Two new tax increment financing districts may be created in the City of Peoria.
The Peoria City Council will be asked at its April 24 meeting to consider hiring one or more consultants to study the creation of two new TIFs, one in the city’s south side and the other along a small tract of land along the Illinois River.
The staff request is included in the packet of information distributed to members and the media today.
The boundaries have not yet been established for the new Southside TIF, but would generally focus on an area between MacArthur Highway and Western Avenue (which is a huge area geographically). Eligible redevelopment projects could include sidewalk installation and street repair, land acquisition for commercial projects, and residential and retail property rehabilitation.
The River Trail TIF would seem to be focused on approximately 22 acres of land located between Detweiller Marina and the RiverPlex. Known as the “Green Edge Plan” and the “River Trail Plan,” the city has discussed extending Water Street from Irving School (near the RiverPlex) to Spring Street. It would have improved waterfront access for public use and develop the land for single-family or multi-family residences. Despite much talk about the project, nothing happened because of the bad economy.
The two parcels of land discussed from the River Trail TIF are now in the Northside Riverfront TIF, which expires in 2018, and this TIF does not have enough funds to pay for a new road or to study or correct any issues with soil stability or other environmental issues.
Creating a new TIF would essentially split these parcels out of the Northside Riverfront TIF.
Also, these new single- and multi-family properties that woukd be go up would be awfully close to Taft Homes. I cannot imagine developers would want to locate brand-new homes that close to The Taft.
More details as I quiz city leaders …
UPDATE: At-large council member Gary Sandberg’s reaction was immediate:
“Name one TIF, current of previous that has been sucessful, and then I will answer your questions. Both will benefit only the developer and not the surounding area be it residential or non residential. But next year is an election yea,r so time to rearrange the deck chairs on the S.S. Titanic Peoria.”
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