A downtown Rockford proposal, potentially costing millions of dollars needs more time and discussion before it's approved. But, there is new information on how it'll be paid for.
A big project like revamping the downtown Amerock building brings a lot of questions with it. The item's now been held in Planning & Development Committee without movement for the last two weeks.
"It's an important project, I think it's prudent that the city council wants to get together as a Committee of the Whole and discuss the project and how it's going to be paid for to make sure it's a success." -says City of Rockford Administrator Jim Ryan.
Ryan does have some preliminary answers to financial questions. The potential developer, Gorman & Company, plans to contribute $50 million turning Amerock into a hotel and conference center. But, the group would like a few things from the city in return, including street improvements and changes to Chestnut and South Main, a roughly $2 million undertaking.
"We would finance that through motor fuel tax, taxes that we have within the Capital Improvement Program." -Ryan explains.
Plus, a parking deck, which is estimated to cost the city nearly $17 million, paid for by CIP funds and fees from those using the parking spaces. Ryan says this project is a catalyst to improvements the city planned on making downtown.
"This investment's not just for the hotel and conference center, it's for the entire downtown, so I don't want it to be portrayed necessarily that this is just an investment for the hotel it's really an investment for the whole southwest portion of downtown, to make it a success."
City leaders, aldermen and developers plan to all meet together Friday, then committee members could vote next week, moving it to full council.
All content © Copyright 2000 - 2014 WorldNow and WREX. All Rights Reserved.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Trista Truesdale at (815) 335-7856. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.