WATERLOO — Development plans and tax incentives for a new private airport hangar are up for consideration this week.
City Council members are scheduled Monday to hold public hearings on plans for Osprey Aviation LLC to construct a new 14,300-square-foot hangar southeast of the Waterloo Regional Airport terminal.
Approvals include a site plan for the project, a 40-year lease of the airport land and property tax incentives based on the estimated $1.1 million increased value of the hangar.
The agreement and incentives are structured similar to another private hangar currently being built by A-Line ALO to house aircraft owned by local firms A-Line EDS and POS.
Osprey Aviation would by the airport $4,382 annually to rent the ground. The city will grant the project 90% property tax rebates for the first five years, 85% tax rebates for the next five years, 80% tax rebates for years 11 through 15, and 50% tax rebates for years 16 through 20.
The meeting is scheduled for 5:30 p.m. Monday in the council chambers in City Hall and will be preceded by a 5:25 p.m. meeting to swear in Mayor Quentin Hart and newly elected councilmen Dave Boesen and Jonathan Grieder.
Other scheduled council business includes:
A public hearing on an agreement with PWS Holdings to construct a new commercial building on the former Hardee’s Restaurant site at Falls and Stephan avenues, just off University Avenue. The city is providing right-of-way and tax breaks for the project.
Approving a $3.8 million contract with Tricon General Construction Inc., of Dubuque, to raise the Virden Creek levee from Gates Park to U.S. Highway 63.
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