WATERLOO — The city may extend its contract with private developers working to bring new businesses to the area around the former Waterloo Greyhound Park.
City Council members will be asked Monday to approve a fourth amendment to the city’s original 2006 development agreement with Deer Creek Development.
Deer Creek is working to develop about 100 acres between Black Hawk Creek and U.S. Highway 63 from Ridgeway Avenue south to near U.S. Highway 20.
The area known as Greenbelt Centre now includes a number of projects including Mauer Eye Center, Love’s Travel Center, Hawkeye Stages and other professional offices.
The original agreement essentially required the city to reimburse Deer Creek for money is spent installing roads, sewer and infrastructure in the area through payments from the Martin Road tax increment financing district.
The proposed amendment would keep in place the current arrangement, calling on the city to pay Deer Creek at least $100,000 every six months into the future until the infrastructure is paid off.
Community Planning and Development Director Noel Anderson said the amendment would also add the former Waterloo Greyhound Park property into the agreement. The track, which closed more than 20 years ago, has become a major eyesore.
Anderson said the TIF arrangement could help demolish the building if Deer Creek is successful in acquiring the site from either the National Cattle Congress, which currently owns it, or the Sac and Fox Tribe of Iowa, which is attempting to foreclose on the NCC properties.
The NCC this month appealed the foreclosure to the Iowa Supreme Court.
The meeting is scheduled for 5:30 p.m. Monday in the council chambers on the second floor of City Hall.