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Kankakee council approves amended TIF deal for downtown redevelopment, reduces long‑term city guarantee
Summary
On Feb. 18 the Kankakee City Council approved an amendment to a tax‑increment financing agreement with developer Jay Jeffers’ group to scale a downtown redevelopment project, shorten the city’s guarantee period and set new completion deadlines. The ordinance passed 9‑0 with one abstention.
The Kankakee City Council approved an ordinance Feb. 18 amending a tax increment financing (TIF) agreement with Jay Jeffers and Company LLC, JD Finance LLC and East Station Street LLC to scale and reset deadlines for a downtown redevelopment project at 310 South Schuyler.
Council members approved the amendment 9‑0 with one abstention (recorded for an alderman with property in the TIF). The ordinance shortens the city’s long‑term exposure under a rent guarantee and reduces the TIF reimbursement amount available to the developer, while establishing completion deadlines and a settlement framework for a prior city predevelopment loan.
The amendment scales the previously proposed project down from 92 residential units to a new‑construction, three‑story development of 47 units, according to city remarks during the meeting. The revised plan includes studio, one‑ and two‑bed units; an off‑site secured parking area; a community room at grade; aesthetic exterior…
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