Do you have a project that would contribute to the revitalization of downtown Waterloo?
An Open Call for Projects was officially be launched on June 13, 2024 to solicit projects from public, not-for-profit, and private sponsors, which will be considered by the Local Planning Committee for DRI funding.
The application form is now available for you to pull together the information that is required. The deadline for submitting your application is July 17, 2024 at 5 PM.
DRI Project Sponsor Office Hours
If you would like to discuss your project with a member of the DRI Consultant Team or have questions about the application process or DRI more generally, please reach out to James at Info@WaterlooDRI.com to set up a timeslot.
Key documents for project sponsor consideration include:
More information on the Open Call for Projects is available on the Resources page.
| Eligible Project Types | Ineligible Project Types |
| Public Improvement Projects E.g., Streetscape and transportation improvements, recreational trails, wayfinding signage, new and upgraded parks, plazas, public art, green infrastructure, and other public realm projects that will contribute to the revitalization of the downtown) New Development and/or Rehabilitation of Existing Downtown Buildings E.g., Development or redevelopment of real property for mixed-use, commercial, residential, not-for profit, or public use) Small Project Fund A locally managed matching small project fund to undertake a range of smaller downtown projects such as facade enhancements, building renovation improvements to commercial or mixed-use spaces, business assistance, or public art. Branding and Marketing E.g., Branding and marketing projects that may target residents, investors, developers, tourists, and/or visitors. | Planning Activites Following the preparation of the Strategic Investment Plan, all DRI funds must be used for projects that directly implement the plan. Operations and Maintenance DRi funds cannot be used for ongoing or routine expenses, such as staff salaries and wages, rent, utilities, and property upkeep. Pre-Award Costs Reimbursement for costs incurred before the completion of the Strategic INvestment Plan and the accouncement of funding awards is not permitted. Property Acquisition The cost of acquiring property may be included in the overall project budget, but must be funded by another funding source. Training and Other Program Expenses DRI funds are a one-time infusion of funds and cannot be used for continuous costs related to existing programs. Expenses Related to Existing Programs Dri funds cannot be used to supplement existing programs or replace existing resources. |
Project Requirements
Projects must meet the following requirements to be considered for DRI funding.
- Projects must be located within the DRI boundary (see map below). Minor boundary modifications may be considered by the Local Planning Committee.
- Projects must be able to break ground within two years or sooner of receiving DRI funding.
- Projects must be large enough to be transformative for downtown Waterloo, with a minimum total project cost of $75,000. If you have a smaller project (less than $75,000), you may be eligible for the Small Project Fund that the Village intends to submit for DRI funding consideration. Submitting a Small Project Fund Interest Form will help demonstrate the demand and need for such a program.
- Projects should have financing commitments largely secured or be able to demonstrate a clear path to securing sufficient financing. It is strongly encouraged that all projects, especially private projects, use non-DRI funds that leverage requested public funding. Projects that use other funding sources will be more competitive for funding awards.
- For projects with a private sponsor, there is a minimum match requirement of 35% of the total project cost, and a match goal 40% of the total project costs*. There is no minimum match requirement for public or not-for-profit projects. The Local Planning Committee may choose to increase the minimum match requirement.
- Projects must have an identified project sponsor, which may be public, not-for-profit, or private entitities with the capacity and legal authority to undertake the proposed projects.
- All public, private, and not-for-profit projects that meet the criteria for new construction, substantial renovation, or a building addition shall include decarbonization techniques. Guidance on decarbonization techniques can be provided following the submission of an application.
*A private project may be exempt from the minimum match requirement under special circumstances. This exemption can only be sought after consultation with the consultant and State team.
The DRI Boundary
The Waterloo DRI Boundary represents the compact and walkable area of downtown Waterloo. Focusing reinvestment within a well-defined area can create a bigger impact by creating synergies between projects. The LPC may consider minor boundary modifications.
