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/
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