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Opportunity Zone Basics Set for May 16 in Kankakee, Illinois

Key City Community Development Corporation (CDC) – in collaboration with the Economic Alliance of Kankakee County, City of Kankakee, Kankakee County Chamber of Commerce and Midland States Bank – will host an Opportunity Zone Basics session on Thursday, May 16, 2019, from noon to 1:30 p.m. at Kankakee Public Library (4th floor meeting space), 201 E. Merchant St., Kankakee, IL 60901.

A panel of finance, legal and economic development professionals will share how the new federal tax incentive can provide gap equity financing support for projects both small and large, including startup incubators, single-family rentals, business expansions, multifamily residential and mixed-use commercial within the boundaries of the Kankakee Riverfront Opportunity Zone. The event is intended for entrepreneurs, investors, advisors, and all interested in community and economic development in the City of Kankakee.

Advance registration is available at the Kankakee County Chamber of Commerce website. Event fee of $10 includes boxed lunch.

For more information, contact Lisa Wogan, Economic Alliance of Kankakee County, 815.935.1177.

The only federally designated OZ within Kankakee County, the Kankakee Riverfront Opportunity Zone encompasses a number a key areas undergoing revitalization, including the Downtown Kankakee Historic District, I-57 Exit 312 Revitalization Area, Meadowview Shopping Center and the master planned Kankakee Riverfront. In addition to OZ financing benefits, this incentives-rich area includes parcels that qualify for Historic Tax Credits, New Market Tax Credits, facade and signage grants, rent matching, outdoor dining program, and property tax abatement and sales tax exemption on new construction. A number of new Tax Increment Financing districts within the Kankakee Riverfront Opportunity Zone are expected to be approved by Q3 2019.