- Associated Press - Monday, June 6, 2016

DAVENPORT, Iowa (AP) - Officials say Eastern Iowa Community Colleges’ plans for a downtown Davenport campus will move forward despite a nearly two-year delay.

The $28 million urban campus project was announced in August 2014, and officials had hoped classrooms would open as early as this fall, the Quad-City Times (https://bit.ly/1UtCfcv ) reports. Construction was delayed due to the institution’s pursuit of more favorable financing for the project.

Officials determined that financing for the campus would be more favorable if the college district, not the project’s developer, owned one of the buildings to be used in the project.

A financing package was presented to the school’s board of trustees last week. Board members are scheduled to consider a purchase agreement for $3.2 million on June 20.

Chancellor Don Doucette said the finances will be settled by Aug. 31, and construction is slated to begin in September. According to Doucette, officials hope classrooms will open a year later.

He also said another delay of construction may be considered if even more favorable financing becomes available.

Sam Estep, who was hired by school officials as a third-party consultant, said the project anticipates receiving $2.5 million in federal historic tax credits and $3.3 million in state historic tax credits.

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Information from: Quad-City Times, https://www.qctimes.com


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