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* 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…
Oops!
posted by Rich Miller
Friday, Aug 18, 17 @ 2:39 pm
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From now on, it’s probably safest for Bruce to just say “not Chicago”.
– MrJM
Comment by @MisterJayEm Friday, Aug 18, 17 @ 2:42 pm
Where’s Rockford? ™
Comment by Juice Friday, Aug 18, 17 @ 2:44 pm
Another Cheap Trick….
Comment by A Jack Friday, Aug 18, 17 @ 2:52 pm
Aurora, Rockyford, it’s all good, right?
Comment by Slippin' Jimmy Friday, Aug 18, 17 @ 2:55 pm
I grew up in Aurora, I know Aurora, Rauner - Rockford is no Aurora. I knew Rauner doesn’t know where he’s at without help.
Comment by Norseman Friday, Aug 18, 17 @ 2:56 pm
Fiscal Consevatives should be screaming at this.
Your taxes are not going into the coffers to pay for schools or domestic violence programs
Tens of millions going to brewpubs which only brought in 12 jobs, private senior living center, and other private businesses.
The wealthy get another break
This is not economic development
This is strip mining
Of our public tax revenue
For private 1% gain
Comment by Honeybear Friday, Aug 18, 17 @ 2:57 pm
Mayor Richard Irvin is a very intriguing Republican - I would not be surprised to see him run for Governor or US Senator in the future.
Comment by Grand Avenue Friday, Aug 18, 17 @ 3:03 pm
>Your taxes are not going into the coffers to pay for schools or domestic violence programs
Perhaps if his AV is not overturned, he could use the leverage for Edge to be included along with TIF in the calculations.
Comment by Earnest Friday, Aug 18, 17 @ 3:07 pm
Clearly this is Madigan fault
Comment by Redraider Friday, Aug 18, 17 @ 3:28 pm
Madigans, my bad
Comment by Redraider Friday, Aug 18, 17 @ 3:29 pm
He glanced behind, saw that big “R” and concluded he was in Rockford. Happens to the best of us.
Comment by Arthur Andersen Friday, Aug 18, 17 @ 3:56 pm
We’re the second largest city in the state. C’mon, Bruce.
Though, to be fair, I once had to explain to a person that a bill was being vetoed by Bruce RAUNER, not Bruce WILLIS. They look kinda similar but one was playing political games with the future of the state and the other one nuked an asteroid.
Comment by Burbling 'Burbs Friday, Aug 18, 17 @ 4:59 pm