{"id":2377,"date":"2023-06-16T20:37:47","date_gmt":"2023-06-16T20:37:47","guid":{"rendered":"http:\/\/www.rockfordaquarium.org\/new\/?p=2377"},"modified":"2023-06-16T20:38:37","modified_gmt":"2023-06-16T20:38:37","slug":"heres-the-deal-rockford-lays-out-incentives-to-spur-420m-revamp-of-barber-colman-complex","status":"publish","type":"post","link":"http:\/\/www.rockfordaquarium.org\/new\/heres-the-deal-rockford-lays-out-incentives-to-spur-420m-revamp-of-barber-colman-complex\/","title":{"rendered":"Here\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex"},"content":{"rendered":"\t\t
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Here\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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By Kevin Haas
<\/strong>Rock River Current<\/a><\/strong>
<\/strong><\/p>

ROCKFORD \u2014 The city has put forward a multilayered financial package that promises to\u00a0spur the transformation<\/a>\u00a0of the\u00a0blighted Barber-Colman manufacturing campus<\/a>\u00a0into a $420 million mix of apartments and businesses.<\/p>

Now it will be up to City Council members to decide if the deal is worth it.<\/p>

Aldermen will\u00a0meet Tuesday<\/a>\u00a0to consider a deal that pulls together millions of dollars in state, local and federal tax funds and loans to help Milwaukee-based developer J. Jeffers & Co. create 964 living units and roughly 130,000 square feet of commercial space over several years. The development will be called Colman Yards.<\/p>

The deal focuses on the initial $170 million first phase of the development, when nine long vacant\u00a0historic buildings along South Main and Loomis streets<\/a>\u00a0will be redeveloped into 334 apartments and 105,000 square feet of commercial space. A new 336-space parking deck would also be built.<\/p>

Tuesday\u2019s meeting will be the first chance for aldermen to discuss and debate whether the millions in incentives provide a good return on investment. They also have an option to delay any decision until at least July 10.<\/p>

\u201cIt is a development that Rockford hasn\u2019t seen of this magnitude in who knows how long, if ever,\u201d said Alderman Chad Tuneberg, a Republican who represents the 3rd Ward. \u201cWe have to make sure that this development agreement does not jeopardize taxpayer dollars.<\/p>

\u201cI don\u2019t want the city of Rockford to be left holding the bag on anything on this project.\u201d<\/p>

Mayor Tom McNamara\u2019s administration feels the deal puts minimal risk on city tax dollars, and it could ultimately cost city taxpayers more if they demolish the structure instead.<\/p>

The city\u2019s latest estimates peg the cost of demolition at between roughly $16 million and $19 million.<\/p>

Instead, the city wants to provide a $6 million cash advance and two no-interest loans totaling $10.25 million. The loans would be repaid over 17 years starting in February 2030. The cash advance would be recouped as property values at the site increase and more tax dollars flow into the city.<\/p>

The city would also reimburse $3.5 million in infrastructure costs, $1.5 million of which comes from city water funds with the rest coming from federal American Rescue Plan dollars.<\/p>

Combined that\u2019s less than $18 million in local tax dollars, even if the loans were never repaid.<\/p>

\u201cWe\u2019ve really worked hard with our state and federal partners to bring additional dollars to the table to reduce local tax dollars on this project,\u201d City Administrator Todd Cagnoni said. \u201cStill, it\u2019s a heavy lift to move this type of project forward.<\/p>

\u201c\u2026 Not that there\u2019s not risk and not that things can\u2019t fall apart \u2014 it\u2019s development \u2014 but we think we\u2019ve done a reasonable job of protecting our interests. \u201d<\/p>

Some of the state and federal sources include $26.5 million in equity from state historic tax credits, $20.7 million from federal historic tax credits, a $4 million state grant and a $6.5 million loan from the U.S. Environmental Protection Agency\u2019s revolving loan fund.<\/p>

The city would also create a new tax-increment finance district and reimburse all of the money it generates from the first phase of construction. TIF districts work by capturing extra property tax dollars that come when the value of a home or business increases into a special fund used for redevelopment. The Barber-Colman TIF would expire in 2046.<\/p>

That TIF district would front the $6 million advance, and 100% of the increment generated from Phase 1A of construction would go back to developers. Then, 90% of the increment would go to developers for Phase 1B, provided developers hold up their end of the deal and complete the project as planned.<\/p>

Phase 1A would include 181 apartments in what will be called Founders Building, the large structure at the corner of Rock and Loomis streets. The phase would also include construction of a new parking deck and the renovation of what will be called Central Commons into 34 apartments.<\/p>

