"It's designed to help developers and encourage them to redevelop property or put new business up," said Rockford Alderman Frank Beach.
Some aldermen want to make an area along Jefferson Street a TIF district, and an area along East State Street one as well. But not all aldermen think those area's qualify to be TIF districts.
"We need to utilize what we have and stop labeling our community as totally blight," said Rockford Alderman Ann Thompson-Kelly.
Supports say offering incentives to private developers to build and create jobs is worth giving tax breaks to those people.
want to invest their money and they want to invest it in the city of
become a TIF district the area needs to be blighted, decaying, and
underperforming. Opponents of the plan
point to new construction on
"We're having new growth as we speak," said Thompson-Kelly. "So, are we violating the guidelines?"
The company that's financing the construction there is First Rockford Group, and founder and president Sunil Puri says the city agreed to make it a TIF district, that's why he says he began building there in the first place.
"They actually told us please go a head and build the building because we want to create a TIF for you," said Puri.
Puri also thinks the city needs to act quickly and make both areas' TIF districts. Puri says waiting any longer to entice developers to fill empty stores could have a negative effect on the area.
"When is that magic moment, when it is to bad," said Puri. "I think it's already to late if that's what were thinking."
Still, alderman Ann Thompson-Kelly says before giving the green light, she wants to make sure tax payer money is protected.
"Precautions must be in place to protect the tax payer from future decisions being made," said Thompson-Kelly.
At Monday night's city council meeting, the Jefferson Street
TIF district was approved to have a public meeting about it. But aldermen tabled the