In 2018, after a decade of advocacy work by Landmarks Illinois, the State of Illinois authorized a State Historic Tax Credit program. The first round of allocation was awarded in early 2019 – Bywater Development and Southwestern Illinois Development Authority’s redevelopment of the historic Hotel Belleville was the only project to receive all four priority points, securing the maximum $3M in credits.
RISE, a local non-profit, was awarded $3M in credits in the second round of allocation in October 2019 for their redevelopment of the former Tri-City YMCA in Granite City into affordable apartments and commercial space.
We will learn about the tax credit program, approval process, and future potential program expansion from Frank Butterfield of Landmarks Illinois. David Dodson, Bywater Development, and Mark Stroker, Rise, will share their thoughts on project plans, the application process, and the importance of securing these credits as a vital component of the capital stack.
Derik Reiser, co-owner and Head Distiller at Old Herald, will be on hand for building tours. Originally built in 1924 for the Collinsville Herald newspaper, the building sat vacant for over 20 years until Derik and Whitney Reiser purchased it in 2017, re-opening the space in January of 2019.
Come learn more about this valuable new financing tool and how it is poised to be a significant boost to redevelopment of the underutilized historic building stock in St. Louis’ eastern half.
- Frank Butterfield, Director of Springfield Office, Landmarks Illinois
- David Dodson, CEO, Bywater Development
- Mike Lundy, Executive Director, Southwestern Illinois Development Authority
- Mark Stroker, Director of Real Estate Development, Rise