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Greater Chicago’s Kankakee Riverfront Opportunity Zone Drawing Steady Interest

More than 100 attended a kickoff  Opportunity Zone Basics session on Thursday, May 16, 2019, Downtown Kankakee, Illinois. Key City Community Development Corporation (CDC) – in collaboration with the Economic Alliance of Kankakee County, City of Kankakee, Kankakee County Chamber of Commerce, Midland States Bank and the Kankakee Public Library – hosted the event, which attracted property owners, developers, real estate brokers, attorneys, accountants, entrepreneurs and economic development professionals from the Greater Chicago region.

The zone is located within the leading metro for job, wage and output growth nationwide (Area Development magazine “Leading Metro Locations 2018”)

View Kankakee Riverfront Opportunity Zone Prospectus

(Document outlining community vision, current public- and private-sector investments, metro growth rate figures, multifamily demand, incentives, demographics, development priorities and available properties within the Kankakee Riverfront OZ)

Visit Kankakee Riverfront OZ Property Portal

Download Kankakee County Multifamily Feasibility Analysis

A panel of finance, legal, real estate and economic development professionals shared at OZ Basics how the new federal tax incentive can provide gap equity financing support for projects both small and large, including startup incubators, single-family rentals, business expansions, multifamily residential and mixed-use commercial within the boundaries of the Kankakee Riverfront Opportunity Zone.

Guest presenter Linda Crane of Chicago-based Protagonist Capital LCC and member of the White House Opportunity and Revitalization Council emphasized the movement occurring at the federal level to align agency funding priorities with those created by the new Opportunity Zone legislation.

The only federally designated OZ within Kankakee County, Illinois, the Kankakee Riverfront Opportunity Zone encompasses a number a key areas undergoing revitalization, including the Downtown Kankakee Historic District, I-57 Exit 312 Revitalization Area, Shoppes of Meadowview and the master planned Kankakee Riverfront. In addition to OZ financing benefits, this incentives-rich area includes parcels that qualify for Historic Tax Credits, New Markets Tax Credits, facade and signage grants, rent matching, outdoor dining program, and property tax abatement and sales tax exemption on qualifying new construction. A number of new Tax Increment Financing districts within the Kankakee Riverfront Opportunity Zone are expected to be approved by Q3 2019.

For more information, contact Lisa Wogan, Economic Alliance of Kankakee County, 815.935.1177.

NOTE: This article is provided for informational purposes. For legal or tax-related advice, please consult with an attorney or certified public accountant.