Details scarce on financing of Amerock fixes

Local official: 1 year of work would cost more than city’s incentives.

By Isaac Guerrero

BusinessRockford.com

ROCKFORD — A Las Vegas development firm with plans to rejuvenate the Amerock building as part of a downtown revitalization has yet to provide city officials with specifics about how it would pay for the project.

In June, Peter Anello of Crystal Properties Holdings briefed city and Winnebago County officials on its plans to remake the long-vacant Amerock building into a residential and commercial hub.

At this point, Rockford Community Development Director Reid Montgomery said, the project “doesn’t look promising.”

His last correspondence with Crystal Properties was an Aug. 28 e-mail exchange. Company officials provided projected budget figures for the Amerock redevelopment. Montgomery replied the same day with questions about where the cash would come from.

“The numbers they provided us for the cost of year one of the project were more than what we have to offer in incentives,” Montgomery said. “We asked them to clarify where the other financial assistance was coming from.”

Company officials did not respond to calls from the Register Star last week.

The city also has requested that Crystal Properties supply financial data on the company and its officers and a letter of intent from a hotel operator whom company officials claim to have lined up for the Amerock endeavor.

Winnebago County Board Chairman Scott Christiansen said he believes the holdup is because of the failure of state officials to sell bonds that would support about $11 million worth of tax incentives to jump-start redevelopment of Rockford’s riverfront.

Reach Assistant Business Editor Isaac Guerrero at iguerrero@rrstar.com or 815-987-1394.

PAST COVERAGE
June 28: Backing 'impressive plans' for downtown
March 9: Owners get to keep working on sale of former Amerock home

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