Governor Chet Culver discusses plans for his "shovel-ready" I-JOBS initative Wednesday at the Waverly Civic Center. Photo by Luke Shanno
LUKE SHANNO EDITOR-IN-CHIEF
Iowa Gov. Chet Culver announced that Waverly will receive a $1.1 million Community Development Block Grant towards a new inflatable dam Wednesday.
The grant is added to a $3.1 million Economic Development Assistance Grant, which will enable construction of the $4.2 million inflatable dam project.
The dam, heavily discussed after the flooding in June, will provide protection for an estimted 100-150 businesses and 400-500 residents during a 100-year-flood event.
The announcement came while Culver spoke at the Waverly Civic Center about the $750 million I-JOBS initiative, which focuses on investing in Iowa’s infrastructure through “shovel ready” projects.
Culver’s visit to Waverly was part of a three-city tour that included stops in Palo and Elkader as well. Culver spoke in front of a reporter-estimated 65 individuals for approximately 40 minutes, fielding questions about his proposed infrastructure investment initiative afterwards.
“Creating I-JOBS will also allow us to build upon the support of federal recovery and disaster funds and, when fully leveraged, this $750 million investment will lead to billions of dollars of projects to improve our state,” Culver said in a statement.
The proposal will create a federal-government estimated 2,800 jobs, help areas hit hard by storms of 2008, require no increase in taxes, and utilize near-historic low tax-exempt interest rates, leading to projects that will benefit all citizens while stimulating the local economy.
Waverly has two “shovel ready” projects that fit the I-JOBS initiative.
The first project is the Brookwood Park Interceptor Sewer Project. This project, phase one of a larger plan, consists of upsizing a sanitary sewer that runs through Brookwood Park to the main lift station. The present line is over capacity. Total cost for the project is $1.7 million.
The second proposed project for Waverly is riverbank stabilization. The Cedar River riverbank is in need of special shaping and reinforcing in order to protect public infrastructure, especially near Cedar Lane Road.
In addition, the drainage system that runs adjacent to the Waverly Bowl Inn sustained substantial damages to its wall structure. The cost of this project sits at $600,000.
I-JOBS will be funded using existing state revenues. This equates to projects starting with no change or increase in taxes according to Culver.
Financing for the $750 million will come from up to three series of 20-year, tax-exempt bonds. A pledge of up to $56 million in gaming revenue, and if necessary, a pledge of appropriations will secure the bonds. Existing tax revenues will go towards payments.
Check The Circuit at info.wartburg.edu/thecircuit to see how I-JOBS works and how the projects are selected.