Senator Durbin (D-IL) was on hand for a ribbon-cutting at Center @501 June 28th.
The project, a partnership among the Economic Growth Corporation of Rock Island, Greater Springfield Chamber of Commerce and The Springfield Project affordable housing program, took several years to come together. It was funded through a combination of historic tax credits, new market tax credits, state donation tax credits, $985,000 in tax increment financing from the city of Springfield and taking on about $4.4 million in borrowing.
“I’ve been doing this for about 20 years, and this is probably one of the toughest ones I’ve done,” said EGC president and CEO Brian Hollenback. “How appropriate in the Land of Lincoln that perseverance is here. And I’m very proud of that.”