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City of Moline outlines River's Edge Redevelopment Zone, proposes tax credits and property-tax rebates
Summary
A City of Moline official presented a River's Edge Redevelopment Zone proposal to the Moline-Coal Valley board, outlining automatic tax credits, a proposed property-tax rebate of up to about 90% for 10 years for qualifying projects and plans to apply for the statewide program pending intergovernmental agreements.
Chris Ives, director of community and economic development for the City of Moline, presented a proposal to use the state's River's Edge Redevelopment Zone (RERZ) program to spur riverfront reinvestment.
"I'm Chris with Ives. I'm the director of community and economic development for the city of Moline," Chris said during his overview. He described the RERZ as a statewide tool that provides automatic incentives for qualifying projects along riverfronts, noting the program began with a few pilot cities and has expanded. The proposed local zone would extend roughly 4,500 feet from the Mississippi River and would include much of the older, historic part of town.
Ives said the program would offer several incentives, led by tax credits and a potential property-tax rebate the city is considering to "about 90% of the tax bill, for 10 years," for certain project types. Targeted projects would include multifamily residential developments of five units or more and rehabs of older landmark buildings (the presenter cited an example redevelopment at the old McKinley School). He emphasized that properties could not receive both TIF and RERZ benefits simultaneously and that participating taxing bodies would need to confirm participation.
Ives said the city hopes to submit an application by the end of the year or early next year and then negotiate intergovernmental agreements with other taxing bodies if they agree to participate. Board members asked clarifying questions about geographic boundaries, overlap with existing TIF districts and how rebates would be shared among taxing bodies.
If the city secures participation from the taxing bodies and state designation, RERZ incentives are intended to lower the upfront financial hurdle for redevelopment projects, combining tax credits, environmental cleanup assistance and targeted rebates to make some projects viable.
Next steps described in the presentation included confirming taxing-body participation, public hearings and potential intergovernmental agreements before the city finalizes an application.
