City of Peoria - File #: 23-053

• File #: 23-053
• Version: 1
• Type: Ordinance
• Status: Adopted
• File created: 2/7/2023
• In control: City Council
• On agenda: 2/14/2023
• Final action: 2/14/2023
• Title: Communication from the City Manager with a Request for the Following: A. ADOPT an ORDINANCE to Approve the REDEVELOPMENT PLAN AND PROJECT for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT; and, B. ADOPT an ORDINANCE to Designate the REDEVELOPMENT PROJECT AREA for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT; and, C. ADOPT an ORDINANCE to Approve TAX INCREMENT ALLOCATION FINANCING for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT.

Date	Ver.	Action By	Action	Result
2/14/2023	1	City Council	adopted	Pass
2/14/2023	1	City Council	adopted	Pass
2/14/2023	1	City Council	adopted	Pass

ACTION REQUESTED:
Title
Communication from the City Manager with a Request for the Following:

A. ADOPT an ORDINANCE to Approve the REDEVELOPMENT PLAN AND PROJECT for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT; and,

B. ADOPT an ORDINANCE to Designate the REDEVELOPMENT PROJECT AREA for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT; and,

C. ADOPT an ORDINANCE to Approve TAX INCREMENT ALLOCATION FINANCING for the Proposed MEDINA PLAINS-ALLEN ROAD BUSINESS PARK TAX INCREMENT FINANCING (TIF) DISTRICT.

Body
BACKGROUND:
Several years ago, the general area located west of Allen Road, north of Willow Knolls Rd, and south of IL Route. 6 was identified as part of a growth cell strategy to expand commercial and light industrial employers within the Peoria community. Over time, the city concluded that absent an influx of new private investment throughout the area, and additional, substantial improvements to local public infrastructure, the deterioration of local properties and related amenities are likely to occur and will impair the value of private investments as well as the sound growth and tax base of all affected taxing districts.

Without tax increment financing, the city believes economic stagnation is anticipated to occur in the future, the Peoria area will be at a competitive disadvantage in attracting new industry that offers higher wages for a skilled workforce, and further decline of the proposed Redevelopment Project Area with respect to physical infrastructure and property value as a whole is anticipated. Avoiding such further decline and arresting certain socioeconomic trends affecting Peoria's future economic vitality are among the several goals and objectives of this TIF Redevelopment Plan.

FINANCIAL IMPACT:
Establishing the Medina Plains-Allen Road TIF will make available to the City an economic development tool that can be used to encourage private reinvest...