Peoria Approves Tax Plan to Repay Twin Towers Loan

The City Council backed a special-service area tax to fund $2.5 million in repairs at the downtown condominium complex.

Updated on Nov. 12, 2026 in City Hall

Photographic view of a mid-rise concrete residential tower with balconies and rooftop mechanical units under overcast daylight, on an ordinary downtown street. — Peoria's City Council approved a special-service area tax on Tuesday to repay a $2.5 million bank loan funding repairs at the Twin Towers Condominiums. AI Illustration. Upload story photo >

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Should local government use higher property taxes to fund private building repairs?

The Peoria City Council approved a plan on Tuesday night to raise property taxes on Twin Towers Condominiums residents to repay a $2.5 million private bank loan. The loan will fund repairs to the building's parking garage, roof, HVAC, electrical and fire suppression systems.

Why it matters

The Twin Towers complex does not have the cash on hand to make the needed repairs itself, and the deferred maintenance that built up over time has made the work urgent. Failing to pass the plan would be a significant setback for the downtown area.

The approved levy cannot exceed $2.75 per $100 of equalized assessed value, and the repayment arrangement runs through 2046. The final terms of the agreement with the private lender have not yet been finalized.

The players

Peoria City Council

The elected governing body of Peoria, Illinois, which holds authority over municipal taxation and special-service area levies.

Twin Towers Condominium Association

The governing association of the Twin Towers Condominiums in downtown Peoria, which is borrowing the $2.5 million to fund building repairs.

The details

The city will collect repayments through increased property taxes on building residents via a special-service area, while a private banking institution provides the loan to the Twin Towers Condominium Association. The Twin Towers opened in 1984, and the funds will cover repairs that have been deferred over the decades.

1984: Twin Towers Condominiums opened.
November 10, 2026: Peoria City Council approved the tax increase plan Tuesday night.
2046: The loan repayment arrangement runs through this year.

City Hall Context

Special-service areas are a tool Illinois cities use to levy targeted property taxes on a defined district to finance improvements, and this approval applies that mechanism to a private residential building's deferred repairs. The arrangement shows how municipalities can step in when aging condominium buildings lack the reserves to fund their own maintenance.

Residents of Twin Towers Condominiums will see higher property taxes to repay the loan through 2046, subject to the $2.75 per $100 cap. Owners in the building should watch for the final lender terms, which are still being negotiated.

The takeaway

Special-service area financing lets cities help aging condominium buildings fund major repairs, but it shifts the repayment burden onto the owners who live there. The final lender agreement will determine how those costs are structured.