SPRINGFIELD, Ill. – In hopes of encouraging further development of riverfront land in the Quad Cities, state Rep. Mike Halpin, D-Rock Island, is introducing legislation that will add the Quad Cities to the current River Edge Redevelopment Zone Program.
“The Mississippi River has been a vital resource and economic hub that drives the Quad City economy,” Halpin said. “This program will vitally help our economy and provide much needed business incentives that will motivate companies to move their operations to the Illinois side of the Quad Cities.”
The River Edge Redevelopment Zone Program provides a variety of incentives and tax credits to businesses to revitalize distressed communities that are adjacent to Illinois rivers. The five existing zones are currently located in Rockford, Peoria, Aurora, Elgin and East St. Louis. Eligible incentives include a building materials sales tax exemption and possible property tax abatement. Halpin hopes to add Rock Island, Moline and East Moline to the pilot River Edge Redevelopment Zones upon certification from the Department of Commerce and Economic Opportunity (DCEO).
“Businesses in our area take a lot into consideration when deciding where to locate their operations,” Halpin said. “For many, they find Iowa to be the cheaper option, and I want that conclusion to come to an end. We need to be competitive with our neighbors across the river, and send the message that we’re open and ready for business.”