By Kevin Haas
Rock River Current
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ROCKFORD — City Council members on Monday approved an agreement to help fund renovations at the historic Emerson mansion in downtown.
The city could reimburse developers 420 North Main Property up to $50,000 in tax-increment finance district funding over the life of the River North TIF District, which expires in 2032. The pay-as-you-go agreement means the developers only receive reimbursement as the value of the property increases and generates TIF funding.
TIF districts work by capturing increases in property tax revenue that come from building improvements into a special fund spent on certain redevelopment purposes.
City Council members voted 11-0 to approve the deal.
Related: ‘It felt like home’: Real Beautiful You opens in former Emerson house in Rockford
420 North Main Property is making several structural improvements and renovations to the 107-year-old property at 420 N. Main St. The company purchased the former Emerson House for $130,000 on Oct. 1, 2020, from the Mendelssohn Club, according to records from the Winnebago County Clerk & Recorder. It will invest a total $320,000 on the improvements, including the cost to purchase the property, according to the city.
The improvements will help convert it into a multitenant commercial property, according to the city.
The three-story estate was built in 1915 and was home to Belle Emerson Keith, the founder of Keith Country Day School.
It has one business tenant right now, Real Beautiful You, a health and nutrition services company that will mark its grand opening June 12. There is also a residential loft in the building.
More Rockford news: Alderman pushes to allow backyard hens in Rockford
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.