Friday, November 24, 2017

Bettendorf City Council Approves TIF for Ascentra's Construction Project

The Quad City Times is reporting that Ascentra Credit Union (Bettendorf, IA) will receive tax-increment financing (TIF) for the construction of its new headquarters.

The Bettendorf (IA) City Council on November 211 approved a development agreement with Ascentra Credit Union by a 6-1 vote that will lead to the construction of an almost 40,000 square-foot headquarters across the street from the Quad-Cities Waterfront Convention Center.

The terms of the agreement call for a 10-year, 100 percent TIF capped at $2 million.

Terms of the agreement call for the city to purchase Ascentra's current headquarters on Grant Street for $1.15 million and bury utilities on the new site and in addition to relocating the traffic signal at the corner of 21st and Grant streets.

Ascentra's obligations include purchasing the north Town Square property for $750,000 and the south property for $1. After an alternative parking structure is constructed, the south property would be conveyed back to the city for $1.

Both the Scott County Board of Supervisors and Bettendorf School District were supportive of the project and the use of tax incentives.

Read the story.

November 21 City Council Agenda.

No comments:

Post a Comment

 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.