The City of Peoria is re-evaluating incentives used to entice business investment.
The City already has incentives on the books, including TIF rebates, revolving loan funds, and enterprise zones. But Assistant City Manager Chris Setti says Peoria needs clear overall incentive guidelines for interested businesses or developers:
“Specific enough that everybody understands what it is, but broad enough that it can be flexible.”
Some City Council members discussed abating property taxes for new business additions outside of special areas. Others say simplifying the building inspection and development process is the best way to attract new investment. Councilman Chuck Weaver says the city should use a committee of retired bankers to review potential business proposals.