HomeMy WebLinkAboutWaterloo Rath 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
RATH URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On November 19, 1990, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 3749 and Resolution No. 1990-644, determining that
certain areas (the "Original Area") located within the City are eligible and should be
designated as an urban renewal area under Iowa law, and approved and adopted
the Rath Area Redevelopment Plan of the City of Waterloo, Iowa (the "Plan").
B. On June 14, 2004, the City Council adopted Ordinance 4697 and Resolution No.
2004-372, to amend the Plan by extending the property included therein (the
"Amendment No. 1 Area") renaming the Plan as the Rath 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.
C. On July 6, 2009, the City Council adopted Ordinance 4949 and Resolution No.
2009-633, to amend the Plan by extending the property included therein (the
"Amendment No. 2 Area"), and one or more other amendments have been made to
the Plan to include additional urban renewal projects or for other purposes.
D. On December 19, 2022, the City Council adopted Ordinance 5676 and on
December 5, 2022, the City Council adopted Resolution No. 2022-742, to amend
the Plan by extending the property included therein (the "Amendment No. 3 Area"),
and one or more other amendments have been made to the Plan to include
additional urban renewal projects or for other purposes.
E. 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 Rath 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 J (resolution adopting this amendment)
Attachment L (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:
7(eOEey Ee1ch1e
Kelley Felchle, City Clerk
2
, 2024.
62tterdin 914
DIGITALLY
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
Attachment D - Rath Urban Renewal and Redevelopment Plan Project Amendment 2024
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Project Proposals
Budgets Changes
Acquisition
$6,000,000
Demolition
$6,000,000
Site Improvements
$1,500,000
Remediation
$2,500,000
Legal fees, consulting fees, and related expenses
associated with administration and operation of
the Urban Renewal Area
$1,000,000
Housing Rehabilitation
$1,000,000
Crystal II Tax Rebates
$176,252
Rath Admin rebates
$1,500,000
Powers Manufacturing rebates
$60,000
A&K Ventures - Kent Orchard; rebates/land grant
$30,000
3 Little Lambs - Black Hawk & 17th; land grant
$40,000
TNT - Black hawk & 18th; land grant
$36,400
SJ Construction - Sycamore street; land grant
$28,000
Buckets Inc. / Secor; land grant
$108,600
Crystal 2018 project Rebates
$1,300,000
Crystal 2020 project Acquisitions
Rebates
Demolition
Total
$3,200,000
$3,600,000
$3,300,000
510,100, 000
Former Pierce Auto Acquisitions
1500 Commercial Demolition
Env. Review
Total
$20,000
$50,000
$20,000
$90, 000
3 Little Lambs Acquisitions
(1800 Block Black Hawk) Demolition
Total
$1,000
$100,000
$101, 000
5 Bees Land grant
1813 Black Hawk and adj.
Total
$150,000
5150,000
3 Stooges Acq/Land grant
325 W 13th
Total
$96,000
$96,000
South Front Network Land
1400 blk Commercial Realtor
Demolition
Total
$25,000
$6,000
$40,000
$71,000
Alstadt Langlas Acquisitions
54 Lane St Demolition
Total
$65,000
$750,000
5815, 000
A -Line Warehouse Acquisitions
Rooff Ave Rebates
Total
$300,000
$200,000
$500,000
Former Lister Concrete Acquisitions
2116 Commercial St Rebates
Total
$300,000
$200,000
$500,000
Crystal 2024 Project Acquisitions
Demolition
Rebates
Total
$0
$0
$922,000
5922,000
Gift of Life Church Acquisitions
1651 Sycamore St Demolition
Total
$250,000
$200,000
$450,000
Food Bank Homes Acquisitions
1633 & 1637 Lafayette St Demolition
Total
$50,000
$50,000
5100, 000
St. John's Grant
1721-1729 Mulberry St
Total
$95,000
$95,000
$O
$6,000,000
$1,500,000
$550,000
$615,000
so
$0
so
so
$0
so
$o
$0
so
$0
Total
$35,269,252 $33,502,252