Phase 1B includes 119 apartments and 11,000 square feet of commercial space in two buildings at the east end of the property and 73,000 square feet of commercial space for restaurants, event space, small grocery and other uses.<\/p>

If the development stops there, city officials say it will have succeeded in cleaning up blight and the city will have committed $6.5 million in local funds, not counting the pay-as-you-go TIF dollars or no-interest loans. But future phases would bring hundreds townhomes and apartments that would be built in front of the historic site.<\/p>

Rent for the units is expected to range from around $1,000 for a studio to upwards of $2,000 for a townhome.<\/p>

\u201cThere\u2019s no requirement to do future phases,\u201d Cagnoni said. \u201cIf it\u2019s just Phase 1A and 1B and it costs the city $6.5 million, I\u2019d put that in the huge W column all day long.<\/p>

\u201cOne-third the cost of demolition and we\u2019ve got 330 units and 100,000 square foot of retail in southwest Rockford and we\u2019ve removed the blight.\u201d<\/p>

The city\u2019s deal with J. Jeffers focuses on providing incentives to redevelop the historic structures, without focusing on the later phases that involve new buildings.<\/p>

\u201cQuite frankly, we can\u2019t be more happy about that,\u201d Cagnoni said. \u201cWe really like to see the historic buildings developed. If anything\u2019s not going to happen, or it\u2019s going to be a slower pace, let it be the new construction as the market dictates and financial conditions exist.\u201d<\/p>

Taxpayer money<\/strong><\/p>

Here\u2019s a look at the city\u2019s financial obligations in the proposed redevelopment deal.\u00a0<\/em><\/p>

New TIF District:<\/strong>\u00a0The city will create a new tax-increment finance district that will expire in 2046, and it will reimburse 100% of the money generated by the TIF by the initial phase of construction.<\/p>

$6M advance:<\/strong>\u00a0The city will provide a $6 million advance from the TIF fund. This will be debt in that fund until the TIF generates enough money to repay it.<\/p>

$7.25M loan:<\/strong>\u00a0The city will provide a $7,250,000 no-interest loan to be repaid over 17 years starting Feb. 1, 2030.<\/p>

$3.5M in infrastructure:<\/strong>\u00a0The city will reimburse $3,500,000 in public infrastructure costs with $1.5 million coming from its water fund and the other $2 million coming from federal American Rescue Plan dollars.<\/p>

$6.5M revolving loan:<\/strong>\u00a0The city will provide the developer with $6,500,000 from the U.S. Environmental Protection Agency\u2019s revolving loan fund. It is a no-interest loan that must be repaid in 15 years.<\/p>

$2M settlement funding:<\/strong>\u00a0The city will provide $2,000,000 from an environmental settlement a previous occupant of Barber-Colman.<\/p>

$4M state grant:<\/strong>\u00a0<\/strong>The city has secured a $4,000,000 Illinois Department of Commerce and Economic Opportunity grant through state Rep. Maurice West that will be provided to the developer.<\/p>

$500K permit credit:<\/strong>\u00a0The city will provide a $500,000 credit toward building permits in the first phase of construction. The estimated cost the developer will pay in those permits is $1.5 million, resulting in $1 million net building permit revenue for the city.<\/p>

$3M loan:<\/strong>\u00a0The city will provide another $3 million loan at the start of Phase 1B. That no-interest loan will also be repaid Feb. 1, 2030, to Feb. 1, 2047.<\/p>

90% reimburse:<\/strong>\u00a0<\/strong>The city will reimburse 90% of the revenue generated in the TIF district during the second phase of construction. The remaining 10% will go back into the TIF fund for other eligible expenses.<\/p>

Developers have already invested millions of dollars into the project and lined up financing that includes private loans and their own cash. The city doesn\u2019t put forward any money until the private financing has closed, which officials say is a layer of protection.<\/p>

\u201cThey\u2019re bringing $14.8 million to the table for these phases of their cash,\u201d said Karl Franzen, the city\u2019s director of community and economic development.<\/p>

Related project:<\/strong>\u00a0<\/strong>What has J. Jeffers done before? Take a look to historic redevelopment in Racine, Wisconsin<\/a><\/strong><\/p>

Franzen said Phase 1A of the project is estimated to generate $650,000 a year in tax increment, all of which goes to the developer. That would be roughly $19 million over the life of the TIF. However, if the project stalls and they don\u2019t move forward with 1B, the city would halt future payments to recoup some of its investment.<\/p>

\u201cThat allows us to recapture that $6 million TIF advance and then some, to make the city of Rockford whole,\u201d Cagnoni said.<\/p>

