Sunday, September 19, 2010

TIF Is Effective

Redevelopment assisted by Tax Increment Financing (TIF) is very effective in the City of Peoria. The City created three new TIF's in 2007-2009 and approved twenty redevelopments - some during the "great recession".

Total investment in the buildings is estimated at$336,000,000, creating approximately 1,050 jobs. And there are many more buildings in the works, waiting for better economic conditions.

Completed *
Warehouse TIF
LaVille De Maillet, L.L.C. *
JP Riverfront Development Comp, Inc. (Sullivan) Sealtest
Iron Front, L.L.C., (Huber) 408 Washington
Iron Front, L.L.C., (Huber) 412 Washington
Iron Front, L.L.C., (Huber) 420 Washington
Edgewater Building (Huber) River
Fastenal Company *
Drumheller Properties L.L.C *
D and B Developers, L.L.C. (Waterstreet Solutions) *
B and L Sales *

Southtown TIF
Illinois Medical Clinic *
Long Term Acute Health Care Facility Cullinan *
Cancer Research Center

Hospitality Improvement Zone
Pere Marquette Mariott Courtyard Hotel

Behr Peoria, Inc. *
Martco, LTD (Laser Electric) *
Pulaski Express/Adams Street Supermarket *
JWE Properties/Engler Meier and Justice (Westmont) *

Caterpillar Visitor Center
Riverfront Museum

Friday, August 21, 2009

TIF Plays in Peoria

Southtown Tax Increment Financing District

Tax Increment Financing is controversial.  But there is no question that it is an effective way to build tax base and jobs.  The Southtown TIF is the oldest TIF in the City of Peoria and one of the oldest in Illinois.  The graph and chart show that the value of real estate within the TIF grew much faster then the City and District 150.  In 2013, the TIF will be completed, and the tax revenues will go to all the local goverments.

The graph and chart below show how effectively the two new Tax Increment Financing Districts (TIF's)  have worked.  Despite "The Great Recession of 2007-2009", Equalized Assessed Evaluation (EAV) has grown very rapidly in the TIF's, faster then the City as a whole and faster then School District 150.  150 lags the City because it's boundary misses the rapidly developing north side of the City.  

We believe these numbers support the continued use of Tax Increment Financing.  We want our older neighborhoods to thrive and improve, and TIF is one of the best ways to help that process.

Friday, April 24, 2009

The City has Ten Tax Increment Financing Districts.  These district have created substantial numbers of jobs and additional tax base for the older parts of the City.

The Campustown TIF ends this year, and the taxes will be paid to the local governments.