Iowa Economic Development Authority (IEDA) has awarded the former Friedl Bakery project $839,741 in historic preservation tax credits. The program provides a state income tax credit for rehabilitation of historic buildings. It is designed to promote the retention of unique, character defining buildings and building features that contribute to a community and neighborhood. Rehabilitation must meet the federal Secretary of Interior standards.
The first floor of the former bakery is being renovated into commercial space while the upper two levels will contain twelve upscale loft units. An estimated 35 jobs will result from the investment. A development agreement provides the developer with a $300,000 grant and property tax rebates while the assessed value of the property must increase to a minimum of $1.3 million.
Developer Kade Hoppenworth adds “This project, like many others, are only possible with the assistance from not only State/Federal Historic Tax Credits, but also the assistance from the City of Waterloo. Without these programs, older rundown buildings in our community would not have the opportunities or capital to inject new life and would potentially be demolished. By keeping these 100+ year old buildings intact, we are able to preserve a part of history which helped build Waterloo to where it is at today. We are very excited watching the building transform over the past seven months with the hopes of having the full renovation complete by October 1st.”
Click here for IDEA’s full press release.