ROCKFORD (WIFR) -- Construction will be delayed on the downtown Ingersoll building after Rockford aldermen decide against taking out millions of dollars in loans for the project, at least for now.
Aldermen voted unanimously on Monday to take away their power to issue the bonds for the project. They will have to vote to give themselves that power back, something they'll do after reviewing the design plans for the space and finding ways to cut costs. The council had committed to selling nearly 8 million dollars in bonds to renovate the former factory. State grants will cover another seven million dollars. At the current total of $20.9 million, Rockford aldermen don't want tax payers on the hook for an extra 4 million.
The Rockford Park District is chipping in funding for the project since they will manage the facilty once it opens.