Waterloo commercial projects seek tax breaks

Feb 8, 2010 — Waterloo-Cedar Falls Courier

Tim Jamison

Feb. 8, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- WATERLOO -- The City Council is expected Monday to consider development agreements granting tax breaks for projects at both ends of Waterloo.

Under one agreement, D and L Development Co. would construct a $1 million, 5,800-square-foot building on the northwest corner of Heath Street and Logan Avenue, just north of the Hy-Vee store. A tenant has not been identified publicly.

Based on the enhanced incentive program the city provides for development in the U.S. Highway 63 north corridor, the project would receive six years of complete property tax breaks on the finished value.

In a separate agreement, Hope Martin "Buzz" Anderson is planning to build a new 15,200-square-foot professional office building on the northeast corner of Kimball Avenue and U.S. Highway 20. The project is south of the Sonic restaurant and west of Sam's Club, in an area the city is worked to add to the San Marnan tax increment financing district.

Based on the acquisition of land for the project and the new building having a value of more than $1 million, the development agreement would include one year of 67 percent property tax rebates followed by four years of 50 percent tax breaks.

In other business, the council will consider applying for a $35,000 grant from the National Park Service for a "Preserve America Grant" to document the history of Sans Souci Island. The city is buying 20 flood-damaged homes on Sans Souci, with plans to demolish the structures.

The meeting is scheduled for 5:30 p.m. Monday in the council chambers on the second floor of City Hall.

Newstex ID: KRTB-0150-41893133