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QUINCY, ILL. -- The future of hydroelectric power in Quincy is looking brighter.

In order for the city to take advantage of a U.S. Treasury grant program it needed to have paid for 5% of the construction costs by the end of 2010.

When President Obama signed the extension of the Tax Grant Program, the bill also granted a one year extension on all hydroelectric projects in the United States.

That gives the city of Quincy more time to get a license, and secure funding, for its project on Lock and Dam 21.

"What that does is give an equity partner or equity partners for our project the ability to receive a 30% tax credit on their construction costs. Now we'll have a license in hand next year so we can make this work with an equity partner," said Quincy Mayor John Spring.

Mayor John Spring is hoping to have a license for the project by July or August and says the city already has been working with an equity partner for the project cost.

He says even though this extension has been granted, there is still a lot to do in the next 12 months.