KANKAKEE – In an effort to restore downtown Kankakee and boost economic growth, State Senator Patrick Joyce (D-Essex) introduced new legislation that would support investment in the City of Kankakee.

Joyce’s proposal – Senate Bill 3048 – would create a River Edge Redevelopment Zone in the City of Kankakee to receive the River Edge Tax Credit, designed to help older river communities redevelop properties.

“This legislation encourages investment in our community and offers a second chance to parts of our city that have become neglected over the years,” Joyce said. “As we emerge from the COVID-19 pandemic, this tax credit will promote economic development and stimulate jobs that will help revitalize downtown Kankakee.”

The River Edge Historic Tax Credit Program provides a state income-tax credit equal to 25% of a project’s qualified rehabilitation expenditures to owners of certified historic structures located within River Edge Redevelopment Zones, who undertake projects, such as remodeling or constructing commercial and industrial properties. A developer could turn these properties into spaces for office, residential, retail, hospitality, commercial, recreational, warehouse and distribution, and other economically productive uses. 

“We appreciate Senator Patrick Joyce for introducing the bill to expand this tax credit to include the City of Kankakee. The Kankakee River is a key resource in attracting business and tourism to our city and this tax credit will provide another key tool in our economic development tool belt to attract jobs, construction and new investment into Kankakee,” said Kankakee Mayor Chris Curtis. “As we continue to develop our riverfront this will help expand our core downtown not only to the Kankakee River, but also into our adjacent neighborhoods.”

The measure will be considered by the Illinois Senate this spring.