Funding Sources Summary
The City of Waterloo has worked diligently to leverage outside funding to foster Brownfields and urban core redevelopment initiatives. The city received over $42 million in funding, as described below, within the last decade. Waterloo allocated the money towards helping to revitalize and spur the new economy in Waterloo. The City of Waterloo realizes that its success in redeveloping Brownfields and its pursuit toward a new economy would not be possible without the invaluable support of the grass roots organizations, the public, neighborhood associations, and the organizations listed here.
The United States Environmental Protection Agency (EPA) is a federal agency designed to protect the safety and welfare of both humans and the environment. The EPA created the Brownfields Program to give financial assistance to local municipalities for addressing sites with perceived environmental issues. This Program allows stakeholders to work together to prevent, assess, safely cleanup, and sustainably reuse Brownfields. In Waterloo, the EPA’s Assessment Grant is used for community outreach activities and to fund Phase I and Phase II Environmental Site Assessments (ESAs) targeting properties with perceived or actual contamination. The site assessments focus on abandoned or underutilized properties in downtown Waterloo and in the Rath redevelopment area. The EPA Brownfields Cleanup Grant program focuses on cleanup activities at sites contaminated by petroleum and hazardous substances. The City of Waterloo used Cleanup Grant funds at the former Construction Machinery Company property for general site contamination cleanup and to remove underground storage tanks. The City also received funding from the Brownfields Cleanup Revolving Loans Fund (BCRLF). The EPA grants BCRLF money to the City to loan to qualified borrowers to address contaminant concerns for the purpose of site redevelopment. The City borrowed $350,000 from the BCRLF during the Former Construction Machinery Company property cleanup.
- $200,000 Rath Neighborhood Brownfields Pilot Project Assessment Grant (2000)
- $350,000 Former Construction Machinery Company BCRLF Loan (2001)
- $150,000 Rath Neighborhood Supplemental Assistance Grant (2002)
- $200,000 Former Chamberlain Manufacturing Company Hazardous Substances Assessment Grant (2003)
- $100,000 Former Chamberlain Manufacturing Company Petroleum Assessment Grant (2003)
- $50,000 Former Chamberlain Manufacturing Company Hazardous Substances Assessment Grant (2005)
- $200,000 Former Construction Machinery Company Hazardous Substances Cleanup Grant (2005)
- $200,000 Downtown Waterloo Hazardous Substances Assessment Grant (2006)
- $200,000 Downtown Waterloo Petroleum Assessment Grant (2006)
- $200,000 Former Chamberlain Manufacturing Company (2008)
- $200,000 Highway 63 Corridor Hazardous Substances Assessment Grant (2010)
- $200,000 Highway 63 Corridor Petroleum Assessment Grant (2010)
- $200,000 Urban Core/Broadway Street Corridor Hazardous Substances Assessment Grant (2016)
- $200,000 Urban Core/Broadway Street Corridor Petroleum Assessment Grant (2016)
- Total Amount Leveraged: $2.65 Million
2. Vision Iowa
Vision Iowa is a state program that provides financial incentives to communities for the construction of cultural, educational, entertainment, or recreational facilities that enhance the quality of life in Iowa. The City of Waterloo received $8.8 million for their project entitled the “Cedar Valley River Renaissance.” The city allocated $7.3 million for downtown projects including the construction of an inflatable bladder on the Cedar River, an outdoor amphitheatre, a plaza, and a river-walk trail. The Grout Museum received the remaining $1.5 million of the funding to help construct a 30,000 square-foot addition entitled the “Sullivan Brothers Iowa Veterans Museum.”
- $1,500,000 Grout Museum
- $7,300,000 Downtown Riverfront Projects
- Total Amount Leveraged: $8.8 Million
The U.S. Army Corps of Engineers Planning Assistance to States (ACOE PAS) Authority provides technical assistance to states through studies related to planning for water and other associated land resources. In Waterloo, the ACOE helped fund and conduct a $100,000 hydraulics and hydrology study on the Cedar River displaying the economic feasibility of the inflatable bladder project. In addition, the ACOE PAS provided $100,000 in funding for the Rath Neighborhood Land Use Plan to provide a framework for revitalization and redevelopment of the area. The ACOE also allotted $65,000 for a Phase II ESA at the former Construction Machinery Company site.
