Great web site on the 100th anniversary of the Burnham Plan
Search for Engineering Design Center- 30K SF Office
Search for Engineering Design Center - 30K SF Office for Lease
An engineering and technical services firm is seeking a facility in Illinois to establish a new engineering design center. The company plans to employ 200+ workers.
Facility requirements:
� 30,000 square feet of office space for lease
� T-1 data communication line
� Controlled Environment for Servers; e.g., IT Center/Computer Control Room
� Electronic controlled security system; that is, an electronic system to control worker and other individuals entry into the company's premises
Location requirement: proposed facilities must be within a 30 minute driving distance of a university with engineering programs in mechanical and electrical engineering. The company will employ graduates of engineering programs as well as utilize current students. The company will also be interested in employing graduates and students of community college engineering programs as well.
Due to the engineering school requirement and other factors your regions and county (DeKalb) have been targeted. (The company is not interested in the Chicago Metro area because they are seeking a low cost location.)
Planned workforce breakdown:
25% mechanical engineers
25% electrical engineers
50% software related
Project timeframe:
� By the end of November identify a site
� December 2009 sign a lease and thereafter begin transforming the space to their specific requirements
� January commence operations in the facility
Please submit via e-mail information on facilities satisfying the above requirements and enrollment and graduate data for mechanical and electrical engineering programs within 30 minutes of the facility to david.pierson@illinois.gov by November 3, 2009. If information is available on graduates and students with backgrounds in software development for manufacturing applications, that would be helpful as well. Lastly, if there are incentives that may apply for this project, please identify them in the response.
Thank you in advance.
Dave
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
An engineering and technical services firm is seeking a facility in Illinois to establish a new engineering design center. The company plans to employ 200+ workers.
Facility requirements:
� 30,000 square feet of office space for lease
� T-1 data communication line
� Controlled Environment for Servers; e.g., IT Center/Computer Control Room
� Electronic controlled security system; that is, an electronic system to control worker and other individuals entry into the company's premises
Location requirement: proposed facilities must be within a 30 minute driving distance of a university with engineering programs in mechanical and electrical engineering. The company will employ graduates of engineering programs as well as utilize current students. The company will also be interested in employing graduates and students of community college engineering programs as well.
Due to the engineering school requirement and other factors your regions and county (DeKalb) have been targeted. (The company is not interested in the Chicago Metro area because they are seeking a low cost location.)
Planned workforce breakdown:
25% mechanical engineers
25% electrical engineers
50% software related
Project timeframe:
� By the end of November identify a site
� December 2009 sign a lease and thereafter begin transforming the space to their specific requirements
� January commence operations in the facility
Please submit via e-mail information on facilities satisfying the above requirements and enrollment and graduate data for mechanical and electrical engineering programs within 30 minutes of the facility to david.pierson@illinois.gov by November 3, 2009. If information is available on graduates and students with backgrounds in software development for manufacturing applications, that would be helpful as well. Lastly, if there are incentives that may apply for this project, please identify them in the response.
Thank you in advance.
Dave
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
Warehouse Brochure Map Updated
Warehouse Brochure Map Updated.
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Your update suggestions or corrections will be appreciated.
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Send them to Craighullinger@gmail.com
CONGRATULATIONS TO THE DEVELOPERS OF THE SEALTEST BUILDING
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City Council approved this great redevelopment unanimously 9-0.
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This is the 16th building approved for redevelopment or development with the last three years in the Tax Increment Financing (TIF) Districts - this during the Great Recession.
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This is the 16th building approved for redevelopment or development with the last three years in the Tax Increment Financing (TIF) Districts - this during the Great Recession.
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Click on the links below for more info:
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Hullinger Retires
Director of Economic Development Retires
NOVEMBER 10
Craig Hullinger, AICP, Director of Economic Development retired November 6, 2009. He worked in the department for 4 years and 2 months. He enjoyed working for the City, and looks forward to continuing to help economic development and the improvement of the City and region as a concerned citizen.
He has made the city a little better with with efforts to revitalize the Heart of Peoria. Many of his projects will continue on and be developed in the next few years.
