The Three Rivers Association of REALTORS® (TRAR) presented the village of Peotone with $16,500 to conduct a Tax Increment Financing (TIF) study at the February village board meeting.
“The ability to implement a TIF District for the village of Peotone’s downtown area is imperative for its future growth and development. Without a sustainable downtown area, residential, commercial or industrial growth can be hindered,” said Gideon Blustein, a local government affairs director for the Illinois Association of REALTORS®.
Out of the $16,500 presented to Peotone, TRAR secured $15,000 through the National Association of REALTORS® Smart Growth Action Grants that encourage REALTOR® participation in community and economic development. TRAR is a non-profit organization that represents over 900 members in Will and Grundy counties dedicated to professional and ethical service to their real estate clients.
Recent growth trends have the village positioned to be a metropolitan center for surrounding communities. However, current residential and commercial capacity design do not meet future land use, transportation and growth needs. Proper planning must be done focusing primarily on the revitalization of the deteriorating downtown area. Also needed is new infrastructure and improved traffic patterns that will accommodate larger commercial businesses as well as provide pedestrian walkways and bike paths necessary for the health, safety and welfare of the community.
One of the ways the village plans to accomplish this is by designating a Tax Increment Financing (TIF) District in downtown Peotone. The designation of the TIF district in downtown Peotone will enable the village to work with local merchants and new developers to enhance the area through public private partnerships.
A TIF can be in place for 23 years during which time the village has an opportunity to capture incremental property taxes to reinvest in the TIF District. It will also have the ability to market the downtown area to both existing and potential developers as a TIF with available development incentives. As downtown Peotone is enhanced, other areas of the municipality should grow and prosper as well. New residential development occurs along with new commercial growth.