EM Preparing to Dissolve TIF District
By the end of the year, East Moline will have to end a tax increment financing district downtown that's helped several companies expand and add jobs. Established in 1997, by law the city must dissolve the Great River Industrial Park after 23 years.
Finance Director Annaka Whiting says originally the 25-acre property was valued at 109,000 dollars, but now it's assessed at 1.5 million.
"So when all these parcels go back on the tax rolls we'll be adding a valuation of about 1.3 million to our tax rolls. So we'll be seeing an increase in our property taxes there. Plus all the taxing districts are going to get their portion as well."
The other taxing bodies include the county, two school districts, Black Hawk College, Metro Link, the Quad City Airport, South Moline Township, the Illini Hospital District, and the Rock Island County Forest Preserve District.
Companies now located in the tif district include Point Lift Systems, Anchor Lumber, East Moline Glass, Tempo Marine, and Toppert Jetting.
Unfortunately because of some expenses, the tif fund will have a negative balance of 762,000 dollars that the city will have to pay back over the next several years.