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Council approves sale of 1651 Sycamore Street and development agreement with Crystal Distribution Services
Summary
The Waterloo City Council approved a sale of 1651 Sycamore Street to Crystal Distribution Services Inc. and a development agreement that funds rehabilitation and a 5,000-square-foot maintenance shop.
The Waterloo City Council approved a sale and development package for 1651 Sycamore Street, authorizing conveyance to Crystal Distribution Services Inc. and a development agreement to rehabilitate the building and construct a 5,000-square-foot maintenance shop.
Developer Eric Poe told the council the purchase would return a former church to the tax rolls and allow building improvements and possible neighborhood-serving uses such as a daycare. "We're going to make improvements to that building and we're looking at potentially putting a daycare into that building for the betterment of that neighborhood," Poe said.
City staff and the developer discussed parking and zoning implications. Joel Anderson, Community Planning and Development Director, confirmed recent zoning changes that expanded where daycare uses can locate, and the developer said there is a drive and area east of the building that could support parking. Poe also said the developer plans a pull shed (maintenance building) on the west side and has identified materials and contractors.
Council also considered a development agreement that sets a maximum assessment/abatement and economic development grant: the council approved a maximum assessment agreement of $659,060 for rehabilitation plus a 70% property-tax rebate for 15 years and a $137,000 economic development grant as part of the Crystal Distribution package.
Council asked about timing and noted the property will immediately become taxable once used for business purposes. Poe said construction would likely begin sooner than the six-month deadline in the agreement and that the building's conversion will increase local taxable value. The council approved both the sale/resolution and the development agreement on roll-call votes.
The council also discussed broader redevelopment of the RATH district and incentives used there; council members and staff noted brownfield cleanup and demolition costs and said incentives in the district have been structured to encourage redevelopment of contaminated or derelict industrial parcels.
