Last summer, the group applied for a grant from the Iowa Economic Development Authority and received $200,000 in January.
Friends Board Chair Ryan Saddler says the next step is up to the state.
"Yeah it's checking boxes at this point. So we're hard at work again, going through the documents, the legal aspects of this. The last piece of this again, is some formality of paperwork."
Saddler says the park will be a space to commemorate Martin Luther King Jr., as well as Davenport's civil rights and cultural history.
"To see the impact that their ancestors had as a people, as a congregation, and so forth. Looking at and learning these stories have given me hope, as I talk about some of the individuals who helped shape Davenport into being the place that it is today."
Saddler estimates that construction will begin in the spring, and finish in the summer. The total cost will be around 1 million dollars, and the Friends of MLK recently met their goal for the park.
The park will feature a plaza surrounded by exhibts, and include a stage for entertainment and community events.