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Peru council approves TIF allocation area after debate over potential senior-housing project
Summary
The council adopted Resolution 7-2026 to establish a Tax Increment Financing (TIF) allocation area called 'Home and Heritage.' The measure passed 3–2 after members debated whether the step was being used to advance a specific senior housing project and about public notice and process; officials said the resolution establishes the area only and does not approve any project or incentives.
Peru — The Peru Common Council on July 6 adopted Resolution 7-2026 to create a Tax Increment Financing allocation area labeled “Home and Heritage,” a procedural step the city says is necessary to allow future incentive considerations for development in that area.
Jim Tid of the Miami County Economic Development Authority told the council the resolution establishes the allocation area only and does not approve any specific project or reimbursement. “Tonight we're not here to talk about any particular project or the amount of reimbursement on the TIF or an abatement or anything like that that will follow in the next meeting,” Tid said. He added the EDA must still hold a public hearing and consider a confirmatory resolution before a TIF is finalized.
Council members pressed for clarity about whether the allocation area was intended to enable a three-story, 55-plus apartment complex proposed for property formerly associated with IvyTech. Tid said a purchase agreement exists between IvyTech and DSI Investments and acknowledged the allocation area is part of an application package to the state for tax-credit support, but reiterated that the council would separately consider any incentive package or project approvals later. “If that project doesn't fully go through because of the state not awarding the project credits, you at least have the allocation area established to have any other type of development occur on that site,” Tid said.
Opponents raised concerns the step amounted to advancing a specific project without sufficient public notice. Supporters said creating the allocation area is a common procedural step that preserves options for redevelopment and prevents the property from remaining tax-exempt and vacant. After discussion a motion to adopt the resolution was approved by a 3–2 roll-call vote.
Councilmembers and staff said the next steps include the EDA holding a public hearing July 22, and potential future council votes on any specific incentive requests or project approvals.
