The Peoria City Council approved the area’s latest Tax Increment Financing District last night. Peoria Public Radio’s Alex Rusciano reports the council voted 10 to one to create the South Village TIF:
The new 670-acre TIF district boundaries are Martin Luther King Jr. Drive to Adams Street, and from MacArthur Highway to Western Avenue. Some Council members say there’s no concrete plan yet to spend the money gathered from the TIF by freezing property taxes in the area. Peoria Mayor Jim Ardis says he supports the new TIF as a tool to eventually bring about change in the area:
“I think what’s really most important that we do is really establish an expectation that this is going to help us get something started and really focus on those areas,” Ardis says.
City officials say money gathered from the new South Village TIF could help pay for property demolitions, utility improvements and job training services. Money from the existing Southtown TIF, which expires later this year, could also be transferred to the South Village TIF to help fund improvement projects.