East Peoria is moving forward with the process at least several months in the making to create a new tax-increment financing (TIF) district along its riverfront surrounding the Par-A-Dice Hotel and Casino.
The move comes as the city of Peoria is openly wooing Boyd Gaming on building a new land-based casino across the river after the company announced plans to expand to the Illinois Gaming Board.
The Illinois Gaming Act and a 1991 intergovernmental agreement between the two cities both require the casino to be located in Peoria if the gaming operator decides to abandon its riverboat for land. Currently, the local share of gaming revenues are split 50/50 between Peoria and East Peoria.
City planning and development director Ty Livingston noted that Par-A-Dice wouldn’t be the only entity standing to benefit, however.
