Kankakee Times

A new $1.5 million opportunity fund created by Doug Baum of Baum Investment Group LLC will invest in the City of Kankakee’s Riverfront Opportunity Zone, with the hope of attracting additional investment to the area.

The opportunity fund and accompanying investment is expected to catalyze sustainable residential, commercial and light industrial development in Kankakee's Historic Downtown District, according to the city’s website.

"We are always long-term players in any community we are involved in and look to develop impactful properties that benefit the residents,” Baum said. “The opportunity zone is a great tool that incentivizes people to take an enduring approach with their projects.  We plan to do some exciting and transformative work in Downtown Kankakee in the next few years."

The opportunity zone creates a unique chance for investors, according to Mayor Chasity Wells-Armstrong.

“The City of Kankakee is the only municipality in Kankakee County designated as an Opportunity Zone,” Wells-Armstrong said. “This designation serves as another tool for investors. And fostering economic development in the heart of downtown Kankakee is vital to moving Kankakee forward.”

Opportunity zones were created under the 2017 Tax Cuts and Jobs Act, and are located in lower income census tracts. By investing in the zones through opportunity funds, investors can realize tax advantages.

“Over the last few years, the administration has been working to expand development tools, revitalize the central business district, and partner alongside business owners and investors to address their needs,” Wells-Armstrong said. “These efforts have allowed the city to leverage relationships between established business owners while welcoming new investors. I am excited to partner with Doug Baum and look forward to development that will meet the needs of local entrepreneurs and residents.”