PEORIA (Week) – The Peoria City Council is supplying tax breaks aimed at revitalizing neighborhoods with new construction.
The council voted 8-3 Tuesday night placing up so known as “city decay” places and presenting 10 several years of residence tax reductions.
The areas encompass residential spots in the valley, from Wayne Street near Downtown Peoria north to the McClugage Bridge. The other section is on the south side, from Western Avenue west to the city limitations.
These are communities in need to have of new improvement to increase the tax base, mentioned Council member John Kelly, who introduced the resolution.
Council users Rita Ali, Elizabeth Jensen, and Denise Moore voted versus the evaluate. Total home tax abatements are remaining offered for the first 4 years, followed by smaller sized reductions from 80% to 20% the last 4 years.
Moore mentioned Peoria Community Schools did not signal off on the proposal mainly because it’s not crystal clear if the college procedure will acquire or drop tax profits.
If you will find new design, Kelly stated PPS and other taxing bodies will see much more earnings since of an maximize in taxable land values.
“Seemingly, the college district seems to assume that this is going to be wildly prosperous, which I imagine would be superb, and that they are going to have additional small children that they are heading to have to teach,” Kelly responded.
“This appears like a good type of challenge to have,” Kelly included.
Moore and Jensen said the town is turning away from helping house owners protect older structures.
“Our focus wants to be on renovating the structures, the houses, we now have in the older sections of our city instead than building new housing,” Jensen mentioned.
“We need to reinforce and improve the houses we have,” Jensen also mentioned.