City/Ascentra Credit Union eye Town Square deal; includes 10-year, $2-million TIF and land swap

Bettendorf's vacant Town Square block – between State and Grant Streets and 20th and 21st Streets – would become the site of a new four-story, $9-million Ascentra Credit Union headquarters under a development deal before the city council.

The Town Square block across from the QC Waterfront Convention Center initially was targeted as a downtown green space with small commercial shops. Russell Construction was given authorization more than two years ago by the city council to come up with a larger downtown development that would make use of the Town Square block. That effort was unsuccessful.

Under the new development agreement being considered by aldermen, the city would provide a 10-year rebate of incremental taxes to Ascentra, with a total cap of $2 million.

The credit union would purchase half of the Town Square block for $750,000 and the other half for $1, while the city would agreed to purchase Ascentra's current downtown location at Grant and 17th Streets for $1.15 million. It is unknown what the city would do with the current credit union once the new Ascentra office opens.

The city also would agree to pay for burial of utility lines along 21st and Grant Streets (estimated cost $110,000) and relocate the traffic signals on the northwest corner of 21st and Grant Streets (estimated cost of $82,000).

The new Ascentra office would be 36,000 square feet and include a parking lot on a portion of the site.

Should the city build "alternative public parking structure or lot on a parcel directly adjacent" to the new Ascentra building, the city would have the right to buy back a portion of the Town Square land for $1.

At least 20 new jobs will be created in the City of Bettendorf as a result of the project, according to the agreement.

CLICK HERE to download the proposed development agreement with Ascentra Credit Union.

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