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City Council Focuses In On Parking And City Debt

The council discussed potential payment plans for a new parking structure in the downtown area and also talked about the positive economic impact the Ingersoll complex and the Amerock building could have on Rockford.
ROCKFORD - With two large projects in the works, the Rockford City Council had a lot to discuss. The council met Saturday and broke down the current budget, and debt the city faces after these projects begin. “The larger projects we have been discussing with Ingersoll and the Amerock hotel building and our responsibilities for building a parking garage and I think that is what prompted the discussion for looking at the debt as a whole.” said Chris Black, the City of Rockford’s finance director.

With the Amerock hotel project in place and the potential Ingersoll sports complex in the works, the city council discussed a plan for a parking structure in downtown. “We have a parking plan right now the RPS has about 140 spots currently.” said Patrick Zuroske, the City of Rockford’s capital program manager.

The current payment plan for the deal has the city paying off over 16 million dollars in debt over the next 20 years. The majority of the debt is designed to be paid by people who will pay to park over the span of the next 20 years and an additional $2.8 million comes from federal tax credits.

The proposed location for the parking garage is the old District 205 Administrative building and the school district would pay to demolish it. “The school district staff is ready to do that, we have worked hard with them we gave them demolition specifications and all the other paper work that we typically use when we do demos”

As a hotel, the Amerock building will complement the proposed 104,000-square-foot indoor sports facility, which is the former Ingersoll complex. Rockford city planners stressed the need for both buildings to exist in downtown Rockford.  “This building is very significant to the Amerock-Ziock building, we obviously also have a letter from the Gorman folks saying that without the Ingersoll building, the Amerock building project is not as viable.” said Zuroske



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