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| Officials in Say NOW is the Time |
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MEDIA RELEASE Officials in Davenport, Iowa Say NOW is the Time June 26, 2009 Starting Wednesday, July 1st, homeowners in Davenport, Iowa will have their own stimulus package available for purchasing or improving a home, or expanding or relocating a business. The Davenport NOW program is an innovative program to enhance neighborhoods and grow the City through a tax rebate program. Every property owner who constructs a new, owneroccupied residential structure or new commercial structure (excepting rental properties) will be eligible, as will every property owner investing more than $5,000 in new assessed value to a current structure. The Davenport NOW program may be combined with the $8,000 federal tax credit program for first time homebuyers. The Davenport City Council approved this new initiative at its June 24, 2009 meeting. Davenport Mayor Bill Gluba applauded the efforts of elected officials, homebuilders, construction industry workers and City staff for this innovative approach to sustaining and growing the City, “This is an exciting economic development tool that will spur growth in our City while creating jobs. It is all about, jobs, job, jobs and the benefit those jobs bring to individuals, businesses and the City.” Davenport NOW will rebate 50% of the City’s portion of property taxes for increase in assessed value for a period of ten years. This reduction in the City’s tax rate will decrease the total tax rate ($28.92 / $1,000 and $31.16 / $1,000, depending on location) below that of any city with comparable service capability, history and quality of life in the Midwest. Davenport is recognized for its affordability, environmental leadership, excellent schools and quality of city services. A Midwest leader, Davenport is on track to be one of the first ten cities in the nation with fully accredited police, fire, public works, and parks departments. Jennifer A. Nahra Communications Director 563 326-6151 |
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