New Rockford program dedicates $875k to business improvements in 7 commercial corridors
Rock River Current
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ROCKFORD — The city’s Community and Economic Development Department has launched a new program designed to help property owners and tenants pay for improvements to their businesses.
The department’s Commercial Corridor Property Revitalization Program covers seven specific business corridors in the city and offers forgivable loans to cover 75% of commercial or industrial improvement projects up to $25,000. A total of $875,000 is dedicated to the program across seven commercial areas.
“Ideal projects add value, extend the longevity of the qualifying properties, and make substantial or aesthetic improvements to the property,” the city said in a news release. “Deferred maintenance and improvements to become code compliant are allowed. ”
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Each of the seven identified corridors has $125,000 in funds available on a first-come, first-serve basis for approved projects.
The corridors are:
- 11th Street from 16th Avenue to Bypass 20
- Charles Street from 17th Avenue to South Alpine Road
- Harrison Avenue from the Rock River to South Alpine Road
- North Main Street from Brown Avenue to Campus Hill Boulevard
- Rockton Avenue from Van Wie Avenue to West Riverside Boulevard
- South Alpine Road from Larson Avenue to Bypass 20
- South Main Street from Kent Street to Marchesano Drive
Eligible properties must sit on the primary street, be between the identified cross streets/markers, zoned commercial or industrial, and not be located within a TIF District.
The application period will open at 8 a.m. Monday, Jan. 20 and remain open until funds or exhausted or by 5 p.m. June 20, whichever comes first.
A webinar to share additional information will be held at 2 p.m. on Jan. 13.
Go HERE to learn more information on the program or apply. You can also email EconomicDevelopment@RockfordIL.gov or call 779-348-7162.
