Cedar Falls committee directs staff to draft 10-year incentive amendment for College Hill project

The Cedar Falls Committee of the Whole voted to direct staff to prepare an amended development agreement extending an existing five‑year incentive to a 10‑year incentive for a College Hill redevelopment project after developer Brent Alstrom told the panel a longer incentive would improve the project's chances of securing financing.

The motion does not approve the amendment; it asks staff to bring a drafted amendment to the next available council meeting for formal consideration. Committee members voted on the voice motion; the meeting record shows the motion carried by a 5–2 voice vote.

Developer Brent Alstrom told the committee he supports College Hill and said extending the incentive would help the currently paused project move forward. "I'm here to ask respectfully, to move the 5 year incentive to a 10 year incentive," Alstrom said, and described the current work on the site as limited to foundations and preparatory work. He said he has not closed on construction financing and that a written lender decision is contingent on the council's action.

Committee members debated the request at length. Supporters said the longer incentive aligns with a recently adopted policy change to offer 10‑year incentives on future projects and argued that the project remains in an early stage, making the amendment appropriate to help restart development. Opponents cautioned that applying a newly adopted policy to a previously negotiated agreement could set a precedent and said they were concerned about changing terms retroactively.

Council discussion clarified that the change would be implemented as an amendment to the existing development agreement (the original agreement for the project dates to 2021 and was previously extended in early 2024). The committee chair said staff would draft a short amendment that would change the incentive from "5 years at 100%" to "10 years at 100%" and bring that amendment to the full council for action. No final incentive approval or financial authorization occurred at the Committee of the Whole meeting.

The committee also noted the practical status of the project: Alstrom said only footings/foundations are in place, no loan has closed, and the lender is awaiting the council's decision before proceeding. Several members emphasized that any amended agreement would bind only the parties to that agreement and would not obligate or guarantee other development on College Hill.

Next steps: staff will prepare an amended development agreement reflecting a 10‑year incentive and present it to the City Council at the earliest practicable regular meeting for formal consideration and vote.