development agreement

You are here:

You are here

Home / development agreement

Bettplex developer states he's 'offended' by city 'worrying about less than $600,000 of cost overruns'

on Fri, 03/01/2019 - 23:05   by news

Bettplex developer Doug Kratz – signing emails "frustrated" and demanding city legal staff rather than his attorneys draft revisions for an amended development agreement – stands to get an additional $1 million subsidy from city taxpayers for his sports complex.

The amended development agreement – scheduled for consideration by the city council Tuesday (March 5) – increases the city's cap to pay for streets, sewers, sidewalks and storm water infrastructure at the sports complex from $3.78 million to $4.65 million.

Bettendorf sports complex developer wants to split future sales tax rebates rather than pay $556,000 due under development agreement with city

on Fri, 01/11/2019 - 21:43   by news

The developer of the Bettendorf sports complex wants the city to accept a portion of state sales tax rebates over a 10-year period, rather than pay $556,000 now owed under terms of the 2017 agreement.

The agreement with developer Doug Kratz set a cap of $3.87 million on city paid infrastructure for the so-called Bettplex at Middle Road and I-80. However, the cost of the streets, sewers, storm water detention and walkways exceeded that by $844,000.

Cost of BettPlex sports complex roads, sewers and stormwater detention to exceed $4.6 million; development agreement cap set at $3.87 million

on Fri, 07/20/2018 - 20:43   by news

The sreets, sewers, stormwater detention and walkways being built as part of the new I-80 and Middle Road sports complex are now expected to cost over $4.6 million, $760,000 more than the city's initial commitment outlined in the development agreement with BettPlex LLC, owner of the TBK Bank Sports Complex.

Most of the cost overruns beyond the $3.87 million cap are likely to be picked up by taxpayers, according to a cost summary provided by the city to bettendorf.com.

Plan submitted for first commercial development at sports complex; Middle and Forest Grove Road intersection upgrade yet to be finalized

on Fri, 10/27/2017 - 20:34   by news

Plans for two commercial buildings and a restaurant – part of the sports complex at Middle and Forest Grove Roads – are headed for Bettendorf City Council approval, but improvements to that key intersection have yet to be finalized by the city.

Bettendorf sports complex building permits $8 million less than specified in development agreement

on Tue, 09/05/2017 - 20:17   by news

Building permits issued for the Bettendorf sports complex at Middle and Forest Grove Road total $38 million, some $8 million less than the $45 million value specified in the agreement with BettPlex developer Douglas Kratz.

Meanwhile, the cost of city infrastructure – sewer lines, stormwater facilities and street improvements to serve the 79-acre complex – is expected to be well above the $3.87 million specified in the same development agreement.

The sports complex builder, Build To Suit of Bettendorf, obtained the building permit August 28. The permits listed the building cost of $28.6 million, electrical work $4.11 million, heating/air conditioning $1.85 million and plumbing costs of $950,000, for a total value of $35.5 million. Two months ago, the developer obtained a permit for the sports complex foundation for more than $2 million.

City/Isle deal to end tax dispute; city gets $652,000 and schools, county may finally see tax boost

on Tue, 11/17/2015 - 23:25   by Editor

The tax dispute between the city of Bettendorf and the Isle of Capri Casinos, Inc. would be resolved under a development agreement deal expected to be approved tonight (11/17) by the city council.

The Isle has been seeking to lower the assessed value of its riverfront property to $45 million from the current $85 million. An appraiser hired by the city valued the Isle's two hotels and riverboat casino at $55 million. The county review board in June rejected the Isle's tax appeal, but the casino operator then filed suit in Scott County District Court.

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

on Fri, 10/30/2015 - 02:53   by Editor

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 development agreement
Go to top