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Introduction:
Recent activity in the proposed East Village Growth Cell, including the Glen Oak School campus expansion by OSF Saint Francis Medical Center and investment in infrastructure by the City of Peoria, have increased the need for a comprehensive redevelopment strategy for the area that will ensure these projects are completed in a cohesive manner. Although these projects have begun to generate interest in redevelopment of the East Village Growth Cell, public intervention and guidance is needed to further support investment. The City of Peoria is reviewing the eligibility of the East Village Growth Cell Area for the formation of a Tax Increment Financing (“TIF”) District.
With this study, the City of Peoria is seeking to identify further development opportunities through the connection and growth of significant public and private partnerships and investments in the East Village Growth Cell.
The anticipated timeline for determining eligibility and designating the proposed area as a TIF District can be found on the Next Steps & Timeline page on this website. The Eligibility Study would determine whether a portion of the City qualifies for designation as a Redevelopment Project Area and whether it meets the statutory criteria for designation as a “blighted area,” or a “conservation area.” If it is so qualified, a redevelopment plan would be prepared which describes the development or redevelopment program(s) intended to be undertaken to reduce or eliminate those conditions, and thereby enhance the tax bases of the taxing districts which extend into the redevelopment project area. The statutory requirements are set out at 65 ILCS 5/11-74.4-3, et seq. under the provisions contained in the Tax Increment Allocation Redevelopment Act (Act).