Bettendorf sports complex

You are here:

You are here

Home / Bettendorf sports comp ...

Bettendorf taxpayers to pay far more for sports complex streets, sewer and stormwater detention

on Fri, 07/14/2017 - 19:35   by news

Bettendorf taxpayers will pay far more for streets, sewers and stormwater detention than the $3.87 million stipulated in the contract with the Bettendorf sports complex developer.

In private 3-on-3 meetings with aldermen July 5, city officials outlined a summary of estimated infrastructure costs for the sports complex showing construction bids received so far are $844,000 above the cap set in the development agreement between the city and developer Douglas Kratz.

City would give developers $14 million in tax rebates, plus $7 million in upfront incentives under sports complex deal up for city council approval May 2

on Sun, 04/30/2017 - 02:32   by Editor

Developers of the proposed Bettendorf sports complex would receive more than $14 million in property tax rebates over the 20-year life of the Tax Increment Financing (TIF) deal with the city. That's in addition to $7 million in upfront incentives from taxpayers contained in a development agreement on the fasttrack for approval by the city council Tuesday (5/2).

In a "talking points" memo given aldermen by City Administrator Decker Ploehn, the city claims the "net benefit" from the sports complex (if a 100-room hotel is built) would be $2.95 million. However, the "city incentives vs. city benefits" overview fails to include 20 years of "incremental taxes" which will be rebated back to the developers.

Without the TIF, those "incremental taxes" from the development would otherwise go to the city, the county and the Pleasant Valley school district.

Subscribe to Bettendorf sports complex
Go to top