Peoria Standard

The Illinois House of Representatives has passed legislation designed to enhance the revitalization efforts of blighted communities. The bill, carried 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), as well as a delegation of legislators from the Peoria area, is now poised for signing into law.

Senate Bill 2936 aims to broaden a property tax abatement process in order to improve 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 Spain. He also expressed gratitude towards Peoria City Councilman John Kelly for his significant contribution in making this legislation possible.

Under existing law, properties located in areas identified as experiencing urban decay can be granted a property tax abatement by a municipality solely for new construction of single-family or duplex units. While beneficial for communities requiring new investment, this provision does not extend to remodeling projects on existing homes or duplexes. SB 2936 proposes to expand current law to include such remodeling projects and also seeks to remove a limitation that reduced the granted abatements during the final four years of the abatement period.

Weaver lauded Councilman Kelly's relentless advocacy for the bill over nearly a decade. “SB 2936 is his brainchild, and it creates an excellent tool for our communities to revitalize neighborhoods," Weaver stated.

Councilman Kelly, who has been working on this issue for many years, believes that the bill will enhance home ownership value in some of the more challenged neighborhoods and make investments in these areas more attractive. “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 said.

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