WATERLOO — Local developers are planning a $2.1 million renovation of a historic downtown building in the heart of the downtown entertainment district.
Waterloo City Council members will be asked Tuesday to approve a grant and property tax incentives to help leverage an overhaul of the currently vacant three-story building at 300-304 Commercial St.
Cedar Valley Real Estate LLC, a partnership of Kade Hoppenworth and Dan Cooley, purchased the vintage 1910 building, which has ground floor commercial space and apartments on the upper floors, for $445,000 last June.
The structure is across the street from SingleSpeed Brewing Co., the Waterloo Center for the Arts and RiverLoop Amphitheater. It is just a block from the Waterloo Public Library, Young Arena and Cedar Valley SportsPlex.
The proposed development agreement provides a $300,000 grant to Cedar Valley Real Estate to help match brownfield and historic tax credits being sought for the project. The firm would then receive 15 years of 70 percent property tax rebates on the finished product.
The developers must boost the assessed value of the building from $312,000 to $1.3 million to receive the incentives.
“We’re basically offering them the same package we gave SingleSpeed,” said Community Planning and Development Director Noel Anderson.
The meeting is scheduled for 5:30 p.m. Tuesday in the council chambers on the second floor of City Hall. Other scheduled council business includes:
- The first reading of an updated ordinance government pawn shops in the city. A key element would be adding a 50-cent transaction fee to help pay for a service that will track whether pawned and sold items were stolen.
- A 3:55 p.m. work session to discuss the city’s storm water fee.