Disctrict 150 TIF Plan

By WEEK Reporter

January 10, 2011 Updated Oct 26, 2013 at 4:25 AM CDT

Peoria Public School officials are working to fill a 21-million dollar long-term budget gap.

That's how much the district would lose over the next two decades, if Peoria's East Village Growth Cell on the East Bluff becomes the city's first residential Tax-Increment-Finance district.

And tonight district-officials think they have found a solution.

At tonight's school-board meeting, officials announced plans to strike a deal with the city and OSF St. Francis Medical Center.

That deal would give District 150 20-percent of Peoria's annual TIF-revenue.

But they say that would only cover about seven of the 20-million dollar budget hole.

More than half would be made up by state-aid, which they admit is a risk.

"Again, I'm making an assumption that we will get 65 percent. I'll be honest I have my doubts, but at this point, I can only operate with the numbers that I have," Dave Kinney, District 150 Comptroller.

"We would definitely like to look at that sharing with not only the district but with OSF and the city. The question keeps coming up what makes an outstanding citizen? Is it an outstanding city or an outstanding school district. The answer is it's both," Dr. Granita Lathan, District 150 Superintendent.

District officials also encouraged 150-parents and other citizens to learn more about the TIF plan.

There will be a public hearing at tomorrow night's Peoria City Council meeting.

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