HomeMy WebLinkAboutAmendment to Rath Urban Renewal ReDev Plan-3/7/2016Prepared by Aric Schroeder City of Waterloo, 715 Mulberry Street. Waterloo. IA, 50703 319-291-4366
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AMENDMENTTO
RATH URBAN RENEWAL AND REDEVELOPMENT PLAN
REC ITALS
A. On November 19, 1990, the City Council af the City ofWaterloo, Iowa (the "City")
adopted Ordinance No. 3749 and Resolutiori No. 1990-644, determining that
certain areas Iocated within the City are eligible and should be designated as an
urban renewal area under Iowa Iaw, and approved and adopted the Rath Urban
Renewal and Redevelopment PIan of the City of Waterloo lowa (the "PIan").
B. On June 14, 2004, the City Councit adopted Ordinance 4697 and Resolution No.
2004-372, in which it was agreed to amend the PIan by extending the property
included therein, and one or more other amendments have been made to the PIan
to include additional urban renewal projects or for other purposes.
C. On July 6, 2009, the City Coundll adopted Ordinance 4949 and Resolution No.
2009-633, in which it was agreed to amend the PIan by extending the property
inctuded therein, and one or more other amendments have been made to the PIan
to include additional urban renewal projects or for other purposes.
D. The City desires to amend the PIan again to include new urban renewal projects
and to update related information in the PIan.
AMENDMENT
NOW THEREFORE, the Rath Urban Renewal and Redevelopment PIan, as previously
amended, is hereby further amended as foliows:
foliows:
1. Paragraph I.0 is hereby amended to add the foliowing new paragraph 4 as
4. For additional projects added to this PIan by amendment, see Attachment
D.
2. Paragraph I.G is hereby stricken in its entirety and replaced with the foliowing
paragraph I.G:
H. Bonding Capacity. For updated information about unused bonding
capacity for the City of Waterloo, see Attachment "C" attached to the
latest Plan amendment.
3. 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.
4. 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 (published notice of public hearing)
Attachment M (posted notice of public hearing)
5. Except as modified by this amendment, the Plan, as previously amended, shall
continue unmodified in full force and effect.
PASSED AND APPROVED this day of 2016.
Quentin Hart, Mayor
ATTEST:
�
Suzy S ares, City Clerk
Attachment C
City of Waterloo
Black Hawk County, Iowa
Study of Bonding Capacity as of January 1, 2015
January 1 2015 Actual Gross Assessed Valuation $3,770,142,1 65
Legal Bonding Rate 5%
Legal Bonding Limit $ 188507,108
Less Outstanding G.O. & Other Debt ($ 94,503,764)
Unused Gross bonding Capacity $ 94,003,344
50% of legal limit
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Project Proposals
Attachment D - Rath 2016 Amendment
Proposed Budgets
Acquisition
$1,500,000
Demolition
$2,000,000
Site Improvements
$500,000
Remediation
$500,000
Legal fees, consulting fees, and related expenses
associated with administration and operation of
the Urban Renewal Area
$300,000
Housing Rehabilitation
$1,000,000
Miscellaneous
$100,000
Crystal 11 Tax Rebates
$176,252
MAKO - Rath Admin rebates
5775,000
Powers Manufacturing rebates
560,000
A&K Ventures - Ken Orchard; rebates/land grant
530,000
3 Little Lambs - Black Hawk & l7th; land grant
540,000
TNT - Black hawk & lSth; land grant
536,400
Si Construction - Sycamore street; land grant
528,000
Buckets Inc. / Secor; land grant
5108,600
Total
57,154,252