MOLINE, Ill. — The City of Moline is looking at another 'tax increment financing' or TIF district — this time for part of downtown.
The Moline City Council is considering a small portion of 5th Avenue, between 17th and 18th Street.
At the Dec. 5 committee of the whole meeting, council members discussed hiring a consultant and starting a feasibility study, both for ensuring the TIF district would be appropriate for the area.
Director of economic development Chris Mathias explained that a big project behind the new TIF district would be a vacant space on 1701 5th Street across from the old Carnegie Library building, which was donated to Renew Moline, a nonprofit focused on economic development. "We have an interest to convert that building into 32 apartment [units]," Mathias said, further explaining that the goal would be to welcome a private developer to create that apartment.
Planners are hoping by encouraging development, more people will want to live in downtown. "I would expect it to be more residential in nature, meaning you'll have apartments above the ground floor. And then your typical commercial-type development that you see on the ground floor downtown, whether that be retail, restaurants, office, that sort of thing," Mathias said.
City council will vote on the consultant and study later in December. These new plans come after a similar TIF district for SouthPark Mall was dissolved earlier in 2023.