Two buildings in Waverly have been awarded a significant amount of money in the form of tax credits from the Iowa Economic Development Authority. The Waverly Palace Theater has been awarded nearly $775,000. The owners of the theater, Movie Guys LLC, presented a plan to not only renovate the theater that closed in 2018 but also add apartments upstairs. The city applied for and received a $300,000 grant for the apartments portion of the project in June on behalf of the developer. Movie Guys also received a $75,000 Main Street Iowa Challenge Grant. The other Waverly project that was awarded by the IEDA is the Centennial Complex on the Wartburg campus. That project received more than $2.8 million. The awards were made through the Historic Preservation Tax Credit program. The projects were scored based on readiness, financing, and local support and participation.
