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) or for additional information.