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Home My WebLink AboutAmendment to downtown riverfront urban renewal and redev-8/10/2015Prepared by Arie Sehroeder. City ofWaterloo, 715 Mulberry Street. Waterloo. IA, 50703 319-291-4366 Return to preparer after recording. AMENDMENT TO DOWNTOWN WATERLOO RIVERFRONT URBAN RENEWAL AND REDEVELOPMENT PLAN RECITALS A. Whereas on December 23, 19741 the City Councit of the City of Waterloo, Iowa (the "City") adopted Ordinance No. 2723 which was amended by Resolution No. 1996-804, adopted December 16, 1996, Resolution No. 2001-394, adopted on August 6,2001, Resolution ['40. 2003-225, adopted on April 17, 2003, Resolution No. 2011-1109, adopted December5, 2011, and Resolution No. 2014-966, adopted November 10, 2014, determining that certain areas located within the City are eligible and should be designated as an urban renewal area under towa law, and approved and adopted the Downtown Waterloo Riverfront Urban Renewal and Redevelopment PIan of the City of Waterloo, lowa (the "FIan"). B. The City desires to amend the PIan again to include new urban renewal projects and to update related information in the FIan. AMENDMENT NOW, THEREFORE, the Downtown Waterloo Riverfront Urban Renewal and Redevelopment PIan, as previously amended, is hereby further amended as follows: follows: 1. Paragraph 1.0 is hereby amended to add the following new paragraph 5 as 5. For additional projects added to this PIan by amendment, see Attachment D. 2. Attachments C and D to the PIan 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 PIan shows current information about bonding capacity and project budgets. 3. The attachments Iisted below, each of which is attached hereto, are included in this amendment to show compliance with procedural requirements under state Iaw for adoption ofthis amendment, but do not replace or supersede similar attachments to the original PIan or any amendment thereto adopted prior to this amendment: Attachment H (notice of consultation) Attachment J (resolution adopting this amendment) Attachment L (published notice of public hearing) Attachment M (posted notice of public hearing) 4. Except as modified by this amendment, the Plan, as previously amended, shall continue unmodified in full force and effect. ti PASSED AND APPROVED this _ day ATTEST: Suzy Sc res, City Clerk Attachment C City of Waterloo Black Hawk County, Iowa Study of Bonding Capacity as of January 1, 2014 January 1, 2014 Actuat Gross Assessed Valuation $3,700, 186,905 Legal Bonding Rate 5% Legal Bonding Limit $ 185,009345 Less Outstanding GO. Debt ($ 90,725,000) Unused Gross bonding Capacity $ 94284,345 51% of legal limit Attachment D Preliminary Project Budget Agritradc and Expo Center EXPENSES Aequisition $5,397,986 City Property $3,102,000 Site Improvements $5,000,000 Construetion $ 17,250,000 Rehabiiitation $2,964,052 Landscaping and Pubiie Art 8250,000 Arehitectural Fees $ 1,900,000 Construction Administration 8600,000 TOTAL $36,464,038 FIJNDJNG City (TIF GO Bonds) $7,000,000 City Owned Property $3,102,000 State (VIP) 823,260,000 Federal 83,102,038 TOTAL 836,464,038 Cedar River Upper Plaza Mali EXPENSES Acquisition 81,501,620 City Property 848,380 Site Improvements $ 1,800,000 Construetion $12,400,000 Landscaping and Pubiie Art $200,000 Arehiteeturai Fees $1,300,000 Engineering Fees 8700,000 Construetion Administration 8400,000 TOTAL 818,350,000 FUND1NG City (CIP - GO. Bonds) 81,501,620 In Kind (City Owned Property) $48,380 Community 83,100,000 Private Development 87,900,000 State (CAT) $soo,000 State (VIP) 85,300,000 TOTAL 818,350,000 Downtown Pcdestrian Riverwaik Loop Projeet EXPENSES Levee Construction $650,000 Riveredge/Wall Construetion $4,900,000 Bridge Connections $17,000 TOTAL $5,567,00U City (CIP—G.O. Bonds) $713,400 State $2,853,600 State (VIP) $2,000,000 TOTAL $5,567,000 Wetlness and Sports Complex Project EXPENSES Acquisition $2,000,000 City Property $250,000 Site Jmprovements $3,000,000 Construetion $17,500,000 Landscaping and Pubile Art $ 150,000 Architectural Fees $2,600,000 Engineering Fees $ 1,500,000 Construetion Administration $ 1,200,000 TOTAL $28,200,000 DING State (VIP) $500,000 Itt Kind (City Property) $3,000,000 Private Development $22,500,000 Community Fundraising $2,200,000 TOTAL $28,200,000 Agritech Incuhator and Commercialization Centcr (Cedar VaIIey Teeh Works Campus) EXPENSES Construction, Site Improvenients and