TAX INCREMENT FINANCING REDEVELOPMENT PLAN & PROJECT The Pekin City Council has been considering implementing a commercial and industrial TIF district.

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Presentation transcript:

TAX INCREMENT FINANCING REDEVELOPMENT PLAN & PROJECT The Pekin City Council has been considering implementing a commercial and industrial TIF district since July of 2011.

What TIF Is… TIFs are intended to spur development in an area by dedicating the increased real estate taxes generated by development to the developer (s) or municipality to defray eligible project costs.

How TIF Works… New taxes generated are deposited into a special TIF fund and used by the municipality to pay for certain private & public eligible redevelopment project costs. All funds generated by the TIF District must be used for projects located within the TIF District.

Permitted Use of TIF Funds Studies and professional services Property acquisition, demolition and clearing of land Public works or improvements Job training Financing costs Marketing costs Relocation costs

Proposed TIF Area The Area is comprised of approximately 924 acres. 561 acres are located within the boundaries of Rankin CSD #98.

Possible Projects Pekin Federal Corrections Institution; this is included in the Federal Bureau of Prisons budget. Cuattro- 25,000 sq. ft. facility for a company that designs and manufactures X-ray equipment. Port / Pekin Riverfront

Involved Taxing Districts Community College District 514 Tazewell County Pekin Township Cincinnati Township Public School District 108 Community High School District 303 Rankin CSD # 98 Pekin Park District City of Pekin

Rankin CSD #98 Board of Education’s Stance A)Enter into an Intergovernmental Agreement with the City of Pekin in order to be “made whole” in regards to revenue. B)Oppose the TIF if the City Council does not enter into an Intergovernmental Agreement with Rankin CSD #98.

Joint Review Board’s Recommendation A)That the City amends said Plan to provide for a declaration of an annual surplus of the tax increment revenue received the prior year for distribution to the affected taxing bodies. B)That the City amends said Plan to prohibit the use of tax increment financing incentives to induce the development of any livestock processing operations that include the slaughtering of domesticated livestock. C)That the City enters into an intergovernmental with School Districts 98, 108 and 303.

City Council / Agreement The Pekin City Council approved entering into an Intergovernmental Agreement with the taxing bodies on Tuesday evening. The City Council is expected to approve the TIF proposal later this month.