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Transformational Project; Downtown Development : City approves development agreement for Rockford Conference Center

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Transformational Project; Downtown Development : City approves development agreement for Rockford Conference Center

ROCKFORD, Ill. (WIFR) — It may not be long before we see construction begin on the Rockford regional convention center. This comes as Rockford’s city council gives the green light on a development agreement for the project.

With a 9-4 vote, the city council approved the development agreement with a Rockford local development corporation, which allows the company to arrange financing for the conference center.

As the Amerock hotel project moves forward the city is working with R.L.D.C. to secure a nearly $12 million conventional construction loan to build the 40 thousand square-foot conference center.

The city plans to seek new market tax credits for the project. The tax credits would help save the city money on interest payments for the project budgeted at $12.5 million.

Developer Gary Gorman has purchased space surrounding the Amerock building for the construction of the convention center which Gorman would then lease from R.L.D.C.

News Source: http://www.wifr.com/content/news/City-approves-development-agreement-for-Rockford-Conference-Center-433735583.html

T-Map Project: Downtown Development