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'Sports complex' allocated millions in proposed city budget; project yet to be publicly discussed

on Thu, 02/09/2017 - 20:46   by Editor

The proposed Bettendorf city budget would allocate more than $15 million to build a "sports complex" that has yet to be discussed publicly by aldermen.

The budget – which will be discussed at an all-day public work session Saturday (2/11) – includes $2 million for purchase of land for the "sports complex," more than $2 million for roads, lighting and sewer extensions for the project, and lists the issuance of $11.2 million in debt (bonds and notes) to finance the facility construction.

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

on Mon, 10/31/2016 - 22:04   by Editor

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

on Sat, 07/02/2016 - 00:34   by Editor

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

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.

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