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Government

East Moline Refinances Loan for The Bend

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The Bend
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East Moline took out a short-term loan to pay for its part of a major development project, now it's going to re-finance that debt to save money. Monday night the city council approved borrowing 12 million dollars over 15 years.

City Administrator Doug Maxeiner says originally East Moline took out a short-term loan at five per cent interest to pay for streets, water, and lights at The Bend which is in a tax increment financing district.

The long-term "replacement" loan will cost about 2.5 per cent. 

"It was out of convenience we got the short-term loan to facilitate those improvements very quickly. We knew that the increment coming from The Bend would take a few years to develop and now it's starting to roll in. So now we can structure this in a long-term debt and pledge that revenue from the TIF increment to repay those."

The Bend, on the former site of a combine plant next to the Mississippi River in East Moline, now includes a Hyatt Hotel, restaurant, outdoor stage, and apartments that are under construction. 

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.