On “Outside the Horseshoe” this week, WCBU News director Tanya Koonce interviewed Ron Jost, Vice President of Strategic and Facility Planning for OSF St. Francis Medical Center. You can hear a podcast of the show here.
The broadcast focused on the proposed East Village Growth Cell and Tax Increment Financing (TIF) District. OSF has offered to front the money for the required studies to establish a TIF. Koonce asked Jost why OSF would want to do that — what’s in it for them? Jost gave several reasons.
First, he emphasized that OSF itself is a “neighbor” in the East Bluff and Near North Side and, like any neighbor, they would like to see their property value increase and live in a safe, stable, viable neighborhood. He also said that, while the hospital is not-for-profit, there are “certain aspects” of their business that do not qualify for tax exemption, and they do pay about $1.1 million per year in property taxes.
Finally, he explained that OSF is looking at further expansion. Specifically, they’ve acquired the White School and Irving School buildings from District 150, and they’re planning to build a 100,000-200,000 square foot building to house a simulation/conference center for training purposes. They’d like to expand south of Greenleaf Street. Jost also said they would be interested in seeing if there are “other parties” who would be willing to develop and provide housing that could replace OSF’s current dormitory.
That last statement explains why OSF would be especially interested in establishing a TIF. Developers would be unlikely to redevelop this area without tax incentives.
Also on the program was Bobby Gray from the City’s Economic Development Department. He emphasized that the boundaries of the “East Village Growth Cell” represent the study area, and may not be the final boundaries of the TIF.
This explains so much. Now I see why they are so eager to give th elittle bit of cash to get this started it means MILLIONS in savings for them plus they get the investment money back. This means they lose nothing and gain the pot of gold. Guess they really don’t give a rats about us after all.
you know, there is a limit to how much money you can make off of sick people.
Eye in the sky, I agree. The ONLY time OSF says there are a “neighbor” to us in the East Bluff is when the want somthing, Funny when they therw there weight around with the powerhouse at White, As a large neighbor when have they helped out with crime issues, clean ups,traffic ?
What would the residents gain from this TIF? a big fat 0. How has our most recent TIF in the bluff helped? Show me what has spun off for neighborhood inprovement. Popeyes? OSF is out for OSF and this East Village study is smoke and mirrors, heck fire most of the OSF zone is in Ren park and the COP paid for a study there the dust is so thick on that report it is sprouting weeds.
The bad news is this TIF OSF wants will be rubber stamped soon by some at the COP. The study is just a feel good nessary part and we will be forgotten once the get there big $$$ TIF.
The only reason it’s called East Village is to get White School in the TIF. This will specifically benefit the historic neighborhoods around Glen Oak Park, notice you don’t hear them complaining, they must feel comfortable with the notice they received. Hmmmm.
This will also be a huge positive for Peoria’s growing Hispanic community who is employed and has the money to spend buying properties. The Hispanic community will do very well because the Catholic Diocese is involved and will make sure they are taken care of.