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Council approves incentive package for 3350 University apartment rehab
Summary
The City Council approved a development agreement to rehabilitate the vacant building at 3350 University Avenue into 58 residential units and authorized a $290,000 infill payment tied to a minimum assessed value of $2.5 million.
The Waterloo City Council on Monday approved a development agreement allowing the rehabilitation of the building at 3350 University Avenue into 58 multiple-family units and authorized an infill incentive of $5,000 per unit, totaling $290,000, officials said. The project must meet a minimum assessed value of $2,500,000 to qualify.
Council members and staff said the building has been vacant for years and that the rehab would create new housing near downtown. Community Planning and Development Director Noel Anderson said the amendment adjusts the project scope and funding sources and that some funding could come from nuisance bonds or University-area TIF funds.
Developer representatives described plans to remove vandalized structures, complete demolition work already underway, and build new units with modern systems. A…
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