The River Edge Redevelopment Zone Program is being extended for a year.
Gov. Bruce Rauner signed the legislation Tues. that includes historic tax credits for parts of downtown Peoria and the Warehouse District.
Such redevelopment zones supported by the historic tax credit program also exist in Aurora, Elgin, East St. Louis and Rockford.
Peoria Mayor Jim Ardis calls the program the cornerstone of redevelopment in downtown. He says it’s leveraged $32 million in investment and resulted in 150 new residential units, thousands of square feet of office and retail space and hundreds of construction jobs.
Democratic lawmakers Dave Koehler and Jehan Gordon-Booth say they applaud the Governor’s action to extend the program. Rep. Gordon-Booth says there’s a $10 return for every dollar the state invests in the program, that’s included the renovation of the Pere Marquette Hotel. She says she would like to see the River Edge Redevelopment Zone Program become permanent.