WATERLOO -- Downtown and surrounding neighborhoods are filled with historic structures and homes built nearly a century ago.

Now, the Waterloo Historic Preservation Commission is working with a private consultant to determine ways to make the city's rich character work as an economic development advantage.

Phil Thomason, of Thomason and Associates in Nashville, spent the last two weeks touring the city. He also met with various groups and individuals to prepare a historic preservation plan for the community. The $25,000 study is financed with a state Historic Resource and Development grant.

"The final planning document will have specific recommendations and time tables for implementation," Thomason said. "It will be a blueprint for how the historic resources of the community can be integrated into overall economic development and ways to apply these resources … and to get the best new construction that is complementary in the downtown area to the houses that you've got."

With Waterloo competing with other mid-sized cities for residents and industries, he added, using those assets could be invaluable to the city's future growth and development.

Among the document's recommendations will be the creation of historic districts, which would be added to the National Register of Historic Places.

"We have been all through the neighborhoods and there are a number of neighborhoods we feel meet National Register criteria as historic districts and others that need a little more research," Thomason said. "One area we're looking at listing is the area along East Fourth Street downtown."

Thomason said placing areas on the National Register does not add more requirements on property owners, But it would make them eligible for a 20 percent federal tax credit on rehabilitation projects if they were willing to follow guidelines.

Other potential historic districts include the Church Row, Home Park, Franklin Gateway and Cedar River neighborhoods. Areas near Kingbard and Prospect boulevards are also on the "potential" list, along with neighborhoods east of Sullivan Park.

"What you've got in the housing stock are thousands of pre-1955 buildings," Thomason said. "These houses are more assets than folks might realize; many of them have lasted 100 years and they'll last another 100 years."

Thomason said a number of tools exist to try to slow down and halt the deterioration of housing stock.

"And we want to make sure you get good quality construction back on those lots where homes have been torn down."

Thomason is hoping to talk to anyone with particular concerns about historic resources in the community, and residents who have specific suggestions or want to be part of the dialogue. He can be reached by e-mail at thomason@bellsouth.net. The consultant's Web site is at www.thomasonandassociates.com.

"We've got all of these resources," he said. "What do we do with them and where do we go from here?"

Contact Tim Jamison at (319) 291-1577 or at tim.jamison@wcfcourier.com.