ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2020 - 2021 BIENNIAL BUDGET Relating to the EAST VILLAGE TIF HOUSING PROGRAM, in the Amount of $142,039.00.
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BACKGROUND: On August 25, 2015, the City Council approved the East Village Growth Cell TIF Housing Program. At that time, Council approved that 50% of the Unrestricted TIF Fund Balance would be allocated to the Housing Program in subsequent years. The attached budget amendment allocates 50% of the unrestricted fund balance of the East Village Growth Cell TIF to the East Village Growth Cell TIF Housing Program in the amount of $142,039.00.
FINANCIAL IMPACT: East Village Growth Cell TIF Fund Housing Program will be increased by $142,039.00.
NEIGHBORHOOD CONCERNS: Significant public input was obtained through the process of the approved program.
IMPACT IF APPROVED: The City will adhere to the East Village Growth Cell TIF Housing Program adopted by Council on August 25, 2015. The East Village Growth Cell TIF Fund Housing Program will be increased by $142,039.00.
IMPACT IF DENIED: The City would not be following the East Village Growth Cell TIF Housing Program adopted August 25, 2015 and the program would not be increased by $142,039.00.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
2. Beautiful Peoria
3. Safe Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
2. Support sustainability.
3. Have an efficient government.
DEPARTMENT: Finance