Moline Plans 2 TIFs for 3 Projects
August 05, 2013
Moline wants to renew two tax increment financing districts. The detailed proposals allow city officials to start negotiating agreements with developers on three separate projects, including a train station and two hotels.
Ray Forsythe, Director of Planning and Economic Development, says one TIF district includes the O'Rourke building on 4th Avenue, across the tracks from Metrolink's bus station. The project includes the new Amtrak station on the first floor, while the Amin Group plans to renovate the rest as a hotel with retail space. The TIF district also includes the former Deere Collectors Center on 16th Street, where the Moline Hotel Group plans to build a Radisson.
"So we're looking at the former collectors center and the city parking lot there that's behind the historic block where Dead Poets and Watermark is. We anticipate that we may need to build two parking structures: one to provide parking for all the businesses that are there because there's a parking challenge, and then another parking structure to provide parking for the passengers and hotel."
The second proposed TIF district is for the River Tech project near Western Illinois University's new campus. Forsythe says Moline and the developer, Three Corners, have re-named the project Riverbend Commons. "Phase one would be student housing and some retail. And then there's additional commercial retail, maybe some office and market rate apartments, potentially more student housing depending on demand. And then phase three of that project is market rate residential, could be condominiums or townhouses, and then also some other commercial. So we're looking at a location for either a drug store or grocery store."
Forsythe says both locations are already in TIF districts, but they're set to expire too soon to help arrange financing for these three developments.