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Moline council approves lease for Riverfront elevator test tower, staff says NSF‑backed firm will invest
Summary
The Moline City Council approved a lease agreement allowing Hyperlift Inc. to rehabilitate the former elevator test tower in the Moline Riverfront area, with staff citing a $2,500/month lease and National Science Foundation‑linked investment to support testing and activation of the landmark structure.
The Moline City Council on Jan. 20 approved a lease that clears the way for Hyperlift Inc. to rehabilitate and use the former elevator test tower on the Moline riverfront.Who: The lease was presented by city staff and discussed by Councilmembers Finch and Castro. What: The lease covers a roughly 0.12‑acre site that includes the vacant test tower and adjacent shipping/receiving area. Staff recommended a lease payment of $2,500 per month for two sequential five‑year terms. Why it matters: Staff framed the agreement as a way to preserve a…
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