PEORIA, Ill. – The city of Peoria began the process on Tuesday night to establish two new TIF districts.
The first steps were taken to establish TIFs in the area of Northwoods Mall, as well as the downtown PNC Bank building, Creve Coeur building, and the adjoining parking deck on Adams and Liberty.
Council unanimously approved both districts, but the Northwoods Mall item was pulled out of the consent agenda for a brief discussion.
4th District Councilman Andre Allen, whose district contains Northwoods Mall, spoke in favor of the district.
“I know we are at the genesis of this conversation of looking at a potential incentive tool that we can have in our economic toolkit, not only to stabilize that shopping area but also to grow it and make it even more of a destination than it already is,” Allen said.
The approvals also established timelines for public hearings regarding the TIF districts. The Northwoods Mall hearing will take place on November 18th, while the Adams/Liberty one will occur November 25th.
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