Streator establishes new TIF district, clearing path for Beck’s development

Streator took major steps to pave the way for a proposed Beck’s gas station near City Park, as the Streator City Council approved six ordinances related to tax increment financing (TIF) districts that will support the project.

Three of the ordinances created the new TIF District 6, which encompasses the former Immaculate Conception Catholic Church property, where Beck’s Oil plans to construct a gas station, car wash and convenience store.

While the district was approved, city staff is currently negotiating a redevelopment agreement with Beck’s.

When a TIF district is formed, a fund is created by the municipality. Tax revenue from land-value increases on properties caused by development within a TIF that otherwise would have gone to school districts, the county government or other local taxing bodies instead goes to the TIF fund. That money is then used to pay for incentives and infrastructure upgrades to attract businesses to a blighted area.

Mayor Tara Bedei said after the meeting that while there is no finalized agreement with Beck’s yet, one could be in place within the next couple of months.

“There’s some language as far as the agreement that we’re going back and forth with,” Bedei said. “But approving this district gives us the ability to move forward when the time comes.”

To make room for the new district, the council also changed the boundaries of the existing TIF District 2.

They removed the potential Beck’s site from District 2, which is set to expire in 2029, and added nearby properties to keep the district connected.

While Beck’s Oil is the primary driver for establishing the new TIF district, the city also included other properties, such as the Owens-Illinois site, to position the city for future development.

“There are homes included, but that’s mainly to keep the properties connected - they have to be contiguous,” Bedei said. “We just want to be ready when the right opportunities come along.”

The council approved all six ordinances unanimously. No one from the public spoke during the comment portion of Tuesday’s meeting.