NEWS

Jacobs passes TIF District Extension for the City of Moline

Staff Writer
Aledo Times Record

-Senator Mike Jacobs (D-Moline) has passed legislation through the Senate that will extend the sunset date of the current Moline Tax Increment Finance District through 2033.

"It is important that the City of Moline has the opportunity to re-develop these dilapidated areas," stated Senator Jacobs, a member of the Senate Commerce Committee.  "These types of revitalization projects not only increase property values for the city, but bring people and economic development back to the area."

Under current law, municipalities are allowed to develop a TIF plan in accordance with state statutes to develop vacant land that without financial assistance would not be developed.  These plans established after 1987 are solely funded by property taxes, but some TIF districts that were established before that time receive sales and utility taxes

generated in the TIF district.

The TIF in question will deal with abandoned or vacant properties located in Moline near 5th Avenue/Illinois 92, 4th Street, 15th Avenue, 7th Street, 11th Avenue and 8th Street (otherwise known as the "Overlook District") and includes, Stephens Park, the Deere Wiman House, the Rock Island County Historical Society and at least one subdivision of individual residences built within the last 5 years.

"Even though this is an initiative of Mayor Donald Welaert of Moline, other governmental bodies including Rock Island County, the Moline School District, Black Hawk College District #503, Moline Township, and the Rock Island County Metropolitan Transit District have filed letters with the Mayor of Moline stating that they are not opposed to this extension," stated Senator Jacobs.  "These types of economic development projects help all of the surrounding communities throughout the Quad-Cities."