ROCKFORD (WIFR) – Rockford alderman say they’re not getting enough details about a project that could cost the city millions and tomorrow they’re expected to vote to halt funding until they get that information.
The estimated cost for renovating the downtown Ingersoll building keeps growing making some alderman uncomfortable. The building will be turned into an indoor sports complex. First estimates had the project costing a little more than $14-million. Now aldermen say they’re being told it’s closer to $20-million but they haven’t been updated on changes to the project. Tomorrow they’re voting on a resolution that would stop the city from issuing bonds for the project until aldermen get all the info showing them exactly how much the project will cost and how it’ll be paid for.
“We’re going to be issuing several million dollars in bonds [and] we want to make sure we get it right the first time,” said 4th Ward Alderman Kevin Frost. “It’s no different than building a home; your bank is going to want to know the size of the home and how much you’re going to borrow up front before you actually go in and start building.”
The city is slated to pay $8 million of the overall project. Aldermen just want to be sure the rest of the cost is covered before they start issuing bonds for the project.