Tax Increment Finance District (TIF)
The Village of Hanna City is a Central Illinois Municipality located in Peoria County along Illinois Route 116. Hanna City is just 10 miles west of Peoria, IL and 10 miles east of Farmington, IL. Hanna City is also 140 miles southwest of Chicago, IL, 90 miles northwest of Champaign-Urbana, IL and 60 miles southeast of the Quad Cities in Illinois and Iowa.
The Village has undertaken an effort to design a TIF Redevelopment Plan and Projects for the proposed Hanna City Tax Increment Financing (TIF) District Redevelopment Project Area, that includes sites for which TIF may be used to encourage the redevelopment of underutilized and/or distressed commercial, industrial and residential properties. The Plan is specifically intended to stimulate new private investment for commercial, commercial-retail, light industrial and residential development activities that will further enhance the local economy. These activities are expected to result in an increasingly robust commercial sector, while encouraging business owners, professionals and families alike to choose Hanna City as a premier place to live, work and shop within the Greater Peoria Metropolitan Area.
The Hanna City TIF District Redevelopment Plan is expected to include, but is not limited to, the following general long-term goals and objectives:
1. Eliminate or reduce those conditions which qualify the Redevelopment Project Area as a combination of Blighted and Conservation Areas;
2. Facilitate the construction, improvement and maintenance of public infrastructure, environmental remediation and other capital projects which the Village finds is in furtherance of this Redevelopment Plan or necessary to encourage new commercial, retail, light industrial and residential development;
3. Construct, improve, upgrade and maintain storm water drainage and sanitary sewer lines and related infrastructure throughout the Redevelopment Project Area;
4. Construct, improve, upgrade and maintain antiquated and/or inadequate water towers, lines and mains, as well as water storage facilities and related distribution systems;
5. Construct, improve, upgrade and maintain streets, amenities relating to information technology, street lighting, landscaping, curbs, alleys, parks, public green space, recreational amenities, signage, sidewalks, bike paths and other pedestrian walkways throughout the Redevelopment Project Area;
6. Encourage and incentivize private investment for new commercial and commercial rehabilitation/renovation projects within the Redevelopment Project Area through the use of financial incentives offered by tax increment financing; October 6, 2020 Page 6 Village of Hanna City TIF District Redevelopment Project Area, Plan & Projects
7. Encourage residential rehabilitation projects and the in-fill of vacant lots within single family residential subdivisions using financial incentives offered by tax increment financing to offer additional housing choices to residents of the Village of Hanna City; and
8. Encourage new residential development which will thereby help to adequately increase the Village’s population, maintain a high-quality housing stock, expand the overall tax base of the community, maintain/regenerate local school enrollments, and raise local economic
thresholds to levels necessary to support new commercial and industrial development; and
9. Enhance the tax base for the Village and other taxing districts through coordinated, comprehensive planning efforts by either the public or private sectors which focus on efforts to improve public infrastructure and effective property reuse;
10. Foster entrepreneurship and attract new commercial and industrial development which complies with Village zoning and land use ordinances, increases assessed valuations and enhances the real estate tax base for the Village, thereby also creating additional employment opportunities within the Hanna City community;
11. Attract new commercial and light industrial businesses and vigorous reinvestment in existing properties within the redevelopment project area through the use of financial incentives offered by Tax Increment Financing; thereby also further increasing retail business activity which will lead to an increase in retail sales tax revenue for the Village, other taxing bodies and the State of Illinois; and
12. Undertake redevelopment projects which will further improve the overall quality of life, health and well-being of the Hanna City community.
If you are interested in applying for TIF Benefits, Please complete the form below and drop it off at the Village Hall C/O City Administrator TIF Application