2005 Section 108 Project Summary - Iowa

Economic Development

Cedar Valley Riverfront Renaissance Project
BORROWER: WATERLOO
STATE: IA
SECTION 108 LOAN GUARANTEE AMOUNT: $8,220,000

Waterloo will use its Section 108 Guaranteed Loan proceeds to assist in implementing activities which will further the reclamation and redevelopment of the riverfront of the Cedar River in the City to the City's downtown and its existing network of trails, and to enhance the residential portion of the Cedar Valley Riverfront.

The City will utilize $2,970,000 of the Section 108 funds to finance construction of a Pedestrian Riverwalk Loop that run the full length of the City's downtown on each side of the Cedar River. It will address the deteriorating conditions along the River sides by providing public infrastructure and removing deteriorated structures.

In a near by area, the City will invest $1,500,000 of its Section 108 Guaranteed Loan proceeds into the reconstruction of streets in those neighborhoods adjacent to the Rath Brownfield area in a comprehensive approach to replace deteriorated infrastructure in neighborhoods where 86% of the housing stock is deteriorated and 55% of the residents have incomes less than 80% of the median. The City will also use $2 million in a Brownfield Economic Development Initiative grant in conjunction with its Section108 Guaranteed Loan to remediate some of the commercial and industrial ground contamination in these neighborhoods.

The City will use the remaining $3,750,000 Section 108 Guaranteed Loan funds to establish a loan fund for assistance to for-profit businesses within the Cedar Valley Riverfront target area. The city anticipates that this business lending activity will create approximately 84 new job opportunities for low and moderate-income persons.