More TIFs?

To my two devoted readers, my apologies for not posting more regularly. While blogging can be a lot of fun, just finding time to draft quality posts escapes me. Anyhoo...

I've been reading in the Journal Star and other local bloggers about the 2 new proposed TIF districts towards the south end of Peoria. In my opinion, and that of many others, is that the city of Peoria have overused and abused TIF districts over the past decade. Therefore my first reaction to hearing about a new TIF is usually negative. But after reading some of CJ Summer's posts on these TIFs has me rethinking the situation.

Normally I believe the free market should dictate how and what is developed. However, I could be swayed with a TIF for the Eagle View Biotech Business Park. From what is being reported, land and rail line needs to be lifted to reach above the 100 year flood plane. The costs for this can be extremely high, and if free markets prevail, developers will save these costs and just move towards Dunlap and tear up the best farmland in the world to build their plant.

They claim there is serious interest from a major industrial customer, but what odds are there that they will locate and build in Peoria? What kind of jobs are they to bring to the area? Will this new company have any direct competition with other Peoria businesses (i.e. hotels, grocery)? If this large industrial customer brings a couple of hundred good paying jobs to the area, and other Peoria businesses won't have to compete directly with them, this could be a TIF that's worthwhile.

The other TIF being proposed is for the warehouse district on Washington St. It is hoped to foster the slow growth now being seen in the area. It is also hoped to bring a mixed-use residential and commercial growth to the district. This TIF sounds more of the same we've seen with other TIFs over the years, something of which we don't need any more of.

Common Sense of it All: Right now these TIF districts are in a exploratory phase. Now ask yourself the question, "How many consultants and studies is the city council going to hire and undertake to explore these TIFs?" Third District Councilman Bob Manning spoke volumes when he said "TIF is a bad word out there in the public."