City of Rockford Planning & Development Committee met Oct. 28

City of Rockford Planning & Development Committee met Oct. 28.

Here are the minutes provided by the committee:

I. CALL TO ORDER 

The Vice Chair, Alderman Durkee, called the meeting to order at 6:11 p.m. 

II. COMMITTEE REPORTS 

1. Approval of the proposed Funding Agreement (Long-Term Loan) in the amount of $500,000.00 annually for two years for the continued capitalization and advancement of a Community Development Financial Institution (CDFI) in partnership with Northern Illinois Community Development Corporation (NICDC), Rockford Local Development Corporation (RLDC) and Local Financial Institutions. The funding source is the Casino Tax Revenue Plan. 

Alderwoman Hoffman made a motion to approve. Alderman Rose seconded. After discussion, MOTION PREVAILED 4 TO 0.

2. Approval of the proposed Funding Agreement in the amount of $100,000.00 with Discovery Center Museum Park for HVAC Replacement Project for the multi-tenant building located at 711 North Main Street. The funding source is the Budget Surplus Plan. 

Alderwoman Hoffman made a motion to approve. Alderman Rose seconded. There was no discussion, MOTION PREVAILED 4 TO 0.

III. ADJOURNMENT 

Alderman Rose made a motion to adjourn. Alderwoman Hoffman seconded the motion. MOTION PREVAILED by unanimous voice vote. The meeting adjourned at 6:23 p.m.

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