Story via Sarah Hayden, Quad-City Times
Plans for town homes on the edge of Moline’s Floreciente neighborhood are moving forward.
The project includes 22 three-story town homes to be built on the 1300 block of 6th Avenue.
Members of the project management team met Tuesday afternoon, approving a development agreement between the city and the project’s developer, Illinois Domus LLC, a division of Landmark Properties. Big Dog Construction of Davenport will build the homes.
The project management team is the recommending body that sends all projects to the city council for further consideration. It consists of Renew Moline representatives, members from the private sector and city council members.
Ald. Kevin Schoonmaker, 6th Ward, abstained, citing his conflict of interest as a loan officer.
The town homes are in the Moline Centre tax-increment-financing district. According to the development agreement, the city’s total payment to the developer in TIF incentives shall not exceed $855,372, which includes 15 percent of development costs and 100 percent reimbursement to Illinois Domus for the cost of streetscaping.
Planning and development director Ray Forsythe said payout of the city’s TIF incentives to Illinois Domus should be complete in seven years.
Forsythe said the total project would cost $5.5 million and public improvement costs, or streetscaping, would be $27,787.
As part of the development agreement, the city is selling a parking lot located on the site to Illinois Domus for $30,000. Although closing on the deal isn’t scheduled until Sept. 30, construction will begin before that date, provided council members sign off on the development agreement. Forsythe said a house on the property already had been demolished.
Landmark Properties owner Jim Thomson asked project management team members if it was possible to expedite the approval process.
“Is there a way to speed this up?” he asked. “We’re running out of (summer) weather.”
Thomson said the project would take up to one year before it is complete, but he noted the base equalized assessed value of $80,859 bothered him.
“The minimum assessment gives me heartburn,” Thomson said. “To have me pay a minimum assessment during economic times that are out of my control, that gives me heartburn. I don’t want that misinterpreted. I own a huge amount of land in downtown Davenport, and I think my reputation lets you guys know that I take care of my properties.”
“I think we’re all very excited to get this project started and get it completed,” Ald. David Parker, 2nd Ward, said. “We just want to be sure. These are all things we’ve dealt with for a long time.”