The Iowa Transportation Commission has unanimously agreed to transfer ownership of University Avenue from the state to the city of Waterloo.
The City Council approved a plan last month to accept the road within 30 days of the state’s approval. The deal includes a state payment to the city for $18 million at the time of the transfer and $5 million more in both 2017 and 2018.
The city will use the money to help rebuild the road, which connects the heart of Waterloo to Cedar Falls.