HomeMy WebLinkAboutWaterloo Northeast 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
NORTHEAST INDUSTRIAL AREA URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On February 15, 1993, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 3925 and on February 8, 1993 adopted Resolution No.
1993-57, 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 Northeast Industrial Area Development Plan of the City of Waterloo
Iowa (the "Plan") (Original area).
B. On April 26, 2004, the City Council adopted Ordinance No. 4688 and Resolution
No. 2004-254, to amend the Plan by enlarging the area included therein, and one
or more other amendments have been made to the Plan to include additional urban
renewal projects or for other purposes (Amendment No. 1 area).
C. On October 12, 2015, the City Council adopted Ordinance No. 5309 and on
October 5, 2015 adopted Resolution No. 2015-801, to amend the Plan by enlarging
the area included therein, renaming the Plan as the Northeast Industrial Area
Urban Renewal and Redevelopment Plan, and one or more other amendments
have been made to the Plan to include additional urban renewal projects or for
other purposes (Amendment No. 2 area).
D. On December 11, 2017 the City Council adopted Ordinance No. 5429 and on
November 27, 2017 adopted Resolution No. 2017-962, to amend the Plan by
reducing the area included therein, and one or more other amendments have been
made to the Plan to include additional urban renewal projects for other purposes
(Amendment No. 3 removal area).
E. On December 11, 2017 the Council adopted Ordinance No. 5430 and on
November 27, 2017 adopted Resolution No. 2017-963, to amend the Plan by
enlarging the area included therein, and one or more other amendments have
been made to the Plan to include additional urban renewal projects or for other
purposes (Amendment No. 4 area).
F. On August 20, 2018, the City Council adopted Ordinance No. 5464, and on August
6, 2018 adopted Resolution No. 2018-584, to amend the Plan by enlarging the
area included therein, and one or more other amendments have been made to the
Plan to include additional urban renewal projects or for other purposes
(Amendment No. 5 area)
G. 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 Northeast Industrial Area 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 2024.
ATTEST:
Kelley Telchle
SIGNED
Kelley Felchle, City Clerk
2
Qcuerd in 9-(ar
° DIGITALLY
SIGNED
di
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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Attachment D - Northeast Industrial Park Project Amendment 2024
Project Proposals
Proposed Budgets Changes
Future or Anticipated Acquisition
$30,000,000
Future or Anticipated Demolition/tree removal & clearing
$800,000
Site Improvements, platting
$3,000,000
Water & Sewer
$3,000,000
Legal fees, consulting fees, and related expenses
associated with administration and operation of
the Urban Renewal Area
$2,200,000
Miscellaneous (certification, environmental)
$300,000
Railroad extension
$900,000
Twin City Tannery - rebates
$61,000
Veteran Enterprises - rebates
$70,000
Ferguson Enterprises - rebates
$625,000
Eagles Wings (Harris Cleaning) - rebates
$40,000
ConTrol - rebates
$150,000
Heavy water prospect - infrastructure and rebates
$3,500,000
Control 2020 Expansion Grant ($1,515,000) & Rebates ($1,630,000)
$3,145,000
Rottinghaus Acquisition
$400,000
Newell St Road Improvements
$1,200,000
Wetland Mitigation
$2,000,000
AT Trucking - land grant ($250,000) & rebates ($40,000)
$290,000
Gray Transportation - land grant ($100,000) and rebates ($44,000)
$144,000
Gray Transportation parking lot - land grant ($59,000)
$59,000
Floodplain mapping and improvements - tngineering/uesign (1,SUU,000)
& Construction ($4,500,000)
$6,000,000
Ryan Comp. - Acq (#3,654,000), Demo ($100,000), Grant ($1,515,000)
$5,269,000
Fiber EDA Match
$121,000
Total
$1,200,000
$0
so
$63,274,000 $56,884,000