Tax Increment Financing

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.]

Jumer's Castle Lodge owner seeks 100% tax rebate for 10 years for redevelopment of hotel property

The owner of the vacant and dilapidated Jumer's Castle Lodge in Bettendorf would be given a full rebate of all property taxes for 10 years under a proposed development agreement scheduled for consideration at next week's (July 5) city council meeting.

The agreement and proposed Tax Incremental Financing (TIF) ordinance have been given aldermen for review and the council is expected to set a date for a required public hearing on the redevelopment plan.

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

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.

Emails indicate mayor, city administrator pushed TIF's for downtown apartments for past year

For more than a year, Bettendorf Mayor Bob Gallagher and City Administrator Decker Ploehn have been telling their economic development staff and developers they would support use of city tax incentives for projects involving downtown apartments.

In emails obtained by bettendorf.com through a Freedom of Information request, both Gallagher and Ploehn were focused on redevelopment of eight apartment buildings in the downtown known collectively as the Carling Apartments.

Bettendorf LED light manufacturer two years behind in loan repayment; job training funds frozen

The Florida promoter who convinced local economic development officials he would bring manufacturing jobs from China to Bettendorf hasn't made a payment in nearly two years on the $107,000 loan he received from the Bi-State Revolving Loan Fund, the economic development arm of the Bi-State Regional Commission.

LEDs America made payments totaling $31,000 on the job development loan, but its last check was in September 2013, leaving an unpaid balance of $76,000, according to Bi-State officials.

Isle of Capri seeking to slash Bettendorf property tax bill in half; city to hire appraiser to oppose reduction

The Isle of Capri Bettendorf casino is seeking to slash its property tax assessment in half – to $44 million from its current $85 million – prompting the city to hire a casino real estate appraiser to oppose the reduction.

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