The first area Waverly residents could swim was located at the old bathing beach near Kohlmann Park. A homemade sand beach area was located on the west bank of the Cedar River. Each spring high waters would wash away sand that had been hauled in necessitating hauling more sand back in. A lifeguard oversaw the safety of swimmers. In 1922 a bathhouse was built on the west bank near where Second Avenue and First Street NW intersect.

In 1935 an ovoid shaped above ground swimming pool was built. It held up to 225 people at one time and season ticket prices were $1.00 for adults and 75 cents for children.

In 1968 an in ground pool was built south of the existing pool.  It featured a high and low diving board, a separate wading pool with 1' and 2' deep areas, ground level entrances and dressing rooms. 

During 1990, the City purchased a homemade miniature golf course from the City of Cedar Falls and installed it south of the pool area.  Through grants, donations, and volunteers, a Waverly themed miniature golf course was constructed in 1998.

During the winter of 1997-98, a major pool renovation project was completed.  The renovation project included installing a 150' waterslide and a 20' drop slide.  A floating alligator was placed in the wading pool.  The wading pool was completely reconstructed to feature zero depth entry.  New decks, gutters, dressing rooms, basketroom, patching and painting the basin were included in the project.  Upon completion of the renovation project, attendance increased by 50%.

Currently, the pool averages about 320 patrons per day with the high of 800 in 2003.  About 1300 participate in the Red Cross Learn to Swim program, Swim Club has almost 100 youths practicing daily, and there are about 50 lap swimmers and water exercise participants every day.