CEDAR FALLS - After months of hibernation, a development on the former Broom Factory Restaurant may be ready to awaken.

A City Council committee gave permission Monday for staff to draw up a development agreement, site plan documents and plans to proceed with the development. If the process works out, developers would like to begin construction of a 36-unit condominium building in January, to be complete in about a year.

The Riverview Gardens project got started in late 2007. Property owners Youri and Lynne Dimitrov decided to tear down the historic Broom Factory restaurant because of significant structural problems. They have gone through numerous designs for redevelopment of that site, plus city-owned land at First and Main streets. Public input and the opinions of a consultant hired last year were taken into account in the most recent design.

The last plan submitted includes the condominium building, a second building with a restaurant and hotel and a third, smaller building that could house the Chamber of Commerce. Plans for a public plaza at the intersection and a public riverwalk area were added after hearing feedback from the community.

"We brought this in really to meet the citizens' concerns," said project architect Mike Stott. "The exterior has drastically changed to meet with downtown design standards."

City staff will start working out financial incentives for the project. Initial projections show Tax Increment Financing tax rebates could extend for five to eight years and total from $2.2 million to $6.4 million.

City economic development manager Bob Seymour said the project would have to reach a certain property valuation to qualify for incentives.

"The minimum we have shown in here right now is $14 million. If it doesn't reach that, there is no incentive," Seymour said.

Project value estimates range from $14 million to $25 million.

The city also would look at donating the 1.77 acres it currently owns at the site.

During last year's flood, a temporary flood wall on the property was a problem spot in keeping the river at bay. The city would replace that section of wall with a permanent wall before such a project is built.

The condominium building would be five to six stories tall, the largest of the three buildings and the first to be constructed.

Riverview Gardens worked through many objections from the public as it evolved. By the time the Planning and Zoning Commission approved a site plan in February, not a single person objected to it at the public hearing.

Jim O'Loughlin of the Overman Park Neighborhood Association said he has been pleased with the process, even if his association still has some reservations. The biggest issue for that group is the height of the buildings.

A timeline for the project should start to take shape in the next few months. Before any more action, the city and developer need to get site plan and development agreements complete.

"My guess is with the number of details we're looking at a couple of months before that is ready," Seymour said.