18-25 Redevelopment - 301 SW Adams, 304 SW Jefferson, 312 SW Jefferson (Parking Deck) RFQ.pdf

REQUEST FOR

QUALIFICATIONS

301 SW ADAMS ST

304 SW JEFFERSON AVE

312 SW JEFFERSON (PARKING DECK)

RFQ #18-25

OFFICE OF ECONOMIC DEVELOPMENT

PEORIA CITY HALL, SUITE 207

419 FULTON STREET

PEORIA, IL 61602

RFQ Process at a Glance 3

Property Details 4

Developer Rights and Responsibilities 5

RFQ Submission Process 7

Submission Requirements 10

Evaluation Criteria 13

Scoring Criteria 14

Selection of Developer 15

Incentive Guide 16

Existing Conditions Report by the Farnsworth Group Appendix A

City of Peoria Building Walkthrough Analysis Appendix B

Why Peoria? Appendix C

City of Peoria Strategic Plan Appendix D

Table of ContentsTable of Contents

The City of Peoria is seeking qualified development teams (collectively referred to as “Developers”) for the transformative redevelopment of three significant downtown properties: the 301 SW Adams Street Building, the 304 SW Jefferson Avenue Building, and an adjoining Parking Deck at 312 SW Jefferson Avenue (collectively referred to as the "Properties"). This Request for Qualifications (RFQ) invites experienced real estate developers to submit comprehensive responses demonstrating their vision, expertise, and qualifications. Following careful evaluation of all submissions, the City will select a shortlist of qualified developers to participate in interviews for the next phase of this competitive process.

This RFQ has dual goals: one is to attract commercial and residential development at the Properties, including mixed-use in the downtown, and another is to maximize the participation of the City’s local workforce on the project.

This RFQ provides details and requirements for the Properties, including detailed transaction expectations, terms, design guidelines, and a subsequent permitted site visit. As part of their response, shortlisted developers will be required to submit technical and financial proposals, including concept designs and site plans for redevelopment of the Properties. The review phase will culminate in the selection of a Preferred Selected Developer ("Developer") to undertake the project.

Schedule of Events RFQ Issued - April 25, 2025 Pre-Submission Meeting & Building Tour - May 13, 2025 @ 9:30 AM RFQ Opening - May 15, 2025 RFQ Response Due Date - July 24, 2025 @ 2:00 PM CT Developer Presentation to City Staff - To be scheduled Recommended Developer Presented to City Council for Approval

Pre-Submission Meeting & Building Tour Interested parties are encouraged to participate in a pre-submission meeting and tour with City staff on May 13, 2025 @ 9:30 AM at 301 SW Adams, Peoria, IL 61602.

Questions Regarding the RFQ Any question during the answer-and-question period (April 25 to July 17, 2025) should be directed via BidNet. Additional questions should be directed to Justin Danyus - jdanyus@peoriagov.org

All questions and the City’s responses will be shared with all interested parties

RFQ Process at a GlanceRFQ Process at a Glance

301 SW Adams ~167,000 sq ft Includes:

eleven (11) stories + sublevel parking lot - 72 spaces tenants on floors 1, 2, 3, 10, & 11 direct access to parking deck

304 SW Jefferson ~65,000 sq ft Includes:

five (5) stories additional below-grade level no tenants direct access to parking deck

312 SW Jefferson 18,700 sq ft Lot Includes:

parking deck four (4) stories + sublevel 512 parking spaces no tenants office space on street level

The Downtown Central Business area serves both as a business center and a community gathering place.

Office buildings and local businesses line the main streets, while the riverfront provides space for recreation and events. Restaurants, theaters, and shops cater to residents and visitors alike. In recent years, the district has seen steady development, with new housing options and restored historic buildings helping to maintain downtown's role as Peoria's Central Business District.

