ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel with a Request to APPROVE a RESOLUTION in Support of TAX INCREMENT FINANCING, Requesting the Illinois Legislature to Support Tax Increment Financing in its Present Form to Promote Economic Development and Revitalization throughout Illinois.
Body
BACKGROUND:
The City of Peoria has successfully utilized tax increment financing to incentivize and support the economic development and revitalization of many parts of the City. Peoria’s future economic development efforts will rely heavily on TIF as one of the few effective local tools to retain and expand job and development opportunities. IML has advocated on behalf of Illinois municipalities to retain this vital tool and has requested the City Council consider adoption of a resolution supporting Tax Increment Financing.
FINANCIAL IMPACT: N/A
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The City provide a public articulation of the support of Tax Increment Financing from the City Council.
IMPACT IF DENIED: The City will miss the opportunity to contribute to the public support of Tax Increment Financing.
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