Moline Moves Forward with Amtrak Project - News and Weather For The Quad Cities -

Moline Moves Forward with Amtrak Project

Updated:

The city of Moline is moving forward with its proposed Amtrak station project.

Moline Director of Planning and Zoning Ray Forsythe handed out the results of a study at Tuesday night's council meeting that show the area around the proposed station near 4th Avenue and 12th Street is blighted and lacks investment. That makes the area eligible for tax increment financing or TIF.

If the city approved the TIF, it would mean the city could use future property taxes from the hotel that is to be built above the train station to build a parking structure.

The city agreed to build the parking structure a few years ago when it accepted $10 million from the federal government and $4.2 million from the state of Illinois to make that station a reality.

The parking structure is expected to cost about $5 to 7 million and will be entirely funded by the TIF if it is approved. The city expects the hotel will generate about $16 million through the TIF to finance the structure.

The city expects to approve making the area a TIF district come October. Then construction on the garage would begin sometime in 2014.

The hotel is expected to be operational by summer of 2014 and would start generating property tax revenue for the city then. 

Powered by WorldNow

805 Brady Street, Davenport, IA 52803

Telephone: 563.383.7000
Fax: 563.383.7131
Email: news@kwqc.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Davenport, Inc. A Media General Company.