Click below to see the full articles published in the Peoria Journal Star.
http://www.pjstar.com/news/x1659496053/Economic-development-head-retires
http://www.pjstar.com/news/x1128384646/Citys-economic-development-head-to-retire
http://www.pjstar.com/news/x1128384646/Citys-economic-development-head-to-retire
Build the Block Riverfront Solar Project
Build the Block Riverfront Solar Project
American Recovery and Reinvestment Act
Community Renewable Energy Program
Community Renewable Energy Program
The Sustainable Development Commission is leading an effort to secure a Federal Grant to install solar power to support the Build the Block development. This Public Private Partnership is a collaboration among the City of Peoria, Peoria County, Caterpillar Inc., Build the Block, our regional Economic Development Commission, and our Commission on Sustainability and Green Technology. Build the Block is a complex public private partnership aimed at redeveloping a two square block site in downtown Peoria next to the River and Caterpillar Corporate Headquarters.
Build the Block: http://buildtheblock.com/
Lakeview Museum: http://www.lakeview-museum.org/
The City has purchased the two block site. Caterpillar has demolished the buildings and cleared the site. Environmental studies on the site are complete. The citizens of Peoria County have voted for a referendum approving a new special sales tax that will generate $40,000,000 for the development. The Lakeview Museum has conducted an extensive fund raising campaign.
The City has purchased the two block site. Caterpillar has demolished the buildings and cleared the site. Environmental studies on the site are complete. The citizens of Peoria County have voted for a referendum approving a new special sales tax that will generate $40,000,000 for the development. The Lakeview Museum has conducted an extensive fund raising campaign.
The City will reconstruct three adjoining roads. The underground parking garage will be constructed first. The Museum will be built on the south side of the Block. The Caterpillar Visitor Center will be constructed on the north side of the Block, and is planned to be a LEED Platinum Building. Total investment is estimated at over $140,000,000.
The Museum and entire site will be a premier destination, with public art and green technology extensively employed.This grant is coordinated with a similar grant submitted by Caterpillar. The two grants if awarded will be developed as part of the ongoing public private partnership.
The city proposes sites both on and off the build the block sites. Solar power would be provided to Build the Block and the City owned Visitor Center Building at Main Street and the River. This
small building is the oldest commercial building in the City, is in a very visible location, and with one solar tracker collector can become a “Net Zero” Building, generating more power then it consumes. This will be explained by a display and sign at the Visitor Center, with a meter showing the amount of energy produced.
Congratulations to Doug Oberhelman
Congratulations to Doug Oberhelman - Board Names him Vice Chairman and Chief Executive Officer – Elect
PEORIA, IL – The Board of Directors of Caterpillar Inc. (NYSE: CAT) elected Douglas
R. Oberhelman to the offices of Vice Chairman and Chief Executive Officer – Elect, effective January 1, 2010. Oberhelman, 56, currently serves as Group President of Caterpillar
That is great news for the effort to make Peoria a leader in Sustainability and Green Technology. Oberhelman is a champion of sustainability.
Sealtest Building Latest Warehouse Redevelopment
Great new redevelopment up for approval by the City Council on October 27, 2009. The development is mixed use, with residential condos, office, and commercial.
This is the forteenth building approved for redevelopment in the three new TIF's over the past two years, despite the "Great Recession". And there is more to come. Stay tuned.
REQUEST FOR COUNCIL ACTION
Agenda Date Requested: October 27, 2009
Action Requested: APPROVAL TO ENTER INTO A TIF REDEVELOPMENT AGREEMENT WITH JP RIVERFRONT DEVELOPMENT COMPANIES, INC. TO RECONSTRUCT THE SEALTEST BUILDING LOCATED AT 100 STATE STREET A TWO STORY 50,000 SQUARE FOOT BUILDING AND AUTHORIZE THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS. THIS PROJECT IS LOCATED IN THE WAREHOUSE DISTRICT TIF. (COUNCIL DISTRICT 1)
Background: The Redeveloper plans to completely reconstruct the Sealtest Building located at 100 State Street. The structure is a two story 50,000 square foot building. It will be reconstructed into a first class mixed development. Renovations to include but not limited to, a complete reconstruction and bringing the building into compliance with governing codes for accessibility, fire and structural safety. The Redeveloper will also design, bid and construct Oak Street to City specifications/requirements and be reimbursed by the City on completion. Financial Impact: JP riverfront Development Companies, Inc. is asking for a TIF Redevelopment Agreement with a 50/50 split of the property tax for the life of the TIF. Conservative estimates indicate property tax on the increment would result in a total of $1,255,241 over the life of the TIF with $627,620 going to the City for infrastructure improvements (Exhibit A). The property is located in the Enterprise zone and the company is eligible to receive the sales tax exemption on building materials that is estimated to be $128,000; the City’s portion being $40,000. NEIGHBORHOOD CONCERNS: Staff is not aware of any neighborhood concerns.
