PEORIA, Ill. — The city of Peoria is growing one business at a time. City leaders plan to the city to new heights by enticing developers to come here.
They requested a five-year extension of the Rivers Edge Redevelopment Zone Tax Credit. Leaders said the incentive will continue to fuel the growth of Peoria’s Warehouse District.
Downtown Development Corporation President and CEO, Michael Freilinger, said this won’t cost taxpayers anything and will benefit everyone in the long run.
Without the incentive the development doesn’t happen. I have several developers who look around the country and they say I’m getting this deal over there and you guys aren’t matching it. ‘Why am I not taking my money and investing in another city or another state’ and we lose out.Michael Freilinger, President/CEO of Downtown Development Corporation
He said the tax incentive is the reason thriving businesses have been opening up in the area.