downtown davenport jobs (ddj) the city of davenport, iowa

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Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

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Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa. Where is Davenport, Iowa?. QUICK FACTS Population of 100,000+ on the shore of the Mississippi River Largest city within the Quad Cities, a metro region of almost 400,000 people Major industries include: Advanced Manufacturing - PowerPoint PPT Presentation

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Page 1: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

Downtown Davenport Jobs (DDJ)The City of Davenport, Iowa

Page 2: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

Where is Davenport, Iowa?

QUICK FACTS

Population of 100,000+ on the shore of the Mississippi River

Largest city within the Quad Cities, a metro region of almost 400,000 people

Major industries include: Advanced Manufacturing Banking and Finance Warehouse/Distribution

Page 3: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

Downtown Davenport, Iowa

Major Employers: City, County, and Community College

State and Federal Courts

Lee Enterprises

MidAmerican Energy

Vital banking, financial and insurance district for the entire region

Housing: Urban neighborhood with a diverse and growing

population of students, families, and empty nest retirees

Millions of dollars in new downtown housing investment in the last 5-10 years, both for market-rate and subsidized units

Amenities, Attractions and Events: Figge Art Museum

Rhythm City Casino

Quad City River Bandits at Modern Woodman Stadium

Bix Beiderbecke Music Festival and Road Race

Centennial Park and the iconic Skybridge

Page 4: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

DDJ - The Genesis and Program Details

Why the Program Was Created The City of Davenport sought to create an

extraordinary incentive in order to encourage business creation and expansion in our downtown.

Program Details Businesses creating jobs in the DDJ can opt for

either:

A $3,000 per job created 0% interest loan for 60 months

OR

A $1,000 per job cash grant (set up in the City’s system as a forgivable loan pending the actual job creation)

All businesses have two years to create the jobs pledged and then must maintain them for three additional years.

Page 5: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

DDJ - The Results

Since November of 2010:

8 total businesses have been assisted

(5 created and 3 expanded)

102 jobs have been created or will be created before December 2013

$283,000 in City CDBG investment has been part of a total new investment of almost $550,000 within downtown Davenport by the 8 businesses assisted

Of that amount, only $20,000 has been given as grants. The remaining $263,000 was loaned providing CDBG program income.

Page 6: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

DDJ - The Future?

City of Davenport Staffers Intend To…

Continue to monitor outstanding DDJ projects for compliance

More aggressively market the program both inside and outside of downtown Davenport.

Explore an application to HUD to designation of the residential neighborhoods in and around downtown as a Neighborhood Revitalization Strategy Area (NRSA)

AND

Go out to eat for lunch and dinner whenever we can (After all, 5 of the DDJ projects were unique new restaurants in the core of our City…and a few blocks from City Hall).

Spa Luce (DDJ-01) Ribbon Cutting

Spring 2011

Page 7: Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa

City of Davenport, Iowa

Please contact Bruce Berger at (563) 328-6706 or [email protected]

for additional information.