Tuesday, November 4, 2008
Thursday, October 9, 2008
Recent TIF Deals
Great new Illinois Medical Clinic on Main Street in the Southtown TIF. The plan, and reality in October 2008. But for the TIF incentive, the development would not have taken place in the older area of Peoria. This great development brings jobs and taxes to the Heart of Peoria. The TIF is over in 2013, and all the property taxes in the Southtown TIF will then be paid to the taxing bodies.
Recent TIF Improvements
Recent TIF Improvements
Lazer Electric in Eagle View TIF on Adams
Fastenal on Jefferson in Warehouse District TIF
Adams Street Market - Unfortunately they are not all successful. No one ever said
redeveloping older neighborhoods is easy. Or if they did, they were wrong. Looking for another developer for this property.
Behr completed a great improvement on the older Recycling Center in the Eagle View TIF.
Fastenal on Jefferson in Warehouse District TIF
Adams Street Market - Unfortunately they are not all successful. No one ever said
redeveloping older neighborhoods is easy. Or if they did, they were wrong. Looking for another developer for this property.
Behr completed a great improvement on the older Recycling Center in the Eagle View TIF.
Tuesday, August 12, 2008
Southtown Tax Increment Financing District
The Southtown Tax Increment Financing District (TIF) is one of the oldest TIF's in the State of Illinois. It was part of massive urban renewal effort the area just south of downtown. The redevelopment was controversial, and took many years, but it did result in substantial new development for Peoria, creating tax base and jobs.
The percentages below illustrate the growth in fair market value, comparing School District 150, the City of Peoria, and the Southtown TIF from 1978 when the TIF was created until 2006, the latest assessment dates.
School District 150- 87%
City of Peoria ____146%
Southtown TIF___477%
In addition, there are two recent developments underway in Southtown - the new Long Term Acute Health Care Center, and the Main Street Medical Clinic. These two large developments will add more value and jobs to the TIF.
The TIF will end in 2013. From that date forward, taxes paid on the new development will go local taxing bodies. The TIF certainly increased the value of the TIF area. Growth in District 150 is lower than the City because substantial amounts of new development that are part of the City are north of the District 150 boundary. This points out the need for District 150 to support redevelopment of older neighborhoods - and the most effective method to incent redevelopment in older neighborhoods is with TIF.
This TIF did create some housing with children. The City used TIF funds to help acquire land and to provide $2,500,000 for the Valeska Hinton School.
The percentages below illustrate the growth in fair market value, comparing School District 150, the City of Peoria, and the Southtown TIF from 1978 when the TIF was created until 2006, the latest assessment dates.
School District 150- 87%
City of Peoria ____146%
Southtown TIF___477%
In addition, there are two recent developments underway in Southtown - the new Long Term Acute Health Care Center, and the Main Street Medical Clinic. These two large developments will add more value and jobs to the TIF.
The TIF will end in 2013. From that date forward, taxes paid on the new development will go local taxing bodies. The TIF certainly increased the value of the TIF area. Growth in District 150 is lower than the City because substantial amounts of new development that are part of the City are north of the District 150 boundary. This points out the need for District 150 to support redevelopment of older neighborhoods - and the most effective method to incent redevelopment in older neighborhoods is with TIF.
This TIF did create some housing with children. The City used TIF funds to help acquire land and to provide $2,500,000 for the Valeska Hinton School.
Sunday, March 23, 2008
TIF Success
Click on the line below to see the success of TIF in Peoria.
TIF Districts spur revitalization of older neighborhoods, increasing tax base and jobs.
Successful TIF developments include:
401Water Street
Behr (Erlichman)
Caterpillar
CBT
CityScape Apartments
Cranes & Equipment
Drumheller Bag
First Capital Bank
HCH Administration
IL Assn. of Neurosurgery
InPlay
Kirby Risk
Lazer Electric
O’Brien Stadium
O’Brien Steel
Orthopedic Institute
Plattner Orthopedic
PMP
Renal Care Center
Spring Grove Residential
Staybridge Suites
Superior Consolidated
Technicraft
U. of I. College of Medicine
Valley Park Shopping Cntr.
Valeska Hinton School
Westmont Building Supply
WW Grainger
More info on TIF at
http://peoriatif.blogspot.com/
Hospitality Improvement Zone
(HIZ) TIF
The cities of Tinley Park, East Peoria, and Normal have developed high quality conference centers and hotels which draw business from Peoria. Springfield’s attractiveness has been greatly enhanced by the Lincoln Museum. These improved competitors all received substantial assistance from government, and will draw business from downtown Peoria.
