The City of Peoria is exploring the creation of a new tax increment financing district (TIF) in an effort to spur development at the long-vacant southeast corner of War Memorial Drive and University Street.
The Peoria City Council delayed Tuesday night’s vote for the proposed tax abatement program in Peoria’s North Valley over concerns related to the required removal of dozens of properties from an overlapping TIF district.
A balanced budget and a decrease in the annual property tax levy for 2021 gained unanimous approval from the Peoria City Council on Tuesday night, but continued discussion about placing an advisory referendum on the April ballot to address rising police and fire pension costs remains divisive.
One last change to Peoria’s budget for 2020 has been finalized, settling a lingering labor dispute and reversing a planned cut. But 2021 budget discussions to address COVID-19 shortfalls will wait another week.
An attempt to reverse the planned budget-related cuts of two Peoria Fire Department engines fell short Tuesday night, after the City Council unanimously agreed to issue $4 million in working cash bonds to keep the Peoria Civic Center afloat.
After more than two hours of discussion, the Peoria City Council narrowly voted down borrowing $10 million and decommissioning two fire engines to balance a city budget decimated by the COVID-19 pandemic.