PEORIA — A tax reimbursement deal for a popular coffee chain coming to Peoria this fall was approved by the City Council.
The council approved a deal Tuesday night that will see the developer of a Dutch Bros Coffee reimbursed up to $1.2 million in expenses that qualify under the already existing tax increment financing district that covers that area.
The total development cost of the Dutch Bros, being built at the corner of War Memorial Drive and University Street, will be right around $1.4 million, including the $700,000 of land aquisition costs.
Dutch Bros will not receive its full reimbursement immediately, however. The site’s master developer will still be the recipient of 75% of the increment available through the TIF as reimbursement for some infrastructure work done to connect roads to the land. When the master developer is paid back, Dutch Bros will begin receiving higher reimbursements, City Manager Patrick Urich told the City Council.
The council approved the deal in a unanimous vote with little discussion, save for 2nd District Councilman Alex Carmona.
“This is going to be a good development,” Carmona said. “The TIF has been established, this is what it’s here for and they’ve broken ground and I know a lot of constituents are looking forward to having Dutch Bros on the corner there.”
This article originally appeared on Journal Star: Popular coffee chain Dutch Bros gets tax reimbursement deal from Peoria
Reporting by JJ Bullock, Peoria Journal Star / Journal Star
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By JJ Bullock, Peoria Journal Star | USA TODAY Network
