Peoria Standard

Legislation aimed at improving the revitalization efforts of blighted communities has been successfully carried in the Illinois House of Representatives. The bill, known as Senate Bill 2936, was championed by State Representative Ryan Spain (R-Peoria) and co-sponsored by fellow Peoria area State Representatives Travis Weaver (R-Edwards) and Jehan Gordon-Booth (D-Peoria), along with a delegation of legislators from the Peoria area. The legislation passed the House and is now poised to be signed into law.

Senate Bill 2936 expands a property tax abatement process to enhance investment opportunities. "This legislation presents an opportunity to spur economic development and investment in our communities, particularly in older neighborhoods and areas that have experienced disinvestment," said Rep. Spain. He also expressed gratitude towards Peoria City Councilman John Kelly for his instrumental role in making this legislation a reality.

Under existing law, properties located in areas experiencing urban decay may only receive a property tax abatement for new construction of single-family or duplex units. This provision has proven beneficial for communities requiring new investment but does not extend to remodeling projects on existing homes or duplexes. SB 2936 broadens this scope to include such projects and removes a limitation that reduced granted abatements during the final four years of the abatement period.

Rep. Weaver praised Councilman Kelly's long-standing advocacy for this bill, stating that "SB 2936 is his brainchild, and it creates an excellent tool for our communities to revitalize neighborhoods."

Councilman Kelly echoed these sentiments, highlighting that the bill would increase home ownership value in challenged neighborhoods and make investments more attractive there. "The incentives of this bill go directly to homeowners and will encourage the rehabilitation of many homes that are currently in need of improvements or updates," he added.

With its passage through both the State House and Senate, SB 2936 now awaits the Governor's signature to become law.

For more information about SB 2936, please visit the official website.