PEORIA, Ill. – Peoria is considering a pair of special agreements that could bring more business to the city by way of tax increment financing (TIF) districts.
At Tuesday night’s city council meeting, council members voted unanimously to receive and file two TIF districts…a joint investment to help redevelop land using tax revenue that would be generated through new projects.
“This is a financial document that directs how we’re going to use our financing tool in a way that’s appropriate with the TIF act,” said Peoria City Manager Patrick Urich.
One TIF would help Black Band Distillery expand into Peoria’s south side. In return for the TIF, 20-percent of taxes generated by the distillery would be paid to Peoria Public Schools.
The PPS school board on Monday night voted unanimously to approve the agreement.
According to 25 News, city staff hope the agreement will help enhance that area of Peoria by encouraging developments that won’t further pollute the neighborhood.
“To reduce the US EPA environmental justice index rating by making improvements in both environmental indices and socioeconomic indicators thus increasing the capacity of those in and around the TIF area to thrive and succeed,” Urich said.
The second TIF would come from an industrial park area off Galena Road near Illinois Rt. 29, including a large section of land between E. Gardner Lane and E. Koch Drive.
Current redevelopment plans would revamp the property for light industrial use, commercial space and retail use.
Peoria City Council will discuss the TIF district proposals at their May 14 meeting for a final vote.
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