SPRINGFIELD–State Senator Steve Stadelman (D-Rockford) was joined by Rockford Mayor Larry Morrissey in the Illinois Senate Revenue Committee to testify in support of extending the River Edge Historic Tax Credit. The credit is equal to 25 percent of the cost of the rehabilitation and can be utilized in Aurora, East St. Louis, Elgin, Peoria and Rockford.

In Rockford, the existing tax credit has already created 110 construction jobs and led to the $12 million renovation of the Prairie Street Brewhouse.

“Thanks to this tax credit, we have already seen multi-million dollar investments create jobs and grow the tax revenue for our community. I’m fighting to extend this credit to promote additional investment and job growth in Rockford,” said Stadelman.

If the credit is not extended, the future of another major project, the Ziock Building rehabilitation, may become uncertain.

“The proposed plans to rehab the Ziock Building into a hotel and convention center would create new jobs and tax revenue for our community. The additional tourists the hotel could attract to visit our topnotch sports facilities and other amenities would create a tourism boom in Rockford’s economy,” said Morrissey.

Stadelman’s legislation will be brought to a vote in an upcoming Senate Committee.

Category: Press Releases

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Contact Info

Springfield Office:
Senator 34th District
121A Capitol Building
Springfield, IL 62706
(217) 782-8022
 
District Office:
200 S. Wyman St.
Rockford, IL 61101
(815) 987-7557
(815) 987-7529 FAX