Sep 10, 2010

State Historic Tax Credit - Per Marquette Hotel


Last year we worked with Warehouse District Developers to develop a proposed Illinois Historic Tax Credit program. This program would be a  major incentive to help cities renew older declining neighborhoods. The tax credit makes the preservation and renewal of dilapidated historic buildings much more likely, and is an important factor in revitalizing older communities. 

More info on our proposal below:


We are pleased that the State Legislature led by Senators Koehler, Senator Risinger, Representative Gordon and Representative Leitch passed a pilot program that covers the Pere Marquette. 


We hope that the next session passes this program for the Warehouse District. It should be eventually passed on through the State. This would be a gigantic shot in the arm for Sustainable Development of older declining areas.


Illinois' New Program To Fund Rehab of Peoria's Père Marquette Hotel

Pere
Rendering of the restored Hotel Pere Marquette, Peoria, Ill.
Credit: Campo Architects
This June, for the first time in Illinois, state tax credits for a preservation project were granted to bring additional funding for the restoration of the historic Père Marquette hotel in downtown Peoria.
The credit is a one-time, pilot program signed into law by Gov. Pat Quinn. While preservationists hope legislation will come up for vote next year to make state tax credits available throughout Illinois, this project—which is being completed by the New Orleans and Las Vegas-based firm Campo Architects—is the only one that will receive funding from Senate Bill 2534 this year.
The hotel has been a staple in Peoria's downtown since its construction in 1926 by prominent Philadelphia architect Horace Trumbauer; it has hosted five sitting presidents. Now listed on the National Register for Historic Places and owned by the local EM Hospitality LLC, the hotel will undergo its second major renovation (the first was in the early 1980s) and will be connected to a Marriott Courtyard hotel that will be constructed immediately adjacent. The two hotels will then be connected, via enclosed walkway, to Peoria's Civic Convention Center.
Read the rest of the article on the link below: