The City of Peoria is looking for a few good developers to redevelop our historic core.

Aug 24, 2010

Senator Dave Koehler

The following was excerpted from Senator Koehler's newsletter. In my judgement he is doing a great job for Peoria and Illinois.




From the Illinois Senate
State Senator Dave Koehler


Dear friends,


As everyone knows, Illinois government is facing some steep challenges. In my opinion, we still have not adequately addressed our budget situation, and I intend to continue to work on this issue. However, we did accomplish some good things in Springfield this year. I was especially pleased that we passed a historic preservation tax credit pilot program. I believe this tax credit is an essential economic development tool with the potential to create jobs, revitalize downtown business districts, and make Illinois more competitive with our neighboring states.


We also passed legislation that will help the Peoria School  District replace some of its most outdated facilities. Read on to learn more about these initiatives and some of the other legislation I sponsored in the General Assembly this year.


Legislation


•Economic Development


Though our national economy continues to recover, I believe that there is always more that we can do to improve Illinois’ business climate, create good, middle‐class jobs, and make us more competitive with our neighboring states. Earlier this year, I proposed a historic preservation tax credit. During the course of legislative negotiations, the tax credit was scaled back to a pilot program that will benefit the Peoria‐area (Senate Bill 2534). Getting the bill passed took a lot of effort, and I want to thank Representative Jehan Gordon for her work as cosponsor in the House.


The pilot program creates a tax credit equal to 25% of the cost of restoring or rehabilitating a historic hotel, and it should ease the costs of the Hotel Pere Marquette / Marriott Hotel project in downtown Peoria. Unlike some other economic development incentives, it has an immediate effect and does not rely on potential profits. I believe that the pilot will be successful and that we will be able to extend the program to the whole state for all historic restoration projects in the future.


13 S. Capitol St.
Pekin, IL 61554
309-346-4646


Learn More at:





No comments:

Post a Comment