Pekin Daily Times
The Peoria-based commercial real estate agency Cullinan Properties Ltd. announced Tuesday that Slumberland Furniture Inc. will open its first area location in the former Gordman’s space in the East Peoria Levee District this spring.
The regional furniture retailer will occupy a 50,221 square-foot space between Lane Bryant and Carpet Weaver’s Flooring & Furniture Gallery. Slumberland Furniture’s product line includes a large selection of mattresses and bedding, living room furniture, recliners, tables and dining sets, bedroom furniture, home entertainment, desks, décor and more. The company gives back to communities through its 40 Winks Foundation, which provides new beds to children who would otherwise be sleeping on the floor.
QUINCY â Preliminary talks are underway to create a new tax increment financing district in the Quincy Mall area, which recently was announced as the site of a new 25-bed hospital for Quincy Medical Group.
Tax increment financing works by capping the value of a designated area determined to be âblightedâ by a third party under criteria written into state law. Any property taxes collected on the land up to the capped value go into the cityâs general fund. Property taxes collected above the base value get diverted into a special account reserved for economic development purposes.
Local governing bodies such as school and park districts would continue to receive tax revenue up to the base value of properties within the TIF district but would derive no additional revenue if the value of any parcel improves.