Developing TIF in Peru Aids in Generation of Over 80 New Employment Opportunities
Eakas Corporation to Expand Manufacturing Plant in Peru, Illinois
In a significant move for the automobile industry, Eakas Corporation has announced plans to expand its manufacturing plant in Peru, Illinois. The expansion, referred to as Plant 3, will be located on Eakas' north Peru property along Route 251.
The expansion will encompass approximately 540,000 square feet, adding to the existing plant. Plant 3 will employ new, advanced plant application technology, including large tonnage injection molding machines, for the final assembly of parts for the next generation of automobiles.
This expansion is expected to create around 80 new jobs, contributing to the local economy. Eakas Corporation is estimated to invest around $50 million in the project.
The expansion was made possible by the creation of a new Tax Increment Financing (TIF) District, which was finalized by the Peru City Council on July 28, 2025. The TIF district, known as the Midwest Industrial Nexus TIF District, encompasses a redevelopment area north of May Road with multiple parcels, many of which qualify as blighted under the TIF Act.
Eakas Corporation, a Tier 1 automotive supplier, supports the creation of this industrial TIF district, indicating its involvement in the economic development plans related to this district. While specific tax incentives or benefits for Eakas Corp. within the TIF are not detailed, companies within a TIF district may typically benefit from property tax increment financing. This can lead to reduced or phased property tax obligations, improved infrastructure, or direct financial incentives tied to job creation or investment.
On Monday night, the Peru City Council approved a development agreement for the expansion. For exact details about the tax benefits for Eakas Corporation under Peru’s new TIF district, reviewing the official TIF redevelopment plan or contacting the Peru city economic development office would be necessary.
This expansion aligns with the city’s industrial redevelopment goals facilitated by the TIF, aiming to foster economic growth and create new opportunities for the community. The project is expected to be completed by early 2025.
The expansion of Eakas Corporation's manufacturing plant in Peru, Illinois, will not only foster economic growth within the city but also contribute significantly to the local finance sector as the corporation is estimated to invest around $50 million in the project. Moreover, the creation of new jobs, around 80, is expected from the advancement of Plant 3, demonstrating a crucial development in the business sphere of the region.