- $65,000 Former Construction Machinery Company Phase II ESA
- $100,000 Rath Neighborhood Land Use Plan
- $100,000 Hydraulics and Hydrology Study
- Total Amount Leveraged: $265,000
The Iowa Department of Economic Development (now the Iowa Economic Development Authority or IEDA) had several programs to help spur economic growth and private investment in Iowa cities. The IDED Iowa Brownfield Fund (IBF) provided funding for the acquisition, remediation, and redevelopment of qualified brownfields sites. The City of Waterloo received $325,000 for the demolition of the former Chamberlain Manufacturing Company and $400,000 for the demolition of the former Construction Machinery Company facility. The City secured a $691,750 IBF grant to demolish numerous structures in-between East 6th and 8th Streets along the Cedar River to spur new residential development. A second IDED program, the Community Attraction and Tourism (CAT) Grant, provided monetary assistance to community attraction and tourism projects. The City of Waterloo received a $500,000 CAT Grant for the Youth Pavilion addition at the Waterloo Center of Arts, a $1,000,000 CAT Grant for the construction the “Riverloop Expo” exposition center, and a $750,000 CAT Grant for the construction of the Cedar Valley Sportsplex. The IDED Grow Iowa Values Fund sought to help move and grow Iowa’s economy, create jobs, and help generate wealth for Iowans. The IDED awarded the City of Waterloo $3,200,000 towards the Cedar Valley TechWorks Technology Center rehabilitation. The Black’s Building and the Haffa and Fowler Buildings also received $40,000 in IDED funding for their respective renovations. The IEDA Revitalization District Program provided $12,000,000 towards the completion of the Cedar Valley TechWorks project.
- $40,000 Black’s Building Rehabilitation
- $40,000 Haffa and Fowler Buildings Renovation
- $325,000 Former Chamberlain Manufacturing Company Demolition (IBF)
- $400,000 Former Construction Machinery Company Demolition (IBF)
- $691,750 Water Street Flats and Rowhouses Demolition (IBF)
- $1,000,000 Youth Pavilion Expansion at the Waterloo Center of Arts (CAT)
- $1,000,000 Riverloop Expo (CAT)
- $12,000,000 Cedar Valley TechWorks
- Total Amount Leveraged: $16,246,750
Revitalize Iowa’s Sound Economy (RISE) is a state program through the Iowa Department of Transportation (IDOT). It intends to promote economic development through the construction or improvement of roads and streets. The City of Waterloo used a RISE grant to help fund the construction of a new 18th Street Bridge. The city was also awarded $1.4 million in RISE funds for Cedar Valley TechWorks project.
- $1,400,000 Cedar Valley TechWorks Transportation Access Improvements
- $2,121,700 18th Street Bridge Construction
- Total Amount Leveraged: $3,521,700
The United States Housing and Urban Development (HUD) agency seeks to increase homeownership, support community development, and increase access to affordable housing, free from discrimination. To fulfill this goal, HUD created the Community Development Block Grant (CDBG) Program which helps provide decent affordable housing, services to the most vulnerable in our communities, and jobs through the expansion and retention of businesses. The City of Waterloo receives approximately $1.4 million in CBDG funding annually. During the 2007 fiscal year, the City allocated $544,834 to the rehabilitation of homes. Approximately 70 percent of the funds are dedicated to the Rath Brownfields Area in an effort to produce a concentration of improved homes. Another program the City of Waterloo receives HUD funding from is the Economic Development Initiative (EDI). EDI provides grants to local governments to enhance both the security of loans guaranteed through the Section 108 Loan Program and the feasibility of the economic development and revitalization projects they finance. EDI contributed $396,000 towards the rehabilitation of the Cedar Valley TechWorks Technology Center in the former John Deere Westfield site and $500,000 to renovations at Lafayette Park in the Rath Redevelopment area. The City of Waterloo also received $2,095,000 from the HUD Section 108 Loan Guarantee Program for the reconstruction of Sycamore Street. Section 108 Loans provide communities with a source of financing for economic development, housing rehabilitation, public facilities, and large-scale physical development projects.