Impact if Approved: The City will enter into a redevelopment agreement with JP Riverfront Development, Inc. which will provide them with an incentive to redevelop and renovate the property. The redeveloper will receive 50% of the property tax increment over the life of the TIF and the City will capture the remaining 50% of the property tax increment to utilize for infrastructure improvements.
Impact if Denied: The City will not enter into the redevelopment agreement and the City will not capture the property tax for infrastructure improvements.
Alternatives[1]: None
EEO Certification Number: 02942-101231
RELATIONSHIP TO THE COMPREHENSIVE PLAN: This project assists in achieving both the vision and goals of the Comprehensive Plan as follows:
Chapter 5 ECONOMICS--VISION: A HEALTHY, THRIVING ECONOMY; and GOAL: A.1. Provide an economic environment that supports existing and new businesses. A1.8. Consider providing public money to encourage private investment. |
Required Signatures
Department Director
Craig Hullinger
Finance Director
(Certification of Availability of Funds)
Corporation Counsel
City Manager
TIF Works - Warehouse District up 11%
The graph and chart below show how effectively the two new Tax Increment Financing Districts (TIF's) have worked. Despite "The Great Recession of 2007-2009", Equalized Assessed Evaluation (EAV) has grown very rapidly in the TIF's, faster then the City as a whole and faster then School District 150. 150 lags the City because it's boundary misses the rapidly developing north side of the City.
We believe these numbers support the continued use of Tax Increment Financing. We want our older neighborhoods to thrive and improve, and TIF is one of the best ways to help that process.
Planning Association on Twitter
The American Planning Association is now on Twitter. If you are interested in city planning this is a simple way to follow issues.
And of course you can also follow Economic Development in Peoria the same way.
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Search for Manufacturing Facility
Search for a Former Plastics Manufacturing Facility, 70k+ SF w/rail
Regional Managers and Account Managers:
A distributor of plastics products is seeking a former plastics manufacturing facility in which they can produce their products. They are currently distributing their products to the retail market across the U.S. Below are the key requirements:
· 70k SF of former plastics manufacturing space expandable to 150k SF
· 24' minimum ceiling height
· Rail service to the building
· Storage silos
· Purchase or lease
The plastics distributor is not interested in retrofitting a facility or build-to-suit offers due to the cost involved. If there is not a former plastics manufacturing facility available in the next 6-8 months that meets their needs, the company will just remain in the distribution business. There is an industrial broker that has been assisting the company in its search over the last five months. Therefore, communities may have heard of this site search project. If the company is able to establish a manufacturing facility, they plan to hire 75 workers. The company is searching in Indiana and Ohio and may look in Nevada as well for this type of facility.
For communities with a former plastics manufacturing facility meeting the above requirements, please submit information on the facility to
david.pierson@illinois.gov.
There is no deadline for the submittal of information.
Thank you in advance.
Dave
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
Scott PettyNorth Central Region
Illinois Department of Commerce and Economic Opportunity
Office of Regional Outreach
Peoria Office
100 SW. Water St.
Peoria, Illinois 61602
Office: 309-676-5704 Mobile: 309-264-7553 Fax: 309-676-5704
scott.petty@illinois.gov
Regional Managers and Account Managers:
A distributor of plastics products is seeking a former plastics manufacturing facility in which they can produce their products. They are currently distributing their products to the retail market across the U.S. Below are the key requirements:
· 70k SF of former plastics manufacturing space expandable to 150k SF
· 24' minimum ceiling height
· Rail service to the building
· Storage silos
· Purchase or lease
The plastics distributor is not interested in retrofitting a facility or build-to-suit offers due to the cost involved. If there is not a former plastics manufacturing facility available in the next 6-8 months that meets their needs, the company will just remain in the distribution business. There is an industrial broker that has been assisting the company in its search over the last five months. Therefore, communities may have heard of this site search project. If the company is able to establish a manufacturing facility, they plan to hire 75 workers. The company is searching in Indiana and Ohio and may look in Nevada as well for this type of facility.