In October 2024, the City purchased the Properties, which include a parking deck and a surface parking lot, due to their significance to downtown Peoria development. Due to the Properties adjacency to the Peoria Civic Center, CityLink Downtown Bus Depot, Dozer Park Minor League Baseball Stadium, and the growing Warehouse District necessitate experienced developers due to its prime location.

The 301 SW Adams Street property is situated at the intersection of SW Adams Street and Liberty Street, within the Downtown Peoria Historic District. The building was added to the National Register of Historic Places in 1978. The Properties are in a prime location for an office-to-residential conversion.

Appendix A: Existing Conditions Report completed by Farnsworth Group in October 2024 Appendix B: City of Peoria Building Walkthrough Analysis of all Properties in May 2024

Property DetailsProperty Details

Developer Responsibilities & RightsDeveloper Responsibilities & Rights

The City is seeking a well-qualified Developer with a compelling near and long-term vision for each building. The Developer will be tasked with preparing a plan containing a clear framework that allows for successful redevelopment, detailing intended uses of each building and how the Developer will contribute to the continued growth of Downtown Peoria.

The City intends to enter into a Redevelopment Agreement with a single Developer. Responsibilities of the Developer include, but are not limited to, the following:

Producing detailed schedules for planning, design, financing, construction, and maintenance activities Developing a plan that adheres to City development guidelines Plan for managing current tenants Devising a financing structure and securing required debt and equity for the development Managing ongoing operations and maintenance of infrastructure and land within the Properties Comply with all City requirements for the use of financial assistance tools, if required Adhere to City of Peoria building codes and ordinances

Property Transfer Disposition of properties to the Developer will occur when there is evidence of an imminent development proposal and upon proven commitments that both horizontal infrastructure and vertical construction are financed, designed, and approved. Property transfer will be structured as an outright sale.

Conveyance of land will be done on an “as-is” basis, without warranty by the City as to its physical condition. The Developer will be allowed access to the Properties to conduct due diligence prior to the Redevelopment Agreement being executed.

The Developer is required to initiate redevelopment of properties within one hundred eighty (180) calendar days from the execution of a Redevelopment Agreement. If the Developer is unable to initiate construction, it is the absolute and sole discretion of the City to terminate the Redevelopment Agreement and select a different developer who responded to the RFQ, reissue the RFQ, or take other measures as the City deems appropriate.

Tenant Information The property at 301 SW Adams has two tenants, the other properties have no current tenants. Tenant A has an existing lease for the basement and floors 1, 2, and 3, with a lease expiring February of 2031.

Tenant B has an existing lease for floors 10 and 11, with this lease expiring in September of 2027.

Historical Preservation The structure on Adams Street is on the National Register of Historic Places. The City prioritizes preservation of the unique interior, including the vast opening within the lobby, portions of the basement, and the exterior. The City encourages adaptive reuse of the current office floors as residential conversion to meet downtown Peoria’s housing needs. The structure on Jefferson Street and the parking deck can be placed in the historical registry, if it suits the needs of the Developer.

If Federal Historic Rehabilitation Tax Credits is a part of the Developer’s financial stack, they should meet with the City of Peoria’s Historic Preservation Commission and the Illinois State Preservation Office (SHPO), after the Developer has moved forward in the selection process.

Building Code The Developer is responsible for adherence to all applicable building code. City Council acceptance of a Redevelopment Agreement does not preclude the Developer from ensuring code compliance.

Construction Labor Requirements The City of Peoria requires that 10% of subcontractors used on this development are Minority Business Enterprises and that 5% of subcontractors are Women Business Enterprises. A list of proposed contractors used, business enterprise designations, and percentage of the total contract each business will be servicing is expected at time of submission. The City also has workforce utilization goals of 18% for minorities and 3% for women.

