Millions of Dollars Could Be Coming to Business Districts

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These for lease signs will soon become obsolete in two major business districts.

"You're going to see new development, at least $6-8 million in new development over a short period of time," says Alderman Frank Beach.

Rockford City Council will be voting on whether to designate two areas as tax increment financing districts. Those include a stretch of land near the intersection of East State and Alpine St. and another stretch near Auburn Rd. and N. Main St.

"Basically the property taxes you're paying today, that level is frozen, not the actual property tax. But as values increase, that value becomes the increment," says Alderman Doug Mark.

All that new development will likely mean a major face lift for both areas.

"You're gonna see new infrastructure, perhaps new lighting, new walkways, new things that'll bring about a new life in that area," Ald. Beach says.

Existing businesses are looking forward to seeing these changes, especially those along E. State between Alpine and Fairview.

"A revamping of the businesses around here would be great, not only for our business but for everyone else around the general area," says Todd Bell, general manager of Shooters Bar.

"The neighborhoods and businesses have been active in trying to look at some ways to really develop this intersection and those businesses here," Mark says.

"It'd be nice to bring in some local, littler businesses, maybe we could help them out, maybe they could help us out," Bell adds.

Alderman Mark says several businesses have already expressed interest in moving into the N. Main and Auburn area.

If passed, the financing will go into effect within the next two or three weeks. It will last for twenty three years.