ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel with a Request to ADOPT an ORDINANCE to Acknowledge and Accept Changes to the Proposed Redevelopment Plan, Projects, and Area, for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT.
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BACKGROUND:
The changes to the TIF plan were necessary due to the parcels that were removed from the TIF as they have not yet been annexed into the City of Peoria. The TIF Act (65 ILCS 5/11-74.4-5 (a)) allows such changes but has a notice and publication requirement. The section of the TIF Act also states, in relevant part, “Such notice by mail and by publication shall each occur not later than 10 days following the adoption by ordinance of such changes>”
NEIGHBORHOOD CONCERNS: None.
IMPACT IF APPROVED: The City of Peoria will continue the process of creating a TIF District as now proposed and has the option to include parcels that annex at a later date subject to the process set forth in the TIF Act.
IMPACT IF DENIED: The City of Peoria would not have the authority to include parcels in a TIF that had not been annexed.
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. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: Legal