HIZ Update

Staff have discussed the potential Hospitality Improvement Zone with downtown area businesses. The first meeting was held with Hotel owners and developers at the Peoria Civic Center on January 24, 2008. All property owners and business owners located with the HIZ map and within two blocks of the HIZ were invited to a second meeting was held on February 13, 2008 at 2:00 pm on the 4th floor of the City Hall. Several other informal meetings were held, and short presentations were made to the PACVB and PCC Boards.

The consensus of opinion was that a Tax Increment Financing District would be needed to help downtown hotels and business compete with the high quality hotel conference centers developed in East Peoria, Normal, Springfield, and Tinley Park. All of these cities provided substantial economic development assistance for their conference/convention centers.

Staff will meet with all the other taxing bodies to present the case for the TIF to the other taxing bodies, and then report back to the City Council.

Please send comments or questions to Craighullinger@gmail.com