1506 River Drive, Moline, IL 61265 : : Tel: 309.762.9190 : : RenewDirector@RenewMoline.com; Facebook
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A variety of available development incentives exist to assist with project implementation. For a more complete description of these incentives the following link will direct you to the City of Moline's "Business Incentive" webpage: City of Moline Business Incentives
The partnership between Renew Moline and the City of Moline has benefited greatly from the well-known, but often misunderstood, financing tool called "TIF," an acronym for "Tax Increment Financing."
Established by Illinois state law, TIF actually originated in California and is in use in most states. The concept is that a blighted area in a community that needs redevelopment can be identified as a "TIF District." The City can then capture property and sales tax "increment" (the additional tax collected) created by redevelopment projects within that district for a set period of time - the "life" of the district.
When the district is identified, a base line for property and sales taxes already being collected is established. During the life of the TIF, all taxing bodies continue to collect the amount of tax revenue they were collecting at the time the TIF District was identified. But the additional property and sales tax that is collected as a result of increasing the value of the property in the district and the additional sales generated by the redevelopment projects is collected by the City. The City can then spend that additional money on projects that support redevelopment within the district.
Download MOLINE TIF MAP HERE
State legislation governs what this revenue can be used on, and what is "TIF Eligible." Generally speaking it enables the City to partner with developers to provide the public improvements that most redevelopment projects require, such as sewers, streets and the like.
When the TIF District's life expires, the additional revenue created by the redevelopment of the formally blighted area is distributed to all taxing bodies.
The advantage of TIF is that it allows a redevelopment project to pay for public improvements without incurring an additional burden on the City's existing revenue sources which is why you will hear that "the project pays for itself." In other words, a redevelopment project in a TIF District generates additional tax revenue which is captured and used for the public aspects of the project to the mutual benefit of all - the developer, the City, the people who live and work and play in the project area, and to those who wish to invest in the project.
Renew Moline, Inc. is an award-winning, non-profit economic development organization devoted to the development of the City of Moline.
Moline is part of the greater Quad City Region located west of Chicago at the crossroads of Interstate 80 and the Mississippi River. The City is also home to the worldwide headquarters of John Deere.
This organization was established in 1989 as Moline was rebounding from an agricultural depression that severely impacted the Quad Cities costing more than 23,000 jobs. The riverfront and downtown business district was devastated by the loss of merchants, residents, and pedestrian traffic. This resulted in underutilized land and deteriorating buildings further causing a decline in property values.
A group of dedicated business and civic leaders formed coalition to "renew" Moline. The task of this public/private partnership was to create jobs, expand Moline's tax base, and return the vibrancy to Moline's downtown.
The outcome of this effort was the creation of Renew Moline, Inc. This group of dedicated businesses and individuals is committed to working in partnership with the City of Moline to implement the "Moline Centre Plan."
The successful implementation of the Moline Centre Plan will ensure that the entire community will grow and thrive in concert with the downtown and Mississippi Riverfront, now known as Moline Centre.
Since 1989, this partnership has facilitated over $400 million of public and private investments that significantly eliminated blight and substantially revitalized Moline Centre, fast becoming a national model as a place to live, work, and play.
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