The City of Peoria is exploring the creation of a new tax increment financing district (TIF) in an effort to spur development at the long-vacant southeast corner of War Memorial Drive and University Street.
The empty nine-acre site that once contained a car dealership at one of Peoria’s busiest intersections has stood empty for nearly a decade.
Community Development Director Ross Black said city staff believe a TIF district designation may be justified due to numerous indicators of blight at the site that have turned away potential developers over the years.
“Deterioration, environmental issues, lack of growth of EAV, inadequate utilities...multiple factors that we believe would qualify this area,” said Black.
The city requires an independent analysis of the site before proceeding formally with the creation of a new TIF district. The city council has approved a $24,450 contract with Teska Associates, Inc. to provide that analysis.
TIF districts enable a city to divert future property tax revenue within the area to fund a variety of development tools and activities. Property tax revenues received by taxing bodies such as school districts are typically frozen during the life of a TIF district. A TIF district usually remains in place for 23 years with extensions allowed in certain cases.
Black said variations in TIF district intergovernmental agreements do exist to address the long-term budget concerns of taxing bodies. Proponents of the development tool say taxing bodies stand to benefit in the long run with a rise in property values, and the resulting tax revenue, following an area’s improvement.
“If (this area) does qualify as a TIF, then we would move forward with the development of a redevelopment plan which would come back to council probably in May,” said Black.
East Village Housing Rehab Program
Owners of single-family residential properties within Peoria’s East Village Growth Cell can apply for up to $15,000 of matching grant funds for property improvements.
Grants can be used for numerous improvement projects, including new garages, porches, driveways and various facade updates.
The program is a 50-50 matching grant program for projects totaling at least $2,000 and no more than $30,000.
The East Village Growth Cell is a TIF district that generally encompasses the city’s East Bluff neighborhood.
Applications and details can be found online or by calling the community development department at 309-494-8600.
Copyright 2021 WCBU. To see more, visit WCBU. 9(MDIwMjIxMDA0MDE0Mzk4NDIzNjA0OGQ5Yg001))
