ROCK ISLAND – State Senator Mike Halpin and State Representative Gregg Johnson announced East Moline, Rock Island and Moline are being designated to a special economic zone that will allow them to apply for redevelopment funding.

“This is another way to spur economic investment on the Illinois side of the Quad Cities,” said Halpin (D-Rock Island). “A strong local economy doesn’t just rely on new developments, it requires us to redevelop older properties that already exist by transforming them into a benefit for the community.”

The move will add East Moline, Moline and Rock Island to the list of river towns included in the River Edge Redevelopment Zone Program, enabling developers of local projects to take advantage of additional incentives including sales tax exemptions, income tax deductions, a new construction jobs tax credit and the Illinois Historic Preservation Tax Credit. The program is designed to invite economic development through the redevelopment of older properties in river towns. 

The Illinois Historic Preservation Tax Credit Program provides a state income tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within River Edge Redevelopment Zones who undertake certified rehabilitations during the taxable year. If a property owner invests $10,000 into a qualifying project, they would receive a $2,500 tax credit, which would lower the price of redeveloping depreciable properties.

“When I learned about the River Edge Redevelopment Zone, I immediately thought that our area should get the chance to take advantage of this,” said Gregg Johnson (D-East Moline). “Seven other cities across Illinois are already taking advantage of this, I look forward to seeing the positive impact it will have on our local economy.”

For more information about the River Edge Redevelopment Zone Program, click here.  For more information about the Illinois Historic Preservation Tax Credit Program, click here.