Downtown Kankakee will take help anywhere it can get it, and for the businesses that call it home, that help could be coming out of Springfield.

In an effort to bolster development in downtown Kankakee, State Sen. Patrick Joyce, D-Essex, has introduced an amendment to existing legislation that would support investment in Kankakee.

Joyce’s proposed amendment to Senate Bill 3048 would create a River Edge Redevelopment Zone in Kankakee. Developers would receive what would be labeled River Edge Tax Credit for investment. The tax credit would be designed to help older river communities — specifically one such as Kankakee — in redevelopment of older properties.

While the district boundaries are not yet finalized, Joyce said they would likely include all of Kankakee.

This redevelopment zone already is in place for communities such as East St. Louis, Elgin and Peoria.

Joyce said in addition to Kankakee, Joliet is also seeking this zone so the two communities will be placed into a single amendment. He is not anticipating opposition to the amendment.

“Why shouldn’t a river town get a river city tax credit?” he said.

Basically, if a property owner is investing $10,000 into a qualifying project, they would receive a $2,500 tax credit, which would lower the ultimate investment.

“We have a real opportunity here, an unprecedented opportunity,” Joyce said, noting all the investment happening as a result of COVID monies coming into communities. “There are a lot of things that can happen.”

The legislation, Joyce noted, is aimed at encouraging investors to consider development in areas in need of a second chance. Kankakee’s downtown area has been greatly altered over the past many years going from a retail area to a business/office center.

If successful, the tax credit would be in place for 30 years.

The legislation is expected to be considered this spring.

In recent years, however, it has been making some progress in smaller, niche-type retail as well as recent movement to bring back a residential component.

“As we emerge from the COVID-19 pandemic, this tax credit will promote economic development and stimulate jobs that will help revitalize downtown Kankakee,” Joyce said.

The proposed legislation would provide a state income-tax credit equal to 25 percent of a project’s qualified rehabilitation expenditures to owners of certified historic structures located within the redevelopment zone, who undertake projects such as remodeling or constructing commercial and industrial properties.

A developer, he said, could transform these properties into new space suited for retail, residential, commercial, hospitality, recreational, warehouse or distribution.

Kankakee Mayor Chris Curtis, who has championed downtown development long before taking office, said this tool could be a significant asset.

“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 to Kankakee,” he said.

“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.”

Like Joyce, Curtis said the exact boundaries are not yet finalized, but he is clear the downtown area and the region surrounding the riverfront will be the key to the district.

“Somehow Kankakee didn’t get included in this when this legislation first came forward,” he said. “But anything that can be done to deal with construction costs further aids developers here.”