AURORA, Ill. – Legislation sponsored by state Reps. Linda Chapa LaVia, D-Aurora, and Stephanie Kifowit, D-Oswego, and State Sen. Linda Holmes, D-Aurora, which would extend the Historic River Edge Tax Credit was signed into law today.
“With today’s action, we can continue to incentivize redevelopment of empty structures in downtown Aurora, which will create jobs and keep money flowing into our local economy,” Chapa LaVia said. “Making sure we continue development projects in Aurora is critical to maintaining long term growth.”
The Historic River Edge Tax Credit was created in 2011 to provide projects with a 25 percent tax credit for the redevelopment of historic structures in River Edge Redevelopment Zones. Instead of expiring at the end of the year, the signing of Senate Bill 1783 on Friday extended the credit through 2021. In Aurora, the credit would assist with the redevelopment of St. Charles Hospital into senior housing. Other proposals include transforming the Hotel Arthur and the Stanley Furniture buildings into a mix of residential and commercial properties.
“There are great projects in place now to help renew downtown Aurora. Legislation like this streamlines collaborative efforts between state and local entities to revitalize their towns and cities,” Kifowit said. “This is a good day for Aurora, and I remain committed to working towards more economic development and more job creation.”
“Expanding tax credits will help bring economic development and jobs to Aurora,” Holmes said. “I appreciate the local leadership and advocates who made today a reality.”