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North Commercial TIF approved in Peru

Posted by wlpo on March 24, 2010

Run-down motels, old truck stops and a few other properties north of Interstate 80 in Peru should be more attractive to developers.  The area is included in a commercial TIF district that was approved by the Peru City Council Wednesday night.

It’s to be known as the North Commercial TIF and it’s the city’s third.  It includes an old Howard Johnson, Crazy D’s, and several other closed businesses.  The only new development to be included is a Holiday Inn that recently opened.  City officials say they included it because the land the hotel is on had drainage issues that made the project much more expensive.
A joint review board had originally voted to not recommend the TIF be approved but after six meetings including the city’s TIF attorney Herb Kline, the review board made a favorable recommendation.

Kline says Peru will continue discussions with the tax bodies.

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