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Docusign Envelope ID:01103EED-C1A0-4BA5-B038-OC40EB96CC3F
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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: 319 E 4th Street
Developer Name: Martin Flats, 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. The City Council set a goal of 800 new housing units each
for rehab, multifamily and single/two family dwellings by 2030. These two new upper story units will fit the
goal of rehabbing office space into residential, and providing a unique living experience in Downtown
Waterloo. Additionally, Waterloo has been recognized as a 2025 Iowa Thriving Community which
rPrognizes thpstVsnrnactive efforts to address hnusinn needs and nrmmntP economic ornwth
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, and is
expected to create 90 jobs with a qualifying wage of at least $23.01 per hour. Hydrite Chemical Company
expanded its Waterloo facility with a $21 million investment, adding 20 jobs at a qualifying wage of$20 per
hour. Crystal Cold, a cold freezer storage company, opened a $21 million dollar expansion that resulted in
70 addmt0nnal jnhs, and more Pxpansions, are planned there in the near fiiture_
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 creates housing to address an affordable housing shortage, to
attract workers for local businesses. When new residents move into these upper story dwellings, their
spending will boost nearby stores, restaurants, and other services, encouraging further growth in Downtown
Waterloo. City downtowns are meant to be a unique place to live, offering a variety of different uses across
the board.
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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.
Demand for housing is high, and not getting the recommended number of new dwellings 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 rental units in a market where
demand is high. By adding more units helps ease the local shortage and offers more options for individuals
looking for quality and affordable places to live. The project supports workforce attraction, helping 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 Downtown Waterloo by directly addressing the shortage of housing and offering more
accessible options for residents. By increasing the housing supply, it helps stabilize rental costs and ease
financial pressure on renters. New residents supports local economic growth through greater spending at
nearby businesses, while the increased population density encourages the development of additional retail
and services_ This unique rehahilitation project promotes long-term community stability, growth, and
acnnnmic vitality(
DocuSigned by:
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City Official Signature Date
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