Stadelman passes River Edge Historic Preservation Tax Credit
After nearly two years of negotiation led by Senator Steve Stadelman, the Illinois Senate passed legislation to extend the River Edge Historic Preservation Tax Credit an additional year. Previously, the tax credit was set to expire Jan. 1, 2017. The credit has been an important economic tool for the revitalization of downtown Rockford, equal to 25 percent of the rehabilitation costs for a business in a historic building.
"To date, the tax credit has provided incentive for more than $100 million of development in Rockford alone," Stadelman said. "The local economic development council estimates that extending the credit through 2017 would create an additional $110 million in development in Rockford. This would be a tremendous boost to our local economy."
Previously, the tax credit was used to stimulate projects like the $12 million renovation at the Prairie Street Brewhouse, which also created 110 construction jobs. In addition to Rockford, the credit is also available in Aurora, Peoria, Elgin and East St. Louis. Senate Bill 1488 passed the Senate with a vote of 53-1 and will now head to the governor's desk.
Epiphany award for community service given to Stadelman
Hope Fellowship Church of Rockford honored State Senator Steve Stadelman with its Epiphany award for community service during a gala celebration at the Radisson Hotel and Conference Center in Rockford. The church presents the award to "selfless individuals who work without seeking the limelight ... to help overcome an obstacle." Stadelman was recognized for outreach efforts overall but especially for his free 3-on-3 youth basketball tournament. Hundreds of inner-city boys and girls have competed in Senator Stadelman's HoopStars since it began in 2013 as a Labor Day weekend event. Pastor Louis Malone, State Rep. Litesa Wallace and Rockford Ald. Tom McNamara also received awards.