Project Labor Agreement The Developer agrees to comply with the Illinois Prevailing Wage Act, 820 ILCS 130/0.01 et seq. (the "Prevailing Wage Act') for this Project, if and to the extent the Developer’s receipt of funds from the City pursuant to an agreement causes the Project to become subject to the Prevailing Wage Act. In addition, the Developer must clearly state if they intend to pursue a Project Labor Agreement (PLA) in the submitted proposal. Special consideration will be given to the Developer whose proposal incorporates a PLA. Developer shall make best efforts to enter into a letter of intent with the West Central Building & Construction Trades Council to provide for Project work.

Good Faith Effort Requirements The General Contractor and its subcontractors must provide to the City of Peoria documentation on their good faith efforts to comply with the workforce utilization goals. This would include, but not limited to weekly certified payroll reports. All information will be provided through ePrismSoft, an electronic web-based compliance tracking software. Access to ePrismSoft has been furnished by the City of Peoria. To activate access the General Contractor and subcontractors must register at www.eprismsoft.com. Use the help page, which is accessible before logging in, to get started. Contact the Contract Supervisor, Justin Danyus at jdanyus@peoriagov.org, for any needed assistance.

Environmental Conditions The City of Peoria has not conducted a geotechnical analysis or a remediation of the Properties. It is the responsibility of the selected Developer to investigate the environmental and geotechnical conditions of the Properties, and studies performed will be at the Developer’s cost. If federal funding is issued for the project, in whole or part, the project will be subject to the National Environmental Policy Act (NEPA).

RFQ Process This process does not obligate the City to select a developer, or pay any cost incurred by the Developer responding to this request. The City reserves the right to accept or reject any or all statements received because of this request. All information submitted in response to this request will become the property of the City. Please be aware that it is the City’s policy to not compensate a developer for any time or expenses incurred during the selection and negotiation process.

Schedule of Events RFQ Issued - April 25, 2025 Pre-Submission Meeting & Building Tour - May 13, 2025 at 9:30 AM RFQ Opening - May 15, 2025 RFQ Response Due Date - July 24, 2025 @ 2:00 PM CT Developer Presentation to City Staff - To be scheduled Recommended Developer Presented to City Council for Approval

Pre-Submission Meeting & Building Tour Interested parties are encouraged to participate in a pre-submission meeting and tour with City staff on May 13, 2025 @ 9:30 AM at 301 SW Adams, Peoria, IL 61602.

Questions Regarding the RFQ Any question during the answer-and-question period (April 25 to July 17, 2025) should be directed via BidNet. Additional questions should be directed to Justin Danyus - jdanyus@peoriagov.org

All questions and the City’s responses will be shared with all interested parties

RFQ Submission Information There are two (2) options for RFQ Submittal:

Hardcopy Option - Sealed bids - one (1) original and three (3) copies - will be accepted by the City of Peoria at the Peoria City Hall - Purchasing Division: 419 Fulton St. RM 108, Peoria, IL 61602, until 2:00 PM on July 24. Proposal shall be mailed/ dropped off in a sealed envelope or package with the RFQ title and proposal number marked on the outside. Developers must include the company name and return address on the outside of the envelope.

Electronic Option - bids can also be submitted electronically through BidNet. Only one copy is needed.

Note: Proposals received after the stated date and time will not be considered. Faxed proposals will not be accepted.

RFQ Submission ProcessRFQ Submission Process

Envelope Identification (Hardcopy Option Only) Developers shall submit their response in a sealed envelope which shall be clearly labeled with the organization/individual name and address. Developers should also indicate the RFQ# and Title in the lower left-hand corner of their envelope.

The right is reserved, as the interest of the City may require, to reject any or all proposals and to waive any non-material informality or irregularity in the proposals received. All proposals must be in English. The City will select the proposals as described on page 13 or reject all proposals within ninety (90) calendar days from the opening date.

Electronic Responses Developers must submit all electronic responses through the City of Peoria Bid Portal via BidNet.

BidNet Direct Developers must register as a vendor on the City of Peoria’s Online Bid Portal to access RFQ Documents.

