WAVERLY – A proposed project that would bring a new business to town is working its way through the process for Tax Increment Financing (TIF).
The Waverly Community Redevelopment Agency (CDA) met last week to go over a cost-benefit analysis for an approximately $3 million that would construct a new building for Northwest Electric along 135th Street, near Amberly Road.
Waverly City Administrator Stephanie Fisher reported the CDA approved the cost benefit analysis as presented and recommended that it move now to the Waverly Planning Commission for review. The Planning Commission was scheduled to meet Monday evening.
More meetings are also scheduled in July by the CDA and Waverly City Council to review the proposed project and development plan.
Northwest Electric is an electromechanical and repair business for electric motors, pumps, gearboxes, fans, blowers and generators. The company was established in 1955 and has branches in Columbus, Norfolk, Kearney, Lincoln and Le Mars, Iowa.
Northwest Electric Vice President Kyle Fritz was at the CDA meeting and offered a description of the company, who is asking the city for TIF.
TIF is an incentive tool that can be offered by a city to private developers. There is incremental deferment on taxes for improvements upon a property in a designated area and some of the taxes that are collected can be used for city infrastructure improvement costs.
Northwest Electric is proposing the construction of a metal building with about 14,200 square feet of space. About 12,000 square feet would be used for warehouse and production and the remainder would be office space.
The stated purpose for the business in Waverly would be for electromechanical sales and service involving electric motors, fluid pumps and gearboxes.
According to the Cost-Benefit Analysis, approximately $195,000 of the project would tabbed as TIF dollars. The analysis also stated the project would have a beneficial impact because it would generate a number of jobs locally.
Information from Monday’s Planning Commission meeting was unavailable prior to press time. The CDA will meet next meet at 6:30 p.m. on Tuesday, July 9.
A public hearing on a redevelopment plan for this project has also been scheduled for the 7 p.m. Waverly Council meeting on July 23.
The Waverly City Council also met last week.
Action June 25 included work on several city projects. K-2 was given the notice to proceed on work being done on Oldfield and Mansfield streets. This project will also include improvements to curb ramps for American Disabilities Act compliance. Schemmer Associates will do the construction observation for a cost not to exceed $86,440.
The city will also pay Proseal $28,582 for planned seal coat maintenance on North 148th Street from the I-80 bridge to Highway 6 and Cannongate Road from Castlewood Street to North 134th Street.
A new rubber mulch playground border and ADA ramp will be going in at Sharp Park. Cost on this was $18,395.