Peoria approves financing deal for Main Street bar's move to new downtown location
Neon Bison will receive TIF reimbursement money from the city of Peoria for its move and renovation of a new location on Main Street.
The Nashville-themed bar will be moving to a new spot at 617 Main Street and plans to spend $992,219 on renovating the space of 4,050 square feet.
On Tuesday night, the City Council approved a TIF reimbursement plan for the development which will see Neon Bison request a reimbursement of $138,248 on TIF eligible expenses.
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Neon Bison's will also be reimbursed 100% of the tax increment it generates, which is estimated to be $209,195.
The bar's new location will include a full kitchen, bar, stage for live music and have space for 54 patrons.
Neon Bison will receive 100% reimbursement in years one through five, 50% in years six through eight, 25% reimbursement in years nine through 17, and 50% reimbursement for the remaining years.
City councilman Chuck Grayeb said the project brings "a lot of energy" to downtown and said he "enthusiastically" approves the ordinance.
More: Main Street in Downtown Peoria is promising and problematic
This article originally appeared on Journal Star: Peoria bar gets deal from city for new location
