ACTION REQUESTED:
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Communication from the City Manager and Economic Development Department with a Request to ADOPT an ORDINANCE to Hold a PUBLIC HEARING on the Creation of a TAX INCREMENT FINANCING DISTRICT (TIF), to be Known as the UNIVERSITY/WAR TIF, to be Held at the JANUARY 25, 2022, City Council Meeting.
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BACKGROUND: The City of Peoria is contemplating the creation of a New Tax Increment Financing District to be known as the University / War TIF. As part of the regulation governing this process the City Council is required to adopt an ordinance setting the date of a public hearing as part of this process. This action seeks to meet the requirement under the legislative requirement to set the public hearing date. This serves as a preliminary step in the Tax Increment Financing (TIF) adoption process.
FINANCIAL IMPACT: The adoption of these ordinances merely sets the public hearings. However, this is a critical step in the overall adoption and approval process to establish a new Tax Increment Financing District (TIF).
NEIGHBORHOOD CONCERNS: The project as a whole will be subject to considerable public scrutiny, including a public meeting held on November 18, 2021 by Joint Review Board. Additional inputs to this process will be made available.
IMPACT IF APPROVED: The public hearings would be set.
IMPACT IF DENIED: The public hearings would not be set. If approved earlier, the City would be in violation of the TIF adoptions regulations. This could prevent or delay adoption.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office