There is no charge to register. To complete registration, go to www.bidnetdirect.com/cityofpeoria - click on “Vendor Registration” in the upper right corner of the page. Enter your company information, and when prompted, select the “Limited Access” option. If you have questions or problems while registering, please call the BidNet Support Team at 800-835-4603.

Closing Time The RFQ closing time will be based upon Central Standard Time or Central Daylight Time, whichever is in effect on the date the RFQ is due. The closing time is 2:00 PM CT on July 24, 2025.

Withdrawal of Proposals Developers may withdraw their responses at any time prior to the RFQ closing time by telephone, fax, or written request. A telephone request must be confirmed in writing within 24 hours of the call and prior to closing time. No developer shall withdraw their response for a period of sixty (60) calendar days from the RFQ opening date. Negligence on the part of the developer in preparing a response to the RFQ confers no right of withdrawal or modification of a proposal after it has been opened.

Notice of Selection A selection will be made to the proposal that is determined to be in the best interest of the City.

Responses will be scored according to the given evaluation criteria found on page 13.

Signatures Each proposal must be signed by the Developer with their usual signature. Bids by partnerships must be signed with the partnership name by one of the members of the partnership, or by an authorized representative, followed by the signature and title of the person signing. Bid responses by corporations must be signed with the name of the corporation, followed by the signature and title of person authorized to bind it on the matter. All signatures must be in ink.

Note: By signing and submitting the response to this document, the Developer is certifying they have not been barred from bidding by Federal, State or Local governments and have not been suspended or debarred from receiving federal funding.

Investigation Developers shall make all investigations necessary to thoroughly inform themselves regarding the supplies and/or service to be furnished in accordance with the proposal. No plea of ignorance by the Developer, of conditions that exist or that may hereafter exist because of failure or omission on the part of the Developer to make the necessary examinations and investigations, will be accepted as a basis for varying the requirements of the City or the compensation to the proposal.

Submission ReqirementsSubmission Reqirements

The City is requesting that Developers interested in leading the redevelopment of the Properties submit a Statement of Qualifications (SOQ). Submittals should include and/ or be accompanied by the items outlined below. The City reserves the right to seek clarification of any information that is submitted by any developer in any portion of its Qualifications or to request additional information during the evaluation process. Any material misrepresentation made by a developer will void the Qualifications and eliminate the developer from further consideration.

Expected Response Structure The expected response structure below is further outlined on the following pages.

1. Transmittal Letter providing total number of pages and summary of contents.

2. Executive Summary providing a narrative description of all key aspects of the submittal.

3. Description of Developer Team, which must include the experienced lead entity, developer, architect, and structural engineer at minimum, along with equity partners, attorneys, economic & financial consultants, construction managers, leasing & management companies, and other development partners, as applicable. Specific requirements include the following:

Narrative describing the roles, responsibilities, depth of experience, and size of each firm Resumes of key personnel assigned to the project, including relevant experience Staffing chart outlining the Developer’s staff that will be dedicated to the project, the percent of their time that will be available to the project development over time, and obligations unrelated to the project

4. Organizational Chart or Diagram outlining the composition of the Developer, including percentage interests, and supporting consultants. The diagram should present differentiated structures for development and operations, if applicable. Specific requirements include:

Legal name, business form (corporation, partnership, LLC, individual, joint venture, not-for-profit, etc.), and date established (for constituent firms if joint venture) of the Developer. If the Developer is a subsidiary or affiliate of any other sponsoring/parent entity, list such entity or entities including name, address, relationship to the master developer lead, and officers and directors.

Contact names, addresses, title of position, and nature and extent of the interest of the officers and principals, shareholders, and investors of the developer entity.

5. Project Portfolios

6. Development Narrative

7. Plans & Drawings

8. Financial Information

9. Labor Agreements

10. Legal Actions

11. Special Conditions

Transmittal Letter1.

Executive Summary2.

Developer Team3.

Organizational Chart4.

