Funding Approved for Waterloo Development

WATERLOO, Iowa (AP) — Waterloo officials have approved more funding for a long-planned development that will include research facilities, a hotel and restaurants.

The  council voted 6-0 on Monday to raise the city's general obligation bond award from almost $13 million to nearly $21 million for the Cedar Valley Techworks project.

This week's council action solidifies a $55 million financing package for the development and is expected to allow construction to begin this fall.

The partnership between the city, Cedar Valley Techworks Inc. and Financial District Partners will create a new Courtyard by Marriott hotel and restaurant, conference and training center in a vacant building.

The president of the Greater Cedar Valley Alliance and Chamber says the project will be an economic boost to the area.