City of Pekin TIF Redevelopment Agreements Approved
Pekin, IL- At the June 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 8th 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 Grill, Primo Strength and Conditioning, Steger's Furniture, IDUNNTHAT, Inc, 8th Street Sweet Spot, and SNH Investment. Applications were vetted first with the assistance of Civic Serv, a local software firm, that helped create a scoring system based on a questionnaire filled out by applicants. Those results were then provided to the City’s Economic Development Advisory Committee for review and consideration and submitted to the City Council for approval.
“It’s great to see the City of Pekin making small business success a priority, especially with the challenges small businesses have faced due to COVID,” Steger's Furniture store representative Bryan Steger states. Steger's Furniture has recently begun building exterior updates to their storefront on Court Street.
SNH Investment, a real estate investment company operating within the Pekin area was also one of the Agreement recipients. Vice President Eric Hill states, "We are very excited for our approval of the new TIF loan. All of us at SNH would like to thank the City Council for their support. We look forward to utilizing these funds to help develop and grow our downtown community. Pekin is at the core of our business and we look forward to this new partnership with the city and are excited to bring a new business into our community."
The City of Pekin aimed to assist small businesses in this fiscal year. City Manager Mark Rothert says, “Small business is a cornerstone of any local economy. Monday’s action and leadership by the Mayor and City Council continues to show the City’s support and reinvestment into our business community.”
According to the City of Pekin's website, eligible expenses for developer reimbursement can include costs from architectural, engineering, legal, environmental, financial, planning, and other service needs. For more information about the City of Pekin Tax Increment Financing program, visit their website.