Our downtown hotels and other hospitality industry business struggle to compete with these quality new developments. The City can choose to compete or not to compete. The proposed Hospitality Improvement Zone would assist existing and new businesses invest, improve, and expand.
City Council has directed staff to present the potential HIZ TIF to our sister governments, and request their input and direction. We also ask our citizens to send us their recommendations. Thank you for your consideration. We appreciate your viewpoint.
Send comments or questions to Craighullinger@gmail.com
309 643 0482
More info at http://www.peoriaed.blogspot.com/
Sunday, March 16, 2008
TIF Map In and Near Downtown
Saturday, March 15, 2008
TIF is Not a Four Letter Word
Tax Increment Financing is a controversial method to help redevelop older declining neighborhoods. It can be a very effective method of revitalizing older communities. It is a poorly understood tool, however, and often unfairly critized. TIF is not a 4 letter word.
What is Tax Increment Financing?
The
Without TIF benefits, a deteriorating area will not improve. Businesses do not sink capital into decaying areas and most local governments cannot afford the needed costly improvements without raising taxes. But in a TIF district, dollars for improvements are generated by businesses — new and old — attracted by the TIF benefits. Specifically, money for infrastructure improvements and other incentives comes from the growth in property tax revenues — the tax increment.
Taxing bodies are often confused about the impact of TIF. But they are not harmed by a properly developed TIF. All taxing bodies continue to get the same tax revenue from the original real estate. Newly increased taxes from new development in the TIF are used to help the project. Eventually, when the TIF is complete, all taxing bodies will share in the new revenue.
The City of Peoria has developed 9 TIF Districts. The value of these areas was very low. The TIF helped these areas redevelop, and the value of these areas has gone up on average 23% each year. Nearby areas without the TIF have had little improvement in value. And of course the redeveloped areas created jobs and vitality.
Depending on the rate of taxation, taxes paid by the new development may equal about ½ of the total investment by the developer. The city can provide some or all of that incentive back to the developer to help make the project a reality.
More info at:
Illinois Tax Increment Financing Association http://www.illinois-tif.com/
Warehouse District http://warehousedistrict.blogspot.com/Thursday, March 13, 2008
TIF History
Tax Increment Financing Districts History
The City of
Southtown TIF
The Southtown TIF was created in November 1978, expires in 2013 and covers 303 acres. It is bounded by
In 2006, the City entered into a contract with Spring Grove Construction Ltd., for Phase III, the final phase, of the Spring Grove residential subdivision. This Phase will consist of construction of 8 new homes with market value of between $130,000 and $250,000. This subdivision was a part of the original plan and was started in 1995.
The UICOMP, Nursing and Public Health (Peoria Campus) is also located in the City’s Southtown TIF and enrolls approximately 50 students. In December of 2005, a group of area doctors signed a 50-year lease with the UICOMP to operate a physician's building on the medical school campus. Approximately 40 doctors will invest more than $15 million for a four- or five-story medical office on more than five acres at the UICOMP. The City assisted the development by allocating $4 million in TIF funds for construction of a parking deck. As part of the plan for continued growth, the new
The City entered into a Purchase Option with Cullinan Medical I for their purchase of a 6 acre City-owned site in the Southtown TIF, which will be utilized for construction of a
Other businesses and services located in the TIF are Caterpillar, CBT, CityScape Apartments, Cranes & Equipment, First Capital Bank, HCH Administration, IL Assn. of Neurosurgery, Renal Care Center, Spring Grove Residential, Staybridge Suites, Superior Consolidated, Technicraft, U. of I. College of Medicine, Valley Park Shopping Center, Valeska Hinton School, WW Grainger, Orthopedic Institute, Plattner Orthopedic, Kirby Risk and American Red Cross, Great Plains Sports Medicine and Institute of Physical and Medical Rehabilitation.
Midtown TIF
The Midtown Plaza TIF was created in March 1999, expires in 2022 and covers 9.5 acres. It is located on
Utilizing proceeds from tax increment financing bonds, the City and the David Joseph Companies partnered to develop
Central Business District TIF
The Central Business District TIF was created in December 1986, expires in 2021 and covers 92 acres. It is located in the Central Business District and Downtown portions of the Riverfront. The main objectives are eliminating blight, revitaling the Downtown/Riverfront and providing parking and public improvements.
