Two Rockford Aldermen Split On Indoor City Market Deal
Rockford is inching closer and closer to getting an indoor city market, and with the success of Rockford City Market, why not give it a go?
Aldermen are reviewing the financials of an indoor City Market that includes redevelopment funds for a building on Market Street near the outdoor market's home. Of course, in line with the politics we read about and see on t.v., there's disagreement. One alderman is for the deal, another is against.
According to WREX, the organization the operates Rockford City Market would have to set aside money just in cause the Indoor City Market loses money.
...the Rock River Development Partnership, which runs City Market, will contribute 10% of the proceeds from it's outdoor market to a reserve fund. This contribution will happen annually for five years and be capped at $20,000 a year. The city of Rockford will provide $100,000 a year in redevelopment funds for three years.
Alderman Frank Beach thinks the deal is too risky for the city.
"When this is all done if it wants to be sold or traded away all the equity would go away," says Beach. "Not to us but to those that are operating this. For me it doesn't seem like a good idea for the city of Rockford as a business deal."
Alderman Tim Durkee disagrees.
"We have an inertia and we have a momentum, we can either be the Daniel Burnham's of Chicago and dare greatly, or we crawl back and just throw up our hands and say we don't do this. Development does not come without risk."
More details about the recent meeting can be found at wrex.com but it seems like it should be an easy decision. Rockford City Market continues to be more successful with each new season. The number of people it draws to downtown Rockford in the Spring and Summer is hard to argue. If City Market organizers plan correctly an indoor market can be just as successful unless there's inclement weather.
[H/T WREX]
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