,500,000
Site Assembly
$4,000,000
Site Improvements
$2,000,000
UNICUE Downtown Center
$1,300,000
Parking
$300,000
Plaza
$300,000
Retail
$1,200,000
Total
$40,600,000
Downtown Gateway District
Acquisition
$3,000,000
Infill Redevelopment
$6,000,000
Total
$9,000,000
Cedar River Dam
Construction
$3,500,000
Engineering & Construction & Administration
$500,000
Total
$4,000,000
Grout Museum
Architectural & Engineering
$361,718
Construction
$5,995,870
Exhibits
$2,638,993
Total
$8,996,581
$1,100,000
$8,555,298
11)
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13)
14)
15)
16)
17)
18)
19)
20)
21)
22)
23)
24)
25)
26)
27)
28)
29)
ElizabethBlake, LLC (2005 Westfield, American Pattern)
Grant
Rebates
Total
$221,350
$500,000
$721,350
Endeavors, Ltd (former Johnstone Supply, 321 W 6th St)
Acquisition
$470,000
Demo
$600,000
Rebates
$200,000
Total
$1,270,000
Bread to Beer, LLC (Singlespeed, former Wonderbread,
Acquisition
$400,000
325 Commercial)
Abatement/environmental
$10,000
Grant
$160,000
Additional expenses
$550,000
Rebates
$940,699
Total
$2,060,699
Dolly James 2, LLC; Hi Yield, LLC
Acquisition
$1,040,000
(820-920 Sycamore apartments- six buildings)
Demo
$330,000
Rebates
$809,000
Total
$2,179,000
Convention Center/Plaza/Veterans Way - City
Bonds
$27,000,000
(200 W 4th)
Enginering/Architect Fees
$1,000,000
Including Skywalks and parking ramps
Total
$28,000,000
Hotel, 205 W 4th (Makenda LLC)
Bonds/TIF Rebates
$5,000,000
Hotel/Motel
$1,500,000
ED Grant
$450,000
Total
$6,950,000
Grand Investments, LLC
Acquisition
$800,000
(Grand Crossing Phase I - 45 W Jefferson)
Demo
$400,000
Rebates
$1,900,000
Total
$3,100,000
Dolly James 2,LLC; Hi Yield, LLC
Acquisition
$120,000
(6COMM, NE corner of 6th & Commercial)
Demo
$80,000
Rebates
$1,300,000
Total
$1,500,000
Commercial & Jefferson Streetscape 2019
Design & Construction
$1,400,000
Total
$1,400,000
Verve/Public Market, 327 W 3rd St
Fire Sprinkler System
$68,765
Rebates
$200,000
Construction (remodel/insulation)
$600,000
Total
$868,765
Cedar Valley Real Estate (300 Commercial Street)
Grant
$300,000
Rebates
$300,000
Total
$600,000
Crystal Distribution Acquisition, 70-90 Sycamore St
Property Acquisition
$650,000
Demo
$450,000
Total
$1,100,000
Legal Fees, Consulting Fees, maps, marketing,
materials, and related expenses
Misc. Fees
$700,000
Total
$700,000
Property Acquisition
Property Acquisition
$16,000,000
Total
$16,000,000
LSBX
Grant
$550,000
Rebates
$2,200,000
Total
$2,750,000
IRD
Bond
$3,000,000
Total
$3,000,000
Art Bloc
Land Grant
$100,000
Rebates
$1,700,000
Total
$1,800,000
WCA Parking Lot
Construction
$3,500,000
Total
$3,500,000
Econo Lodge
Grant
$35,000
Rebates
$800,000
Acquisition
$1,200,000
Demo
$1,000,000
Construction
$1,500,000
Total
$4,535,000
30)
31)
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33)
34)
35)
36)
37)
38)
39)
40)
41)
42)
43)
44)
45)
Former West Side Courier Building (501-503
Grant
$545,000
Commercial St)
Demo
$0
Construction
$300,000
Rebates
$2,856,000
Total
$3,701,000
Westfield Lot Development
Sewer
$230,000
Environmental
$10,000
Total
$240,000
Marina
Acquisition
$100,000
Grant
$550,000
Construction
$3,000,000
Rebates
$1,300,000
Total
$4,950,000
Tech Works Campus Redevelopment/Outlots (Hard
Infrastructure
$6,000,000
Court Project)
Grant
$6,800,000
Rebates
$2,000,000
Acquisition
$2,400,000
Planning/Engineering
$300,000
Total
$17,500,000
Grand Crossing III
Acquisition
$0
Rebates
$2,500,000
Total
$2,500,000
Midwest Pattern 84-180 W 11th St
Acquisition
$1,000,000
Demolition
$40,000
Total
$1,040,000
Demolitions (various, such as: 100-114 E 10th St, 105 E
Demolition
$3,500,000
