Peoria moves forward with two major private investment proposals

Peoria’s Northwoods Mall and the downtown PNC Bank Building would benefit from two major TIF proposals.
PEORIA — The Peoria City Council voted to move forward in the process to establish a tax increment financing district in the area around the Northwoods Mall that could spur roughly $140 million in private investments.
The new TIF district still faces a public hearing and final council approval before it can be officially established, but on Tuesday night the council unanimously voted to move the process forward.
A public hearing date of Nov. 18 was established Tuesday night. Council also established a registry where anyone interested in the TIF can sign up for and track developments and communication.
Peoria City Manager Patrick Urich told the council Tuesday night that one of the potential redevelopment opportunities could stem from the mall’s large parking lot. Urich said other cities have seen large parking areas redeveloped into apartments and other commercial entities.