City of Pekin TIF Redevelopment Agreements Approved
City of Pekin TIF Redevelopment Agreements Approved Pekin, IL - At the J une 29, 2021 Pekin City Council Meeting, six Tax Increment Financing Program (TIF) Redevelopment Agreements for area businesses were approved. Businesses were able to apply for this assistance during an application period beginning May 7, 2021 and ending June 4, 2021. Businesses were evaluated based on several factors including economic impact, risk assessment, fiscal impact, social impact. TIF is an economic development financing tool used by the City to assist businesses with projects in the downtown area; the Riverway Business Park, and along major commercial corridors such as Court Street, Derby Street, North 8 th and Broadway. Although TIF provides funding for a portion of project costs, applicants are expected make their own capital contribution and be willing to obtain commercial financing if needed. Of the area businesses to apply, the following were approved for Agreements : Yesterday's Bar and Gr