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Board approves intergovernmental agreement to join River's Edge redevelopment zone
Summary
The Moline-Coal Valley CUSD 40 board voted to approve an intergovernmental agreement with the City of Moline to participate in a River's Edge Redevelopment Zone that includes a proposed 90% property-tax rebate on new incremental value for qualifying projects for 10 years.
The Moline-Coal Valley CUSD 40 board on May 26 approved an intergovernmental agreement with the City of Moline to participate in the River's Edge Redevelopment Zone, a state-authorized incentive program the city says is intended to spur investment in older, environmentally sensitive riverfront neighborhoods.
Chris Matz, a city representative, told the board the state approved the zone and that local taxing bodies now need to sign an IGA to enable a proposed property-tax rebate. "This would be a 90% tax rebate for projects that qualify. It would go for 10 years," Matz said, describing the rebate as applying to the increment created by a qualifying development and noting that 10% of that increment would still return to taxing bodies during the rebate period.
Matz said the zone makes historic tax credits available locally and described qualifying thresholds he anticipates: residential projects of five units or more and commercial or industrial investments that create more than $100,000 of new equalized assessed value. He said the zone boundary is generally within 4,500 feet of the Rock River and that the intent is to level incentives between riverfront areas on opposing banks.
Following the presentation the board moved to approve the IGA. The motion was seconded and approved by roll call.
The board's approval finalizes the district's sign-off on the IGA; implementation will depend on participating taxing bodies executing the agreement and developers proposing qualifying projects. Board members did not record substantial debate on the package during the meeting.
The board provided no additional detail in the meeting packet about the IGA's fiscal modeling for the district; the city representative described how the rebate would apply only to the increment generated by a project and said normal property taxes on the pre-project base would continue to be collected. The board did not vote on any developer-specific incentives or individual project approvals at the meeting.
