Housing developers from Ohio may spend $66 million to acquire and redevelop two apartment complexes in Rock Island. Monday night, the city council will consider providing tax-increment-finance help for Millennia Housing Development, to renovate the Century Woods and Heather Ridge Apartment Complexes.
Economic Development Manager, Bret Gardella, says the company wants Rock Island to freeze property tax values for the next 20 years -- for Century Woods Apartments, at 1400 5th Street, and Heather Ridge Apartments, at 9400 14th Street West.
Millennia says it would renovate the apartments with new kitchens, baths, and windows. It would also invest in new roofs, landscaping, and playgrounds.
Both apartment complexes allow rent subsidy assistance for lower income residents. Millennia says it would continue to accept rent-supported residents.
Millennia Housing Development has agreed to purchase and renovate the apartment complexes for $66 million. The company also says it will pay for Rock Island to hire a TIF consultant, plus the city's yearly reporting expense for each TIF.