Morrissey lauds River Edge tax credit extension
Mayor Larry Morrissey is lauding the efforts of Gov. Bruce Rauner and the state legislative delegation following the Governor’s signing Tuesday of Senate Bill 1488 to extend the River Edge Redevelopment Zone Program for one year, ending on January 1, 2018.
“On behalf of the City of Rockford, I would like to thank our local state legislative delegation and the legislative sponsors for supporting the legislation, and Governor Rauner for signing Senate Bill 1488,” said Morrissey.
The 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.
Rockford is one of only five communities in the State of Illinois that have the designation which provides a state tax credit for the restoration and preservation of historic structures located in River Edge Redevelopment Zones.
“This extension will help ensure that current and on-the-horizon projects can proceed continuing the vibrant growth of our riverfront area,” Morrissey concluded.
Redevelopment projects that had been highlighted as at-risk without an extension to the program included the Amerock Hotel and the Rockford Watch Factory. The River Edge zone has helped generate more than $120 million in private investment for projects in Rockford since 2006.