Bipartisan legislation to encourage economic development, preserve and revitalize historic structure
Governor Bruce Rauner today 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.
“The River Edge Redevelopment Zone Program is an important tool for municipalities to utilize to spur economic development while saving and restoring historic buildings,” said Governor Rauner. “We’re pleased that the legislature moved to extend this program, but hope that we can provide even more support to local municipalities through a balanced budget with reforms to grow jobs, lower property taxes, improve schools and enact term limits.”
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. Read more.