WATERLOO, Iowa (AP) — Waterloo officials have chosen a fermented tea company over a brewery and bicycle business as the new occupant for a downtown development.
City Council members unanimously voted Tuesday to approve a seven-year lease with Verve Kombucha, The Waterloo-Cedar Falls Courier reported . The company will operate a bistro and brewery for the tea product in the RiverLoop Public Market Building.
Verve is a partnership between representatives of Sidecar Coffee, SingleSpeed Brewing and developer Brent Dahlstrom.
“I think we’re the right team in the right place at the right time,” said Andy Fuchtman of Sidecar. “Thanks to the other folks that submitted their ideas. A little competition makes things better.”
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Verve will receive free rent for one year while it renovates the building, according to the lease agreement. Rent will be $1,000 a month during the second year and increase to $4,000 in the seventh year.
Lark Brewing Co. and Waterloo Bicycle Works had also submitted proposals to lease the facility. Councilman Chris Shimp said it was a tough decision, adding: “All three of these are great projects.”
Mayor Quentin Hart said city officials will help Lark and Waterloo Bicycle find other locations downtown.
Waterloo used a state grant to turn the former lawn care building into the Public Market, which requires it to remain in public ownership through 2025.
Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com