Illinois Department of Commerce and Economic Opportunity (DCEO) approved the City’s request to establish Elgin’s River Edge Redevelopment Zone recently.

That approval will pave the way for $13 million in state funding for Elgin’s Riverfront Promenade as the City continues its downtown revitalization efforts along the riverfront. Because of the state’s current financial crisis, it is unknown when funding will be made available.

To become a River Edge Redevelopment Zone, the area must:

• Be a contiguous area adjacent to or surrounding a river
  
• Comprise a minimum of one-half square mile and not more than 12-square miles, exclusive of lakes and waterways
  
• Satisfy any additional criteria established by the Department of Commerce and Economic Opportunity consistent with the purposes of the Act
  
• Be entirely within a single municipality
  
• Have at least 100 acres of environmentally challenged land within 1,500 yards of the riverfront

Since Elgin’s Riverside Drive Promenade was already part of an enterprise zone, public hearings were held to amend the City’s enterprise zone and designate the River Edge Redevelopment Zone.

The Illinois General Assembly amended the River Edge Redevelopment Zone Act earlier this year to allow Elgin to participate as a pilot city. Previously only Aurora, Peoria and Rockford were provided funding to promote the redevelopment of environmentally challenged properties along rivers in the state.

The zone will be in effect for 30 years.