- Published: Wednesday, December 21, 2016 10:20 AM
Dec. 20, 2016 - The Rockford Advocate | Original article
SPRINGFIELD – Illinois Gov. Bruce Rauner, on Tuesday, signed Senate Bill 1488, legislation to extend the River Edge Redevelopment Zone Program. The program allows for an income tax credit to be awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone.
Senate Bill 1488 is effective immediately and extends the River Edge Redevelopment Zone Program for one year, to sunset on January 1, 2018. A River Edge Redevelopment Zone is a specific area designated by the State of Illinois in cooperation with a local government to safely revive and redevelop environmentally-challenged properties that will stimulate economic revitalization and create jobs in Illinois. River Edge Redevelopment Zones are located in Rockford, Aurora, Elgin, Peoria and East St. Louis. The program is administered at the state level by the Illinois Department of Commerce and Economic Opportunity.
“The Rivers Edge program has already helped preserve a local landmark in Aurora,” said State Sen. Linda Holmes (D-Aurora). “This program spurs economic development, repurposes historic structures, and creates jobs in the community. I am glad this important plan will be extended and know it will create even more opportunities for development.”