- 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.”
“Extending the River Edge Tax Credit is essential to promoting development and economic growth in areas of the state that need it the most,” said State Rep. Chapa LaVia (D-Aurora). “I’ve been proud to work with my fellow legislators in Springfield to help spark economic development. I applaud Governor Rauner for his support of this economic tool and look forward to working with him to ensure programs like River Edge thrive for years to come.”
“Peoria was the first city in Illinois that was able to take advantage of the Historic Preservation Tax Credit during the renovation of the Pere Marquette Hotel,” State Rep. Jehan Gordon-Booth (D-Peoria) said. “Since then, the tax credit has helped bring jobs, redevelopment and economic growth the Warehouse District. There is a $10 return for every dollar the state invests using this tax credit. When elected officials discuss how they can improve our business climate and create jobs, incentives like this one has to be part of the conversation. I will continue to promote the Historic Preservation Tax Credit and work to make it permanent.”
“This tax credit has been crucial in creating jobs and attracting investment for downtown Rockford,” State Rep. Litesa Wallace (D-Rockford) said. “I thank local advocates, Rockford officials and my fellow legislators who worked hard to keep this economic generator for our community and our state.”
“The River Edge Historic Tax Credit is a critical component to revitalizing Elgin’s riverfront and downtown economy, and it has proven to be a good return on investment,” State Rep. Anna Moeller (D-Elgin) said. “Maintaining this tax credit is important for Elgin to continue creating jobs and growing our local economy, and I’m glad Gov. Rauner signed this measure to extend it into law.”
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