By Chris Kaergard
Journal Star
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 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.
In TIF districts, property taxes set to go to various levy-assessing bodies are frozen. Subsequent increases in those taxes are diverted into a fund that can be used for infrastructure improvements that lead to area redevelopment.
For homeowners in the area, almost all of the East Bluff south of McClure Avenue and a slice of the North Valley near Downtown, that would mean they’re eligible to apply for city grants of up to $15,000 apiece for exterior work, mechanical, life-safety or energy efficiency work on their homes from now through Feb. 15. With homeowner funds included, the total cost per project could be as much as $30,000.
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