MOLINE -- Aldermen are scheduled to review three development agreements tonight and be asked for permission to start working on a fourth tied to the passenger rail station.|
Ray Forsythe, Moline's planning and development director, is scheduled to present the development-related items to aldermen,sitting as the committee of the whole.
The incentives proposed for two projects would be paid from the downtown tax-increment-financing district fund.
TIF districts are tools municipalities use to attract development to blighted areas. Any increase in property tax assessments from development within the district goes into a special fund for use in attracting additional development, improving infrastructure within the district or repaying some development costs.
The third development agreement deals with construction of student housing on land that now is tax exempt.
According to council documents and the proposed development agreements:
-- Covariance Holdings LLC. is renovating the former Moline Community Center, 1615 5th Ave., into The Planning Center, a financial planning firm now in the Caxton building on River Drive. The total project cost is $700,000.
As long as the assessed value of the building is at least $200,000, the city would rebate a maximum of $5,000 in property taxes each year - for a total maximum of $40,000 - for eight years from the downtown TIF fund. The redevelopment of the building began last August 2012 and is expected to be complete this month.
-- Moline Hotel Group LLC. is proposing to buy and redevelop the former Deere Collector's Center, 320 16th St., into a hotel. The $11.5 million project would include substantial remodeling and a four-story addition.
The recommended rebate from the downtown TIF fund is 15 percent of project costs, up to $1.72 million. The rebate would be divided over each year from 2014 to 2021. Construction could begin in March and the hotel open by 2014.
-- Villas at Black Hawk LLC. is proposing to build two, three-story apartment buildings and a student center at 6600 34th Ave., at Black Hawk College. The site now is tax exempt. The estimated project cost is $5.7 million.
Moline would rebate 60 percent of the city's share of property taxes for six years, not to exceed a total of $85,084.The proposed development agreement also is with Black Hawk College Foundation because it owns the land where the apartments would be built. Groundbreaking could be next month and the apartments could be ready for students in August.
Mr. Forsythe also will request permission to begin exclusive negotiations with The Amin Group to develop the city-owned O'Rourke building, which is the site of the planned passenger rail station. According to council documents, The Amin Group wants to complete development in two phases.
The first phase would be the first floor, which would be developed into the rail station and retail space. The second phase would be development of floors 2 through 6 into an extended stay hotel.
The committee-of-the-whole meeting begins at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows.
Agendas are available at city hall or moline.il.us.
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