Breaking News Bar
updated: 8/18/2017 5:38 PM

Rauner extends tax credit for Aurora, Elgin riverfront revitalizations

hello
Success - Article sent! close
  • Video: "This is a wonderful day"

  • Gov. Bruce Rauner signs a bill Friday in Aurora that extends the River Edge Redevelopment Zone Historic Tax Credit to help cities including Aurora and Elgin revitalize old properties.

      Gov. Bruce Rauner signs a bill Friday in Aurora that extends the River Edge Redevelopment Zone Historic Tax Credit to help cities including Aurora and Elgin revitalize old properties.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner on Friday extends the River Edge Redevelopment Zone Historic Tax Credit so it will last through 2021. The program had been set to expire at the end of this year.

      Gov. Bruce Rauner on Friday extends the River Edge Redevelopment Zone Historic Tax Credit so it will last through 2021. The program had been set to expire at the end of this year.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner greets Aurora police officers Friday after signing a bill to extend the River Edge Redevelopment Zone Historic Tax Credit.

      Gov. Bruce Rauner greets Aurora police officers Friday after signing a bill to extend the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner and Aurora Mayor Richard Irvin celebrate the signing Friday of a four-year extension to the River Edge Redevelopment Zone Historic Tax Credit that helps cities including Aurora, Elgin, East St. Louis, Peoria and Rockford revitalize riverfront properties.

      Gov. Bruce Rauner and Aurora Mayor Richard Irvin celebrate the signing Friday of a four-year extension to the River Edge Redevelopment Zone Historic Tax Credit that helps cities including Aurora, Elgin, East St. Louis, Peoria and Rockford revitalize riverfront properties.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner talks about Aurora Mayor Richard Irvin on Friday in Crimi Auditorium at Aurora University, where the governor signed legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.

      Gov. Bruce Rauner talks about Aurora Mayor Richard Irvin on Friday in Crimi Auditorium at Aurora University, where the governor signed legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

  • On Friday, Gov. Bruce Rauner walks into the Crimi Auditorium at Aurora University in Aurora to sign legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.

      On Friday, Gov. Bruce Rauner walks into the Crimi Auditorium at Aurora University in Aurora to sign legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner enters Crimi Auditorium at Aurora University on Friday to sign a bill sponsored by several suburban lawmakers that extends for another four years the River Edge Redevelopment Zone Historic Tax Credit, which benefits Aurora, Elgin, East St. Louis, Peoria and Rockford.

      Gov. Bruce Rauner enters Crimi Auditorium at Aurora University on Friday to sign a bill sponsored by several suburban lawmakers that extends for another four years the River Edge Redevelopment Zone Historic Tax Credit, which benefits Aurora, Elgin, East St. Louis, Peoria and Rockford.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner meets customers Friday at Endiro Coffee House in Aurora before signing legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.

      Gov. Bruce Rauner meets customers Friday at Endiro Coffee House in Aurora before signing legislation that extends the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner greets people Friday morning at Endiro Coffee House in Aurora, one of five cities that can benefit from an extension Rauner signed Friday of the River Edge Redevelopment Zone Historic Tax Credit.

      Gov. Bruce Rauner greets people Friday morning at Endiro Coffee House in Aurora, one of five cities that can benefit from an extension Rauner signed Friday of the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

  • Gov. Bruce Rauner stops Friday at Endiro Coffee House in Aurora to discuss the River Edge Redevelopment Zone Historic Tax Credit, which he extended through 2021 on Friday by signing a bill sponsored by several suburban lawmakers.

      Gov. Bruce Rauner stops Friday at Endiro Coffee House in Aurora to discuss the River Edge Redevelopment Zone Historic Tax Credit, which he extended through 2021 on Friday by signing a bill sponsored by several suburban lawmakers.
    Brian Hill | Staff Photographer

  • Endiro Coffee House in Aurora welcomes Gov. Bruce Rauner on Friday morning as he visits before signing legislation to extend the River Edge Redevelopment Zone Historic Tax Credit.

      Endiro Coffee House in Aurora welcomes Gov. Bruce Rauner on Friday morning as he visits before signing legislation to extend the River Edge Redevelopment Zone Historic Tax Credit.
    Brian Hill | Staff Photographer

 
 

A state tax credit that is helping riverside restorations of historic properties in Aurora and Elgin now is set to last through 2021 after Gov. Bruce Rauner approved an extension Friday afternoon.

The River Edge Redevelopment Zone Historic Tax Credit program had been set to expire Dec. 31 after lawmakers last year granted it a one-year extension.

But Rauner, while visiting Aurora University on Friday, signed a bill sponsored by several suburban legislators to keep it going another four years.

Aurora officials said Mayor Richard Irvin had lobbied for the bill in Springfield and welcomed the signing of it as positive economic news for the city.

In the City of Lights, the tax credit has given $3 million toward a $20 million project to revamp the former St. Charles Hospital into senior housing. Officials might also use it to turn the Hotel Arthur and Stanley Furniture buildings into residential and commercial properties.

In Elgin, the program granted assistance to a $10.5 million project to turn Riverside Drive into an environmentally friendly promenade that opened in 2014 and is helping an ongoing $16.6 million plan to turn the Elgin Tower Building into apartments.

The state also has authorized River Edge Redevelopment Zones in East St. Louis, Peoria and Rockford.

The extension signed Friday makes developers eligible for a tax credit of 25 percent of the cost of redeveloping a historic structure inside one of the designated riverfront areas.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.