Peoria Standard

An amendment to Senate Bill 1488, signed by Gov. Bruce Rauner, will extend a state income tax credit for one year to restore and preserve qualified historic structures in the River Edge Redevelopment zone.

In the last two years, six different Peoria projects have taken advantage of the State Historic Tax Credit to reclaim and renovate abandoned, unproductive buildings in Peoria’s Warehouse District and Central Business District.

These historic tax credits have already helped create 154 new residential units and thousands of square feet of retail and office space. Hundreds of construction jobs have also been created during these projects.

Projects that have benefited from the credits so far are Murray Place (100 Walnut); Cooperage 214 (214 Pecan); Persimmon Lofts (1028 S.W. Adams); Winkler Lofts (733 S.W. Washington) and Marquette Apartments (701 Main) -- all of which are a combination of commercial and residential spaces.

Obed & Isaac’s transformed a historic church into a restaurant and microbrewery as part of the tax credit plan, as well.

"The construction activity in downtown and the warehouse district would not be possible without the State Historic Tax Credits," Mayor Jim Ardis said. "Hopefully, the General Assembly will see the benefits of this invaluable economic development tool and pass a five-year extension this spring."