LaSalle committee approves applying for River Edge redevelopment zone covering downtown

The LaSalle Economic Development Committee voted to complete a certification application to have most of the city’s downtown considered for the state’s River Edge Redevelopment Zone on a 3-0 roll call Thursday, sending the proposal on to the full City Council.

Committee staff described the proposed zone as a roughly triangular area measured from the riverbank outward (an offset of about 1,500 yards was used in the mapping exercise) that would cover much of downtown up to around Fifth Street. Staff said the state representative who reviewed LaSalle’s situation helped develop the map and that LaSalle is eligible to apply but is not yet designated.

The designation, officials said, would offer incentives sometimes compared to enterprise-zone benefits: dividend and interest-income deductions, new-construction job credits, exemptions on building materials sales tax, and property-tax abatement decisions handled by a zone administrator. Committee discussion noted the zone and…