Archive for Economic Development

New Project: Downtown SCC Campus and Kahl Renovation

Posted in Projects with tags , , , , , on August 13, 2014 by Tory Brecht

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Total Investment: $50 Million (estimated)
Total Public Investment: TBD
Private Funds Leveraged: TBD
Jobs Created: 200-plus (estimated, construction & full-time)

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The vacant First Midwest Bank building will be converted into one of the core campus buildings for Scott CC downtown

The pace of development in downtown Davenport is accelerating even faster with the announcement of a major public-private partnership between Eastern Iowa Community Colleges and developer Restoration St. Louis that will renovate three major buildings over the next two years.

Under the terms of the proposed agreement, around $50 million will be invested to create a brand new downtown urban campus for Scott Community College and renovation of the Kahl Building (the current home of Scott classrooms) into market rate housing, first floor retail, and the long-awaited restoration of the Capitol Theater.

Two vacant and deteriorating buildings – the former First Midwest Bank and former First Federal Bank/Social Security Administration building on 3rd Street – will be renovated and make up the core of the new campus building. The 80,000 square-foot campus will feature classrooms, computer labs, a science lab, student commons, outdoor plaza, meeting place and administrative offices. The college’s current classrooms and offices in both the Kahl Building and the Ground Transportation Center will be consolidated on the new campus.

The Kahl will then be taken over by Restoration St. Louis and renovated into an 80-90 unit apartment building featuring first-floor retail and the new and improved Capitol Theatre. The theatre will be a big screen, first-run movie house that likely will serve food and alcoholic beverages, according to Restoration St. Louis.

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Project costs are calculated at approximately $50 million. Financing will come from a variety of sources, including Historic Preservation Tax Credits, traditional lending, bond issuance proceeds and a capital campaign by Eastern Iowa Community College. EICC Chancellor Don Doucette vowed that no property taxes or tuition increases will be part of the funding. Sam Estep, senior VP of development for Restoration, said the company does plan to submit an economic development agreement to the City of Davenport at some point. This likely will involve economic incentives, but what exactly those will entail is still being worked out.

The timeline is to finalize feasibility studies and cost estimates by late fall of this year and begin construction in 2015, Estep said. College officials would like to move into classrooms in 2016.

“This is a really exciting opportunity to meet not only the growing needs of a local educational resource, but to do so while creating a major economic development project,” said Estep. “We remain very excited about the future of downtown Davenport.”

Doing It in Davenport – A Look Back

Posted in General Information with tags , , on February 4, 2014 by Tory Brecht

Doing It in Davenport logo

This blog is typically focused on looking forward and concentrating on all the great projects just getting underway or recently completed as Davenport’s renaissance continues. However, sometimes it’s healthy to take a look back at where you’ve been and to measure the growth.

The past four years have shown phenomenal growth in Davenport, highlighted by local businesses growing and expanding. Around two dozen unique businesses have grown, landed or expanded in Davenport thanks to public-private partnerships since 2010. All together, they have committed more than $145 million in private investment, created nearly 300 high-quality new jobs and retained more than 2,300 positions. Their investments were supported by around $14 million in public sector contributions, showing the strength of such collaborations.

Of these businesses, 71 percent are in the manufacturing sector, 19 percent retail/service, 5 percent distribution and 5 percent document management. For every $1 in public funds invested towards a project, the private sector contributed $10.62, providing a huge return on investment of taxpayer dollars.

The following table illustrates the breadth of projects assisted:

Company Type Private Investment (millions) Public                Investment Jobs                  Created Jobs           Retained
Alter Trading Mfg Expansion 14.3 184,000 3 75
Cobham Mfg Expansion 6.3 280,000 63 380
Compacker, Inc Mfg Expansion 2.39 35,000 5 12
Fidlar Technologies Document Mgmt 4.5 832,500 4 44
Genesis Robotics Mfg Expansion 4.65 0 2 8
Green Buick GMC Sales/Service 4 1,260,000 25 80
Hardi North America Mfg Expansion 3.7 120,000 18 62
Heart of America Sales/Service 27 4,250,000 35 0
Lewis Machine Mfg Expansion 2.5 750,000 7 169
Maxx Industries New Mfg 0.95 320,000 10 0
Mid American Glass Mfg Expansion 4.1 232,000 13 29
Nestle Purina Mfg Expansion 19 0 0 400
PCT Engineering Mfg Expansion 0.7 100,000 4 71
Penske Mfg Expansion 3 107,000 0 13
Phoenix Closures Mfg Expansion 0.73 35,000 8 43
Roemer Machine Mfg Expansion 5.5 215,000 0 20
Sadler Power Train Mfg Expansion 3.25 144,000 6 17
Seaberg Industries Mfg Expansion 3.3 110,000 12 90
Sears Manufacturing Mfg Expansion 1.4 50,000 0 450
Von Maur E Comm. Retail/Distribution 14.5 1,700,000 23 317
Von Maur HQ HQ/Distribution 15.5 1,354,500 10 17
Von Maur E Comm. Retail/Distribution 5.5 1,732,354 50 0
Totals   $146 M $13.8M 298 2,297

Success builds on success, and we fully expect the next four years to see even more accelerated growth. Stay tuned to Doing It in Davenport to track the progress.