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. |