More Development at the Quarter in East Moline ?
More than 20 years after The Quarter residential development first opened in East Moline, some new units might finally be built. This week the city council discussed a possible agreement with a company called B and L Development at the Quarter LLC.
City Administrator Doug Maxeiner says B and L would like to build 19 duplexes with 38 single story units. Revenue from the increased property taxes would be shared.
"65 per cent of those property taxes would go back to the developer to pay for the cost of the infrastructure - the streets and the water and the sewer that would need to go in. And then there would be a portion of that, 20 per cent would go to REDEEM which is Re-develop East Moline - they currently own that property."
He says there'd be no risk for the city, and it would receive 15 per cent of the proceeds from the tax increment financing district to spend on other projects in the district.
A development agreement could be approved by the end of the year, with site work possible early next year.