Legislation introduced by State Senator Steve Stadelman and approved this week could give new life to Rockford's vacant Singer Mental Health Center.
The State Surplus Property Revitalization Tax Credit Act would transfer closed state buildings to units of local government for as low as $1. Investors who redevelop the properties would also be eligible for tax credits.
Qualifying state buildings will have closed within the last two years and employed at least 100 people. Singer shut down in October 2012 during the state's shift from mental health facilities run by the state to community-based care.
Eligible rehabilitation projects would get a tax credit of up to 30 percent of costs over $5,000. Projects that exceed $250,000 would require an outside cost audit. In addition, all investors would have to submit plans and expenditures to the Illinois Department of Commerce and Economic Opportunity for approval.
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