The authorization of municipal residential development activities for the remaining phase of the Treyburn Farms Subdivision was approved Thursday by the Waterloo City Council.
Under the approved authorization, the city will purchase the remaining undeveloped land – 19 platted lots — in the Treyburn Farms Subdivision located on the north city of the city from Aspen Development Company, LLC for $50,000 and will then proceed with contract bids, engineering and the installation of right-of-way improvements that have been estimated by Kunkel Engineering Group to cost approximately $659,479.
Waterloo will market and sell the platted lots based on the relative lot size and will offer a $1,500 flat real estate agent commission rate per lot sale. The approved authorization also enables the city to repurchase each lot at the original price if an occupancy permit is not issued within 36 months of the lot sale.
“It will pay for itself and also increase our city’s tax base,” Alderman Tim Thomas said in regard to the purchase.
“Being that developers don’t really want to take on these projects like they use to, this was just an opportunity for us to do something at a very low cost,” Mayor Jeni Quimby said, adding the next step is to determine how the marketing of the platted lots will proceed.
Julie Busche of Inventure Realty Group of Madison talked with the council on the positive aspects of the Treyburn Farms Subdivision undeveloped land purchase.
“When I heard about the project, I was a fan and was backing it right away,” Busche said. “I feel like it’s a very good move on the city’s part to get it developed because I don’t think you will have difficulty selling the lots because people are looking for affordable lots.”
Quimby also noted the average lot price would be estimated at $38,000 and the goal is to finalize everything and go to bid before the spring of 2020.
In other business, with the exception of a no vote by Alderman Ron Griffin, the council approved the establishment of a 2020 municipal vehicle registration fee.
“As we had stated last year, it was passed by ordinance to initiate a vehicle registration fee of $15 per vehicle and that has to be renewed annually,” Thomas said. “This year, like last year, our budgets are extremely tight. We’ve started the budget process and nothing has greatly approved at all and hopefully we will see some improvement down the road. This $15 vehicle registration fee is very important to help balance the budget.”
With the exception of an abstaining vote by Griffin, the council also approved the authorization of a $919,615 bank note to refinance the existing Tax Incremental District (TID) no. 3 debt and costs associated with the reuse of property located at 333 Portland Road.
“(TID) no. 3 has two successful projects each in which had existing debt. One is Ab E (Discovery) and about three quarters of the city’s growth this calendar year are the result of that one project. The city initially took out short-term debt to finance incentives and road construction and additionally over the course of time there was an incentive for Regis Rubber,” said Clerk/Treasurer Mo Hansen.
Hansen also noted there was an outreach to 15 financial institutions that resulted in three replies with Monona State Bank proposing the lowest funding bid at 3.55 percent.
In other business, the council:
- Approved operator’s licenses for the period ending June 30, 2021, to Joseph Clough, Jennifer Doe and Randie Lange.
- With the exception of Griffin, approved the redemption of the city of Waterloo’s general obligation community development bonds dated Sept. 26, 2007.
- Approved directing the expenditure of impact fees for qualified projects.
- Approved the appointments of Valerie Deegan and Garry Whitebird to the city of Waterloo Community Development Authority (CDA). Deegan will complete an unexpired term ending in 2020 and Whitebird will complete an unexpired term ending in 2021.
- Approved the appointment of Alderman Charles Kuhl as council representative to the Waterloo CDA. He will replace Alderman Jason Schoenwetter as the council representative.