WATERLOO — The city is looking to expand its boundaries to provide additional land for economic development.
Waterloo Planning, Programming and Zoning Commission members voted unanimously Tuesday to support the city’s request to annex about 25 acres of land at the Northeast Industrial Area and add it to the tax-increment financing district.
The land along the east side of North Elk Run Road is currently farmed but sits just east of the Deere and Co. tractor assembly plant and north of Tyson Fresh Meats and Twin City Hides, the former Eagle Ottawa Tanning Co.
Community Planning and Development Director Noel Anderson said the site is ideally situated for an industrial development project but first needs to be moved into the city limits.
He said it’s “very close” to being shovel-ready for a project.
“For the size of project we anticipate there, there is water, sewer, utilities and rail nearby,” Anderson said. “We might need to extend a rail spur for a project or extend the sewer from the rail area up to site.”
City Council members voted unanimously May 14 to buy the 19.08 acres of farm land from John and Dessie Rottinghaus for $285,000.
Council members will be asked in the future to annex the lot and North Elk Run Road right-of-way. They will also be asked to amend the TIF boundaries so taxes generated by other property in the district can be used to pay for the land and provide incentives to lure a development prospect.
The Black Hawk County Board of Supervisors will be asked first to provide a resolution supporting the land being annexed into the city.
Anderson said the city may also ask the supervisors to add the property to the TIF district before it is annexed, which will allow the city to bring the site to market more quickly.