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Council backs letter of support for 1515 Sycamore historic tax‑credit application; planner says support aids scoring

5822525 · August 19, 2025

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Summary

Council adopted a resolution supporting 1515 Sycamore LLC’s application to the Iowa Economic Development Authority for historic tax credits for rehabilitation of the Wrath Administration Building; city planner said the letter helps scoring and is separate from the development agreement already approved.

The Waterloo City Council voted to adopt a resolution supporting an application by 1515 Sycamore LLC for Iowa historic tax credits to rehabilitate the Wrath Administration Building and to construct 87 dwelling units.

A council member said the project had been approved previously by a development agreement and asked why the developer was reapplying for credits and what the timeline would be. Eric Schrader, city planner, said the council's action was a letter of support that "does give them some points through the scoring process" for the state's award and that the letter would be a critical piece to finalize funding. He said the resolution did not change the development agreement already on file.

One council member requested an update from the developer on why a new application was needed and how long it would take to hear back from the state; staff said they would ask the developer to provide a timeline. Schrader also told the council that when the state's director visited earlier there was interest in the site and that the application had state‑level attention.

The council adopted the resolution by roll call vote. The action was limited to a letter of support and did not modify the previously approved development agreement.