11th St, 100 E 9th St, 105 E 10th St, 1100 Sycamore St, 817
Bluff St, 321 W 6th St, 70-90 Sycamore St
Total
$3,500,000
JSA 704-706 Jefferson St
Grant
$230,000
Rebates
$248,000
Construction
$3,000,000
Total
$3,478,000
Cedar River Whitewater Course
Local Funds
$7,200,000
Grant
$5,600,000
Design/Engineering
$1,200,000
Total
$14,000,000
Bridge Lighting
Local Funds
$2,000,000
Design/Engineering
$600,000
Grant/Other Funds
$2,200,000
Total
$4,800,000
HAA LLC, 319 Jefferson St
Grant
$150,000
Rebates
$114,000
Total
$264,000
JSA Development, 716 Commercial St
Grant
$120,000
Rebates
$124,000
Total
$244,000
Waterloo Center for the Arts/Waterloo Children's
Acquisition
$1,400,000
Playhouse
Demolition
$200,000
Construction
$8,000,000
Total
$9,600,000
Former East Side Courier Building (100 E 4th St)
Acquisition
$6,500,000
Demolition
$0
Construction
$4,500,000
Total
$11,000,000
Martin Flats (319-321 E 4th St)
Grant
$199,000
Rebates
$196,000
Land Value
$20,000
Total
$415,000
$0
Total
$0
Sub Total
$358,419,731
$4,000,000
$2,800,000
$0
$9,100,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$337,519,731
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
Tax Rebate Projects
Fischels Holdings, LLC (1118 Jefferson St)
$50,000
Court Square Building CO (620 Lafayette)
$10,000
Hotel President Partners LP (500 Sycamore)
$200,000
3 Stooges, LLC (1116-1118 Commercial)
$41,220
Grand Crossing II (21 W Jefferson)
$1,100,000
Park Avenue Lofts, LLC (Masonic Temple, 325 E Park)
$125,000
Upper Plaza (335 Cedar Street)
$1,400,000
JSA Master Development Agreement
$1,000,000
Sub Total Tax Rebates
$3,926,220
TOTAL
$362,345,951
$341,445,951
CITY OF WATERLOO, IOWA URBAN RENEWAL PLAN AMENDMENT
DOWNTOWN WATERLOO RIVERFRONT
REDEVELOPMENT DISTRICT
November 2024
The Urban Renewal Plan (the "Plan") for the Downtown Waterloo Riverfront
Redevelopment District (the "Urban Renewal Area") of the City of Waterloo,
Iowa (the "City") is being amended for the purposes of (1) updating the
descriptions of certain urban renewal projects approved in prior amendments to
the Plan; and (2) identifying new urban renewal projects to be undertaken in the
Urban Renewal Area.
1) Description of the City's Building Swap for new City Hall and
redevelopment of existing City Hall and Carnegie Library/Annex buildings.
The description of the Project is hereby as follows:
Name of Project: Building Swap for new City Hall and
redevelopment of existing City Hall and Carnegie Library/Annex buildings Project.
Date of Council Approval of Project: November 2024
Description of Project and Project Site: The City of Waterloo ("the City") will be
acquiring the empty office building at 100 E 4th Street and conveying the two
public buildings at 626 and 715 Mulberry Street, which currently contain several
City Departments, for the purposes of improving both the needs of the City of
Waterloo for an improved work environment for the Police Department, Mayor's
Office, and several City administrative staff, while simultaneously working to
improve the two current public buildings for new Downtown Waterloo
development. This project will bring forth improvements to all three buildings,
eliminate an empty office building in Downtown Waterloo, and work towards
overall goals of Downtown Waterloo. The completed Project will have a direct,
positive impact on increased and improved residential, commercial, and
elimination of empty buildings in the Urban Renewal Area. This relocation of
Public Safety, City administrative staff, and reinvestment into all the buildings will
have a positive impact on other nearby locations and businesses.
