Loves Park City Council members voted unanimously Monday to approve a new tax-increment finance district in the area including and around Rockford Speedway. (Image provided by city of Loves Park)

By Kevin Haas
Rock River Current
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LOVES PARK — The city has approved two new tax-increment finance districts meant to spur development around the Rockford Speedway and a business corridor at Riverside Boulevard and McFarland Road.

City Council members voted unanimously on Monday to approve the new TIFs and redevelopment project areas. Mayor Greg Jury said the end goal is to spur business growth and job creation in the two areas.

“It’s a huge tool for the owners of the property to use and help develop it,” Jury said. “We’ve used it throughout the city at different locations and it’s been very helpful.”

City officials said the new TIFs were established as a proactive measure to prime the areas for development, but no specific project has been presented.

Background: Loves Park looks to incentivize development around Rockford Speedway, another business corridor

The Forest Hills Redevelopment Project Area, as its called, contains about 278 acres including the Rockford Speedway and surrounding territory. It is generally bounded by Kimber Drive to the west, Forest Hills Road to the east, an east-west line north of residences near Painted Pony Lane to the south and Illinois 173 to the north.

“That is probably … the last area that Loves Park has to develop right there,” Jury said of properties along 173. “So we’ll see what comes there.”

The TIF was approved as Rockford Speedway is gearing up for its 75th season, which kicks off in one week.

David Deery, the Speedway’s general manager, previously told the Rock River Current that the auto track is focusing on that 75th season, but there is land west of the track that could be suitable for development with incentives in place.

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City Council members also approved a TIF district north of Riverside Boulevard along McFarland Road in Loves Park. (Image provided by city of Loves Park)

Related: TIF funds help Guler Appliance relocate to Rockford’s Miracle Mile

The other redevelopment project area contains approximately 15 acres bounded by McFarland Road to the west, Kings Acres Drive to the east, East Riverside Boulevard to the south and Rock Valley Parkway to the north

The approval of both redevelopment areas has been a long process, first going before the City Council last fall when members committed to moving forward with the plan.

TIF districts capture any increase in property tax revenue that comes from improvements in a special fund that can be used to pay for infrastructure or to provide business incentives. The city now has seven TIF districts, including three industrial jobs recovery TIFs.

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.