New TIF district in Roscoe - WREX.com – Rockford’s News Leader

New TIF district in Roscoe

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ROSCOE (WREX) -

In Roscoe, trustees finalize a project in the works for several years.

The village now has a new "TIF" district. After working through red tape and government proceedings. The old Warner Electric Brake and Clutch site, which sat empty for more than a decade. Has the promise of a bright future.

"The site had been abandoned, the site was closed, not used.... There were issues of toxic waste, " says Roscoe Village Trustee Carol Gustafson.  

The waste was cleaned up, and the American Aluminum Extrusion Company is currently located in the building.

In an effort to see the business succeed, and restore the neglected property, Roscoe village board members worked to freeze its property taxes.

Board members unanimously agreed to pass the ordinance, putting a Tax Increment Financing District into action.

"The TIF allows the company to recoup what would have gone for increased assessment and plow it back into developing the site," says Gustafson. "So then instead of paying up front, immediately all of the tax money that would be due for the appreciation in value, they can then return around and use those dollars to further expand and offset the costs."

Gustafson hopes this new ordinance secures a stable future for the business, and for the village.

"Of course we hope that they're gong to expand, they're going to be financially successful. and that there will be the promise of many jobs that will come to the village or really to this part of northern Illinois," says Gustafson.

A state grant also provided the funding to put in city water and sewer on the site.

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