ACTION REQUESTED:
Title
Communication from the City Manager and Assistant City Manager with a Request for the Following: (Council District 5)
A. ADOPT an ORDINANCE to Authorize the Establishment of Tax Increment Financing INTERESTED PARTIES REGISTRIES, and Adopt Such Registries for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT; and,
B. ADOPT an ORDINANCE to Establish a Date for a PUBLIC HEARING for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT, to be Held on JANUARY 10, 2022, at 6:00 P.M.
Body
BACKGROUND: The city of Peoria is undertaking an effort to design a tax increment financing (TIF) redevelopment plan for the proposed Medina Plains-Allen Road Business Park Tax Increment Area. The area is generally located west of Allen Road, north of Willow Knolls Road, and south of IL Route 6. This plan represents an essential part of the City's continuing efforts to retain and expand commercial and light industrial employers within the Peoria community. In accordance with state law, City Council is required to adopt an ordinance setting the date of a public hearing as part of this TIF adoption process. This serves as the preliminary step in the process to create the Medina Plains-Allen Road Business Park TIF.
FINANCIAL IMPACT: No financial impact with the adoption of the Public Hearing date.
NEIGHBORHOOD CONCERNS: The public hearing will provide community members an opportunity to address the City Council related to the adoption to create the Medina Plains-Allen Road Business Park TIF.
IMPACT IF APPROVED: The timeline to adopt the TIF will continue as scheduled.
IMPACT IF DENIED: The timeline will need to be adjusted and will delay the adoption of the new TIF.
ALTERNATIVES:
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
2. Financially Sound Cit...
Click here for full text