Cedar Falls northern industrial park set for construction

Mar 9, 2010 — Waterloo-Cedar Falls Courier

Jon Ericson

Mar. 9, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- CEDAR FALLS -- A new northern industrial park in Cedar Falls will take shape this year and likely be ready for business sometime next year.

On Monday, the City Council took another step toward finishing the park when it conducted a public hearing and authorized the purchase of private property for setting up the infrastructure.

The new park, located near the airport, west of Leversee Road, would serve heavier industrial uses than the existing industrial park. A major draw for the new park will be a rail spur that will give the park easy transportation access by highway, air or rail.

The city already has been getting interest in the new park and at least one prospective tenant, Hudson Co-op, currently located on Lincoln Street, is prepared to move in.

The council action Monday allows construction to keep moving forward.

"It's to acquire property to extend sanitary sewer into the industrial park," said Ron Gaines, developmental services director, said.

Plans call for the 103-acre park to be split into about 20 lots.

In 2008 the city bought the land for the project for a price of $640,000. Last year, the city got into high gear, drawing up designs for the park, establishing a Tax Increment Financing District, securing a $5.5 million federal grant for infrastructure and platting the land. In November, the city issued bonds to pay for the project.

The federal Economic Development Administration grant will pay for 80 to 85 percent of the infrastructure costs.

The TIF district expands beyond the boundaries of the industrial park to allow for future growth or complementary businesses.

In other business, the council approved selling $5.8 million in bonds to refinance existing city debt. City Finance Director Jennifer Rodenbeck said the move will save the city $268,000.

Newstex ID: KRTB-0150-42727230