All the 'doom&gloom' financial forecasts coming out of City Hall is cause for reflection on the 'legacy' of LarryBoy's Empire.
Think about it...BEFORE he even took office there was the Garrison TIF district,followed by here a TIF,there a TIF, everywhere a TIFTIF...
Matter of fact,THIS has GREATLY COMPOUNDED THE CITY DEBT...Bond payments coupled with frozen property tax income....for WHAT??? To improve PRIVATELY-OWNED REAL ESTATE...a large percentage of which are owned by FAMILY and CAMPAIGN CONTRIBUTORS!!!!!!!!!!!
http://rockrivertimes.com/2010/05/19/rockfords-tif-report-card-negative-balances-will-drain-public-funds/

"... the source of such development funds—tax increment financing (TIF) districts—was the subject of a recent analysis by Andres Sammul, the city’s finance director. His prognosis was not especially rosy. ..TIF districts are often commenced with an infusion of cash through the issuance of bonds under the assumption the district will not only generate enough of an increment to eventually pay off the debt, but to provide some sort of benefit to lure investment

...

The primary reason for creation of the Garrison School TIF District was to aid in the redevelopment of the former Garrison School into residential lofts and adjacent row houses, spearheaded by then-civilian, now mayor, Larry Morrissey and his family. In addition to $1.5 million in TIF assistance, $700,000 in historic preservation tax credits helped make the project possible.

Despite the advances, Sammul reported, “This project is not built out as planned,” but noted the TIF “could be successful.”

If built out in the next year, the district will close in the black in 2028, he added. The district, which bears $2,155,568 in total debt service through 2023, presently shows a deficit of $284,300, which could be out of the red by 2027 with available funds in the amount of $220,000 in the TIF’s last year.

“For each year of delay, $100,000 will be lost,” Sammul warned, however. “Delay past 2011 may require a transfer from the General or Redevelopment funds for closeout.”

(another big expense since LarryBoy got spending was his pseudo-property-cops,the Code Enforcement Division. Drive past Garrison,north-side on Court St. and see the cars/trucks parked on gravel(a BIG violation), and piles of debris that would bring multiple fine$ to any regular citizen. It's good to be the King's Daddy)

(TO BE CONTINUED...)