PEORIA, Ill. – Peoria City Council approved two plans Tuesday night with the goal of boosting economic growth along the riverfront.
Using Tax Increment Financing districts, Peoria can designate an area as a TIF, and rededicate some of the sales and tax revenues back into that area to promote further economic growth.
Peoria already has TIF districts in the Warehouse District. Two districts approved Tuesday night would cover the “Distillery District,” on the Riverfront from Sanger Street to the Cedar Street Bridge, and Galena Road as part of redevelopment on Rt. 29.
City staffers told the council that many of the brick buildings in what was once called “Distiller’s Row” have deteriorated significantly.
“Absent an influx of new private investment throughout the area and additional, substantial improvements to local public infrastructure, the deterioration of local properties… is likely to occur,” the report states. Additionally, city staff indicate the area could stagnate economically if they do not set the groundwork for more economic growth now.
According to 25 News, the Distillery District is also located in a designated “Environmental Justice Area” by the US EPA.
Though the districts were approved by the council without discussion, Joyce Blumenshine spoke during public comment to caution the city to keep the environmental health of the area and neighborhoods surrounding it in mind.
The TIF district for Galena Road focuses on increasing jobs in new industrial and business facilities.
City staff reported that Peoria is negotiating to develop a $40 million manufacturing and office complex as an anchor for the area. Galena Road also has multiple warehouse buildings that have deteriorated.
Peoria anticipates around $35 million in costs for public construction projects and hopes about $12 million will come from private developers.
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