Running Central May Get Tax Rebate as Incentive

Running Central May Get Tax Rebate as Incentive

City Council votes Tuesday.
PEORIA – Peoria City Council is preparing to vote Tuesday on an opportunity that would give a new downtown business a tax incentive.

The Peoria Heights store Running Central is planning to move to Peoria’s Warehouse District in April.

Tuesday, the city council will vote on a redevelopment agreement for the central business tax increment financing (TIF) district. Running central would get a portion of its property tax back every year until the TIF expires eight years from now.

The city says it's a win-win because the store will make a sales tax profit.

"In exchange for that 10,000 rebate we're getting all of the sales tax so for us it's you know, it's a great return on investment for the city beyond all the other things that Running Central will do for us being downtown," said Peoria’s Assistant City Manager, Chris Setti.

The store owners are investing about a $1.5-million into the purchase and renovation of a new building on Water Street. Leaders are expected to vote on the measure at Tuesday night's council meeting.
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