Capitol Fax.com - Your Illinois News Radar » Governor signs River Edge bill in Rockford… err… Aurora

* Press release…

Gov. Bruce Rauner today signed Senate Bill 1783, bipartisan legislation that extends the River Edge Redevelopment Zone tax credit program. The tax credit program has helped preserve historic buildings and grow local economies in the five communities where the credit is applicable: Aurora, East St. Louis, Elgin, Peoria and Rockford.

“This program has already been a huge success,” Gov. Rauner said. “The River Edge Redevelopment Zone Program helps stimulate the state’s economy and the local economies where the program is available. It’s an important tool for municipalities to utilize to spur economic development while saving and restoring historic buildings, and it’s the right move to extend this program through Dec. 31, 2021, so these communities can continue to grow and prosper.”

The redevelopment program is credited with creating a $10 return for every $1 of credit, and a series of success stories have materialized as a result of the program. For example, the St. Charles Senior Living Center ─ a rehabilitated, 60-unit independent living facility in downtown Aurora ─ was a beneficiary of the tax credit and subsequently received the 2017 Landmarks Illinois Award for Rehabilitation. In Peoria, an old barrel-making facility was transformed into luxury apartments that still reflect the historic building’s original charm. And in Rockford, the program supported the very successful Prairie Street Brewhouse.

“On behalf of the residents of Aurora, I thank our state legislators and the governor for their support of this integral bill that will potentially create hundreds of jobs and tens of millions of dollars in economic development in the state’s second-largest city,” Aurora Mayor Richard C. Irvin said. “The quality of Aurora’s 180-year-old downtown is integral to the success of the entire city.”

“The River Edge Redevelopment Zone initiative has been a critical tool for economic growth in downtown Rockford and provides a strong return on investment,” Rockford Mayor Tom McNamara said. “The incentive has helped us fill vacant properties and attract new capital investment to the city, while, at the same time, preserving culturally and architecturally significant buildings.”

Specifically, SB 1783 extends the River Edge Redevelopment Zone tax credit until Dec. 31, 2021. 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, which 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.

“For years, I have been a strong advocate for historic preservation, not only so that we can keep our history alive, but also because of the economic impact these sites have on our communities here in Illinois,” said state Sen. Pamela Althoff (R-McHenry), a co-sponsor of the bill. “By preserving local history, we are also supporting and promoting economic development.”

The bill was sponsored by a bipartisan group of legislators.

* Sen. Dave Koehler (D-Peoria) was a chief co-sponsor…

“This tax credit is an example of what happens when lawmakers put aside their differences to do what is best for their communities and the entire state. In this era of hyper-partisan tension, it is reassuring to see overwhelming bipartisan support for a measure that spurs economic growth in places like Peoria’s Warehouse District.”

* Despite a big “Aurora” sign behind him, the governor got a bit confused when he began to speak…

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