For communities with a former plastics manufacturing facility meeting the above requirements, please submit information on the facility to
david.pierson@illinois.gov.
There is no deadline for the submittal of information.
Thank you in advance.
Dave
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
Scott PettyNorth Central Region
Illinois Department of Commerce and Economic Opportunity
Office of Regional Outreach
Peoria Office
100 SW. Water St.
Peoria, Illinois 61602
Office: 309-676-5704 Mobile: 309-264-7553 Fax: 309-676-5704
scott.petty@illinois.gov
University of Illinois Campus - Bradley & Downtown Peoria
Interesting images below. They illustrate the University of Illinois Campus overlayed on the Bradley Campus and downtown Peoria. Note that the very large U of I Campus covers Bradley University, downtown peoria, the Riverfront, and the Warehouse District.
Bradley University, Renaissance Park, Downtown Peoria, Warehouse District, Riverfront
University of Illinois Campus
Distance fronm the Bradley University to:
____Main St. & William Kumpf – .8 miles
____Warehouse District via MacArthur – 1.2 miles
Good Scoop from the EDC Web Site
Good Scoop from the EDC Web Site
Sites and Buildings for Development
Sterile Manufacturing Facility Wanted
We have received the following site search lead:
The Global Life Sciences Practice of Cushman & Wakefield has been retained by a global pharmaceutical company to locate a Sterile Manufacturing Facility for sale.
The specific production steps to be contained in the facility include formulation, de-pyrogenation, filtration, filling, stoppering, capping, terminal sterilization, packaging and labeling. Production outputs will include vials (10 – 500 ml) and plastic and glass syringes. In addition, the facility should include a QC lab(s) and associated office, warehouse and utility areas. The facility needs to be located in North America in the size range of 75,000 – 150,000 square feet and constructed within the past 15 years. Operating facilities will be considered with an appropriate transition period to be determined.
A further definition of any facility infrastructure, facility attributes or equipment was requested and a consultant replied "that we just hope people see we are looking for a nearly ready to go facility, like-kind facility .... hence the reason for the defining of the process." Their client is not considering green fields, build-to-suits or retro-fits. And, the client is not interested in sharing a facility, but, if the current facility user is planning to close down operations, their client is willing to wait for that company to scale down its operations. There is no formal timeline on the site selection process. They are not able to estimate at this time the number of workers that would be employed at a new facility.
For communities with buildings that closely match the specifications, please provide information on the facility via e-mail to david.pierson@illinois.gov.
Thank you,
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
DOE Solar Energy
DOE Launches Online Resource to Help Local Governments Expand Use of Solar Energy
October 15, 2009
The U.S. Department of Energy today announced the availability of a new online resource for local governments that assists community leaders and local stakeholders in building sustainable local solar markets. The online publication, Solar Powering Your Community: A Guide for Local Governments, provides local governments with proven best practices enabling them to drive economic development, support clean energy jobs, and reduce carbon emissions by building a robust local solar market.
"The Guide is based on successful projects in cities across the United States, bringing together information, best practices, and step-by-step instructions into a single resource that can help local governments accelerate the adoption of solar technologies," said Solar Energy Technologies Program Manager John Lushetsky. "The recommendations in the Guide have been successfully field tested in cities around the country, making it a valuable resource for any community that wants to reap the environmental and economic benefits of solar energy."
Click for the Full story
CNN - Peoria One of the Best Places to Start a Business
CNN and Money Magazine find that Peoria is one of the best places to start a business.
We all knew that already, of course, but it is nice to have the national media tell the world.
If you want to start or expand your business in Peoria, please give us a call.
Congratulations and thanks to all who worked so hard to help us reach this enviable reputation.
New VA Medical Facilities - Kewanee EDC
The Kewanee Economic Development Corporation has come up with an excellent plan to bring health care and jobs to our region. Under their proposal outlined below and on the attachments they point out that the Veterans of our region are underserved for Health Care. They are correct. They propose that a new Veterans hospital be developed to resolve this problem.
For More Information, Click Below:
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![[warehouse_district_map+2.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaJyxDiNm0q5FSR3OioMWFA0GQyKbcdVw2SDfVf7g4xIh3gE1kc3YoWtlQmJPWQe1arBn9_IH6TdFXSHYs1uSnr_YuVA-OJ-Ong8bUxJCnwkRQOCiKGbTwQyKczVfHFPWJaBt3KeuoO50/s1600/warehouse_district_map+2.jpg)
Is America Ready to adopt Solar Energy?...