5. Portfolio of the Developer’s Comparable Completed Projects demonstrating development and management experience. For each member of the Developer Team, provide no less than three project examples that demonstrate applicable experience and expertise related to designing, constructing, financing, operating, and maintaining projects similar in size and scope to the project within the last 10 years.

The City highly prefers demonstrated experience of any of the following:

Working on large-scale commercial to residential conversion projects Working on urban mixed-use projects of similar size and scale An understanding of complex financing structures, public-private partnership financing, and development-related financing tools, including Tax Increment Financing, Low-income Housing Tax Credits, New Market Tax Credits, Special Service Areas, Business Districts, and other forms of special taxing districts

For each project, each of the following should be included if possible:

Firm role Location, project type, uses, size, and approximate value Team (owner, developer, architect, engineer, general contractor, property manager, and key staff) and relevant experience Capital structure and financing sources Construction start and completion dates or property management start and end dates Key attributes, results, successes, and/or innovations References in current operation of previous development

6. Development Concept Narrative describing a design concept narrative for redeveloping and operating the Properties. The written concept narrative will outline the proposed design concept for the Properties, including proposed uses and identification of previous projects the Developer considers similar to their proposed concept for the Properties.

The Developer shall provide the following:

Concept narrative of not more than five typed 8½” x 11" pages (no less than 11-point font size), outlining, the Developer’s proposed use for the redevelopment A discussion of how the proposed use fulfills the City’s goals Brief and generalized overview of how the principal spaces, systems, and building elements would be modified for the proposed use Development timeframe, identifying the length of time estimated to reach key milestones including commencement and completion of design and construction, securing financing and occupancy, and commencing operations Description of a general approach to ongoing management and operations

7. Plans and Drawings of the proposed project. All drawing should be scaled and illustrate the overall rehabilitation proposal and that clearly indicate both existing conditions and proposed alterations. Each drawing should be no larger than 11-by-17 inch format and be included in each of the submissions. At minimum, the following drawings, plans, and descriptions must be provided.

A site plan showing proposed site configuration, building footprint, landscaping, ingress & egress, and any parking & loading.

Floor plans showing floor area totals, special focus should be provided for any grand interior spaces like hobbies and halls. Include proposed residential unit count and unit mix/blend.

Color eye-level renderings, including renderings of the overall building in context Other plans, drawings, or models at the Developer’s option Total project cost including developer fees

8. Financial Capacity and Capability that demonstrates the ability to finance projects commensurate with the value of the project envisioned through prior experience, financing relationships, and company financials. The standard for evaluation of Financial Capability is met when the Developer and its financial/equity partner, if any, demonstrate the expertise to structure and execute financing plans. To demonstrate the Developer’s financial capacity and capability to develop the project. The City reserves the right to request additional evidence of the Developer’s financial condition before shortlisting. Provide the following information:

Describe the Developer’s relationship with the lending institutions, financial partners, and investors, demonstrated ability to access funding sources Recent history of obtaining financing commitments for real estate development projects, detailing the type of project, financing source, and amounts committed Reference from a financial institution or equity partner familiar with the financial condition of the firm For the Developer Team, a statement regarding any debarments, suspensions, bankruptcy, or loan defaults on real estate development projects and/or government contracts A statement describing the expected equity requirements and sources, the anticipated sources of working capital, and the anticipated amount of debt that will be required to complete the Project For the Developer, include all projects underway indicating for each project the status, size, scope, cost, Developer equity, financial guarantees, and role of the Developer.

9. Construction Labor Agreement Plan and Project Labor Agreement detailing efforts to reach the City’s Construction Labor Requirement, Project Labor Agreement, and Prevailing Wage Act goals listed on page 6.

10. Legal Actions involving the Developer’s organization and members of the team’s firm in the last 3 years that includes:

A debtor in bankruptcy A defendant in a lawsuit for deficient performance under a contract A defendant in an administrative action for deficient performance on a project A defendant in any criminal action

11. Special Conditions for any special condition that the Developer may offer or request from the City.

Upon submission, proposals will be evaluated by City staff in accordance with the evaluation criteria described below. This RFQ has dual goals: one is to attract commercial and residential development, including mixed-use in the downtown, and another is to maximize the participation of the City’s local workforce on the project. For these reasons, the following criteria will be critical in the review and evaluation of submitted proposals.

