RFD City leaders and Residents Discuss adding TIF Districts

It was a full house tonight at city hall. Chairs were filled with those ready to talk about new Tax Incentive Financing districts. Among them were supporters of Rockford's miracle mile, stretching from SwedishAmerican Hospital to Rockford College and its development.

Jennifer Hall Executive Director of The Miracle Miles said "the TIF has been critical to the redevelopment of this neighborhood. Projects such as the Alpine Inn, Don Carter Lanes and White House Plaza couldn't have happened without the TIF."

One of the proposed TIF districts runs from Alpine Road to Mulford Rd. along State Street. The second proposed TIF district is in the area of Jefferson and Third Streets.

The proposed TIF is pay as you go. Developers put the money out so there's no government obligation. Not everyone is buying it. Alderman Ann Thompson-Kelly says the debt will fall onto the backs of tax payers.

Alderman Beach explained "there have been TIFs in Rockford that haven't worked out well and those have been supported by bonds and are being paid for by the general fund. That's not good. But we should learn from that. We shouldn't throw the baby out with the wash so to speak. We learn from it and go forward."

Supporters say TIF districts are crucial to attracting investors and spurring economic development in neighborhoods that were hit hard well before the recession.  Many business owners are in favor of the proposals.

Hall said "they're looking forward to having an additional tool available to provide investors with the incentive to start revitalizing that corridor. It's a major corridor into our city and we'd like to see it thriving the way it once was."