The survey found that 92 percent of Americans think it is important for the U.S. to develop and use solar energy.
http://www.mygreeneducation.com/is-america-ready-to-adopt-solar-energy-new-poll-shows-more-than-nine-out-of-10-americans-want-solar-now/
Call Center Facility 35,000 to 50,000 Sq Ft
Attached is a Call Center RFI with the code name of Project Classical. Communities may respond directly to the Colliers Analyst, David Kranjcevic, with facility and community details, but please copy me, david.pierson@illinois.gov as well. There is no questionnaire to complete. The submission deadline is Tuesday, October 20, 2009.
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Note the project contact, David Kranjcevic, and Colliers International, also represented the Project Jazz call center project in June. The requirements are similar, but somewhat different. In this case search parameters indicate this client is more open to retrofitting office or retail space. And, again there is a population requirement. This time the RFI states communities/counties/metro areas with a population greater than 100,000 people. Previously the given level population within a 30 mile commute distance of the proposed sites was acceptable as well. Lastly, call center saturation rate was defined as the total number of call center employees in a given community (county or metro) / total labor force for the community.
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Thank you,
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Dave
Dave Pierson
Economic Development Representative
IL Dept. of Commerce and Economic Opportunity
100 W. Randolph St., Suite 3-400
Chicago, IL 60601
Phone: 312-814-1346
Fax: 312-814-5247
E-mail: david.pierson@illinois.gov
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Proposed Historic Preservation Tax Credit Act
Federal Historic Tax Credits are a major incentive that helps older cities renew declining neighborhoods. The tax credit makes the preservation and renewal of older buildings much more likely, and is an important factor in revializing older neighborhoods.
A number of States have similar programs. The following draft act is based on the successful acts used in the State of Kansas and Missouri. If Illinois passed a similar act, we anticipate a substantial increase in redevelopment of older neighborhoods.
The passage of an act like this would greatly help the redevelopment of older neighborhoods such as Renaissance Park and the Warehouse District.
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Proposed 35 ILCS 12/
Illinois Historic Preservation Tax Credit Act
Illinois Historic Preservation Tax Credit Act
Credit Against Tax For Certain Historic Structure Rehabilitation Expenditures.
Sec. 1. Short Title. This Act may be cited as the Illinois Historic Preservation Tax Credit Act.
Sec. 2. Definitions, As used in this section, unless the context clearly indicates otherwise:
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(a) "Qualified expenditures" means all the costs and expenses of exterior and interior rehabilitation and construction, including all costs relating to adaptive reuse and parking structures therefor, incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure pursuant to a qualified rehabilitation plan;
(a) "Qualified expenditures" means all the costs and expenses of exterior and interior rehabilitation and construction, including all costs relating to adaptive reuse and parking structures therefor, incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure pursuant to a qualified rehabilitation plan;
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(b) "qualified historic structure" means any building, regardless of whether said building is income producing, is a condominium building or is of any other ownership structure, which is defined as a certified historic structure by section 47 (c)(3) of the federal internal revenue code, is individually listed on the register of Illinois historic places, or is located and contributes to a district listed on the register of Illinois historic places, or is located and contributes to a district listed on the register of Illinois Main Street places, or is located and contributes to a district listed on a local register of historic places within a home rule county or home rule municipality;
(b) "qualified historic structure" means any building, regardless of whether said building is income producing, is a condominium building or is of any other ownership structure, which is defined as a certified historic structure by section 47 (c)(3) of the federal internal revenue code, is individually listed on the register of Illinois historic places, or is located and contributes to a district listed on the register of Illinois historic places, or is located and contributes to a district listed on the register of Illinois Main Street places, or is located and contributes to a district listed on a local register of historic places within a home rule county or home rule municipality;
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(c) "qualified rehabilitation plan" means a project which is approved by the Illinois Historic Preservation Agency, or by a local historic preservation commission certified by the Illinois Historic Preservation Agency to so approve according to rules and regulations adopted by the agency, or by a local historic preservation commission of a home rule county or home rule municipality, as being consistent with the standards for rehabilitation and guidelines for rehabilitation of historic buildings as adopted by the federal secretary of interior and in effect on the effective date of this act; and
