Rockford’s City Council terminated the area’s three oldest TIF districts.
The West Side, East Side, and Seventh Street districts contributed to investment downtown and in Midtown for 35 years. The districts reached their maximum age allowable by law and their termination will add about $11 million in equalized assessed value to the city's property tax roles.
Tax increment financing is a way for cities to fund development of dedicated areas. As a district's property taxes rise, the extra revenue is diverted to local infrastructure or business projects. The recently terminated districts operated for 23 years, and were given a 12-year extension, according to the Register-Star. In total, the city expects the value of taxable property to increase by $27 million this year.