Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council adopts registry step for proposed Main Street TIF district
Summary
Peoria city council adopted an ordinance establishing an interested‑parties registry and registration rules as the first step toward creating a Main Street tax increment financing (TIF) district covering parts of West Main; council said this is an early, informational step and does not yet create the TIF.
The Peoria City Council on May 12 approved an ordinance to establish a registry and registration rules for a proposed Main Street Tax Increment Financing (TIF) district. City staff described the likely study area as extending from Carl Healthcare and the bluffs along West Main toward portions of Bradley University's campus; boundaries and a final district plan would be subject to further review and formal approvals.
City management said the registry will allow interested parties to receive notices and correspondence as the TIF process proceeds. The council noted this is the first procedural step in a multi-step process that could continue through late summer or early fall before any TIF approval would be requested.
Council members asked about district impacts and whether state funding previously identified for Main Street had been released; staff replied outreach to state partners is ongoing but no new funds had been received at the time of the meeting. The ordinance to establish the registry passed unanimously.
Next steps: the city will maintain the registry, continue outreach to property owners and stakeholders, refine TIF boundaries and financial analyses, and return with proposals if and when a formal TIF ordinance is prepared for council consideration.
