ROCKFORD – July 23, 2010. Governor Pat Quinn today signed a bill into law that extends the Industrial Jobs Recovery Law. The law gives municipalities the authority to establish redevelopment projects areas and to adopt tax increment allocation financing. The extension will create approximately 400 new jobs in Winnebago County.
“The Industrial Jobs Recovery Law helps us attract new business investments to areas of high unemployment and to properties in need of environmental clean-up,” said Governor Quinn. “By extending this important program, we are continuing our efforts to bring new, good-paying jobs to Northern Illinois.”
The Industrial Jobs Recovery Law is a finance tool that municipalities can use to attract industrial investment to areas of the state with high unemployment rates. The law has proven to be a strong tool for revitalizing and replacing obsolete, environmentally-contaminated buildings.
According to the Illinois Tax Increment Association, there are currently two projects underway in Winnebago County that have the potential to create more than 400 jobs with the extension.
The law was first enacted in 1994 and recently expired on March 14, 2010. The new law amends the Illinois Municipal Code to extend the sunset date to January 1, 2012 for the Industrial Job Recovery Law to establish redevelopment project areas. The extension will continue to encourage economic development to secure private investment to create jobs in Northern Illinois.
Senate Bill 3619, sponsored by Sen. Dave Syverson (R-Rockford) and Rep. Dave Winters (R-Rockford), passed the Illinois General Assembly unanimously is effective immediately.