The city of East Peoria wants to launch a new tax increment financing district along the riverfront.
The city council on Tuesday approved the first reading of an ordinance allowing the city to reimburse itself for future eligible expenses incurred in the creation of the new Riverfront TIF district.
The proposed TIF area would run from east of Interstate 74 and along Illinois 116 up to Access Road 4. That swath of land currently encompasses businesses like Hagerty Steel, Federal Logistics, and the Par-A-Dice Hotel and Casino.
Par-A-Dice has a major project in the works. Details are sparse, but the Illinois Gaming Board in March noted that calls for the casino to submit a development plan for "a new, modern and fresh gaming facility" by March 14, 2026. Par-A-Dice was licensed as a riverboat casino in 1992.
Planning and Community Development Director Ty Livingston said it makes a lot of sense to encourage more development here.
"This is a strategic area. It ties in very nicely with the development we've done on the riverfront with Bass Pro. You can imagine an extension of Bass Pro Drive," Livingston said. "It also ties in very nicely with the Levee District, with the connector underneath I-74 on Altorfer (Drive)."
Livingston said creating a new TIF district is a multi-month process that will include more opportunties for both the council and the public to weigh in. He noted it's the first time in his 18 years with the city that a new TIF district has been created.
"This is something that we take very seriously, and we take our time to make sure it's a very focused and targeted area," he said.
The city currently has three TIF districts. Two of those include most of the businesses along W. Washington and W. Camp streets, including the Levee District. The third is concentrated at the EastPort Marina.
A TIF district is a common economic development tool allowing for sales tax and newly generated property tax revenues within a specified area to be reinvested into projects. TIF districts can last up to 23 years. Two 12-year extensions possible with the Illinois General Assembly's approval.
