UPDATE 6/27: Developers of the new hotel and two commercial businesses are seeking Tax Increment Financing (TIF) rebates totaling $1.675 million over a 10-year period. Taxes on the property are now $82,530 per year and the new hotel and commercial businesses are expected to have "incremental" taxes of $148,720 a year. The property has a current assessed value of $2.35 million. The proposed development is projected to increase the assessed value to $9.25 million.
A North Liberty, Iowa hotel group and a local developer are seeking property tax rebates from the city, school district and county to redevelop the HomeRidge Inn & Suites property along Middle Road, Bettendorf, into a new Hilton Garden Inn and two additional commercial businesses.
Kinseth Hospitality Companies and First Equity Management L.C. have been negotiating with the city over Tax Increment Financing (TIF) for the project. Bettendorf School District and Scott County officials have been invited to a meeting with the city Friday, June 28 where the TIF request will be discussed.
When the city creates a TIF for a project, all incremental taxes from the development – including those which would otherwise be paid to the school district and county – are rebated back to the developers.
For the Duck Creek Plaza redevelopment across Middle Road from the proposed new hotel, the city granted a TIF which is returning $15.7 million to the developers over an 11-year period. For the redevelopment of the old Target/JoeVan property adjacent to the new hotel, the city approved a TIF which is returning $2.45 million to the developer over an 11-year period.
The site plan for the development was given a thumbs up by the city's Planning and Zoning Commission Thursday (6/20). The development calls for demolition of the current hotel, and building of a new five-story Hilton Garden Inn and two other unnamed businesses.
The site plan included a drive-though lane for one of the businesses fronting Middle Road. The developer would have to obtain a special use permit from the city's Board of Adjustment for adding a drive-up.
The two commercial lots would be developed by First Equity, which is based in Bettendorf.
