city of Bettendorf

Bettendorf poised to approve 20-year TIF, $750,000 forgivable loan to entice Twin Bridges redevelopment

A Des Moines developer would tear down the deteriorated Twin Bridges Motor Inn in downtown Bettendorf and construct two five-story apartment buildings worth a total of $22 million under a Tax Increment Financing (TIF) deal worked out with city officials.

The development agreement would provide Twin Bridges Associates LP, a unit of Newberry Living, with a $750,000 forgivable loan and rebate 100 percent of the incremental property taxes from the 135-unit apartment project for 20 years.

At the current tax rate, the 20-year TIF would be worth approximately $12 million. The property currently is assessed at $799,780 and pays $24,139 annually in property taxes.

[The public hearing on the TIF and forgiveable loan is on the Tuesday, Dec. 6 city council meeting agenda.]

Unsightly truck auctions now a city 'enterprise' thanks to $1.9 million state purchase for bridge

The Iowa Department of Transportation (IDOT) this spring paid $1.9 million to acquire 3.8 acres of Bettendorf riverfront property – owned by the Goldstein family's Green Bridge Company – needed for the new Interstate 74 Bridge.

The land was part of the property once hyped as the future site of a Mark Twain-themed amusement park by gambling proponents setting off to lobby the Iowa legislature in the early 1990's.

City appraiser pegs value of Isle casino property at $55 million; stage set for court hearing on tax issue

An appraiser hired by the city of Bettendorf pegs the value of the Isle of Capri Casino and its two hotels at $55.15 million. The Isle contends the property is worth just $44 million.

Unfortunately for the city, both estimates are far below the current assessed value – $85 million – agreed to by the Isle under terms of the casino/city development agreement signed when the QC Waterfront Convention Center was built.

Subscribe to city of Bettendorf
Go to top