Davenport city leaders are looking to set up a “tax increment financing” or TIF district for the Village of East Davenport.
City council documents show the TIF District would basically span the entire village, starting west of Mound Street and going all the way to Jersey Ridge Road. Businesses on both 11th and 12th Street could be eligible for the TIF.
As previously reported, the city is trying to revitalize the village. It recently released its master plan to residents. The city would like to see more restaurants, possibly a grocery store, and more parking in the village.
In a TIF, part of the city’s increased property tax revenue can go back into the developments. That’s supposed to spur economic growth in the area. TIFs are often used for infrastructure improvements leading into new businesses.
There’s no word on how much money would be eligible for each development. City leaders will hold a quick public hearing on the issue Wednesday. That starts at 5:30 p.m. at Davenport’s City Hall. City leaders won’t vote on the TIF until at least August.