Downtown Davenport Jobs (DDJ) The City of Davenport, Iowa
Feb 03, 2016
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
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
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.
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.
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
City of Davenport, Iowa
Please contact Bruce Berger at (563) 328-6706 or [email protected]
for additional information.