CONSTRUCTIONPENDING

Cedar Falls Planning and Zoning Commission Agenda April 2025

City plans $1.2M infrastructure deal with Midwest Development Co.

Not to exceed $1,200,000 for infrastructure improvements; Economic Development Grant payments not to exceed $600,000 or 50% of actual costsCity of Cedar FallsMIDWEST DEVELOPMENT COApril 23, 2025

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Description

The City of Cedar Falls plans to enter into a development agreement with Midwest Development Co. for $1,200,000 in infrastructure improvements in the Arbors 6th Addition. The agreement will reimburse up to $600,000 or 50% of actual costs via Economic Development Grant payments over up to 10 years. Tax increment financing (TIF) will be used to fund the grants, incentivizing the new housing project.

Contract Details

Contract Amount

Not to exceed $1,200,000 for infrastructure improvements; Economic Development Grant payments not to exceed $600,000 or 50% of actual costs

Vendor

MIDWEST DEVELOPMENT CO

Agency

City of Cedar Falls, IA

Contract Type

CONSTRUCTION

Document Date

April 23, 2025

Contract Term

Infrastructure completion by December 1, 2025; Economic Development Grants for up to 10 years or until capped amount is paid

Renewal Date

2035-12-01

Renewal Info

Economic Development Grant payments terminate after 10 years, expiration of TIF authority, or upon reaching $600,000/50% actual costs—whichever comes first.