Downtown Riverfront TIF

 

March 29, 2019

As noted in the Kankakee Riverfront Master Plan, “for decades after Kankakee was founded in 1854, the Kankakee River was central to the city’s prosperity, rich culture, and successful image. Today, after decades of economic challenges, the city is, once again, poised to connect with, and
leverage its spectacular river asset to accomplish the community’s heartfelt goal to: Create and sustain an extraordinary riverfront that is the catalyst for Kankakee’s renaissance as a premier Illinois riverfront community.”

The creation of an extraordinary riverfront will take significant private and public investment. City of Kankakee (the “City”) officials have determined that without direct involvement and financial assistance, planning goals and objectives for the study area, the Riverfront Redevelopment Project Area (the “Project Area”), cannot be achieved, and utilization of Tax Increment Financing (“TIF”) in the area is desired.

Tax Increment Financing can be used to make the Project Area more attractive for redevelopment by eliminating the conditions which inhibit private investment, weaken the City’s tax base, affect the safety of community residents, and hinder the City’s ability to promote a cohesive development of compatible land uses as articulated in the City’s Comprehensive Plan. In accordance with the TIF Act, public improvements may be constructed and incentives provided to encourage the type of private investment that will allow the City to achieve its vision and goals.

Establishing the Riverfront TIF District can help the City meet these goals by facilitating physical improvements, removing blighted conditions, and providing funding sources for improvement projects. These improvements will not only help improve the physical conditions and economic development of the Project Area, but also enhance the quality-oflife of adjacent neighborhoods and for all residents of Kankakee.

 

Riverfront TIP Plan (5.12 MB)

Riverfront TIF Boundary Map