ACTION REQUESTED:
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Communication from Council Member Kelly with a Request to ADOPT an ORDINANCE to REMOVE CERTAIN PROPERTIES from the EAST VILLAGE GROWTH CELL TAX INCREMENT REDEVELOPMENT PROJECT AREA.
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BACKGROUND:
On September 22, 2020, the City Council provided direction to staff to establish an Urban Decay Tax Abatement Area. A portion of the East Village Growth Cell TIF is proposed to be included with the Urban Decay Tax Abatement Area. In order to be included in the Urban Decay Tax Abatement Area, the property needs to removed from the TIF. In lieu of eligibility for TIF incentives, the remove properties will become eligible for the tax abatement incentives pursuant to the Urban Decay Tax Abatement Area Ordinance.
Director Black has generally summarized the composition of the parcels to be removed from the East Village TIF and made part of the Urban Decay Abatement Area as follows:
• 107 total parcels in the area.
• All parcels are zoned for multi-family residential use.
• Approximately 41 structures are used as single-family dwellings (38%).
• Of the approximately 41 single-family use dwellings, approximately 14 are owner-occupied (13%).
• 28 of the 107 parcels are tax exempt and therefore pay no property taxes (26%).
• Of the properties that are taxable:
o The average assessed value is about $11,000. This would translate into an estimated average market value of about $33,000.
o The highest assessed value property is approximately $44,000 (market value of $132,000).
o The lowest assessed value property is approximately $910 (market value of $2,730)
FINANCIAL IMPACT: Undetermined at this time; dependent upon new construction and owner occupancy.
NEIGHBORHOOD CONCERNS: Adoption of this ordinance could provide improvements to said area.
IMPACT IF APPROVED: Approximately 107 parcels will be removed from the East Village TIF and become eligible for Urban Decay Tax Abatement Incentives.
IMPACT IF DENIED: Approximately 107 parcels will remain in the East Village TIF with eligibility for TIF incentives.
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. Reinvest in neighborhoods.
DEPARTMENT: City Manager's Office