Waterloo (Iowa) City Council approved tax rebates for a proposed orthopedic medical office building, according to The Courier.
Here are five things to know:
1. Orthopedic surgeon Thomas S. Gorsche, MD, bought the 2.5-acre parcel from the Waterloo Community School District for $250,000. A middle school was formerly located at the site.
2. Council members voted unanimously to approve rebating approximately $250,000 in future property taxes to GBG for a new 10,000-square-foot medical building. The tax rebates are intended to reimburse the developer for the land purchase.
3. The $1.5 million clinic will still pay $102,000 in property taxes to cover city debt service over the next 10 years. Additionally, it will contribute $43,000 to the East Waterloo tax-increment financing district.
4. The Waterloo Planning, Programming and Zoning Commission voted unanimously to recommend rezoning the site for the clinic, which includes space for a future expansion of up to 10,000 square feet.
5. The proposed zoning change still requires City Council approval before construction can begin. A hearing to vote on the zoning issue is scheduled for Nov. 19.