- $396,000 Cedar Valley TechWorks Technology Center Rehabilitation (EDI)
- $500,000 Lafayette Park Renovation (EDI)
- $1,400,000-annually Neighborhood Rehabilitation (CBDG)
- $2,095,000 Sycamore Street Reconstruction (Section 108 Loan)
- $3,000,000 Grand Crossings Project- Former Grand Hotel site (CDBG)
- Total Amount Leveraged: $7,391,000
The Black Hawk County Gaming Association (BHCGA) is a corporation that holds and maintains a license to conduct gambling in the Cedar Valley. The association uses proceeds from the Isle of Capri Casino to help fund individual projects designed to enhance the quality of life in the Cedar Valley. BHCGA gave the Grout Museum $1 million towards their 30,000 square-foot addition entitled the “Sullivan Brothers Iowa Veterans Museum.” The Riverloop Expo was awarded $500,000 in BHCGA funds for the construction of an exposition area in downtown Waterloo stretching across two city blocks for a variety of outdoor exposition events.
- $1,975,000 Riverloop Expo
- $1,000,000 ($200,000 annually for 5 years) Grout Museum Addition
- Total Amount Leveraged: $2.97 Million
The United States Economic Development Administration (EDA) is a federal agency with a goal of generating jobs, helping to retain existing jobs, and to stimulate industrial and commercial growth in economically distressed areas of the country. EDA contributed $1.6 million to the Cedar Valley TechWorks Technology Center rehabilitation in an effort to help create new jobs. The City of Waterloo received $750,000 of EDA funding in the Rath Neighborhood for the acquisition of dilapidated properties.
- $750,000 Rath Neighborhood
- $1,000,000 Water Street Flats and Rowhouses
- $1,600,000 Cedar Valley TechWorks Technology Center Rehabilitation
- Total Amount Leveraged: $3.35 Million
The Waterloo Development Corporation (WDC) is a group of citizens and businessmen interested in developing and redeveloping properties downtown Waterloo. The WDC gave the Waterloo Center of Arts $1 million towards the Youth Pavilion Expansion and $2.4 million to the City of Waterloo for the Riverloop Expo in downtown. The exposition area will host variety of outdoor events.
- $1,000,000 Youth Pavilion Expansion at the Waterloo Center of Arts
- $2,400,000 Riverloop Expo
- Total Amount Leveraged: $3.4 Million
The Federal Highway Administration (FHWA) is an agency of the United States Department of Transportation (US DOT). The Federal-Aid Highway Program provides federal financial resources and technical assistance to state and local governments for constructing, preserving, and improving the National Highway System. The City of Waterloo received $11.5 million in FHWA funds to create a Highway 63 Corridor Plan to “evaluate future opportunities for improvements in the U.S. 63 Corridor and surrounding neighborhoods.” In addition, a $1 million FHWA Federal Bridge Replacement grant and a $1.7 million FHWA Federal Surface Transportation Program grant were used in the construction of the 18th Street Bridge.
- $1,000,000 18th Street Bridge Construction (Federal Bridge Replacement Program)
- $1,700,000 18th Street Bridge Construction (Federal Surface Transportation Program)
- $11,500,000 Highway 63 Corridor Plan (Federal-aid Highway Program)
- Total Amount Leveraged: $14.2 Million
The Iowa Department of Natural Resources (IDNR) manages fish and wildlife programs, ensures the health of Iowa’s forests and prairies, and provides recreational opportunities in Iowa’s state parks. Just as importantly, the IDNR carries out state and federal laws that protect air, land and water through technical assistance, permitting and compliance programs. The IDNR Iowa Brownfield Redevelopment Program helps facilitate the redevelopment of sites by reducing the environmental uncertainties hindering their re-use. Funds are available to local governments, non-profit organizations, and area economic development corporations. The City secured a $15,000 matching grant to help remove asbestos from a key blighted downtown property prior to its demolition.
- $15,000 801-805 Commercial Street
- Total Amount Leveraged: $15,000