Staff / WCBU
The City of Peoria is exploring the creation of a new tax increment financing district (TIF) in an effort to spur development at the long-vacant southeast corner of War Memorial Drive and University Street.
The empty nine-acre site that once contained a car dealership at one of Peoria’s busiest intersections has stood empty for nearly a decade.
Community Development Director Ross Black said city staff believe a TIF district designation may be justified due to numerous indicators of blight at the site that have turned away potential developers over the years.
“Deterioration, environmental issues, lack of growth of EAV, inadequate utilities.multiple factors that we believe would qualify this area,” said Black.