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.
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