61°F

Lucky Number 33: Rockford Approves Another TIF District

ROCKFORD - In an effort to revitalize the Forest City, local leaders employ an old strategy.

ROCKFORD - In an effort to revitalize the Forest City, local leaders employ an old strategy.

Council leaders passed the city's 33rd Tax Increment Financing district.  It'll cover Auburn Street from Day Avenue to Kilburn.

Ald. Tom McNamara says the area should see an economic boost.

"Tax increment financing districts is one of the tools the city has to help incentivize new business and new development in an area" says McNamara.

Ideally, TIF districts work by providing tax breaks for businesses, which in turn could boost their profile since they have more money to spend.

However, the city's track record with TIF districts is suspect.  27 of the city's TIF existing TIF districts lost value in 2013.

Page: [[$index + 1]]
comments powered by Disqus

Contact Our News Room

TELEPHONE
1-815-963-2773

FAX
1-815-963-0029

ADDRESS
1917 N. Meridian Rd.
Rockford, IL 61101

E-MAIL
News Desk 

Click here for more about WQRF and WTVO.