Happy to report that the East Village TIF in combination with the East Bluff market study to LISC (Local Initiatives Support Coalition) on the targeting of Attorney General Foreclosure Settlement Fund resources have reached fruition such that residents in East Bluff are making much needed home improvements.
Article in the Journal Star
By Chris Kaergard
Jan. 11, 2016
PEORIA — When the city’s East Village Growth Cell TIF was created in 2011, many residents were dubious that a tax-increment financing district including residential property would prove beneficial, Third District City Councilman Tim Riggenbach concedes. Coming soon after the closure of the Cub Foods grocery store at Knoxville and Nebraska avenues — the much ballyhooed anchor of another TIF in the area — skepticism was high.
But five years later, Riggenbach stood at City Hall on Monday to announce $250,000 in 50-50 matching grants from TIF funds to help residents of owner-occupied homes on the East Bluff to make home repairs and improvements. He also touted the city’s cooperation with the Local Initiatives Support Corporation as having further bolstered the neighborhood.
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Background on the East Village Growth TIF
This TIF project included the Near Northside neighborhood and adjacent properties, located north and east of downtown Peoria. The area had been in decline for many years and included a large number of vacant and deteriorated structures. The area is primarily residential, including portions of the Northside Historic District, a prime commercial corridor (Knox Avenue), and the OSF Saint Francis Medical Center.
The goals of the Redevelopment Plan included reinvestment in one of the City’s oldest residential neighborhoods, focus on urban infill development, reduction in transportation costs, investment in infrastructure, growth of employment and jobs, enhancement of the Glen Oak Impact Zone, and reduction in crime. The Redevelopment Plan provides opportunities for the City to partner with the OSF Saint Francis Medical Center and other area employers to continue to invest in the neighborhood.
