The Peoria Downtown Development Corporation (DDC) is seeking a property tax increase for businesses located in the downtown area. The DDC proposal would add $65.00 dollars to the tax bill of a property assessed at $100-thousand.
The tax would generate about $85-thousand. That’s only part of a planned $330,000 budget. The DDC will ask for voluntary contributions. Those include $150-thousand from the city of Peoria, $75-thousand from Peoria County, and $20-thousand from not-for-profit organizations. DDC President and CEO Michael Freilinger says part of the money will pay for proposed downtown directional signage.
"What I would be envisioning is that we would be sponsoring the cost of the pedestrian directories and then the city would find the funds to fund the vehicular signage," Freilinger said.
The wayfinding signage, to be on newly erected poles in downtown, is only in the design, with no money earmarked for the project. The proposed property tax increase first goes to the city council in July.