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Kankakee council approves $50,000 TIF incentive for Lafayette Building project
Summary
The council approved a TIF agreement for Lafayette Building LLC that provides $50,000 toward an estimated $345,653.63 in tenant improvements, with $25,000 due on agreement execution and $25,000 upon project completion and occupancy clearance.
The Kankakee City Council on Nov. 3 authorized a tax‑increment financing agreement that will provide $50,000 in incentives to Lafayette Building LLC toward tenant improvement costs estimated at $345,653.63.
Economic development staff told the council the improvements will be financed by the developer and that the city will release $25,000 upon execution of the agreement and the remaining $25,000 after the project meets building, planning and fire department occupancy clearance. The staff report said the project’s total improvement cost is $345,653.63 and the $50,000 incentive will be paid from available TIF incremental funds.
Council recorded the motion to suspend rules and move to final reading; the ordinance passed with 10 ayes, 0 nays and 2 abstentions recorded to avoid potential conflicts of interest. Staff said the city will complete an internal determination of TIF eligibility and document the transaction for audit prior to disbursement.
