PEORIA — The Peoria City Council voted to move forward in the process to establish a tax increment financing district in the area around the Northwoods Mall that could spur roughly $140 million in private investments.
The new TIF district still faces a public hearing and final council approval before it can be officially established, but on Tuesday night the council unanimously voted to move the process forward.
Peoria City Manager Patrick Urich told the council Tuesday night that one of the potential redevelopment opportunities could stem from the mall’s large parking lot. Urich said other cities have seen large parking areas redeveloped into apartments and other commercial entities.
“We looked at this as an opportunity to create a TIF district in this area to help redevelop this part of the city,” Urich said. “It’s the heart of our retail center and this would be an opportunity to grow that and so that’s the reason that we’re doing this.”
The TIF district would span roughly from Interstate 74 to Glen Avenue running south to north and east along War Memorial Drive and just west of Sterling Avenue.
An estimated $143.9 million of private investment is anticipated to be generated by the TIF. The two largest hoped for developments are a $75 million “large commercial-retail project” and a $34 million “large hotel and conference center.” Four commercial renovations, three new restaurants, condos, apartments, a mid-sized hotel and a convenience store are also listed as potential developments that could be attracted by the TIF
“This is a exciting opportunity, I know we are at the genesis of this conversation, of looking at a potential incentive that we could have in our economic tool kit not only to stabilize that current shopping area but also to grow it and make it more of a destination than it already is,” 4th District City Councilman Andre Allen said.
A public hearing date of Nov. 18 was established Tuesday night for the TIF proposal. Council also established a registry where anyone interested in the TIF can sign up for and track developments and communication.
PNC Bank Building TIF moves forward
City Council also moved forward a proposed TIF that would serve the city-owned PNC Bank Building, Creve Coeur Building and their adjoining parking garage.
Council unanimously rubber stamped via its consent agenda a public hearing date for the PNC Building and the creation of a registry for parties interested in information about the TIF.
Peoria bought the three properties in September 2024 for $1.75 million and has since received bids from three developers who all hope to transform the property into mixed-use commercial and residential spaces.
Private investments totaling $91 million could come from this TIF.
This article originally appeared on Journal Star: Two major proposals for private investment move forward at Peoria City Council
Reporting by JJ Bullock, Peoria Journal Star / Journal Star
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