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Council approves $51,405 TIF transfer and moves to consider dissolving First Street TIF
Summary
Council approved a budget transfer of $51,405 from the Century Woods TIF to the First Street TIF to zero out a negative balance and voted to consider an ordinance terminating the First Street TIF redevelopment area; the transfer was recorded as a budget adjustment and the dissolution was taken up as a first reading.
The Rock Island City Council on Monday approved a budget adjustment moving $51,405 from the Century Woods tax increment financing (TIF) district to the First Street TIF, and voted to consider an ordinance terminating the First Street TIF redevelopment area.
City staff said the First Street TIF has a negative balance of about $51,000 and must reach zero before the district can be closed; the adjacent Century Woods TIF holds sufficient funds to cover the shortfall. Miles (city staff) told council…
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