ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel with a Request to APPROVE a First Addendum to the INTERGOVERNMENTAL AGREEMENT Between the City of Peoria and the DUNLAP COMMUNITY UNIFIED SCHOOL DISTRICT Regarding the MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT.
Body
BACKGROUND: Dunlap CUSD requested a share of the TIF revenues be provided to the school district for expenditures as authorized by the TIF Act and as provided in the agreement approved by the City Council on January 24, 2023. The changes to the initial agreement will provide flexibility for the anchor development to select a site that benefits by the incentives agreed to by Dunlap CUSD and meets the present and future needs of the developer.
FINANCIAL IMPACT: Creates an area up to 100 acres within the TIF District for the anchor development.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The City will continue to be a competitive option for the development.
IMPACT IF DENIED: A more limited set of options will be available to the developer.
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?
Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
Grow employers and jobs.
DEPARTMENT: Legal