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Peoria council approves Northwoods Mall and Adams Liberty TIF plans after lengthy briefing and debate
Summary
After extended staff briefings and council discussion about tax-increment financing mechanics and local impacts, Peoria City Council on Feb. 10 approved ordinances creating the Northwoods Mall TIF and adopting the Adams Liberty TIF and related amendments; each vote passed with one dissent (Councilmember Carmona).
Peoria City Council voted Feb. 10 to approve a package of tax-increment financing measures, including ordinances establishing the Northwoods Mall TIF and approving the Adams Liberty TIF along with amendments to the Warehouse District and downtown conservation redevelopment project areas.
Assistant City Manager Kimberly Richardson spent substantial time briefing council on how TIFs work, saying, "tax increment financing is a tool that is used as a way for us to have redevelopment occur in areas that typically are not able to generate enough interest from the private sector for redevelopment." Richardson explained the mechanism: the city captures increases in equalized assessed value (EAV) within a district and uses the incremental revenue for infrastructure and redevelopment; she emphasized that those increment dollars are not drawn from the general fund.
The council discussion probed the rationale, rules and…
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