Demolition was completed on the former Sears building which will be home to $120 million PRM building and Caterpillar Visitor’s Center. This private investment will be assisted with $3.7 million in public dollars, which have been utilized for property acquisition and infrastructure improvements. An upscale restaurant called the Riverstation opened in the Central Business District. The total project for the River Station was $600,000, with the City providing a loan for $150,000. The City entered into a contract with Randolph and Associates for design of
Stadium TIF
The Stadium TIF was created in December 2000, expires in 2023 and covers 7.5 acres. It is bounded by
In the fall of 2000, the City Council approved a development agreement for the construction of a new minor league baseball stadium, to be located in the downtown area of the City, adjacent to the Riverfront and Southtown Redevelopment areas. This private/public project resulted in the construction of a professional minor league stadium providing many of the amenities of a major league stadium. Features include approximately 6,500 permanent seats and approximately 1,000 lawn berm seats, as well as sixteen luxury suites in the upper level, covered concourse with concession stands and restrooms, video board, and a playground area in the left field area. Opening day at O’Brien Field was May 24, 2002.
Northside Riverfront TIF
The Northside Riverfront TIF was created in March 1995, expires in 2018 and covers 105 acres. It is located on I-74 to Spring Street, between Adams and the
This TIF is anchored by PMP Fermentation. This project consists of two plant buildings. Toward the end of 2006 one of their plant buildings closed due to competition within the global market. They are currently reviewing options for use of the empty building.
Campustown TIF
The Campustown TIF was created in December 1986, expires in 2009 and covers 13 acres. It is located on 13 acres beginning at the corner of
Businesses and services located in the TIF are Blockbuster Videos, Bard Optical, Campustown Liquors, Check Into Cash, Supreme Nails, Panda House, Bellacinos, The Hair Gallery Inc., Subway Sandwich Shop, H&R Block, Cookies by Design, Co-op Records, Velvet Freeze, LaBamba Restaurant, Starbucks Coffeehouse and Steak & Fries.
Northside Business Park TIF
The Northside Business Park TIF was created in December 2000, expires in 2023 and covers 214 acres. It is generally bounded by
In 1999, the City developed the Northside Business Park TIF. O’Brien Steel purchased $1.6 million in processing equipment to expand the processing capabilities. Their shipping area was expanded to
Warehouse District TIF and Eagle View TIF
In June of 2007, the City looked at ways to redevelop the Central and Southern areas of the City and determined that these areas would best be served by creation of two Tax Increment Financing Districts (TIF), the Eagleview and Warehouse District TIFs. These TIFs were approved by the City Council in June of 2007 and have already resulted significant redevelopment with the signing of six new development agreements in the oldest areas of the City.
Warehouse District TIF
The Warehouse District south of downtown and is a mixed area of old industrial lofts, one story industrial buildings, and vacant lots. This area could become a vibrant mixed-use residential and commercial neighborhood. The old industrial lofts could become condominiums similar to the successful development of the buildings on
Eagle View TIF
The Eagle View TIF encompasses over 544 acres and is bound by the
TIF SPREADSHEEThttp://spreadsheets.google.com/pub?key=pSt1ivzaCLuN4WFfX60coQw
TIF Districts spur revitalization of older neighborhoods,
increasing tax base and jobs. Successful projects include:
Caterpillar
CBT
CityScape Apartments
Cranes & Equipment
Drumheller Bag
First Capital Bank
HCH Administration
IL Assn. of Neurosurgery
InPlay
Kirby Risk
O’Brien Stadium
O’Brien Steel
Orthopedic Institute
Plattner Orthopedic
PMP
Renal Care Center
Spring Grove Residential
Staybridge Suites
Superior Consolidated
Technicraft
U. of I. College of Medicine
Valley Park Shopping Cntr.
Valeska Hinton School
Westmont Supply
WW Grainger
401Water Street
More info on TIF at
http://peoriatif.blogspot.com/
______________________________
Hospitality Improvement Zone
(HIZ) TIF
The cities of Tinley Park, East Peoria, and Normal have developed high quality conference centers and hotels which draw business from Peoria. Springfield’s attractiveness has been greatly enhanced by the Lincoln Museum. These improved competitors all received substantial assistance from government, and will draw business from downtown Peoria.
Our downtown hotels and other hospitality industry business struggle to compete with these quality new developments. The City can choose to compete or not to compete. The proposed Hospitality Improvement Zone would assist existing and new businesses invest, improve, and expand.
City Council has directed staff to present the potential HIZ TIF to our sister governments, and request their input and direction. We also ask our citizens to send us their recommendations. Thank you for your consideration. We appreciate your viewpoint.
Send comments or questions to Craighullinger@gmail.com
309 643 0482 More info at http://www.peoriaed.blogspot.com/
Subscribe to:
Posts (Atom)