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(c) "qualified rehabilitation plan" means a project which is approved by the Illinois Historic Preservation Agency, or by a local historic preservation commission certified by the Illinois Historic Preservation Agency to so approve according to rules and regulations adopted by the agency, or by a local historic preservation commission of a home rule county or home rule municipality, as being consistent with the standards for rehabilitation and guidelines for rehabilitation of historic buildings as adopted by the federal secretary of interior and in effect on the effective date of this act; and
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(d) "qualified taxpayer" means the owner of the qualified historic structure or any other person who may qualify for the federal rehabilitation credit allowed by section 47 of the federal internal revenue code. If the taxpayer is a corporation having an election in effect under subchapter S of the federal internal revenue code, a partnership or a limited liability company, the credit provided by this subsection shall be claimed by the shareholders of such corporation, the partners of such partnership or the members of such limited liability company in the same manner as such shareholders, partners or members account for their proportionate shares of the income or loss of the corporation, partnership or limited liability company, or as the corporation, partnership or limited liability company mutually agree as provided in the bylaws or other executed agreement. Credits granted to a partnership, a limited liability company taxed as a partnership or other multiple owners of property shall be passed through to the partners, members or owners respectively pro rata or pursuant to an executed agreement among the partners, members or owners documenting any alternate distribution method.
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Sec. 3. Allowable Credit. For all taxable years commencing after December 31, 2007, there shall be allowed a tax credit against the income or any other tax liability imposed upon a taxpayer pursuant to the 35 ILCS, except any tax liability imposed by 35 ILCS 130/ through 35 ILCS 143/ and 35 ILCS 200/, in an amount equal to 25% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure pursuant to a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equal $5,000 or more. If the amount of such tax credit exceeds the qualified taxpayer's income or other qualifying tax liability for the year in which the qualified rehabilitation plan was placed in service, such excess amount may be carried over for deduction from such taxpayer's income or other qualifying tax liability in the next succeeding year or years until the total amount of the credit has been deducted from tax liability, except that no such credit shall be carried over for deduction after the 10th taxable year succeeding the taxable year in which the qualified rehabilitation plan was placed in service.
Sec. 4. Transfer of Credits. Any person, hereinafter designated the assignor, may sell, assign, convey or otherwise transfer tax credits allowed and earned pursuant to section 3. The taxpayer acquiring credits, hereinafter designated the assignee, may use the amount of the acquired credits to offset up to 100% of its income or other qualifying tax liability for either the taxable year in which the qualified rehabilitation plan was first placed into service or the taxable year in which such acquisition was made. Unused credit amounts claimed by the assignee may be carried forward for up to 10 years or backward for up to 3 years, except that all such amounts shall be claimed within 10 years following the tax year in which the qualified rehabilitation plan was first placed into service. The assignor shall enter into a written agreement with the assignee establishing the terms and conditions of the agreement and shall perfect such transfer by notifying the Illinois Historic Preservation Agency in writing within 90 calendar days following the effective date of the transfer and shall provide any information as may be required by such agency to administer and carry out the provisions of this section. The amount received by the assignor of such tax credit shall be taxable as capital gains income of the assignor, and the excess of the value of such credit over the amount paid by the assignee for such credit shall be taxable as capital gains income of the assignee.
Sec. 5. Annual County Limit. The cumulative amount allowable for such credits shall be limited to a maximum of $25 million per year per county. Notwithstanding the 10-year deduction period for such credits, in the event a credit is disallowed because it exceeds the annual $425 million cumulative limit per county, said credit shall be allowed the next year if within said limit or the claim period for such credit shall be extended by one additional year for each year disallowed as a result of this section. Except in cases of bad faith or fraud, no penalty or interest shall be due as a result of any credit disallowed by this section.
Sec. 6. Biennial Report. The Department of Commerce and Economic Opportunity shall determine, on a biennial basis beginning at the end of the second fiscal year after the date this Act takes effect, the overall economic impact to the state from the rehabilitation of eligible property.
