WATERLOO, Iowa (AP) — The Waterloo City Council has approved an incentive package to help KWWL television renovate a downtown building.
The Waterloo-Cedar Falls Courier reports (http://bit.ly/19q2zTh ) the council approved the incentives Monday by a 6 to 1 vote.
A development agreement calls for KWWL to spend at least $2.5 million to renovate the first two floors of its building, which dates to 1914. Those improvements include an elevator, garage and parking lot improvements.
The deal requires the city to rebate 70 percent of property taxes on the added value for 10 years. The city also must try to buy and demolish an adjacent building and give it to KWWL for $1, buy other parking lots and acquire the third and fourth floors of the station’s building at a price determined by appraisal.
Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com