Plans to revitalize SouthPark Mall in Moline have been postponed. Moline Aldermen were supposed to approve creating a tax increment financing or TIF district Tuesday evening. However, they found out if they created the tax incentive district the mall's property value would drop.
The reason SouthPark Mall's property tax value would drop is because after the tax incentive district is formed; the county and township set a property value rate. The rate would have been lower than the mall's current value, so to prevent that from happening SouthPark's owner, Macerich, appealed. The county and township accepted the appeal, but the state has the final decision.
"The new growth and the new value would first of all have to make up the loss in value, because of the reassessment of the value," says Moline Planning and Economic Development Director Ray Forsythe.
The state will make its decision early next year and council will review the TIF district on April 23rd.
Also at Tuesday's council meeting, aldermen gave final approval for a new TIF district at the intersection of Highway 6 and Highway 150. The developer would like to build commercial and light industrial businesses. The old Horace Mann school is included in the TIF district, but a proposed site for a concrete recycling plant is not apart of the TIF. Council was divided over approving the tax breaks; the mayor broke the tie in favor of approving it.
A third TIF for a medical complex built by Genesis Medical Center was also discussed. The tax incentives would be for this area of 41st street, right behind Moline High School. Aldermen were also divided on this TIF district, with the mayor again breaking the tie. The Genesis TIF still needs one more round of approvals. It will be up for debate again, at the next Moline city council meeting.
