MOLINE, Ill. — The Illinois Quad Cities could be in for some major developments after Governor Pritzker signed a group of bills Wednesday providing developers with some economic incentives.
One of those bills expanded the River's Edge Redevelopment Zone to include Rock Island, Moline and East Moline. The program includes a series of tax incentives intended to encourage developers to build new projects or renovate old buildings.
Those incentives include property tax reductions, sales tax exemptions for construction materials and a tax credit for restoring certified historic structures.
State Sen. Mike Halpin (D-Rock Island) and State Rep. Gregg Johnson (D-East Moline) helped bring the program to the Quad Cities.
"The goal with this program and for our local towns in particular, is to redevelop old properties, to develop on vacant land along the riverfront, and really kind of revitalize and bring new life into our downtowns and our river communities," Halpin said.
Those incentives can also help efforts that are already in progress, including the Downtown Rock Island Revitalization Project.
"The construction in the district in rock island is already underway, but for some of the projects along those streets, buildings that might want to look to redevelop or upgrade, façade improvements even, some of these things are going to be on the table for them," Halpin said.
The River's Edge Redevelopment Zone started as a pilot program for five Illinois cities—the closest to us are Peoria and Rockford. But Johnson said the incentives are already working.
When he visited Rockford this week, Johnson said he was amazed at the amount of economic growth the city has seen.
"And not only are they economically growing, but now different organizations are coming in with their events," Johnson said. "I see the Ironman’s coming in there for the next three years. There’s just a whole lot of events you’re gonna attract by continuing to bring this energy into the Quad Cities, and I think development along the river is key to getting that done."
Other cities added to the program include Ottawa, LaSalle, Peru and Quincy.
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