The City of Peoria will begin its budget process next month. City manager Patrick Urich says the approach will focus on the value of programs within a department, rather than the department as a whole.
While it’s too early to project income from taxes, Urich says there is one step the legislature could take to help city finances next year. “Perhaps if they’re able to ge a capital spending plan done, there might be some opportunities there where we might see some funding. Anything else, it may take another fiscal year before we start to see anything moving forward.”
The budget process will involve both public input and suggestions from business leaders. Urich hopes to have next year’s budget completed by late October.
NEW BREW
The distilling of whiskey will return to Peoria for the first time in nearly 40 years. The Peoria City Council last night approved a redevelopment agreement for a distillery at the corner of Adams and Maple Streets in the warehouse district.
City development specialist Cesar Suarez says the city will reimburse the owner $162,000 over seven-years through tax increment financing. In return, the value will increase for a building that currently sits empty.
“Nearly an eight-fold increase in property taxes will be generated from this project. Again, a very good lift in the total value of what we’re doing here in the improvements that are being made.”
Owner Chris Ober will invest $3.9-million in what will be called Black Band Distillery. He plans to open it and an adjacent restaurant by the end of the year.