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|Greensheet regarding The Dock at Davenport land lease|
|News Releases - Civic News & Info|
|Written by Jackie E. Holecek|
|Thursday, 28 August 2014 12:32|
City of Davenport
Action / Date
CC TBLD 08/13/14
Department: Community Planning & Economic Development
Contact Info: Bruce Berger, 328-6706
FC AMD 08/20/14
RESOLUTION approving a land lease agreement with Raufeisen Development for The Dock at Davenport project.
Recommendation: Approve the resolution.
Relationship to Goals: Added emphasis on economic development.
Raufeisen Development proposes to build a 40,000 square foot commercial building at 125 Perry Street (Parcel #L0017A01F). “The Dock in Davenport” will contain retail/restaurant on the first floor, commercial office space on the 2nd floor and banquet space on the 3rd floor.
The lease terms are as follows:
Initial term of 26 years with two 12 ½ year options to follow
Initial rent of $100,000/year paid monthly to City of Davenport, rent to adjust every two years thereafter
Parking to be leased in the CB&Q lot at a rate of $20 per space per month with rate adjustment every two years
Residential use of the property is strictly prohibited.
Following the end of the lease, the building will revert to ownership by the City of Davenport.
Resolution offered by Alderman _______.
RESOLVED by the City Council of the City of Davenport.
RESOLUTION approving a land lease agreement for Raufeisen Development.
WHEREAS, Raufeisen Development, is planning to construct a new 40,000 square foot facility on Parcel #L0017A01F in downtown Davenport with a total project budget of $12 million. The facility will house retail/restaurant on the first floor, commercial office space on the 2nd floor and banquet space on the 3rd floor which will bring new wealth to the local economy; and
WHEREAS, the proposed project involves the demolition of the long vacant and dilapidated Dock building on Davenport’s premier riverfront; and
WHEREAS, the lease rent may assist the City of Davenport’s continuing efforts to revitalize the riverfront; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Davenport, Iowa approves and directs appropriate City officials to execute the attached Lease Agreement with Raufeisen Development.
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