The City of Kankakee has partnered with Kankakee County Chamber of Commerce, the Economic Alliance of Kankakee County, The Currents of Kankakee, and the Kankakee Development Corporation (KDC) to host an information session for the River Edge Redevelopment Zone on March 26, at The Majestic Theatre. Experts from the Illinois Department of Commerce and Economic Opportunity (DCEO) will deliver a keynote presentation explaining the details, incentives, and benefits of this opportunity for Kankakee, along with Sen. Patrick Joyce, who will give commentary.
The Illinois General Assembly passed the River Edge Redevelopment Zone Act in 2006, which is designed to help revive and redevelop environmentally challenged properties adjacent to rivers in Illinois to stimulate economic revitalization and create jobs. Other municipalities in Illinois with River Edge Redevelopment Zones, include: Aurora, Rockford, East St. Louis, Elgin, Peoria, and Rockford.
Illinois State Law authorizes several incentives, including Dividend Income Deduction, Interest Income Deduction, New Construction Jobs Credits, Building Materials Sales Tax Exemption, and Property Tax Abatement. Local business owners, investors, and land developers are encouraged to attend.
RSVP by March 15, at https://kankakeererzevent.eventbrite.com.
More information and a draft of the Kankakee River Edge Redevelopment Zone is found at https://ecda.citykankakee-il.gov/Kankakee-river-edge-redevelopment-zone.