HomeMy WebLinkAboutWaterloo East Waterloo Unified UR Amendment - 11.18.24Prepared by Aric Schroeder, City of Waterloo, 715 Mulberry Street, Waterloo, IA, 50703 319-291-4366
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AMENDMENT TO
EAST WATERLOO UNIFIED URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. Whereas on December 14, 2015, the City Council of the City of Waterloo, Iowa
(the "City") adopted Ordinance No. 5323 and on December 7, 2015 adopted
Resolution No. 2015-931, 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 East Waterloo Unified Urban
Renewal and Redevelopment Plan of the City of Waterloo, Iowa (the "Plan"), which
includes the areas formerly designated as urban renewal areas under the Urban
Renewal Plans for the Airport Area Development Plan Urban Renewal Area (the
"Airport Plan Area"), as amended, and the Logan Avenue Urban Renewal and
Redevelopment Plan Urban Renewal Area (the "Logan Plan Area"), as amended.
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 East Waterloo Unified Urban Renewal and Redevelopment
Plan 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 shall continue unmodified in full
force and effect.
PASSED AND APPROVED this 18 day of November
ATTEST:
Kerrey Felchle
Kelley Felchle, City Clerk
2
ate cn rrE
, 2024.
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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Project Proposals
ATTACHMENT D
East Waterloo Unified Project Amendment 2024
Proposed Budgets Changes
Logan Plaza Center Project - the redevelopment and
development of the Logan Plaza Center and the properties
along US 63/Master Buildout
Site/Virden Creek Improvements
E 4`h Street Construction
Storm Water Improvements
Ralston Road Construction
Sanitary Sewer Improvements
Acquisition
Rebates
Total
$10,000,000
$2,000,000
$400,000
$1,000,000
$600,000
$8,000,000
$2,000,000
$24,000,000
Chamberlain Project - the redevelopment of the Chamberlain
Demolition
$2,000,000
site after cleanup by the Chamberlain Corporation
Site Improvements
$6,000,000
Public Improvement
$4,000,000
Total
$12,000,000
Walnut Neighborhood - redevelopment of the area near the
Acquisition
$400,000
Walnut Court apartments
Demolition
$50,000
Streetscape Improvements
$50,000
Total
$500,000
Longfellow Neighborhood - redevelopment of the Longfellow
Acquisition
$40,000
school site
Demolition/Fill
$240,000
Streetscape Improvements
$50,000
Total
$330,000
Franklin Street Corridor - redevelopment of the Franklin
Acquisition
$1,800,000
Street corridor
Demolition
$200,000
Streetscape Improvements
$800,000
Total
$2,800,000
KWWL - renovation of the KWWL building
Acquisition
$700,000
Demolition
$100,000
Rebates
$600,000
Total
$1,400,000
Broadway Street Corridor - redevelopment of the Broadway
Acquisition
$800,000
Street corridor
Demolition
$200,000
Streetscape Improvements
$300,000
Total
$1,300,000
Midport Sanitary Sewer - construction of sanitary sewer to
allow development of the Midport Business Park
$4,000,000
Midport Storm Sewer - construction of storm sewer to allow
development of the Midport Business Park
$2,000,000
Midport Street Construction - construction of streets to allow
development of the Midport Business Park
$3,000,000
Legal fees, consulting fees, and related expenses
associated with administration and operation of
the Urban Renewal Area
$1,000,000
Waterloo Air & Rail Park Development/ Buildout
Infastructure/Improvements
$12,000,000
Total
$12,000,000
First Co Storm Sewer Easement
Land Value
$110,000
Total
$110,000
Airline Hwy Sewer Relocate (Koelker)
$88,000
Total
$88,000
Acquisition of Land (FAA Release)
Acquisition of Land
$23,000,000
Total
$23,000,000
Demolitions
Demolition
$3,000,000
Total
$3,000,000
Professional Lawn Care Land
Land Value for Project on Wagner
$125,000
Total
$125,000
Koelker Airline Hwy Land (3180 W Airline Hwy)
Land Value for project on Airline
$187,500
Rebates
$180,000
Total
$367,500
Advanced Heat Treat
Land Value
$50,000
Rebates
$26,000
Total
$76,000
