SPRINGFIELD–State Senator Steve Stadelman (D-Rockford) issued the following statement after Gov. Rauner signed House Bill 3763 into law, funding Illinois public schools. Because of a change in the funding formula, schools without access to vast local resources will receive additional state funding. Rockford School District will receive almost an additional $11 million, while Harlem School District will receive almost an additional $1.5 million.

“I applaud Governor Rauner for putting aside political gamesmanship to ensure that our children are able to go back to school this August. This legislation, which I co-sponsored on behalf of Rockford-area schools, will result in more than $12 million in additional funding for our school districts. These additional funds will help prevent potential teacher layoffs and school closings, and hopefully reduce the burden on property taxpayers.

“While there is still much work to be done, this shows bipartisan cooperation results in the best outcome for our state. Thanks to Democratic majorities in the House and Senate and a Republican governor, Rockford area schools are a clear winner.”

Rockford - State Senator Steve Stadelman (D-Rockford) hosted the Illinois Senate Commerce and Economic Development Committee to hear testimony about Senate Bill 1642, an extension of the River Edge Historic Tax Credit. The credit has been an important economic tool for the revitalization for downtown Rockford, and is equal to 25 percent of the rehabilitation costs for a business in a historic building.  Currently, the tax credit will expire on Jan. 1, 2017. Stadelman’s proposal would extend the deadline an additional 5 years, until Jan. 1, 2022.

In the Rockford area, rehabilitation projects like the Watch Factory and Ziock Building may be in jeopardy if the credit is not extended. Previously, a $12 million renovation on the Prairie Street Brewhouse created 110 construction jobs, and the business now contributes $341,419 annually in income tax revenue thanks to the River Edge Historic Tax Credit. Projects in other communities such as Aurora, Elgin, Peoria and East St. Louis may also be in jeopardy.

Numerous developers from the Rockford area, as well as representatives from the cities of Rockford, Elgin and Aurora all testified on the positive impact the tax credit has had on their communities.

Local developer, Gary Anderson, spoke about the importance of the credit to the Rockford area.

“It is critical to our economic revitalization. We’re seeing developers interested in areas where it never would have happened before. We need to have some of these tools in our toolbox to make this happen,” said Anderson.

The Senate will continue to debate Senate Bill 1642 and the rest of the state budget over the upcoming weeks.