Riverfront TIF District approved by East Peoria City Council
EAST PEORIA, Ill. (WMBD) — A TIF district with plans to develop an area along part of East Peoria's connection to the Illinois River was approved unanimously by city council during Tuesday's meeting.
The Riverfront TIF District will see the redevelopment of a corridor northeast of I-74 and northwest of state route 116, which includes the Par-A-Dice Hotel and Casino.
This comes as discussions have been had between Boyd Gaming, the parent company for Par-A-Dice, and the city of Peoria about moving the casino across the Illinois River as the city contends land-based gaming must be in Peoria.
TIFs, short for tax increment financing, are an economic development tool often seen in areas considered blighted or underdeveloped. Simply put, a TIF uses property tax revenues from the district as a way to encourage development in that district.
As the property taxes grow over time, taxes that are distributed to local taxing bodies are frozen, and any incremental growth in the property tax revenues can be used to pay for qualified redevelopment expenses. When implemented successfully, it can revitalize communities.
East Peoria Mayor John Kahl was enthusiastic about the TIF district at the meeting.
'This sets the stage for future development. Super excited to see this thing moving forward,' he said.
At a previous council meeting in February, city attorney Scott Brunton said the area meets several qualifications to become a TIF district, from several properties being considered blighted to others being more than 35 years old.
Besides the Par-A-Dice, other properties within the district area include the old Burger Barge location and Hagerty Steel.
The estimated costs that will be going into projects in the district will be $150 million for infrastructure including roadways, sewer and water mains and a bridge across the Farm Creek diversion channel.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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