The Rock Island City Council voted on Monday to move ahead with a development agreement and financially help a proposed 34-unit downtown apartment complex called The Locks.
The development agreement with Rock Island Economic Growth Corporation (GROWTH) allows the city to rebate property taxes and various project costs up to $2.1 million.
The council vote was unanimous.
GROWTH plans to build a $6 million, three-story apartment development at 1st Avenue and 20th Street. It will include one-, two- and three-bedroom units with rents ranging from $550 to $1,200 a month; secure covered parking; balconies with river views; washer/dryer hook-ups in each apartment and an elevator. There will be six lower-cost units for renters making 60 percent of the area median income.
To further help the development, the city will spend $29,000 to hire Ehlers & Associates Inc., to establish a project-specific tax-increment-financing district. In a TIF, the assessed property value is frozen when the district is created. New development increases the assessed value of the land, and the city can capture all of the new tax increment to make improvements in the district or give rebates to developers.
The city will issue $1.75 million in bonds for the project, which will be paid off with the new tax increment. It also will take $350,000 from the current downtown TIF fund, putting it, and the bonded money, into an account to reimburse GROWTH for allowable project costs.
GROWTH agrees to have The Locks built by March 2014
In other business, the council:
-- Approved spending $16,750 to buy 16 properties in the New/Old Chicago neighborhood that would otherwise go to tax auction. Eight of the sites are vacant and eight have blighted structures that will be demolished. The land will be used for future infill projects.
-- Gave Platinum Hospitality Group LLC a special use permit to install a 40-by-100-foot tent for outside dining at Gendler's/Black Ram restaurant, 3000 14th Ave. The tent may be up through Nov. 15, and again April 1-Nov. 15, 2013, pending fire code requirements. David Requet, with Platinum Hospitality Group, told aldermen it is hopeful phase II will be done next year. The tent would be used only if construction has not begun.
Today is Thursday, Dec. 12, the 346th day of 2013. There are 19 days left in the year. 1863 -- 150 years ago: Two boys who haul coal from Coal Valley to Davenport were arrested yesterday for running their teams through the city street at a furious rate. 1888 -- 125 years ago: E.H. Barker dislocated his left wrist and suffered a compound fracture of the right wrist when he fell from the roof of his icehouse. 1913 -- 100 years ago: Lou Harris was elected county superintendent of schools to fill the unexpired term of the late S.J. Ferguson. 1938 -- 75 years ago: The U.S. Supreme Court ruled today that a state must give equality in educational privileges to white and Negro law students. 1963 -- 50 years ago: About 300 employees of the Augustana Book Concern, staff members of the Board of Publication of the Lutheran Church in America, as well as friends of the community and out-of-town guests honored Dr. Birger Swenson at the annual Christmas dinner of the Augustana Book Concern last night in Westerlin Hall on the Augustana College campus. 1988 -- 25 years ago: The Christmas shopping season began early this year and continues to bring out shoppers in record numbers, according to Quad-Cities retailers interviewed today.