City Administrator Doug Maxeiner says the district was created in 2007, to help a developer build an apartment complex. It was supposed to last as long as 23 years, until 2030, but the property was recently sold to the Greater Metro Area Housing Authority which is tax exempt.
"So it has no benefit to the city to retain that property, it's not generating any tif increment or anything, so at this point we're looking to dissolve that tif."
Maxeiner says the other taxing bodies, such as school districts, do not like tif districts because the additional revenue, or increment, goes to the developer and city, and not to schools, community colleges, and counties.
"We want to keep those to a minimum as much as possible, for their purposes as well as ours, and this is just the right time to do this. There's no benefit to keep it a tif so it's time to dissolve that and move forward."
If approved by the city council, this would be the third tif district dissolved in East Moline in recent years.
Located at 1011 49th Avenue, it's now a senior community named Hometown Harbor.