Sec. 3. Allowable Credit. For all taxable years commencing after December 31, 2007, there shall be allowed a tax credit against the income or any other tax liability imposed upon a taxpayer pursuant to the 35 ILCS, except any tax liability imposed by 35 ILCS 130/ through 35 ILCS 143/ and 35 ILCS 200/, in an amount equal to 25% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure pursuant to a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equal $5,000 or more. If the amount of such tax credit exceeds the qualified taxpayer's income or other qualifying tax liability for the year in which the qualified rehabilitation plan was placed in service, such excess amount may be carried over for deduction from such taxpayer's income or other qualifying tax liability in the next succeeding year or years until the total amount of the credit has been deducted from tax liability, except that no such credit shall be carried over for deduction after the 10th taxable year succeeding the taxable year in which the qualified rehabilitation plan was placed in service.
Sec. 4. Transfer of Credits. Any person, hereinafter designated the assignor, may sell, assign, convey or otherwise transfer tax credits allowed and earned pursuant to section 3. The taxpayer acquiring credits, hereinafter designated the assignee, may use the amount of the acquired credits to offset up to 100% of its income or other qualifying tax liability for either the taxable year in which the qualified rehabilitation plan was first placed into service or the taxable year in which such acquisition was made. Unused credit amounts claimed by the assignee may be carried forward for up to 10 years or backward for up to 3 years, except that all such amounts shall be claimed within 10 years following the tax year in which the qualified rehabilitation plan was first placed into service. The assignor shall enter into a written agreement with the assignee establishing the terms and conditions of the agreement and shall perfect such transfer by notifying the Illinois Historic Preservation Agency in writing within 90 calendar days following the effective date of the transfer and shall provide any information as may be required by such agency to administer and carry out the provisions of this section. The amount received by the assignor of such tax credit shall be taxable as capital gains income of the assignor, and the excess of the value of such credit over the amount paid by the assignee for such credit shall be taxable as capital gains income of the assignee.
Sec. 5. Annual County Limit. The cumulative amount allowable for such credits shall be limited to a maximum of $25 million per year per county. Notwithstanding the 10-year deduction period for such credits, in the event a credit is disallowed because it exceeds the annual $425 million cumulative limit per county, said credit shall be allowed the next year if within said limit or the claim period for such credit shall be extended by one additional year for each year disallowed as a result of this section. Except in cases of bad faith or fraud, no penalty or interest shall be due as a result of any credit disallowed by this section.
Sec. 6. Biennial Report. The Department of Commerce and Economic Opportunity shall determine, on a biennial basis beginning at the end of the second fiscal year after the date this Act takes effect, the overall economic impact to the state from the rehabilitation of eligible property.
More info:
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Warehouse District
We are updating our Warehouse District Brochure. The map is not yet updated. Your thoughts for improvements are appreciated.
![[warehouse+district+brochure+pg+1.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4QwZQj1LHB5-MIOk_Zv1vup9GI1wnadpHYN1JnrUJGcg1ofp3nTGUF_SOEOPs9EUI1HPRy5-3VBxdgZo95yBbY6Znx_UhvsCC1rknVs9wm6AZgTldtDmpX408EqQoLyR9TwPW-zgZJG0/s1600/warehouse+district+brochure+pg+1.jpg)
![[warehouse+district+brochure+pg+2.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6SjFldZ24n5GRhIa7P3O89vCMX6nbzwkCXiZkm5GDs4rXRTSU-YDe6dRaR5UMYVB-MPb_GlQ9MvaIWN_xSWORXontnBJlIm-NBCHFf0KEkv5maUOZ5QmE7R7iPvaVo8QfJjpSPvN0vnY/s1600/warehouse+district+brochure+pg+2.jpg)
![[Big_BUild_07-14-08.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNSG3mtmWA3EYd00G5o8LbiUlgg8U42rtzWcFKOZzyO-_862w_a2tJDbhxcQrpHWRR5qREKL0TypdMR2Xak1m9rfGIzhQa-yDZcvFk7mN4TSeMbC1fmzV37ije7HiqlCFlk5K4zei_Wo8/s1600/Big_BUild_07-14-08.jpg)
![[Warehouse.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOOw5hKhgLg_ZjUfSTWGWLELg9SRch7kjsmBjfjYkpr84iw9lHX27Xl_hz0bPhZ-32zLvpU84YiQPzANsRyEq_4yl3Pxm2Sx6Ww72Q0xhrzZ1qAlyQ-UR6od0TglGd-UaL1b9J9QQ3qbI/s1600/Warehouse.jpg)
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U of I Architecture