The old Lodge hotel in Bettendorf is coming down.
On Tuesday, August 2nd, 2016, Bettendorf City Council approved a development agreement and a request for tax credits from Russell Construction to redevelop the site off Spruce Hills Drive and Interstate 74.
Aldermen voted 4-3 to grant a 10-year "TIF" or Tax Increment Financing. Those who voted against it echoed their concerns from Monday night's Committee of the Whole meeting, saying they do not feel comfortable giving a "TIF' when there's no plan in place for the site.
However, those who support it say if they don't act now they might lose the developer altogether.
"This is the incentive to get it built rather than waiting 10-20 years for it to get built," explained Bettendorf Mayor Bob Gallagher. "It gets built now and in 10 years, we have that added value of erection of the buildings and increase in value to that spot."
Russell Construction will now have to review the agreement and sign it. If they don't, the agreement and the tax credits will expire.