By Kevin Haas
Rock River Current
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ROCKFORD — A building once home to the founder of Keith Country Day School is set to be redeveloped into a multitenant commercial property.
420 North Main Property LLC is making several structural improvements and renovations to the 107-year-old former Emerson residence at 420 N. Main St. The company purchased the building for $130,000 on Oct. 1, 2020, from the Mendelssohn Club, according to records from the Winnebago County Clerk & Recorder.
“Commercial tenants are still being sought out, so the exact end use has not been exactly identified,” said Karl Franzen, Rockford’s director of community and economic development. “But it would be a low-intensive commercial use. Most likely offices, consulting, professional services, that type of activity.”
The nearly 6,700-square-foot structure also contains a residential loft.
The city is set to offer tax incentive support to developers for the project. On Monday, members of the City Council’s Planning and Development Committee voted 3-0 to approve a tax-increment finance district agreement with the company.
Related: City Council approves TIF funds to help Guler Appliance relocate
The pay-as-you-go TIF agreement could yield up to $50,000 in reimbursement over the life of the River North TIF District, which expires in 2032. The final amount depends on how much the value of the property increases after the improvements. A TIF is a financial incentive that works by capturing increases in property tax revenue that come after improvements are made into a special fund spent on certain redevelopment purposes.
“This is really why we have the TIF in our downtown. It’s to stabilize and retain these beautiful buildings, existing buildings,” Franzen said. “It’s certainly a beautiful property and in this case it’s one that’s going to be a benefit to taxing bodies and taxpayers because it will increase the assessed value.”
Related: TIF funds to help Fuego Nuevo Grill renovate former Tumbleweed restaurant
The three-story house was built in 1915 and was home to Belle Emerson Keith, who started Keith Country Day School in 1916 as a means to educate her daughter, Mary, and other children. She moved the school to the land near North Second Street where it stands today.
Franzen said developers expect to spend about $320,000 on the project, including the cost to purchase the building. The structural improvements include tuck-pointing, roof and window repairs.
The measure goes before the City Council next week.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.