Six months into a year-long agreement to market a proposed office at the intersection of Interstate 80 and Middle Road, developer Todd Raufeisen says he may have a business willing to be the anchor of the development.
While updating the Bettendorf City Council on his progress Monday, Raufeisen said a company has expressed interest in developing a “wellness/sports activity center” at the proposed office park, and that the project also would include a healthcare component and an office component.
Raufeisen said his focus now is on finding one or two more companies willing to build facilities there, which would build momentum for the development of the office park.
“We’re confident we’re going to be able to do that,” he said.
In August, the city council approved a development agreement with Raufeisen Development. The company agreed to pay the city $10,000 and put an additional $15,000 in escrow for the exclusive right to market the office park for one year. If successful, a second year can be added for $50,000.
The agreement also gives Raufeisen the option to purchase the land for $1.43 million for the city property and $4.04 million for the Holst property. The price for the Holst property goes up to $4.16 million if the purchase is not made in the first year.
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The park would be located on 117 acres of land northeast of the intersection of I-80 and Middle Road. The city purchased 22 acres of the land in 2008 and entered into an agreement to jointly market an adjacent 95 acres owned by the Holst family.
The development agreement stipulates that the development should be 40 percent office space, 40 percent retail space and 20 percent for technology-related businesses.
Mayor Bob Gallagher Jr. told Raufeisen on Monday that the project is critical to the city’s future development.
“This council has put a lot of hope and faith into your company, and we think it is well-placed,” Gallagher said.