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Council debate over Geraldine Road development agreement, council members question land purchase and tax rebates
Summary
Council members and residents questioned a development agreement and land-acquisition grant tied to a proposed 8,200-square-foot commercial building south of 2661 Geraldine Road, expressing concerns about city purchases of private lots, the size of tax rebates and the impact on TIF funds.
The Waterloo City Council discussed a proposed development agreement with 3 Stooges LLC for the construction of an 8,200-square-foot commercial building south of 2661 Geraldine Road that included a land-acquisition grant of about $604,613 and a 7-year, 50% tax rebate. Public comment and multiple council members raised concerns about the city buying lots and large upfront incentives. During public comment, resident David Dreyer said the city was “giving them the lots for a dollar” and questioned the benefit to taxpayers: “We don't get 1 bit of value out of it ... all of the rebates you're giving him ... this does not help the taxpayer.” Councilmembers echoed fiscal concerns.…
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