The city of Peoria has eleven tax increment financing districts. These TIFs allow the city to issue bonds in order to improve infrastructure that will spur economic development.
The city council last night discussed guidelines for establishing and managing TIFs. These districts build up funds through increased property taxes from private investment. Often, that money is distributed among other taxing districts when the TIF ends after 23 years.
Peoria Public Schools board member Dan Walther told the council they’d like to have a say in how that money is spent.
"There’s a huge need for sidewalks in the southside of Peoria. A lot of our kids can’t walk to school. They have to walk on the streets. So in a distribution down there, it may be better for us as a school district to have infrastructure done instead of us having just a lump sum of cash that is given to us," says Walther.
City staff will report back on all the suggestions for council approval at a later date.