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A Tenant For K's

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It's been a long time, but the old K's Merchandise building in Davenport is getting new business.

The building at West Kimberly and Marquette St. will be home to Promotion Support Services, a business currently in Rock Island.

They bought the building for $950,000.

"I think we've just outgrown our building. Our needs more than anything. The building just doesn't work for us anymore," Says PPS President and CEO, Lisa Belser. "Our lease is ending in June. So we probably started looking about a year ago."

Belser says she became aware of the K's Merchandise property after there was a controversy with the last potential buyer. 

They wanted to buy the building and use it as a warehouse, with semi's coming in and out regularly. 

That didn't sit well with residents who worried about traffic and noise. 

But Belser believes her business in a good fit. 

"We don't need that kind of exposure. But the building is perfect for retail," Belser explains. "We think it's the perfect balance. We take the back and leave the front for retail. Provide something to the local community." 

Local residents who live near the building, say they are excited too.

"I'd rather something be there rather than not," says Leanna Trees. "Obviously, it's been way to long since something has been in there. And I would rather not have the vandalism because people come in and spray paint (on the building). And it looks bad."

Having a new tenant will mean more in property taxes for Scott County. 

Since 2009, the K's property value has tumbled, due to sitting empty. 

In that year, the Scott County Assessors office reports the property was worth about $4.1M,  bringing in $166,000 in property taxes for the year. 

In 2012, the property was only worth $971,000 - bringing in less than half the tax money. 

The assessors office says this happens because property depreciates faster, the longer it sits empty. 

But with a new tenant, assessors say the value should come back up pretty quickly.