East Court Street TIF

 

March 29, 2019

In the late 1970’s and early 80’s, the I-57 and East Court Street interchange was a hub of activity, with an active K-Mart serving the needs of resident throughout the region and a Holiday Inn serving visitors and guests from out of town. However, both establishments are long-gone, and there has
been little reinvestment within the corridor in the past ten years. Despite this lack of investment, the interchange has significant untapped potential for commercial and industrial economic development for the City of Kankakee.

City of Kankakee (the “City”) officials have determined that without direct involvement and financial assistance, planning goals and objectives for the study area, the East Court 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 East Court 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-of-life of adjacent neighborhoods and for all residents of Kankakee.

East Court TIF Plan (3.39 MB)

East Court TIF Boundary Map