Kankakee County Enterprise Zone Applications Pass First Round of State Review
KANKAKEE, IL – July 6, 2015 – Kankakee County’s two enterprise zones are one step closer to re-designation, according to official notification from the state of Illinois in June. The Illinois Department of Commerce & Economic Opportunity notified the Kankakee County Planning Department that the Kankakee County Enterprise Zone and the Kankakee River Valley Enterprise Zone both completed the first stage of application review and were deemed to meet the minimum required qualifications. The zones will now undergo review by the state Enterprise Zone Board.
Public notification of the filing of Kankakee County’s applications and a public comment period is anticipated in July.
Most current enterprise zones statewide will be phased out by July 1, 2016, but the state allowed government entities to submit plans for new enterprise zones. Kankakee County was one of 67 entities to apply to the Illinois DCEO for such approval. A total of 49 zones will be approved this year.
Local municipalities, the Kankakee County Planning Department and the Economic Alliance of Kankakee County invested significant manpower and resources in 2014 to ensure that the county retains its enterprise zones and the competitive advantage that they provide.
“Enterprise zones essentially provide eligibility for state and local tax incentives to companies seeking to expand and create jobs in designated high-need areas,” explained Economic Alliance President/CEO Mike Van Mill. “Kankakee County’s zones are active and high performing. They are essential components in our business retention and attraction toolkit.
“Our team anticipates a positive outcome in this designation process.”
Together, Kankakee County’s enterprise zones have seen the addition of nearly 6,500 jobs as well as more than $409M in capital investment, incentivizing Kankakee County’s industries to invest, grow and hire. Kankakee County is currently ranked Milken Institute’s #1 Small Metro in Illinois for economic growth for the second year running.
The Economic Alliance of Kankakee County is a public-private partnership that works to create jobs and expand the economic base by improving the local business climate. Working under Kankakee County’s 2014-19 Comprehensive Economic Development Strategy (CEDS), the Alliance is challenged to help spur $500 million in new business investment and 500 new jobs, along with assisting 150 prospective new businesses. For more information, visit kankakeecountyed.org or phone 815.935.1177.