State Rep. Jefferson backs bill aimed at spurring redevelopment along Rock River
Online Staff Report
To improve and encourage growth in Rockford’s downtown and riverfront area, state Rep. Chuck Jefferson, D-Rockford, is backing a new measure designed to spur redevelopment, support investment in historic properties and stimulate the local economy.
“This measure aims to protect and develop the many historic houses and buildings along the Rock River in our area,” Jefferson said. “I will continue working to make sure we are doing all we can to tap into our riverfront resources, support efforts to improve local infrastructure and create opportunities to revitalize our community.”
Senate Bill 2886 will allow individuals to transfer tax credits earned from the restoration and preservation of qualified historic structures located in River Edge Redevelopment Zones (RERZ).
Rockford has one of four RERZ locations in Illinois, covering almost 8 square miles along the Rock River. Aurora, East St. Louis and Elgin also have RERZ locations.
In addition to making the credits fully transferable, it will allow investors to pay more for the credits, potentially bringing more private financial support to projects.
Jefferson’s measure is an expansion of the Historic Rehabilitation Tax Credit Act passed last year. This act provides tax credits against Illinois income taxes for 25 percent of the cost of rehabilitating qualifying historic properties located in a River Edge Redevelopment Zone.
Rockford Mayor Larry Morrissey (I) said: “I am happy to partner with Rep. Jefferson and the Illinois General Assembly to expand on a valuable program designed to rehabilitate and enrich Rockford. I look forward to continued collaborations to attract investment in our riverfront and promote job retention and growth.”
Senate Bill 2886 recently passed the Senate and is now in the House for further consideration.
For more information, contact Jefferson’s constituent service office at (815) 987-7433 or DCEO at (815) 987-5632.
Posted March 30, 2012
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