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Council establishes registry, sets Nov. 18 hearing for proposed Northwoods Small TIF district
Summary
Council approved establishing a tax-increment financing interested-parties registry and set a Nov. 18 public hearing for the proposed Northwoods Small TIF district to support redevelopment around Northwoods Mall.
The Peoria City Council on Sept. 23 voted unanimously to establish an interested‑parties registry and to set a public hearing date of Nov. 18 for a proposed Northwoods Small Tax Increment Financing (TIF) District.
City staff explained the purpose of a TIF to the council: the property tax base for participating taxing bodies is frozen at the district’s base assessed value, and incremental increases…
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