MOLINE, Illinois-- Even though the Element Hotel opened earlier this year, the developer is expecting work on "The Q" in downtown Moline to cost even more money. As a result, the Moline City Council voted Tuesday, Aug. 14 to continue tax incentives.
The developer is now investing over $17.3 million in "The Q". The original project was estimated at $8 million.
"We did a historic renovation rather than just a rehab of the building," Moline Development Director Ray Forsythe explained. "So those costs tend to increase."
The project had to meet certain requirements when it came to renovating the building, which contributed to the overall costs.
Mayor Stephanie Acri said the city also decided to take care of updating some sewer and water lines while the streets were torn up, adding to the cost as well.
The city is paying the developer back 15 percent of its expenses through TIFF money. Moline has contributed $5 million directly to the project. The rest of the nearly $40 million project is covered by state and federal money.
Mayor Acri said the development is really in a waiting period until a passenger rail line can run through the area.
"Ultimately, it will pop when the rail service comes, so I think we're all looking forward to that," she said.
She said she's working with the Illinois Department of Transportation to bring a stop to Moline, but there isn't a set timeline yet.
However, retailers are expected to move into "The Q" next month.
