City of Moline Committee-of-the-Whole/Council Minutes 2026-06-09
City finalizes asset purchase settlement for 1601 River Drive
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Description
Moline approved an Asset Purchase Agreement with Riverstation on Bass Street, LLC and Kaizen Company of America LC to buy the 1601 River Drive commercial building and related assets for $1,650,000. The acquisition maintains current leases, aids downtown redevelopment, and settles disputes tied to the ground lease.
Contract Details
Contract Amount
$1,650,000
Vendor
RIVERSTATION ON BASS STREET LLC
Agency
City of Moline city, IL
Contract Type
FACILITIES
Document Date
June 9, 2026
Renewal Info
City will continue operating the building as a commercial facility with existing leases in place; acquisition resolves and dismisses ground lease litigation.
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