Tax Increment Financing is a tool to use future gains in taxes to finance redevelopment and community improvement projects.  TIFs are used in areas of particular economic hardship and apply significant incentives to help spur development.   The taxes captured by a TIF are limited exclusively to eligible costs within the TIF, including public infrastructure, land acquisition, and certain private development costs.  Peoria currently has nine active and one expired TIF districts:

*Expired 12/15/2009

TIFs in Peoria have led to significant development, such as O’Brien Field, portions of the Riverfront redevelopment, and the Illinois Medical Center.  It has also helped businesses like O’Brien Steel, PMP Fermentation and Plattner Orthopedics expand or locate in Peoria.
 

•  Joint Review Board