Peoria approves Neon Bison redevelopment agreement and receives files to close three TIF districts

Peoria’s City Council on March 12 unanimously adopted a redevelopment agreement with HLT LLC to renovate 617–619 Main Street for an expanded Neon Bison restaurant and approved first readings to receive and file termination ordinances for three TIF districts.

Economic Development Manager Debbie VanLe told the council the renovation at 617–619 Main Street is estimated at about $992,000 in construction costs and would create roughly 4,000 square feet of first-floor restaurant space with seating for about 54 patrons, a bar and a stage for live music. Staff presented an estimate that the project could generate approximately $278,700 in incremental property tax revenue; the packet described a reimbursement schedule for the developer tied to TIF increment payments (100% years 1–5; 50% years 6–8; reduced shares thereafter). Council approved the ordinance on a unanimous vote.

Separately, Corporation Counsel Hayes and staff presented first readings to terminate the Northside, Central Business District, and Midtown Plaza TIF districts, describing final distributions and transfers of remaining revenues to funds such as motor fuel tax and sewer funds for TIF-eligible infrastructure work. Staff said state filings have been completed and that transfers supported roadway and sewer projects in the districts. Council received and filed those termination ordinances unanimously.

Outcome: Redevelopment agreement (24-74) adopted unanimously; the council received and filed termination measures for three TIFs (24-69, 24-70, 24-71).