Rockford City Council advances TIF plans
TIF initiatives hope to spur more development in the city
ROCKFORD, Ill. (WIFR) - The Rockford City Council advanced expanded TIF plans Monday night for two areas in the center city. The first plan looks to expand the TIF area in Downtown, the second looks to create a TIF area just across the river near Kishwaukee and Harrison.
Alderman Bill Rose is hopeful that the plans help spur additional development. “There is an Urban Equities Project that’s coming up on South Main that they announced on Facebook earlier this weekend, that is something that could be coming down the road, it’s too early to tell but we’re confident that if we act proactively that if we push these TIFS forward these kinds of things could happen,” Rose told 23 News.
TIFS have become a key player in development across the Forest City. Without TIFs, major projects like the Embassy Suites and Conference Center wouldn’t have gotten off the ground. But Karl Franzen, the director of economic development in Rockford, says not every project can get a TIF.
“We engage with consultants, specifically to go down the criteria or into the state statutes Do these two initiatives meet state criteria and they’ve come back and said very adamantly that both meet the criteria for the creation of these TIFS and also they’re not committing any of th TIF dollars towards a particular project,” Franzen tells 23 News.
The public will be able to comment on the plans on May 17th.
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