Related Expenses $41,500,000 TOTAL $41,500,000 DING City (TIF GO Bond) $12,750,000 Iowa Reinvestment Distriet ( City Bond Finaneed) $8,000,000 Private Deve!opment $20,750,000 TOTAL $41,500,000 Downtown Parking & Cedar VaIIey Trolley System EXPENSES Construction - Trolley Stops 1 $60,000I Equipinellt - Purchase eight trolley ears TOTAL 1 $ 1,600,000 $1,660,000 t UINL)ILN'.J Federal $1,376,000 City (Transit Levy) $272,000 State(VIP) $12,000 TOTAL $1,660,000 Planning Pubile Jmprovements r UINL)IIN'.J Wayflnding & Signage $160,000 Commereial Street Reeonstruetiofl $782,500 New Street Construetion $ 1,100,000 Streetseapiflg $ 1,440,000 Planning $72,798 Skywalks $2,000,000 TOTAL $5,555,298 r UINL)IIN'.J City (Loeal Option Sales Tax) $782,500 State (RISE) $8S0,000 City (In Kind) $72,798 City (CIP - GO. Bonds) $3,820,000 TOTAL $5$55,298 Cedar River Condos & Depot District tM'tIN na Construetion Phasel $3,500,000 Phase 11 $3,500,000 Phase 111 $3,500,000 Phase IV $3,500,000 Phase V $3,500,000 Phase VI $3,500,000 Phase Vil $3,500,000 Phase VIlI $3,500,000 Phase IX $3,500,000 Site Asseinbly $4,000,000 Site Improveinents $2,000,000 UNICUE Downtown Center $ 1,300,000 Parking $300,000 Plaza $300,000 Retail $1,200,000 TOTAL $40,600,000 1 IJL•lLJtlfl-J Private Development $35,300,000 City (Leasehold for UNJCUE) $850,000 City (TIF GO Bonds) $3,000,000 State (Brownfleld) $1,000,000 State (Enhancement Grant) $450,000 TOTAL $40,600,000 Downtown Gateway District I-:,-n_I ._a 1 Aequisition $3,000,000 Inflhl Redevelopment $6,000,000 TOTAL $9,000,000 1 t) 1 'LJuL City (TIF GO Bonds) $3,000,000 Private Devetopment $6,000,000 TOTAL $9,000,000 Cedar River Dam Construction $3,500,000 Engineering & Construction & Administration $500,000 TOTAL $4,000,000 1 '-)1 NLJLL State (VIP) $2,000,000 City (CIP - 0.0. Bonds) $2,000,000 TOTAL $4,000,000 Grout Museum linr 12,LN OLO Arehitecturai & Engineering $361,718 Construction $5,995,870 Exhibits $2,638,993 TOTAL $8,996,581 r UINLJIIfl_J State (VIP) $ 1,500,000 Fund Raising - Museum Institute $500,000 City (CIP - 0.0. Bonds) $720,000 Community Fundraising $6,276,581 TOTAL $S,996$81 Grand Crossing EXPENSES Acquisition $950,000 Constructi�fl $18,000,000 Tax Rebates $5,300,000 TOTAL $24,250,000 TOTAL FUNDINO Private Developmeflt $18,000,000 City (TIF - GO. Bonds) $950,000 City TIF Revenue $5,300,000 TOTAL $24,250,000 TOTAL Johnstonc Supply EXPENSES Aequistion $470,000 Demolition TOTAL $ 100,000 $570,000 FUNDING City (TIF - 0.0. Bonds) TOTAL 1 $570,000 $570,000 Wonderbrcad EXPENSES AequisitiOn $400,000 Demolition $100,000 ConstruetiOn $1,000,000 Tax Rebates $245,000 TOTAL $1,745,000 FUNDING Private Developinent $ 1,000,000 CiLY (TIF - 0.0. Bonds) City TIF Revenue $245,000 TOTAL $ 1,745,000 Miscelaneous Projeets and Tax Rebates EXPENSES AcquisitiOn Demolition $2,000,000 $ 1,000,000 Site Improveinents $1,000,000 Legal fees, eonsulting fees, and related expenses assoeiated with administration and operation of the Urban Renewal Area $3,000,000 MiseelIanec,us $300,000 Couier Tax Rebates $22,000 NCN Tax Rebates $42,500 CN Bank Tax Rebates $20,000 HQAA Tax Rebates $ 152,000 Doliy James LLC Phase 1 Tax Rebates $ 1,100,000 Court Square Tax Rebates $2,200 Fisehe!s Holdings Tax Rebates $35,500 Downtown Gateway Distriet $0 Cedar River Dam so TOTAL $8,674,200 0 Private Development $36,464,038 City (TIF - 0.0. Bonds) $7,000,000 City TIF Revenue $ 1,674,200 TOTAL $8,674,200 TAL EXPENSES Agritrade and Rxpo Center $36,464,038 Cedar Valley Art Mali $18,350,000 Downtown Pedestrian Riverwalk Loop Project $5,567,000 WeHness and Sports Compiex Projeet $28,200,000 Argitech lneubator & Commereialization Center (Cedar VaHey Teeh Works Campus) $41 500 000 Downtown parking & Cedar Valley Trolley System $ 1,660,000 Publie Improvements $5,555,298 Cedar River Condos & Depot Distriet $40,600,000 Downtown Gateway Distriet $9,000,000 Cedar River Dam $4,000,000 Grout Museum $8,996,58l Grand Crossing $24,250,000 Johnstone Supply $570,000 Wonderbread $1,745,000 Miseelaneous Projeets and Tax Rebates $8,674,200 TOTAL $235,132,117 ING Private Development $11 1,450,000 City (TIF GO Bonds) $34,770,000 CITY (CIP - GO. Bonds) $8,755,020 City - lowa Reinvestment Bonds $8,000,000 City (Other) $ 1,977,298 State (VIP) $34,572,000 State (Other) $S,683,600 Community Fundraising $12,076,581 Federal $4,478,038 City (In Kind - City Owned Property) $6, 150,380 City TIF Revenue $7,219,200 TOTAL $235,132,117