The city of Davenport has submitted its application to the state of Iowa for the Iowa Reinvestment District program. The program gives hotel sales tax rebates back to cities that support large developments.  The city’s application is called the River 80 Reinvestment District.

On Friday, March 13, 2015, City Administrator Craig Malin told News 8 that Quad City Equity Investments is trying to build a $75 million sports complex that includes an indoor surfing facility. The development would go near the I-74 and I-80 interchange, next to the new casino.

Davenport is applying for money for the project through the Iowa Reinvestment District Program. If approved, the state would give $21 million to the city of Davenport through state hotel sales tax rebates. Malin says the other $53 million of the project would come through private investments. Malin also said Friday, the sports complex and the surfing facility will not be built, if the city doesn’t win the state application.

The city would re-invest $5 million to Davenport’s RiverVision plan. The plan is supposed to re-develop the city’s river front. The river front reinvestment won’t happen though, if they city doesn’t win. The state is supposed to pick a winner by this summer.

 

Source : http://wqad.com/

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