Tax Increment Financing Districts (TIFs)

The City of Pekin operates and administers one distinct Tax Increment Financing District (TIF). The district was established in 1986 and has been extended through 2011. TIF 1, situated in the City's core downtown business area consists of 99 acres.

The primary purpose of the district is to assist and encourage the private commercial and/or residential redevelopment of properties within the district boundaries. This is done through the accumulation and planned expenditures of all increased property and sales tax increments, above the base year of 1986, through special TIF funds. Over the past twenty years, the City has worked in concert with a number of developers to promote projects which have produced significant new local tax revenues for Pekin.

In accordance with TIF law and principals, these revenues have been deposited into the City's TIF funds and expended for various public infrastructure improvements in support of further district wide revitalization. Examples of these types of improvements include:

•    Parking lot construction
•    Sidewalk replacements
•    Lot acquisition and site clearance
•    Street overlays
•    Storm sewer rehabilitation

In certain instances and appropriate circumstances, TIF funds may be utilized to offset eligible private development costs.

Additional information concerning development opportunities within the City of Pekin TIF area, including other available lots and approved redevelopment plans, can be obtained by contacting Pamela Anderson, Economic Development Director and/or Leigh Ann Matthews, Economic Development Coordinator, at 309.477.2300.