DAVENPORT, Iowa — The City of Davenport has been recommended a plan for what to do with the money acquired from the sale of the Heritage apartment building.
The sale of the 12-unit affordable housing complex is estimated to generate about $6 million, and the City appointed a task force to determine where the funds should go.
The force's goal was to develop a plan to invest the money into projects aimed at improving underserved neighborhoods.
The task force determined that the money should be split among a small number of major projects, rather than spread out across a larger number.
The task force recommended three avenues for the sales funds:
- $1 million to contribute to the City's commitment to funding Juvenile Assessment Center programming
- $4.5 million to address vacant and abandoned property within the city.
- $450,000 for loans and grants to small businesses
"The sale of the Heritage property provides a unique opportunity to the City of Davenport to invest in creative programs that will make a substantial impact in our community," says third ward alderman Marion Meginnis.