Item Coversheet
CITY OF WATERLOO

Council Communication

Sale and conveyance of city owned property located at 200 West 4th Street (Convention Center), for $1.00, to LK Waterloo, LLC.

City Council Meeting: 7/17/2017
Prepared: 6/21/2017
ATTACHMENTS:
DescriptionType
Convention Center DACover Memo
Public CommentCover Memo
Public Comment 2Backup Material
SUBJECT:

Motion to receive and file proof of publication of notice of public hearing.

HOLD HEARING - Comments on file.

Motion to close hearing and receive and file oral and written comments.

Resolution authorization sale and conveyance of city owned property located at 200 West 4th Street (Convention Center), in the amount of $1.00, to LK Waterloo, LLC, and authorize Mayor and City Clerk to execute said documents.

Resolution approving a Development Agreement with LK Waterloo, LLC, and authorize Mayor and City Clerk to execute said agreement.
Submitted by:
Submitted By: Noel Anderson, Community Planning & Development Director
Recommended Action:

Approval of actions listed above.

Summary Statement:

The City of Waterloo is working to enter into two development agreements:

1) for the renovation of the Ramada Hotel

2) for the sale and renovation of the Convention Center

With a new taxable value of $5.0 million, with City grants totaling $1,050,000 towards the renovations, 15 years of tax rebates at 34%.

The two agreements work to bring forth the entire renovation of the two structures as a whole, increasing the taxable value of the two from ~$3.5 million to $17 million.  The agreements work to solidify the continued use of the convention center as a convention center into the future, work to keep a 4 star hotel in place, and improved and efficient operations, scheduling, service, food, as well as added employment of 100 employees. 

The City has met with the developers for months now to properly go over criteria of their past projects, their plans for the hotel and convention center, and the continuing partnership and communication with City staff, local businesses, the Convention and Visitors Bureau, to push for success of both facilities.

Expenditure Required:
$1,050,000
Source of Funds:
Bonds as identified in the Capital Improvements Program
Policy Issue:
Economic Development.  Meeting Stategic Goals 1, 3, and 4, with new jobs, new tax base, new image improvements of Waterloo.  
Alternative:
Not approve
Background Information:
The City of Waterloo has continued to look for developers interested in the renovations needed for the Convention Center, and renovations needed to bring more hotel rooms near said center. 
Legal Descriptions:
See development agreement attachment