On Tuesday, the Moline City Council approved dropping the Tax Increment Financing (TIF) designation for SouthPark Mall.
A TIF District is a special tax allocation to bring economic development to those areas. This TIF District, established in 2013, was intended to help redevelop the mall and attract new tenants.
Council members decided to close the TIF District on the first reading of the proposal, saying mall owners disputed their property value over the years and haven’t worked with the city for a new redevelopment project.
Bob Vitas, Moline city administrator, says the TIF District ran its course. “When that TIF was created, there was great aspirations as to what would happen on the 88 acres that are there,” he said. “And great things did happen. The old Sears was demolished, the food court was removed, and up went Dick’s Sporting Goods.”
“But you know, since that time, other than projects outside the TIF on the peripheries, there’s been no further growth or development, and now the TIF is basically financially upside down,” he said.
The council will consider the matter again on second reading at its next meeting.