Professional & Technical Competence The RFQ is seeking:

Completeness and responsiveness of the proposal Professional and technical competence as evidenced by the professional qualifications and specialized experience of the Developer, current and past performance of the Developer on projects similar to the proposed project, and current and past performance on other projects Quality of the development concept and conformity of that concept to the development program, goals, objectives, requirements, and parameters set forth in the RFQ.

Innovation demonstrated by the project in terms of achieving programmatic goals, urban design objectives, and environmental benefits Commitment to high-quality design Timely project completion schedule

Economic Feasibility The RFQ is seeking:

Developer’s financial qualifications as evidenced by the proven ability to obtain financing for similar projects, by the ability to raise equity capital, by indications of lender interest in the proposed development, and by financial statements, annual reports or other submitted documentation Amount of public assistance necessary, if any, and the proportion of public assistance to the total project cost Total project cost, amount of equity contribution, and proportion of equity contribution to the total project cost

Project Labor Agreement Special consideration will be given to the Developer whose proposal incorporates a Project Labor Agreement (PLA). If the City accepts the PLA agreement, the Developer shall be required to execute a Project Labor Agreement with the West Central Building & Construction Trades Council.

Evaluation ReviewEvaluation Review

Experience and Qualifications (25%) Experience in development, finance, and property management of urban mixed-use developmenta.

Experience in development of large-scale commercial to residential conversion projectsb.

Understanding of complex financing structures, public-private partnership financing, and development-related financing tools c.

Experience combing mix of uses with housingd.

Experience of the Development Teame.

Financial Capacity (15%) Overall financial strength of Developera.

Liquidity of Developer: Shoter0term assets (cash and securities)b.

Contribution of investors/partnersc.

Development Capacity (20%) Completeness and responsiveness to all elements of RFQ (incompleteness grounds for disqualification) a.

Clarity and coherence of presentationb.

Concept:c.

Consistency with the City of Peoria’s Strategic Plani.

Design and staging to capture or create the market for housing and mixed usesii.

Development timeframeiii.

Plan for long-term property management and asset managementiv.

Financial Feasibility (15%) Clarity and completeness of cashflowsa.

Viability of financing: sufficiency of sources for uses, income for expenses, reasonableness of assumptions, vis a vis development costs, timing, operations, and financing mechanisms b.

Reasonableness of fees, including for developer, builder’s overhead and profit, syndication, management, and other c.

M/WBE Local Participation & Local Labor Participation (20%) Provision for M/WBE workforce and labor participation a.

Compliance with the Prevailing Wage Act if the receipt of funds causes this project to become subject to the Prevailing Wage Act b.

Provision for a Project Labor Agreementc.

Quality of References (5%) Relevance and credibility of sourcesa.

Strength and favorability of recommendationsb.

Scoring CriteriaScoring Criteria

Selection of DeveloperSelection of Developer

Initial Screening The City will screen all RFQ Responses to assess whether the criteria are satisfied. If needed, the City may request clarifications at this time or at any other time during the evaluation process.

Interviews The City reserves the right to interview some or all developers or to decline to interview any developers if, in its sole discretion, it determines such interviews are unnecessary. If interviews are held, the City will consider the information provided during the evaluation process.

Evaluation The City will evaluate all RFQ Responses based on the evaluation criteria. This evaluation will include any information provided by developers during the interview process. As a result of the evaluation process, the City will identify and shortlist two to four Developers, which, at the City’s sole discretion, are best qualified to meet its needs. The City reserves the right to change or add to the evaluation criteria at any time during the process.

Cancellation The City reserves the right, at any time and in its sole and absolute discretion, to reject any or all submissions, or to withdraw the RFQ without notice.

