The Moline City Council recommended approving tax increment financing or TIF districts for two businesses looking to build downtown.
The council made the recommendations at its Committee of the Whole meeting Tuesday night. A financial business called The Planning Group is moving its building to Moline’s old community center on 5th Avenue in the downtown area.
“We wanted people to be able to enjoy the street scape,” The Planning Group financial planner Matt Sivertsen said. “On the east side of the building, we’ve got about 12 offices. Our current building has about four.”
Also, The Great Lakes Management Group is interested in getting a $1.7 million tax rebate to build a Hyatt or Hilton hotel on 16th Street in downtown Moline. That is the spot of the old Deere Collector’s Center. Barrel House Bar and Grill is also building a new bar in downtown Moline. The business says it will benefit from the new hotel.
“Having the hotel and these financial services that are opening up is only going to drive more people downtown, Barrel House owner Mike DeWitte said. “That’s what it’s all about.”
The Planning Center says it hopes to open its new building in February of this year. Hotel developers say they hope to open the new hotel by the end of this year.
The city council will have the last say on whether each of these business get TIF funds. The city will vote on each measure at its city council meeting February 5th.