HomeMy WebLinkAboutWaterloo University UR 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
UNIVERSITY AVENUE AREA URBAN RENEWAL AND REDEVELOPMENT PLAN
RECITALS
A. On March 1, 2021, the City Council of the City of Waterloo, Iowa (the "City")
adopted Ordinance No. 5588 and Resolution No. 2021-125, 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 University
Avenue Area 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 University Avenue Area 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)
3. Except as modified by this amendment, the Plan shall continue unmodified in full
force and effect.
PASSED AND APPROVED this 8 day of November , 2024.
ATTEST:
KeCley Felchle S;�NEo
Kelley Felchle, City Clerk
2
62uert-an 9l�Crt
Quentin Hart, Mayor
DIGITALLY
SIGNED
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
University Avenue Area Urban Renewal and Redevelopment Plan Project Amendment 2024
Acquisition of vacant buildings, underutilized buildings, and sites for redevelopment
EXPENSES
Acquisition
$5,000,000
Engineering Fees, Platting
$200,000
Demolition activities
$2,500,000
TOTAL
$7,700,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$6,500,000
Private
$1,200,000
TOTAL
$7,700,000
Road
EXPENSES
Acquisition
$300,000
Construction
$2,500,000
Engineering Fees
$,300,000
Construction Administration
$300,000
TOTAL
$3,400,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$3,000,000
Federal (MPO), State (RISE), and similar sources
$400,000
TOTAL
$3,400,000
Sale and Conveyance, platting, infrastructure to lots
EXPENSES
Appraisal, survey, platting
$400,000
Infrastructure extension
$1,200,000
Engineering, construction administration
$400,000
TOTAL
$2,000,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$2,000,000
TOTAL
$2,000,000
Potential flood plain mapping
EXPENSES
Engineering fees
$400,000
TOTAL
$400,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$400,000
TOTAL
$400,000
Acquisition of right-of-way from State of Iowa
EXPENSES
Acquisition
$200,000
TOTAL
$200,000
FUNDING
City (Local Option, G.O. Bonds, TIF)
$200,000
TOTAL
$200,000
TAX REBATE PROJECTS
Papa John site, 1608 University Ave
$244,800
3 Stooges, Falls Ave at Edison site
$55,000
Highland Enterprises, 4000 University Ave
$640,000
Nagle (1629 Thorndale)
$25,000
Tommy's Car Wash (land value)(3110 University Av)
$66,000
TOTAL
$939,800$1,030,800
TOTAL EXPENSES
Acquisition of vacant buildings, underutilized buildings, and sites for redevelopment
$7,700,000
Road Improvements
$3,400,000
Sale and Conveyance, platting, infrastructure to lots
$2,000,000
Potential flood plain mapping
$400,000
Acquisition of right-of-way from State of Iowa
$200,000
Tax Rebate Projects
$939,800$1,030,800
TOTAL
$44,6393800$14,730,800
1
1
Cost type breakdown:
Public Improvements
$6,200,000
Architectural, Engineering, Study, and Construction Administration
$2,000,000
Acquisitions
$5,500,000
Tax Rebates
$939,800$1,030,800
TOTAL
$, 4�°,800$14,730,800
TOTAL FUNDING
City (Local Option, G.O. Bonds, TIF)
$13,039,800$13,130,800
Private
$1,200,000
Federal (MPO), State (RISE), and similar sources
$400,000
TOTAL
$1 4,00$14,730,800