Condition of Acceptance The City reserves the right to request clarification and/or additional information from developers during the evaluation and selection process. Any developer that makes a material misrepresentation will be eliminated from further consideration. The City reserves the right to disregard any informality in the submission.

Incentive GuideIncentive Guide

Incentives Available The City has prepared a list of incentives that may be available to developers for the Properties. This list is not all-inclusive and the Developer is encouraged to seek out additional incentives that fit their needs.

City Incentives Tax Increment Financing District allows units of local governments to designate areas within their jurisdiction as Tax Increment Financing (TIF) districts. These districts dedicate sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district to encourage new economic development and job creation.

The City intends to Re-TIF the Properties to maximize the chosen developer’s available increment.

Reference the table below for current and previous Equalized Assessed Value (EAV).

The River Edge Redevelopment Zone provides the following advantages :

Building Materials Tax Exemption Certificate – A sales tax exemption certificate to be used for building materials purchased for the permanent improvement of the property.

There are additional incentives that are part of the program that are administered by the State of Illinois that can be found below:

https://dceo.illinois.gov/expandrelocate/incentives/taxassistance/riversedge.html

State Incentives The Economic Development for a Growing Economy Tax Credit Program (EDGE) program provides annual corporate tax credits to qualifying businesses which support job creation & capital investment & improve the standard of living for all Illinois residents.

The River Edge Historic Tax Credit Program provides state income-tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within River Edge Redevelopment Zones who undertake certified rehabilitations during the taxable year.

Properties Current EAV Prior Base EAV (2007)

301 SW Adams St Building $651,590 $1,641,090

304 SW Jefferson St Building $170,860 $1,148,080

312 SW Jefferson Parking Garage $290,380 $809,930 https://dceo.illinois.gov/expandrelocate/incentives/taxassistance/riversedge.html

Taxable and Tax-Exempt Bonding through the Tri-County River Valley Development Authority (TRVDA) acts as the issuer of the bonds, passing its double tax-exempt status on to a Developer, private for-profit or not-for-profit to finance low-income or senior housing projects. The bond can include the acquisition of fixed assets including land, buildings, and equipment.

Commercial Property Assessed Clean Energy, or C-PACE, is a financing option through the State of Illinois for commercial property owners wanting to make clean energy building improvements. Owners may obtain up to 100% long-term, fixed-rate financing for energy efficiency, renewable energy, resiliency, water use, and electric vehicle charging building improvements.

Federal Incentives The Energy Efficient Commercial Buildings Deduction allows building owners who place in service energy efficient commercial building property (EECBP) or energy efficient commercial building retrofit property (EEBRP) to potentially claim a tax deduction. An increased deduction may be available for increased energy savings or meeting prevailing wage and apprenticeship requirements. The deduction is allowed under Internal Revenue Code (IRC) Section 179D.

https://www.irs.gov/credits-deductions/energy-efficient-commercial-buildings-deduction

The Federal Historic Preservation Tax Credit through the Tax Reform Act of 1986 and its regulations provide a federal income-tax credit for owners of historic buildings that undergo substantial rehabilitations into income-producing uses. A credit equal to 20% of a rehabilitation's qualified rehabilitation expenditures may be subtracted directly from the owner's federal income taxes.

The Low Income Housing Tax Credit (LIHTC Housing Credit) is a dollar-for-dollar federal tax credit for affordable housing investments, administered by the State of Illinois.

Opportunity Zones are an investment tool for distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.

New Market Tax Credits incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities.

https://www.cdfifund.gov/programs-training/programs/new-markets-tax-credit https://dnrhistoric.illinois.gov/content/dam/soi/en/web/dnrhistoric/preserve/documents/public-law-99-514-section-251.pdf https://www.ecfr.gov/current/title-36/chapter-I/part-67

419 FULTON STREET, PEORIA, IL 61602

(309) 494-2273

PEORIAGOV.ORG