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Moline council concerned about future of Kone high-rise

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By Dustin Lemmon | Tuesday, June 24, 2008 |

Plans to build the new 18-story Kone Centre hit a snag Tuesday night when the Moline City Council chose to take no action on an agreement with developer Rodney Blackwell concerning rebate incentives.

Several aldermen said they have more questions about the mixed-use project that Blackwell hasn’t answered and were upset that he did not appear at Tuesday’s council meeting to address their concerns.

Council members were voting at the committee-of-the-whole meeting on whether to approve an agreement with Blackwell and Financial District Properties K.P. that would give them a 90 percent rebate on new property taxes generated by the project, which equates to $17.5 million over 23 years. The agreement would establish a new tax-increment financing district for the project.

A motion from At-large Alderman Kent Breecher to approve the agreement died for lack of a second and several aldermen said they want to see more financial details from Blackwell, including a more detailed pro forma than one he previously provided that outlines his income and expenses.

“It seems to me Mr. Blackwell is never around when you need him most,” said Alderwoman Dorothy Armstrong, 7th Ward. “I think the lack of a second (motion) should reflect that to Mr. Blackwell.”

City staff were asked to continue negotiations with Blackwell.

Dustin Lemmon can be contacted at (563) 383-2493 or dlemmon@qctimes.com.