The City of Peoria is revising the boundaries of its Central Business Tax Increment Financing District.
That works to the benefit of other taxing bodies like Peoria School District 150. The School System will receive at least $500,000 more in tax revenue under the new boundaries. That’s property tax money that would have otherwise been captured in the TIF District fund for 35 years.
The Peoria City Council also voted 8-3 to take Alta Lane from the state. I-DOT is paying the city more than $5.2 million to take control and maintenance of the road. That potentially means sooner upgrades to the artery in the northern part of the city, including the intersection of Radnor Road and Alta lane.
The culvert and pavement replacement at the intersection of Allen Road and Alta Lane also received final approval for go-ahead.