GRCC Government Affairs Committee Supports TIF District on Rockford’s South side

Last week, the Greater Rockford Chamber of Commerce (GRCC) Government Affairs Committee (GAC) voted to support a proposed Tax Increment Finance District located on land on the City of Rockford’s South side.

On June 27, the Rockford City Council delayed its vote on whether to support the South Rockford Industrial Tax Increment Finance District. Another vote is scheduled for July 20.

Also known as a TIF District, local governments can designate a geographic region to stimulate economic development and fund public improvements. According to the City of Rockford, TIF Districts can only be created by municipal government and can exist for up to 23 years. A project must be located within a TIF District to receive TIF funding. During the life of the district, TIF financing allows a developer or property owner to receive a portion of the increased real estate taxes generated from a rehabilitation or construction project.

According to GRCC’s GAC, the competitive environment for business attraction is strong in the Rockford region, and a TIF will allow the region to more effectively attract investments and benefit from the current surge in reshoring of manufacturing.

The GAC agrees that strategic incentives should be transparent and aligned with long-term regional goals, including job quality, capital investment, and equitable opportunities.

Although this TIF does not directly provide incentives or funding to any specific project or developer, it gives the city another tool to work with developers who want to invest in the region. 

The GAC position, adopted June 23, is as follows:

• Whereas, the Chamber has a history of supporting Tax Increment Financing (TIF) Districts as an incentive to spur investment in our community, 

  Whereas, the City of Rockford has track record for successful use of TIF Districts, 

  Whereas, TIF Districts are proven to support a mix of industrial, commercial, and business park uses that drive positive economic activity, 

  Whereas, the competitive environment for business attraction is strong and a TIF will allow the region to more effectively attract investments, 

  Whereas, industrial jobs are the base of our economy and our country is currently benefitting from reshoring of manufacturing, 

  Therefore, we believe strategic incentives should be transparent and aligned with long-term regional goals, including job quality, capital investment, and equitable opportunities. The South Rockford TIF District aligns with this policy. 

  We also believe this development site is one of the best in our county and in our state and would make our region more competitive in attracting new businesses. Funds from this TIF District could be used to improve public infrastructure as well as provide a tool for the City of Rockford to incentivize a developer according to eligible use set forward by city ordinance and state statute. 

  We understand that this TIF does not directly provide incentives or funding to any specific project or developer; it simply gives the City another tool to work with developers who want to invest in our region. We also understand that each project using the TIF would go before the City Council for approval. 

The Greater Rockford Chamber of Commerce encourages residents to contact their alderperson for more information or to voice their support for the district.

To find your alderperson, visit rockfordil.gov.