Rockford hopes to spend $2.5 million of its $23 million budget surplus to incentivize construction of a spec building that could spark economic development south of the interchange at South Main Street and U.S. Highway 20.
The spec building is part of a plan to make 485 acres northwest of the Chicago Rockford International Airport more attractive and ready for businesses to move in. It is a needed step to grow Rockford’s economy and bring jobs to the region, City Manager Todd Cagnoni said.
“It’s not too hard to Google it and you’re going to see a whole slew of states and regions recognizing that time to market is a huge decision-making process, and you need to have site-ready facilities,” Cagnoni said. “We don’t have site ready land. And we’ve talked about being site ready and about being competitive at City Council, in public meetings, and now we’re trying to accomplish that.”
The money would come from a $23 million budget surplus that was generated in 2023 from greater than expected shares of state income taxes and corporate replacement taxes plus savings from vacancies in the police department. Some other proposals are to invest in road projects, close failing TIF Districts, save for legal expenses and invest in economic development opportunities.