PEORIA, Ill. (WMBD) -- The Board of Education for Peoria Public Schools voted unanimously to enter into an agreement with the city of Peoria over the Distillery TIF district.

As part of the agreement, the city will pay Peoria Public Schools 20% of all additional TIF funds generated each year over the TIF's 23-year lifespan.

In tax increment financing districts, or TIF's, the property values are frozen. As those values grow, additional funds can be used for investment in that area, leading to a new assessed value of property in the area. TIF's are generally used in areas that governing bodies see as in need of redevelopment.

If effective, TIF districts can lead to heightened redevelopment in areas that most likely would not have seen it otherwise.

In agreeing to this, the district will have a revenue stream while redevelopment is underway, softening the impact of those lost tax dollars.

"If there's no additional taxes coming from there, there is zero additional taxes coming out," said Associate Superintendent of Human Resources Alexander Ikejiaku,"But in this case, the city is guaranteeing the district, knowing how much the district needs that money."

Ikejiaku said that hopefully this will lead to all parties benefitting. Not just the city and PPS, but the general public as well.

"Hopefully the assessed evaluation will grow, and the city will start realizing even more tax dollars from there," he said.

The Board also approved the purchase of 500 iPads for a cost of $159,500. This will be paid by the K8 School Partnership Acceleration grant.

The meeting also featured a showcase of different music groups from each of the districts' three high schools.

image/jpeg Peoria-Public-Schools.jpg?w=630

Obtained by FOX 32 on Monday, copies of both subpoenas provide insights into the focus of the federal inquiry.

Subscribe to FOX 32 Chicago: https://www.youtube.com/fox32chicago?sub_confirmation=1

Watch FOX 32 Chicago Live: https://www.fox32chicago.com/live

FOX 32 Chicago delivers breaking news, live events, investigations, politics, entertainment, business news and local stories from Chicago and across the nation.

Watch more FOX 32 Chicago on YouTube:

FOX 32 Headlines: https://www.youtube.com/playlist?list=PL2-nR6U1joOT92lWD_QLYoNijiDo9uYaP
Good Day Chicago: https://www.youtube.com/playlist?list=PL2-nR6U1joORm02SSjflpEVzL0ydEqeFu
Special reports and stories: https://www.youtube.com/playlist?list=PL2-nR6U1joOTGGgDx9B31HcT9IM60Al0-

Download the FOX 32 Chicago News app: https://fox32chicago.onelink.me/KNQ9?pid=social&c=youtube&af_web_dp=https%3A%2F%2Fwww.fox32chicago.com%2Fapps

Download the FOX 32 Chicago Weather app: https://www.fox32chicago.com/apps

Follow FOX 32 Chicago on Facebook: https://www.facebook.com/Fox32Chicago/
Follow FOX 32 Chicago on Twitter: https://twitter.com/fox32news/
Follow FOX 32 Chicago on Instagram: https://www.instagram.com/fox32chicago/

Subscribe to the FOX 32 Chicago newsletter: https://www.fox32chicago.com/newsletters