Council approves $4 million grant to WDC for Hard Courts project, will receive several properties as part of agreement

The City Council on Monday approved a development agreement with the Waterloo Development Corporation (WDC) that provides up to $4 million in grant support over three years toward the proposed $35 million Hard Courts facility on the TechWorks site and authorizes the conveyance of specified WDC-owned properties to the city in support of downtown development.

Jim Miller of WDC told the council the project’s current fundraising commitments total roughly $26.6 million and that the $4 million commitment from the city would move the community toward the $35 million goal. Miller said WDC expects to contribute $8 million from prior gaming-related agreements over an eight-year period and that WDC’s board members are volunteers who do not receive compensation.

Council members asked about the Downtown TIF (tax increment financing) district capacity and the broader list of downtown projects that may draw on TIF resources. City staff said the council’s adopted commitments and repayments are factored into current TIF forecasts and that items the council has previously approved are included in the current $1.6 million projection for available Downtown TIF contribution. Council members asked for a work session with staff to review TIF district balances and planned commitments.

Community partners at the meeting said the Hard Courts project could generate visitor spending and broader economic impact; Miller said WDC has acquired and will transfer several properties, will deed some parcels to the city and has demolition contracts in place for other properties to create developable sites.

Council voted in favor of the development agreement and grant by roll call.