Iowa Economic Development Authority (IEDA) board members approved an application to create a Reinvestment District in Waterloo on February 3, 2015. The referenced program is designed to “assist communities in developing transformative projects that will improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region and state.” The announcement ensures access to $12 million in future tax dollars to help finance the TechWorks development. The first stage of project includes a business-class hotel, an industrial incubator, and the John Deere Tractor & Engine Museum. Subsequent stages include spaces for retailers and restaurants as well as a marina and riverfront restaurant. IEDA’s official announcement can be found here.