The following economic development investment tools are available for use by the City of Peoria for those economic development projects that meet the eligibility criteria. Not all investment tools are available for each project and they may be eligible for more than one tool. The type and number of investment tools to be used is the sole discretion of the Peoria City Council. Investment from the City of Peoria does not preclude other state and county incentives. Investment tools may include:
City Direct Investment
Provides direct city advance payment or reimbursement to private industry for a variety of capital or operating expenditures such as business relocation costs, worker relocation costs, tenant improvements, impact and permit fee waivers, etc., to attract both capital investment and high-quality jobs in targeted industries and those characterized by high wages and high knowledge-based occupations. For more information and to apply for city investment opportunities, please review the Economic Development Incentive and Investment Policy page where you can download the application for Economic Development Assistance.
Peoria Industrial Development Authority Bonds
Peoria Industrial Development Authority (IDA) Bonds are conduit financing for an eligible project to assist a private developer or business in facility creation or expansion. Liability of the bonds is solely that of the developer or business. The conduit feature is used to obtain access to capital and competitive interest rates. The city charges a one percent fee for services provided to cover its costs. Other fees may apply. Issues for nonprofit entities may be charged a discounted fee and receive a discounted interest rate under the federal tax law, pursuant to IDA policy guidelines.