ROCKFORD - A Rockford mayoral candidate is calling for a review declaring whether tax increment financing revenues have been managed appropriately.
According to a press release, Michael Kleen, the Republican candidate in the race, says an audit is necessary after a recent controversy concerning the failed Midtown Lofts project. The Midtown Lofts used funds from the 7th Street TIF to create another TIF for that project. Over $1 million in tax money was taken in but the project was never finished.
"It seems clear, from what the local media has uncovered in regards to the Midtown Lofts, that there is little to no transparency or accountability when it comes to TIF projects," said Kleen in a press release. "The public deserves to know whether Rockford's TIF districts are delivering their promised results."