\u00a0The Barber-Colman complex in south Rockford on Wednesday, Jan. 11, 2023. (Photo by Kevin Haas\/Rock River Current)<\/p>

\"\"City Council members previously set aside $12 million in American Rescue Plan funds to go toward either demolition or redevelopment of the\u00a0Barber-Colman site<\/a>. That money provides the city with some of the upfront capital needed for redevelopment.<\/p>

The total project, all phases of which would be developed over roughly a decade, is estimated to cost $420.35 million. An analysis by the Region 1 Planning Council estimates it would result in a population increase of 2,710 people and an additional 2,784 jobs through 2030. There would also be $370 million in accrued economic output in that timespan, according to R1.<\/p>

Photos:<\/strong>\u00a0<\/strong>Then and now: Barber-Colman complex in south Rockford<\/a><\/strong><\/p>

McNamara said the project has potential to be \u201cabsolutely transformational,\u201d and it\u2019s something residents on the south side deserved to see years ago.<\/p>

\u201cEvery time you drive by that facility you are hard pressed not to have every piece of hope zapped out of you because it is in such horrible condition,\u201d McNamara said. \u201cIt\u2019s just not an acceptable standard for our community, for the residents of southwest Rockford, for anyone.\u201d<\/p>

McNamara said this deal doesn\u2019t put too much pressure on city finances, meaning there\u2019s enough dollars available if another project comes a long in need of city help.<\/p>

\u201cWe still have $38 million more in our reserve fund than what our policy requires us to have,\u201d McNamara said. \u201cIf everything continues to go this way, we\u2019ll end up this year with another surplus. We\u2019re in a really good financial position if intriguing projects come forward. We\u2019re not going to shy away from any project because we did this.\u201d<\/p>

The packet of information City Council members will review Tuesday, which became available online Thursday night, includes multiple letters of support for the deal.<\/p>

\u201cThe persisting blight that plagues the heart of Rockford is untenable for the neighboring communities, and it is imperative that we take decisive action,\u201d said Rebecca Francis, the lead consultant for Ignite Change Solutions and vice president of the\u00a0Soar Awards<\/a>. \u201cThis proposed project will build upon previous infrastructure investments, fostering a sense of community, elevating property values, and bolstering crucial services that are indispensable for our collective well-being.\u201d<\/p>

Financing breakdown<\/strong><\/p>

Here\u2019s a look at how developer J. Jeffers & Co. plans to finance the $170.3 million phase 1A and 1B of Colman Yards, the redevelopment of the historic Barber-Colman manufacturing complex. This includes private investment and city, state and federal financial sources.<\/em><\/p>

Source<\/u><\/strong><\/p><\/td>

Amount<\/u><\/strong><\/p><\/td>

Percent<\/u><\/strong><\/p><\/td><\/tr>

Private loan<\/p><\/td>

$45,100,000<\/p><\/td>

26%<\/p><\/td><\/tr>

Developer equity<\/p><\/td>

$14,800,000<\/p><\/td>

9%<\/p><\/td><\/tr>

Tax increment financing<\/p><\/td>

$19,000,000<\/p><\/td>

11%<\/p><\/td><\/tr>

Federal historic tax credit equity<\/p><\/td>

$20,700,000<\/p><\/td>

12%<\/p><\/td><\/tr>

State historic tax credit equity<\/p><\/td>

$26,500,000<\/p><\/td>

15%<\/p><\/td><\/tr>

Revolving loan fund<\/p><\/td>

$6,500,000<\/p><\/td>

4%<\/p><\/td><\/tr>

Deferred fees<\/p><\/td>

$12,000,000<\/p><\/td>

7%<\/p><\/td><\/tr>

City infrastructure costs<\/p><\/td>

$3,500,000<\/p><\/td>

2%<\/p><\/td><\/tr>

City gap funds<\/p><\/td>

$6,000,000<\/p><\/td>

4%<\/p><\/td><\/tr><\/tbody><\/table>

\u00a0<\/p>

TIF advance<\/p><\/td>

$6,000,000<\/p><\/td>

4%<\/p><\/td><\/tr>

City loan 1<\/p><\/td>

$7,250,000<\/p><\/td>

4%<\/p><\/td><\/tr>

City loan 2<\/p><\/td>

$3,000,000<\/p><\/td>

2%<\/p><\/td><\/tr><\/tbody><\/table>

\u00a0<\/p>

Total<\/strong><\/p><\/td>

$170,350,000<\/strong><\/p><\/td>

100%<\/p><\/td><\/tr><\/tbody><\/table>

Alderman Frank Beach said City Council members must make sure the deal includes safeguards that protect taxpayers and provide a good return on city investment.<\/p>

