Council establishes registry, sets Nov. 18 hearing for proposed Northwoods Small TIF district

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 in property tax revenue generated by new investment over the base value may be used to finance infrastructure or redevelopment costs within the district for up to the statutory period. Managers said the Northwoods area is a concentrated commercial zone with redevelopment opportunities, including potential infill development in large parking areas.

Councilman Allen, who moved to approve the registry and set the hearing, called the tool an “exciting opportunity” to stabilize and grow the retail center. The council approved both motions (item 25‑260) — to adopt an ordinance establishing the TIF interested‑parties registry and to adopt an ordinance setting a date for the public hearing — without dissent.

The registry will allow property owners and other interested parties to receive notices and correspondence related to the proposed district. Staff said a revised ordinance with an updated public hearing date and timeline was provided to council members prior to the vote.

The council’s action establishes the administrative steps required to begin a formal public process; adoption of a TIF district requires subsequent hearings, findings and ordinances if the council moves forward after public comment.