By Kevin Haas
Rock River Current
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ROCKFORD — City Council members on Monday approved an agreement to provide Guler Appliance with $25,000 to help it renovate the former Crazy Joe’s furniture.
Guler is moving to the former furniture store at 4435 E. State St. after spending 86 years on Seventh Street in the city’s Midtown district. The move helps the company more than double its space.
Background: Rockford to help Guler renovate former Crazy Joe’s furniture
Council members voted 10-1 to approve the one-time reimbursement from the city’s East State/Alpine TIF district. Alderwoman Linda McNeely voted against the funding.
Tax increment finance districts are a financial tool meant to help cities incentivize development. A TIF works by capturing increases in property tax revenue that come after improvements are made into a special fund spent on certain redevelopment purposes.
Related: Fuego Nuevo Grill gets city of Rockford support for move, renovation
Although the improvements in Rockford’s Miracle Mile aren’t expected to generate any new TIF funding, they are anticipated to increase property values and tax revenue for all local government agencies, city officials said.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.