Of the $14 million in tax rebates earmarked for developers of the bettplex sports complex expansion, more than 56 percent – nearly $8 million – are expected to come from the pocket of Pleasant Valley School District taxpayers.
That's because the Tax Increment Financing (TIF) planned by the City of Bettendorf for the northeast corner of Forest Grove and Middle Roads would allocated 75 percent of the "incremental" taxes from the development back to the developers Doug Kratz and Kevin Koellner over a 20-year period up to a maximum of $14 million.
When the city employs a TIF, all "incremental" property taxes (except those levied for debt service) are rebated back to the developers.
Those aren't just property taxes levied by the city, but by all taxing bodies within the TIF area, including those for the school district and county.
