- Associated Press - Wednesday, February 12, 2014

CEDAR FALLS, Iowa (AP) - Restoration could begin on an old post office in Cedar Falls that had been destined for demolition.

The Waterloo-Cedar Falls Courier reports (http://bit.ly/1bXXbq7 ) the Cedar Falls City Council is on the verge of approving a deal with the Cedar Falls Development Group, which was formed to promote historic preservation. The group plans to spend $500,000 to rehabilitate the building, completed in 1918.

Some of the restoration costs would be covered by a $75,000 state challenge grant. The development group is expected to sign a 39-year lease and to recoup its investment by renting space to private tenants.

The city also has offered a five-year tax rebate up to $96,000.

Last summer, the council voted to demolish the building but agreed to delay those plans after preservationists sought to save it.

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Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com

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