Truck Wash (Leversee Rd)
Land Value
$300,000
Total
$300,000
$500,000
$4,000,000
$2,000,000
$6,500,000
$6,100,000
$6,100,000
$21,000,000
$21,000,000
$1,000,000
$1,000,000
$79,932
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Camp Run -a -Mutt (Airport Blvd)
Land Value
Rebates
Total
$140,800
$30,872
$171,672
A -Line ALO Airport Hangar
Land Value
$0
Rebates
$485,000
Total
$485,000
All in Grocers (Franklin St)
Land Value
$400,000
Rebates
$460,000
Acquisitions/Demolition
$590,000
Grant
$500,000
Total
$1,950,000
House of Hope Acquisition
Land Acquisition
$354,000
Total
$354,000
Parking Lot Repair (corner of Pine and Walnut)
Repair cost
$150,000
Total
$150,000
Osprey Hangar
Land Value
$0
Rebates
$485,000
Infastructure
$545,000
Total
$1,030,000
CV Warehouse II (Geraldine Rd)
Land Value
$271,582
Rebates
$93,560
Total
$365,142
CV Warehouse III (Airline & Wagner)
Land Value
$300,000
Rebates
$1,200,000
Total
$1,500,000
Reese Properties (2661 Geraldine Rd)
Grant
$470,000
Rebates
$60,000
Total
$530,000
Con Agra III
Land Value
$2,000,000
Rebates
$5,800,000
Total
$7,800,000
Fed Ex (2320 W Airline Hwy)
Land Value
$250,000
Rebates
$120,000
Total
$370,000
National Guard
Land Value
$350,000
$0
Total
$350,000
Standard Distribution
Land Value
$2,500,000
Rebates
$376,000
Total
$2,876,000
Criterion (3070 W Airline Hwy)
Acquisition
$550,000
Rebates
$150,000
Total
$700,000
JSA Development, 425 Franklin St
Grant
$85,000
Rebates
$78,000
Total
$163,000
Gates Park Redevelopment Construction/Engineering
Non City Funds
$8,000,000
Storm Water Funds
$350,000
Sewer Funds
$45,000
Bonds
$700,000
TIF Funds
$2,600,000
Total
$11,695,000
Hickory House, 315 Park Rd
Grant
$183,276
Rebates
$36,000
Total
$219,276
CPM, 4050 Leversee Rd (Zydeco Investments LLC)
Grant
$1,900,000
Rebates
$1,800,000
Total
$3,700,000
RNK (3210 W Airline Hwy)
Land Value
$187,500
Rebates
$180,000
Total
$367,500
Fiber EDA Match
Infastructure
$241,000
Total
$241,000
Midport Water Main Extention
Infastructure
$550,000
Total
$550,000
$245,000
$730,000
$0
$0
$0
$0
$0
$0
$0
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Image Pointe (2975 Airline Cr)
Acquisition
Platting
Construction
Total
$150,000
$100,000
$400,000
$650,000
Superior Properties (3111 W Airline Hwy)
Land Value
$41,000
Rebates
$125,000
Total
$166,000
Airline Storage (3318 W Airline Hwy)
Land Value
$83,000
Rebates
$50,000
Total
$133,000
Fischels Wagner Rd Phase II
Land Value
$2,000,000
Grant
$10,000
Rebates
$120,000
Total
$2,130,000
Cedar River Renisance (203 Laffayete St)
Grant
$60,000
Rebates
$66,000
Total
$126,000
Irish Fest (425 Franklin St)
Grant
$85,000
Rebates
$90,000
Total
$175,000
WBM (28411-2813 Geraldine Rd)
Grant
$250,000
Rebates
$200,000
Total
$450,000
Land Value
$0
Rebates
$0
Total
$0
1
Sub Total
I
$130,794,090
Tax Rebate Projects
Advanced Heat II
$17,500
ConAgra II
$4,500,000
Empire Enterprises
$5,200
Huff
$6,150
Laforge
$170,000
Schwickerath
$8,000
Tournier
$18,832
Howard Allen
$77,780
CPM Roskamp, 2975 Airline Cr
$37,500
Cedar Valley Warehouse
$101,860
Hydrite Chemical
$220,000
M&R Iowa
$64,207
PDCM
_ $100,000
Koelker Properties (2915 Geraldine Rd)
$90,000
MMC (2933 Geraldine Rd)
$90,000
Airline Storage, 3318 W Airline Hwy
$80,000
Superior Properties (SW corner Geraldine & Airline)
$145,000
Top Notch, 180 Warp Dr
$36,000
Camanzind, 115 Warp Dr
_ $97,000
Fischels 50K (1325 David St)
$105,000
Fischels 9K (3900 Hyper Dr)
$26,000
Fischels 50K II (130 Hyper Dr)
$110,000
Magnum Trucking
_ $280,000
WB(Martin)
$198,000
Drew Reg, 2920 Janet Dr
$26,000
Dierks (3169 W Airline Hwy)
$50,000
Advanced Systems (2945 Airport Blvd)
$33,000
Sub Total Tax Rebates
$6,693,029
TOTAL
$137,487,119
$0
$0
$0
$0
$0
$0
$0
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$0
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$0
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$0
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$0
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$0
$0
$110,005,522
$0
$0
$6,610,029
$116,615,551