WATERLOO — The city sweetened its financial incentives for a downtown brewery project that experienced unexpected costs.
Waterloo City Council members voted unanimously Tuesday to amend the original development which led to the $6 million renovation of the former Hostess Wonder Bread building into SingleSpeed Brewing Co.’s production brewery and restaurant.
The city agreed to pick up another $10,469 in costs for water stub disconnections and hazardous material removal from the areas around the building that were not part of the original agreement.
WATERLOO | A historic downtown bakery once slated for the wrecking ball will see new life as…
“There were a lot of ins and outs and unknowns as part of that project,” said Community Planning and Development Director Noel Anderson.
The original agreement approved in September 2016 included the city donating the building, providing a $160,000 grant to cover some interior demolition work and property tax rebates.
While SingleSpeed came in under budget on the items included in the $160,000 grant, it sustained additional loading dock costs.
“We are recommending that we still give them that original $160,000 amount as part of a partnership move to help them pay for those additional dock modifications,” Anderson said.
The SingleSpeed project at West Third and Commercial streets has won historic preservation awards for its reuse of a historic 1957 building.
Councilman Pat Morrissey, in supporting the additional incentives, said it has also become a destination point since opening last April.
“It just is a great venue,” he said. “What an addition to downtown Waterloo.”