The Quad Cities are divided by the Mississippi River along the Illinois-Iowa border. They all took a big hit during the 1980’s farm crisis, and were left with abandoned warehouses and other buildings.
Carter said the city used state historic preservation tax credits to turn old, underutilized warehouses into economic boons. The credits give developers a tax break to turn old buildings into quality rental housing and stores. Historic tax credits can also be combined with other tax credits and local incentives.
Complicating matters for downstate towns, there’s more incentive to renovate spaces near Chicago, because building near urban areas is more profitable.