Indoor City Market Vote

Indoor rockford city market is one step closer to reality.

Aldermen approved a series of changes to the city's agreement with the event's creator... the rock river development partnership.

((greg)) the new agreements softens the financial blow that city and taxpayers could receive.

But, not all aldermen are onboard.

Sot-3 alderman tim durkee--(r) 1st ward "where do you go to see the heart of rockford?

You go to city market."

The rockford city council voting in favor of new agreements with the rock river development partnership to bring rockford closer to having an indoor city market in downtown.

Sot--13 alderman bill rose--(d)-9th ward "any time your going to run a business you have to assume risk and it's not fair for the taxpayers to assume that risk for you, it's up to you the business owner to take responsiblity for that."

Here's how the agreements break down.

The city will pay 2- point-4 million to fix up a vacant bulding on madison street where the indoor market would be held.

In case the market flops... it'll have to reimburse millions to the r-r-d-p.

In return, the r-r- d-p will contribute 10-percent of the market's profits... up to 20-thousand dollars... into a reserve fund for five years.

That money will help offset any shortfalls before the city covers anything.

Alderman frank beach supports the idea of an indoor market.

Despite the safeguards... he still believes the decision is risky.

Sot--12 alderman frank beach-(r) 10th ward "no equity do we have in this project at all.

When this is all done if it wants to be sold or traded away all the equity would not go to us but to those operating this."

But alderman tim durkee says in order for rockford to develop... risk is part of the equation.

Sot--14 alderman tim durkee-(r) 1st ward "we can either be the daniel burnams of chicago and dare greatly.

Or we crawl back and just through us are hands and say we don't so this.

So development doesn't come without risk>" ((greg)) while the market still isn't definite....city leaders predict if all bases are covered, the indoor market should be to up and running by december of 2018.

((emily)) a