Depending on the location and if the business qualifies, the City can provide tax increment financing (TIF) assistance, façade improvement assistance, enterprise zone benefits, and low interest secondary financing loan programs.
Quad City Enterprise Zone
The City of Moline is a participant in the Illinois Quad City Enterprise Zone. Moline works in cooperation with East Moline, Milan, Rock Island, Silvis, and Rock Island County to expand the enterprise zone to assist projects using tax incentives. According to the application to expand enterprise zones, the intent of the program is to create and retain jobs, remove conditions that make it difficult for a project to move forward, and to improve opportunities for revitalization of neighborhood residential and commercial districts.
Façade Improvement Program
The Façade Improvement Program was created to assist business owners with rehabilitation of their business’ façade (storefront).
In order to apply for the Program, the applicant must be the owner of the building to be rehabilitated or a business within that building and all property tax payments must be current on the property. An applicant must wait to begin the work until approval is made on their application and the applicant has received a Letter of Commitment from the Design Committee.
Historic Tax Credits
The establishment of the historic district brings distinction to downtown Moline for its historic and architectural character. It also provides a redevelopment incentive. Property owners within the District can qualify for a Federal Historic Preservation Tax Credit equal to 20% of a rehabilitation’s qualified expenditures for substantial rehabilitation projects. In order to qualify, a Historic Preservation Certification Application must be made to the National Park Service within the U.S. Department of the Interior. Upon approval, the tax credit may then be subtracted directly from federal income taxes submitted by the owner.
Revolving Loan Fund Program
The Revolving Loan Fund Program was created as an opportunity for an entrepreneur/business person to obtain supplemental funding for a business project with the overall intent to encourage the expansion and the development of viable business and industrial activity in the City of Moline.
The RLF is targeted to those businesses and industries that “but for” this assistance, the project could not proceed because of conventional interest rates and lending/exposure limits applied by local lending institutions. The RLF program is intended to provide the additional funds that make the project viable by filling the financing gap created by these conditions.
Bi-State Regional Commission Revolving Loan Programs
The Bi-State Regional Commission manages three different loan programs for the Region. Currently, there are funds available in the Bi-State Revolving Loan Fund (RLF) of over $1.1 million available to borrowers in Rock Island and Scott Counties. Guidelines have been relaxed through April 2021. Bi-State also has received $2.25 million available in a new RLF from the Cares Act that must be utilized or lost before July 2022 with the same relaxed guidelines and priorities. The maximum loan is $350,000. The focus on all of the RLF’s is the retention and or creation of jobs. For more information, please see the links below or visit Bi-State's webpage here. To contact the City of Moline regarding these programs, please call 309-524-2035.
Tax Increment Financing Districts
Tax Increment Financing (TIF) districts are created to assist in the redevelopment of a particular area. A baseline for property taxes is developed. All taxing bodies still receive the same amount of property tax revenue as before the TIF district was designated. Also, no additional taxes are placed on properties in the TIF district. As improvements are made to a property its value increases. The difference between the increased value and the baseline is the increment. The increment is used by the local government to make public improvements to the redevelopment area.