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Docusign Envelope ID:01103EED-C1A0-4BA5-B038-OC40EB96CC3F
WORKFORCE HOUSING
TAX INCENTIVE PROGRAM
COMMUNITY INPUT FORM EconomicDevelopment
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Communities supporting a Workforce Housing Tax Incentive Program application are to complete this form. This is to
be filled out by the city where the project is being proposed and signed by a city official.
Community Name: Waterloo
Project Name: Waterloo Ridgeway 10-Plex Project
Developer Name: BCS Properties LLC
Printed Name of City Official Completing the Form:
Is the type of housing proposed in this project a priority for the community? W1 Yes ❑ No
If so, explain why:
Yes, new rental housing is a significant priority. Waterloo, in collaboration with Cedar Falls, developed a
five-year community development plan for 2024-2028. This plan included a fair housing study to identify
barriers to equal housing opportunities and impose strategies to overcome them. As part of the plan,
increasing and im rp oving affordable housing options and neighborhood revitalization were identified as a
nrinri V AdditinnalIV, Waterino has bpen�nized as a 2025 Iowa Thrivino CommunitVwhir�nizes
the city's proarfixit- efforts to address housincl needs, and ornmintp PrnnnMMC_grnM/th
Describe recent or planned business expansions that created a need for additional housing in the community and the
number and types of jobs to be created because of these expansions.
International Paper is constructing a $260 million. 900.000 SF manufacturing facility in Waterloo. This
project is expected to create 90 jobs with a qualifying wage of at least$23.01 per hour. Hydrite Chemical
Comfy expanded its Waterloo facility with a $21 million investment. The expansion will add 20 jobs at a
qualifying wage of$20 per hour. Crystal Cold opened at $21 million expansion that resulted in 70
additional jnhs
How will the project impact the local economy?
This development will positively impact Waterloo's economy by creating construction jobs, supporting local
suppliers, and generating tax revenue. It also addresses the city's affordable housing shortage, helping
stabilize rent prices and attract workers for local businesses. As new residents move in, their spending will
boost nearby stores, restaurants, and services, encouraging further retail growth and strengthening the
neighborhood's economic vitality.
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Docusign Envelope ID:01103EED-C1A0 4BA5-B038-OC40EB96CC3F •
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Describe how housing is a barrier to job growth in the neighborhood or community.
Affordable housing scarcity in Waterloo impedes local job growth by limiting the availability of affordable
living options for potential workers. A housing needs assessment the city completed revealed
approximately 41% of renters in Waterloo allocate over 35% of their income to housing costs, a threshold
indicating financial strain. Consequently, individuals may be deterred from relocating to or remaining in
Waterloo, even if employment opportunities are available, due to the high cost of housing.
Describe how this project addresses the needs of the local housing market.
This project addresses Waterloo's housing needs by expanding the supply of affordable rental units in a
market where demand is high. By adding new multifamily housing, it helps ease the local shortage and
offers more options for individuals and families seeking quality, affordable homes. The increased supply
also helps stabilize rentrip ces by reducing pressure on existing units, making housing more accessible.
Additionally, the project supports workforce attraction, hel iinng local businesses grow by ensuring workers
have a place to live_
Describe the impact of this project on the neighborhood and how it meets the needs of the community.
This project benefits the neighborhood by directly addressing the shortage of affordable housing and
offering more accessible options for residents. By increasing the housing supply, it helps stabilize rental
costs and ease financial pressure on families. The influx of new residents supports local economic growth
through greater s ep nding at nearby businesses, while the increased population density encourages the
development of additional retail and services_ Altngether, the project promotes long-term community
stability nrnwth and econnmir.vitality
DocuSigned by:
6"v, Rof 6/2/2025
City Official Signature Date
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