ACTION REQUESTED:
Title
Communication from the City Manager and Assistant City Manager with a Request to ADOPT an ORDINANCE Dissolving the RIVER TRAIL TAX INCREMENT FINANCING (TIF) DISTRICT.
Body
BACKGROUND: The River Trail Tax Increment Financing District was created to support redevelopment of the previously undeveloped area with residential buildings. The length of time needed to complete the project, coupled with the requirements of the state and federal governments led to project being terminated.
On July 24, 2018 the City sent a letter to the Illinois Department of Natural Resources that the City would like formally rescind the application for the conversion of 6.41+ acres of Riverfront Park. This site received Land and Water Conservation Fund (LWCF) financial assistance under project number 17-00769 to acquire approximately 36+ acres of land for public outdoor recreation, located in downtown Peoria along the west bank of the Illinois River/Peoria Lake. By encumbering the land under the LWCF Act, the City agrees to maintain the property for and be accessible to the public for outdoor recreation use into perpetuity.
The Illinois Department of Natural Resources and the National Park Service have yet to act on this due to the pending purchase of the Simantel Parcel (Council Agenda Item 18-231), but nothing precludes the City from closing out the TIF district at this time.
FINANCIAL IMPACT: None
NEIGHBORHOOD CONCERNS: There has been significant opposition to the conversion of the Riverfront Park into an apartment complex. The dissolution of the TIF affirms that the City will keep the park as open space.
IMPACT IF APPROVED: Eliminate administrative management and reporting required for any TIF. Eliminate community concern that the TIF will attract a new, large development request in the area.
IMPACT IF DENIED: City will need to manage continued communications of concern from community representatives and ongoing reporting associated with TIF administration.
ALTERNATIVES: Wait for TIF to end as scheduled in 2035
EEO CERTIFICATION NUMBER: n/a
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Not applicable.
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: City Manager's Office