2.
Committee recommends approval of the proposed Amendment to
the Development Agreement with Oliver Emerson Development
(Oliver Emerson Development, LLC) for the rehabilitation and
adaptive reuse of 325 South Madison Street (The Watch Factory)
as residential. The funding source is Redevelopment Funds and
TIF Funds. (LAID OVER JANUARY 5, 2026)
B.
C.
Code and Regulation Committee
Finance and Personnel Committee
VII. OFFICERS REPORTS
VIII. MOTIONS AND RESOLUTIONS
A.
B.
Planning and Development Committee
Code and Regulation Committee
1.
2.
2026 Forward for Fun Initiative
The request includes an allocation of $140,000 and an expedited special event
permit process for multiple events throughout the city in partnership with
Aldermen and GoRockford. The program goal is to create/support community
events in all 14 wards of the City as part of our continued pandemic recovery
efforts.
Resolution for settlement of Isaac Cornelius Fricks, Sr. vs. Officer
Brian Prine, Case No: 22-CV-50410 in the amount of $32,000.
(SUSPEND RULE 9)
C.
Finance and Personnel Committee
1.
Committee recommends approval and acceptance of the Illinois
Housing Development Authority (IHDA) Homeowner Assistance
Fund Home Repair (HAFHR) Grant extension in the additional
amount of $549,000 (the new total is $3,009,000).
2.
Committee recommends approval and acceptance of the Illinois
Department of Commerce and Economic Opportunity (DCEO)
Rebuild Downtowns and Main Streets Grant Award in the amount
of $2,000,000. The grant requires a 25% cost match which will be
paid for using the 1% Infrastructure Sales Tax. The grant term is
from January 1, 2026 through December 31, 2027. If accepted, the
grant funds will be used to reimburse construction costs of the
Madison Street Corridor Improvements Project (Phase 2).