City to consider East State TIF district; public meeting March 22 at YWCA
Online Staff Report
The City of Rockford is considering implementing a tax increment financing (TIF) district along a portion of the city’s retail mecca of East State Street.
TIF is a development tool generally reserved for revitalizing blighted, decaying and underperforming areas in need of development or redevelopment.
The proposed TIF district would be between Alpine Road to the west and Mulford Road to the east and include properties on both sides of East State on the south and then extending roughly along the northern borders of OSF Saint Anthony Medical Center and Rockford College on the north.
According to a “Notice of Informational Meeting” sent to residents and businesses in the area, “The City Council has been studying this area because it has begun to see a decline in sustaining business in this important retail corridor of the city.”
The notice from the city also added: “This model for community development utilizes a State Statute that provides that any new tax revenue growth in the plan area would be captured and the additional revenue generated by those properties would be put in a special fund for development. … The special fund would then be used to fix roads, sidewalks and utilities, to create parkways and green space and to assist new business in locating to the area or the expansion or renovation of existing businesses. All projects will be reviewed and approved by the City Council.”
A public meeting to discuss the proposed TIF district will be at 6 p.m., Thursday, March 22, at the YWCA, 4990 E. State St. Those unable to attend the meeting may also share their thoughts about the TIF district by contacting Reid Montgomery, director of community and economic development, or Todd Cagnoni, assistant director of community and economic development, at (815) 987-5600.
Posted March 9, 2012
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