A resolution of intent is before the Planning and Development Committee concerning the Amerock Building, located adjacent to Davis Park.
According to Rockford Ald. Doug Mark (R-3), City Council members were expected to approve a resolution May 31 concerning mixed-use and residential development of the former Amerock Building.
Mark said the resolution may be the first step toward attracting businesses and residential units to that property, which is in downtown Rockford adjacent to Davis Park.
Mark expects Mathis Development Inc., to build condominiums and retail shops on the site, including at least one restaurant.
Mathis Development is also refurbishing a building at the corner of Market and Madison streets into loft-style apartments.
To assist the proposed project, Mark said the city may create a Tax Increment Financing District (TIF) for the area being developed.
TIF districts are designed to rehab economically depressed areas by giving temporary tax breaks to developers. In return, municipalities recieve more revenue through increased property and sales taxes associated with development in areas not typically targeted for growth.
The proposal is reported to be the first step toward what could be a mix of residential and commercial development of the property, City of Rockford Communications Coordinator John Strandin said. If the proposal makes it out of committee May 31, it may immediately go to City Council. The results of the committee and council votes were not available before press time on Tuesday afternoon.
Editor and Publisher Frank Schier contributed to this article.
From the June 1-7, 2005, issue