The Dock Proposal
October 02, 2013
Plans for a new building on the Davenport riverfront will be considered tonight by the Davenport city council. Aldermen will hold a public hearing on a plan to help Raufeisen Development put up a commercial building on the site of the former Dock Restaurant.
Bruce Berger, the city's senior manager for development, says Davenport would help by rebating money from a tax increment financing district.
"That would consist of rebating a portion of the taxes paid after the project is built, over 15 years. So there's no upfront money and there's no debt or anything like that."
That would amount to as much as 5.9 million dollars, over 15 years. Also on the agenda is a proposed land lease for the project.
"We thought as long as we're bringing the tif (tax increment financing) structure forward for them to look at, that would also be the time to at least look at the draft lease and see if there are any concerns or issues with that."
The current plan is to build a four-story, 85,000 square foot building that would be accessible during floods. The estimated cost is 24 million dollars.
The Davenport Levee Commission has reviewed Raufeizen's plan but has not yet made a recommendation to the city.