Rockford launches $1.3M commercial and industrial rehab program
Rock River Current
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ROCKFORD — The city’s Community and Economic Development Department has launched a $1.35 million program designed to help business owners improve their properties in eligible areas of the city.
The TIF Commercial and Industrial Rehabilitation Program offers forgivable loans of up to $25,000 for improvements in nine tax-increment finance districts in the city. The program has allocated $150,000 per district.
Related: New Rockford program dedicates $875K to business improvements in commercial corridor
The program offers to fund 50% of improvements up to $25,000, Projects are expected to add value, extend the longevity of a property or make substantial or aesthetic improvements. Deferred maintenance and improvements to become code compliant are allowed.
Applications will open at 8 a.m. Monday, Feb. 3 and run through 5 p.m. July 3 or until all funds are exhausted.
TIF districts capture increases in property tax revenue that come when property values rise into a special fund that can be used to pay for infrastructure or business improvements.
Eligible TIF Districts.
Each of these nine TIF Districts have $150,000 designated on a first-come, first-serve basis. Click on any name to see more its boundaries.
- Auburn Street TIF
- Broadway TIF
- East State/Alpine Road TIF
- East River TIF
- Midtown TIF
- Mulford Road and East State Street TIF
- North Main and Auburn Street TIF
- River District North TIF
- West State and Central Avenue TIF
A webinar to share additional information on the program and the application process will be held at 11 a.m. Jan. 27. Go HERE to register.
For more information, email EconomicDevelopment@RockfordIL.gov or call 779-348-7162.
