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Council approves Madison and Oak TIF, development agreement for Auburn Street restaurant rehabilitation
Summary
The Rockford City Council voted unanimously April 7 to create the Madison and Oak tax increment financing project area, amend the East River redevelopment district to remove parcels, adopt tax-increment financing for Madison and Oak, and approve a development agreement for rehabilitation at 1132 Auburn Street.
The Rockford City Council on April 7 approved a package of ordinances creating the Madison and Oak redevelopment project area and adopting tax-increment financing (TIF) for that area, and approved a development agreement to rehabilitate the restaurant at 1132 Auburn Street.
The measures, presented by Alderman Wilkins and described by city staff as linked documents, passed on a roll call vote of 11 ayes. Alderman Meigs asked whether the change altered the East River redevelopment project area's expiration date; city staff replied that removing parcels to create the new Madison and Oak TIF boundary does not change the East River district’s expiration.
Council members were told the Madison…
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