ACTION REQUESTED:
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Communication from the City Manager and Corporation Counsel with a Request to ADOPT an ORDINANCE Amending the SPECIAL SERVICE AREA AGREEMENT between the City of Peoria and WESTLAKE SHOPPING CENTER, LLC.
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BACKGROUND:
On July 13, 2010, the City Council created the Westlake Special Service Area for the purpose of renovating parking areas and making improvements to Rockwood Road and West Lake Avenue, as well as other reasonably contemplated improvements.
On June 24, 2014, the City Council established a Special Service Area Sales Tax pursuant to Ordinance No. 17,111, within the Westlake Special Service Area to generate sufficient funds to allow for additional improvements and a potential reduction of the real estate tax levy. Subsequently, on July 31, 2014, the Agreement between Westlake Limited Partnership and the City was amended to reflect the application of the Special Service Area Sales Tax pursuant to Ordinance No.17,111, to the SSA financing for the Westlake Special Service Area.
On November 14, 2017, the Agreement between Westlake Limited Partnership and the City was amended to reflect the application of the Special Service Area Sales Tax pursuant to Ordinance No. 17,111 to the SSA financing for the Westlake Special Service Area.
On November 2, 2021, the Agreement between Westlake Limited Partnership and the City was again amended to reflect the application of the Special Service Area Sales Tax pursuant to Ordinance No. 17,901 to the SSA financing for the Westlake Special Service Area.
The owner of the Westlake Shopping Center has requested a third amendment to the agreement that established a Special Service Area. The proposed agreement increases the Developer's indebtedness to Morton Community Bank in the amount of $500,000.
Passage of the Third Amendment does not increase the current SSA sales tax levy of .75%. The City does not have any liability upon this added debt or any other indebtedness of the SSA. Nothin...
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