RI Considers New TIF Districts
Rock Island may help a private company renovate two public housing complexes. Monday night, aldermen will discuss creating separate tax increment financing districts for Century Woods and Heather Ridge.
Community and Economic Development Director, Chandler Poole, says Millenia Housing based in Cleveland, Ohio, has been managing the two. And it's proposing to spend 12 million dollars on each - to become the owner and fix up every apartment.
"Basically taking sometimes tired buildings and making them up to code and renovating them so people who live in these facilities have good quality housing."
At Heather Ridge in southwest Rock Island, most buildings are 45 years old, or older, while at Century Woods along the Centennial Expressway, the buildings are more than 75 years old.
Poole says Millenia would use the tif districts to help pay for a complete renovation - meaning new carpet, kitchens, appliances, exteriors, and new landscaping.