SSA for Twin Towers Place Condominiums

BizPAC supports the establishment of a Special Service Area (SSA) for the Twin Towers Place Condominiums. Implementing an SSA for this property will help ensure that this important downtown Peoria asset is properly maintained and remains a viable, long-term contributor to the community. Given the unique ownership structure of the property, an SSA is an appropriate and practical mechanism. It allows condominium owners to directly participate in and approve the proposed tax, aligning with the principle of local consent in taxation. 

We commend the City for advancing this solution and support the passage of the ordinance, subject to approval by the Condominium Association. At the same time, BizPAC continues to request that the City convene a policy session to establish clear guidelines regarding the use of SSAs, TIF districts, Business Development Districts (BDDs), and property acquisitions. It is important that these economic development tools are applied through a consistent and transparent framework. Our support for this specific SSA should not be interpreted as blanket support for all such measures. These tools should be used selectively and strategically. 

Recognizing the complexity of these decisions, BizPAC also recommends the formation of an independent advisory panel to evaluate proposed financial incentives, property acquisitions, and similar initiatives. This panel could include professionals from banking, real estate development, and private industry who can provide objective, experienced perspectives. Their input would help ensure that public resources are allocated responsibly and that incentives are not used in ways that unnecessarily subsidize private interests or shift undue burden onto taxpayers. 

Until such policies are established, BizPAC will continue to evaluate each proposal on a case-by-case basis. In this instance, BizPAC supports the proposed SSA for Twin Towers Place Condominiums.