Alpine Bank, along with Stillman Bank, Blackhawk Bank, and Northwest Bank, are leading the effort to finance the $10 million Turner School project. The money will go towards turning the building into Rockford Police’s District Two geo-policing headquarters.
John Phelps from Rockford Local Development Corporation says, “The total project is about $10 million dollars. The tax credit equity portion is about $3 and a half [million] of that ten, so the bank does the construction loan of about ten million, [and] at the end their end loan will be about $6.5 million.”
Turner School is on Broadway in Southeast Rockford, an area that has seen its share of crime and prostitution.
Chief Dan O’Shea of the Rockford Police Department explains, “There’s drug dealing, there are gang members in the area. So, us being close and able to respond in a quicker manner, as well as dealing everyday with the business owners up and down Broadway in the surrounding areas, it is critical.”
He says the constant police presence will make a quick impact. He adds, “People will see the results from this station being here in about 6 months.”
The city wants to have construction complete by the end of this year. That way they are guaranteed state tax credits for it. The tax credits are expected to expire at the end of this year, and it is unclear if they will be extended.