Mayor: Bettendorf beating recession so far
Bettendorf Mayor Mike Freemire gives his annual State of the City address Wednesday before a Chamber of Commerce crowd.
Bettendorf city and business leaders gathered Tuesday at the Bettendorf Holiday Inn for the annual State of the City address given by Mayor Mike Freemire. (Larry Fisher/Bettendorf News)
During his State of the City address Wednesday, Bettendorf Mayor Mike Freemire pointed to economic development successes such as the Quad-Cities Waterfront Convention Center, which will have a grand opening Jan. 24, and the redevelopment of the former Joevan/Shopko site at Interstate 74 and Middle Road. (Larry Fisher/Bettendorf News)
Video of the address
A cynic may have doubted the rosy state of the city address Bettendorf Mayor Mike Freemire gave
Wednesday.
He argued that although the national economic forecast is gloomy, Bettendorf is financially sound and there is a flurry of economic development activity.
Kevin Kellner, a partner in the redevelopment of the Joevan/Shopko property at Interstate 74 and Middle Road, said before the breakfast at the Bettendorf Holiday Inn that anchor tenant Burlington Coat Factory is set to open in September or October. More details about the project will be released soon, he said.
Also, the $20 million Quad-Cities Waterfront Convention Center will host its grand opening Jan. 24.
“This is really a report of good news, regardless of the current economic climate,” Freemire said.
He noted that the city ended its fiscal year June 30 with a $5.1 million general fund balance and reduced its general fund property tax levy to $6.48 per $1,000 of assessed valuation. This occurred while many other cities in Iowa are at the
$8.10 per $1,000 limit mandated by state law.
“While our population is growing and our valuation is growing, we are providing the same level of service with fewer dollars,” Freemire said.
The city’s debt margin has shrunk as well. In 2004, the margin was at 65 percent. After refinancing some debt without increasing the duration of repayment, it dropped to 52.8 percent, even after taking on extra debt to build the Waterfront.
“This gives us a great deal of flexibility,” Freemire said.
Another good piece of economic news came in May, when Moody’s Investors Service upgraded the city’s bond rating to Aa2, the third-highest rating available. It ended up saving the city $150,000 on its most recent bond issue.
Bob Lundin, president and chief executive officer of the Bettendorf Chamber of Commerce, which sponsored the speech, said Freemire’s speech showed that the city is well-positioned for the future. “We have a strong foundation that we can build on.”
David Heitz can be contacted at (563) 383-2202 or dheitz@qctimes.com.
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