\u201cIt\u2019s not that we\u2019re not taking risks, but we want to make sure there\u2019s a return on investment of the taxpayer\u2019s money if we say yes,\u201d Beach said. \u201cWe\u2019ve got to make sure we do our due diligence to make sure the best chance for it to happen will happen.\u201d<\/p>

More news:<\/strong>\u00a0<\/strong>Here\u2019s what\u2019s being built across from the future Hard Rock Casino in Rockford<\/a><\/strong><\/p>

Beach, a Republican who represents the 10th Ward, has served on the council since 1981. He\u2019s seen multiple proposals \u2014 at Barber-Colman and elsewhere in the city \u2014 come and go during that time.<\/p>

\u201cWe\u2019ve seen downtown developments that start out with X and end up with Y, and sometimes you don\u2019t forget that,\u201d Beach said. \u201cI don\u2019t mind intelligent risk, but I don\u2019t like surprise either when we think it\u2019s one thing and it turns out to be another.\u201d<\/p>

Tuneberg shared a similar concern.<\/p>

\u201cI\u2019m not against this project, I just want to make sure the city does not get burned at any point in the future on this,\u201d he said. \u201cWe\u2019ve just seen too many times where there has been these grandiose ideas and plans \u2014 sometimes the city hasn\u2019t even been exposed to these historical ideas and plans \u2014 but I\u2019m tired of someone coming in and proposing something and it just never even gets off the ground.\u201d<\/p>

  1. Jeffers has a track record of bringing\u00a0projects like this<\/a>to the finish line. Take for example a similar, albeit smaller scale redevelopment of the former\u00a0Horlick Malted Milk Co. in Racine, Wisconsin<\/a>, into hundreds of living units.<\/li><\/ol>

    McNamara is confident this project will be successful, too.<\/p>

    \u201cWe\u2019re there,\u201d McNamara said. \u201cIf approved, it will happen.\u201d<\/p>

    Developer obligations<\/strong><\/p>

    $500K purchase:<\/strong>\u00a0J. Jeffers & Co. will purchase the Barber-Colman site for $500,000.<\/p>

    Environmental cleanup:<\/strong>\u00a0The developer will assume the responsibility of earning a \u201cno further remediation\u201d letter from the Illinois Environmental Protection Agency and assume any costs of cleanup.<\/p>

    Parking deck purchase:<\/strong>\u00a0The city has the right to execute a \u201cput\u201d option, in which the developer then must pay $1 million to purchase the city-owned parking deck for $1.5 million after year seven of the development. Alternatively, the developer must pay fair market value of the city\u2019s ownership upon sale.<\/p>

    $10.25M guarantee:<\/strong>\u00a0The developer will provide a $10,250,000 guarantee for loans issued in Phase 1A and Phase 1B.<\/p>

    No protest:<\/strong>\u00a0The developer agrees\u00a0not to protest the taxable value of the property<\/a>\u00a0unless the assessed value equals 120% of the estimates.<\/p>

    This article is by\u00a0<\/em>Kevin Haas<\/a><\/em>. Email him at\u00a0<\/em>khaas@rockrivercurrent.com<\/a><\/em>\u00a0or follow him on Twitter at\u00a0<\/em>@KevinMHaas\u00a0<\/a><\/em>or Instagram\u00a0<\/em>@thekevinhaas<\/a><\/em>.<\/em><\/p>

    Tags:\u00a0city council<\/a>,\u00a0construction<\/a>,\u00a0development<\/a>,\u00a0local government<\/a>,\u00a0redevelopment<\/a>,\u00a0Rockford<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Here\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex By Kevin HaasRock River Current ROCKFORD \u2014 The city has put forward a multilayered financial package that promises to\u00a0spur the transformation\u00a0of the\u00a0blighted Barber-Colman manufacturing campus\u00a0into a $420 million mix of apartments and businesses. Now it will be up to City Council […]<\/p>\n","protected":false},"author":1,"featured_media":2368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\nHere\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex - Rockford Aquarium<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.rockfordaquarium.org\/new\/heres-the-deal-rockford-lays-out-incentives-to-spur-420m-revamp-of-barber-colman-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex - Rockford Aquarium\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s The Deal: Rockford Lays Out Incentives To Spur $420M Revamp Of Barber-Colman Complex By Kevin HaasRock River Current ROCKFORD \u2014 The city has put forward a multilayered financial package that promises to\u00a0spur the transformation\u00a0of the\u00a0blighted Barber-Colman manufacturing campus\u00a0into a $420 million mix of apartments and businesses. 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