The City Council has approved funding initiatives using casino revenue for economic development projects in Rockford, allocating significant resources to local businesses and community growth.
The funding comes from two sources: an admissions tax paid on each visitor to the casino and a tax on all gaming transactions. The city is guaranteed $8.7 million annually from its host community agreement with Hard Rock, which has established the framework for spending these casino funds.
At Monday’s City Council meeting, $250,000 was approved to support the restart of Rockford Brake Manufacturing, formerly known as Gunite. This funding is expected to create more than 100 jobs in the community.
