ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Review a Revised CITY OF PEORIA ECONOMIC DEVELOPMENT INCENTIVES POLICY.
Body
BACKGROUND: The mission of the City of Peoria's Incentives policy is to expand the City of Peoria's tax base by developing, retaining, expanding, and attracting businesses and employment opportunities. An incentives policy provides the private sector with clearer expectations, maximizes public and private investment, and increases the overall economic activity and vitality of the City.
On April 21, 2015, City Council held an economic development policy session which included a review and discussion of a proposed economic development incentives policy. City staff has amended the incentives policy based on the feedback from Council members during the policy session (attached). Below is a highlight of Council's specific concerns and considerations regarding the development of an incentives policy:
Incentives Policy Guidelines
From the discussions at the policy session, it was asked whether the incentive policy was too restrictive and/or uncomplimentary comparative to other municipalities based on the suggested eligibility requirements and considerations. The incentives policy guidelines have been revised to focus on the primary goals of providing incentives: attract and retain priority industry clusters, create jobs at livable wages, and spur capital investment. The incentives eligibility is now collapsed into two main categories:
* Entitlement incentives: These are programs offered by the City through local, state, and/or federally funded sources and programs (i.e. TIF, Enterprise Zone, Revolving Loan Fund). Each entitlement program contains specific predetermined program rules and eligibility requirements.
* Enhanced Incentives: In addition to providing entitlement programs where available and applicable, enhanced incentives (i.e. property tax abatement, permit fee discounts, infrastr...
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