DAVENPORT, Iowa-- In a 4 to 1 vote the Scott County Board of Supervisors supported the city of Davenport's plan to give Sterilite Corporation a $8 million tiff incentive to move to the Quad Cities.
Supervisor Diane Holst, who did not support the project, raised a few questions during a Scott County Board meeting, Tuesday, January 10, 2017.
Holst says she has no problem with the amount of tiff money the city is offering, she does however think the city will not make as much money from the deal compared to the amount of money the project itself will cost.
Right now there Davenport has not set a budget for the Sterilite project, but the city is considering giving the plastic company a forgivable loan, utility support as well as paying for road and intersection improvements outside the Kraft Heinz facility, which will be the future 2.5 million square foot, Sterilite location.
"Right now it works out to be $39 a square foot to build and that's truly under what it's really cost to build the building and then what will it be worth after 15 years if they have depreciated value down by the point where we're collecting taxes there isn't revenue coming in at that point," says Holst.
Davenport City Council will discuss a potential preliminary approval for the project Wednesday, January 11, 2017.