SPRINGFIELD – The City of Kankakee will now be the latest community to be a part of the River Edge Redevelopment Zone Program, thanks to State Senator Patrick Joyce’s leadership to get Senate Bill 1963 over the finish line.
“When I was growing up, downtown Kankakee was a vibrant area full of small businesses and things to do,” said Joyce (D-Essex). “By adding Kankakee to the list of towns eligible to be in the River Edge Redevelopment Zone, investors and small business owners alike will have tax incentives to invest in the downtown area. This action aims to bring back businesses and give old river communities another chance for development.”
The River Edge Redevelopment Zone Program helps revive and redevelop environmentally challenged properties adjacent to rivers in Illinois. Currently, the River Edge Redevelopment Zone Act authorizes the Illinois Department of Commerce to designate zones in five cities: Aurora, East St. Louis, Elgin, Peoria and Rockford. This new legislation will add Kankakee and Joliet to the list of authorized municipalities in the zones.
Cities in the River Edge Redevelopment Zone are eligible for the Illinois Historic Preservation Tax Credit Program, which provides a state income-tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures.
“We all want the same thing for downtown Kankakee: a thriving downtown with vision for the future,” said Joyce. “This action will help the city with its short- and long-term development goals.”
To learn more about the River Edge Redevelopment Zone Program, click here.