Moline Considers New TIF District
The City of Moline wants to boost economic development downtown. Tonight, the city council will review a plan to create a new tax increment financing district, from an existing district set to expire in six years.
Planning and Development Director, Ray Forsythe, says Moline is reviewing the city's first ever TIF district, created in 1986. It includes properties from 12th Street to 7th Avenue, and to the eastern edge of the Western Illinois University campus.
It's due to expire in 2021. And Forsythe says that means the district won't have enough time to generate revenue for several new projects.
He wants to remove 69 properties from the current TIFdistrct, and create a smaller district to support the development of the Chase building, the Spiegel Warehouse, and other vacant properties.
Forsythe estimates the new TIF district could bring in about $100 million worth of new development. And says removing the land from the old district will send about $800,000 back to the school district, county, and city.
The Moline City Council will review the plans tonight, and then a consultant will conduct a feasibility study.