Financing & Incentives
The Economic Alliance of Kankakee County assists growth-driven companies in accessing various state and local investment incentives.
Our Enterprise Zone Program incentives, including property tax abatement and sales tax exemption on building materials, set our community apart from most other areas of the state.
Enterprise Zone Program
The Illinois Enterprise Zone Act was signed into law on December 7, 1982. The purpose of the Act is to stimulate business investments and promote the creation of jobs in targeted areas through tax incentives.
Kankakee County has two Enterprise Zones:
- The Kankakee River Valley Enterprise Zone includes portions of Aroma Park, Bourbonnais, Bradley, Kankakee, Herscher and unincorporated Kankakee County.
- The Kankakee County Enterprise Zone includes selected areas of Manteno, Grant Park, Momence, Hopkins Park and unincorporated Kankakee County.
Depending on the type of project, businesses may be eligible for state and local tax incentives, regulatory relief and improved government services. The program is a proven resource available to businesses to expand their operations and create and/or retain quality jobs in Kankakee County. Businesses must finalize an Enterprise Zone agreement, agree to retain or create jobs, and establish or expand a facility within an Enterprise Zone.
CLICK to download the KC/KRV Enterprise Zone Incentives brochure.
CLICK to download the Illinois Enterprise Zone Association advocacy piece “More than $167M Capex, 2,500+ New Jobs Created in Kankakee County Enterprise Zone”
Contact the Economic Alliance of Kankakee County at 815.935.1177 for more information about this program as it relates to a particular site, parcel or property, or with general inquiries.
Kankakee Riverfront Opportunity Zone
A diversified section of the City of Kankakee has, including the historic downtown district and master planned riverfront, has been certified as an Opportunity Zone by the U.S. Department of Treasury. The Opportunity Zones program – created and added to the federal tax code as a result of the Tax Cuts and Jobs Act of 2017 approved by Congress on December 22, 2017 – encourages long-term investment and job creation in low-income areas of each state by allowing investors to re-invest unrealized capital gains in designated census tracts.
The Qualified Opportunity Zone within the City of Kankakee is made up of four adjacent U.S. Census tracts roughly bound by Brookmont Blvd to the north, the Kankakee River to the west, E. River St. to the south and Interstate 57 to the east.
Anchors within the Kankakee Riverfront Opportunity Zone include Riverside Medical Center, AMITA Health, the historic Paramount Theatre and The Majestic wedding venue, the adjacent Riverview Historic District with its Frank Lloyd Wright-designed B. Harley Bradley House, Shoppes of Meadowview and the natural asset of the Kankakee River, now a part of the National Water Trail. A number of manufacturing and logistics operations also are sited within the zone.
CLICK to learn more about Kankakee’s QOZ and DOWNLOAD our investor prospectus.
CLICK to access our Kankakee Riverfront OZ interactive property portal.
Historic Tax Credit (HTC) Districts
Contributing properties within the Kankakee Downtown Historic District and the Downtown Momence Historic District can take advantage of federal income tax credits for qualifying redevelopment projects.
CLICK to learn more about our community’s two HTC-qualifying districts.
Tax Incremental Financing (TIF) Districts
TIFs allow local governments to restore deteriorating or economically depressed areas without raising taxes on local residents. As a result of TIFs, new or existing businesses develop more jobs, more customers and more private investment. The jobs and additional investment mean more money for the community. Local governments, in turn, can use TIF funds to make necessary improvements such as new roads or sewers without using general town revenue. Local municipalities administer their own TIF district programs. Municipalities with TIF districts include the villages of Bourbonnais, Bradley, Grant Park, Manteno and the City of Kankakee.
Will Kankakee Regional Development Authority
The Will Kankakee Regional Development Authority (WKRDA) was created by action of the Illinois General Assembly and the governor in 1991. WKRDA is a general development agency for the counties of Will and Kankakee and is one of only four active regional development authorities within the State of Illinois. The Authority’s financial and supportive powers enable it, with the written approval of the governor of the State of Illinois, to:
- Issue Taxable Bonds
- Issue Tax-Exempt Bonds
- Issue Moral Obligation Bonds
- Issue Notes or other evidences of indebtedness
Bonds are for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.
Bonds that can be issued by WKRDA include Industrial Revenue Bonds, Taxable Revenue Bonds, Local Revenue Bonds, Non-profit Bonds and Environmental Bonds. Learn more at wkrda.com.
Community Reinvestment Fund
Community Reinvestment Fund USA, in partnership with HomeStar Bank and the Community Foundation of Kankakee River Valley, has committed in excess of $650,000 in small business growth capital to Kankakee County. Together with its lending partners, CRF provides small business loans not found elsewhere for people living in underserved communities to they can:
- Grow a business
- Create and preserve jobs
- Make a business more energy efficient
- Improve cash flow
Since 1988, CRF has financed $1.5 billion nationwide – primarily in hard-to-fund loans – to change lives and transform struggling neighborhoods into thriving communities. CRF is a non-profit small business lender with more than 25 years of experience helping entrepreneurs in Chicago, and across the country, access the financing they need to grow and create jobs. As a mission-driven lender, CRF strives to deploy capital to underserved small business owners including minorities, women and veterans and businesses located/or willing to locate in low-income communities. Visit connect2capital.com to pre-apply for a $50,000 to $4M loan with responsible terms.
Click here for state incentives provided by the Illinois Department of Commerce and Economic Opportunity (DCEO).