Description of Public Infrastructure: It is not anticipated that any major
additional public infrastructure improvements are needed in connection with the
Project.
Description of Properties to be Acquired in Connection with Project: The
City will acquire 100East4'h Streetand sell 626 and 715 Mulberry Street.
Description of Use of TIF: It is anticipated that the City will pay for a portion of
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the Project with either borrowed funds or the proceeds of an internal advance of
City funds on -hand. In any case, the City's obligations will be repaid with
incremental property tax revenues derived from the Urban Renewal Area. It is
anticipated that the City's use of incremental property tax revenues for the Project
will not exceed $10,500,000, plus any interest expense incurred by the City on any
borrowing undertaken for the funding of the Project.
Analysis of Use of TIF: In accordance with the requirement of Section
403.5(2)(b)(1) of the Code of Iowa, the City has analyzed its proposed use of
incremental property tax revenues for the funding of the Project and alternative
development and funding options for the Project. The results of that analysis are
summarized as follows:
A) Alternate Development Options: The City of Waterloo conducted an
Audit of City buildings in 2019 to determine overall costs of multiple
buildings, evaluate City funds for needed improvements, and work to
establish plans moving ahead for needed rehabilitation and/or
replacement. The report noted about $645.9 million in needed
rehabilitation and repair costs overall. The current City Hall at 715
Mulberry Street has a rehabilitation estimate of $10.167 million, with a
new construction replacement value at $15 million. The Carnegie
Library/Annex structure has a rehabilitation value of $1.7 million, and
a new construction replacement value at $3.75 million. The City has
been able to secure grant funds and other sources for some other City
buildings (Convention Center, Public Works), and has eliminated some
buildings in partnerships with the Waterloo Schools and private
developers, (Street Department, Central Garage) but City Hall and
Carnegie have not yet been addressed. The needs for various repairs,
concerns for mold, asbestos, leaking windows, health of staff, all
continue to escalate with City officials, public scrutiny, social media
concerns, and other documented photos/ needs for improvements to the
Waterloo Police Department and City Hall as a whole. Recent roof
flooding during repairs of several city departments, including the
Council Chambers, has further accelerated the need for this project.
The City has worked over the years to partner with Black Hawk
County for locations in Downtown Waterloo and to establish a
"government district" type setup in the City's Downtown Master Plan,
as well as working with Main Street Waterloo for such land use
patterns. Thus, it is imperative that City Hall and the Police
Department remain in the Downtown Urban Renewal Area. The City's
ability to fulfill its duty of proper rehabilitation of said Police
Department and other administrative offices in the Urban Renewal
Area is diminished by inadequate, outdated, and poorly designed
department layouts/facilities. There is no conceivable way for the City
to outsource or privatize its Police protection services. The use of the
empty office building property (100 East 4th Street) as the site for the
Police Department / City Hall relocation Project is an optimal use for
this land as it further eliminates a highly visible and empty building
along the banks of the Cedar River. The redevelopment of the current
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public buildings for potential residential, mixed use, and
commercial/office spaces will bring additional redevelopment
opportunities to Downtown Waterloo.
B) Alternate Financing Options:
* The Local Option Sales and Services Tax Revenues are
authorized to be used exclusively by the City for street
improvements (80%) and property tax relief (20%). The City has
exclusively dedicated the portion of local option taxes available for
property tax relief to supporting the City's general fund.
* General Fund: The City's General Fund reserves are fully
committed to maintain the operational integrity of the City. The
City cannot access its General Fund reserves to aid in the Project
funding without risking unsound fiscal practice.
* Capital Improvements Levy: The City does not have a
Capital Improvements Levy available, and the imposition of such
additional levy would require a successful referendum, which is not
feasible at this time.
* Debt Service Levy: The City Council has determined that
the debt service levy rate should not be raised for the Project. The
City will be required to raise the debt service levy for projects that
do not qualify for tax increment financing. Raising the current debt
service levy rate for the Project would result in an undue burden to
the citizens of the City of Waterloo. The use of tax increment
financing will lessen the burden on individual taxpayers that would
result from a spike in the debt service levy rate and will shift that
burden onto valuation increases resulting from the City's successful
economic redevelopment from the two public buildings to be
conveyed for said redevelopment.
* Grant Proceeds: The City has several other active projects
utilizing funds from local grant sources and entities. The City does
not foresee the ability to apply for any other additional grant funds
for this project at this time.
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