Moline council approves lease for Riverfront elevator test tower, staff says NSF‑backed firm will invest

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 familiar element of the skyline while bringing private investment, testing activity and potential manufacturing partners to the riverfront redevelopment vision.In a staff presentation, the city said the proposed use aligns with the adopted “Moline Riverfront” master plan and would help fund structural maintenance of the historic tower. "The staff supports the proposed use as it will contribute to the revitalization of the Moline Riverfront area," an official said, noting the lease would "bring direct investment to the rehabilitation of the tower" and help "attract additional investment to the riverfront."City staff also said Hyperlift Inc. has funding links to the National Science Foundation. As staff put it during the meeting, "the National Science Foundation is a direct funder of Hyperlift Inc.," language the city used to describe anticipated outside investment and technology testing on the site.Council discussion focused on whether the proposed use would conflict with the city's Riverfront activation goals; staff responded that the lease would enhance—not replace—planned activation and allow art, lighting and other community uses to remain options. Councilmember Finch asked the city to reassure residents that activation plans remain intact; staff said the tower's reuse is consistent with keeping it as a skyline landmark and would provide a financially sustainable means for preservation.The motion to authorize the mayor and city clerk to sign and attest to the lease passed by voice vote. Next steps: Staff and legal counsel will complete lease execution and work with Hyperlift on any required permits or site work.