ACTION REQUESTED:
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Communication from the City Manager with a Request to ADOPT an ORDINANCE Amending the PEORIA URBAN ENTERPRISE ZONE DESIGNATING ORDINANCE to Include Additional Vacant Land at JUNCTION CITY SHOPPING CENTER and the GATEWAY AT RIVER CITY DEVELOPMENT on ROMEO B. GARRETT AVENUE.
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BACKGROUND: At the February 9, 2016 City Council Meeting, the City Council voted to approve an amendment to the Peoria Urban Enterprise Zone designating ordinance to add territory to the boundaries. To ensure that the application requirements to the Illinois Department of Commerce and Economic Opportunity are met, it has been suggested that the City Council approve an Ordinance amending the designating ordinance.
FINANCIAL IMPACT: The map amendment for the Peoria Urban Enterprise Zone includes over $30 million in developments and over 100 new jobs. By including these developments in the Enterprise Zone, both projects would receive Enterprise Zone benefits, which include sales tax exemption on building materials and property tax abatement.
NEIGHBORHOOD CONCERNS: Both of these projects were approved by the Planning & Zoning Commission and City Council. Additionally, a public hearing specific to the map change was held on January 29, 2016 with no objection being voiced.
IMPACT IF APPROVED: The designating ordinance and intergovernmental agreement would be amended to add four additional parcels. After approval from Peoria County Board, Village of Peoria Heights Board and the City of West Peoria City Council, an application will be sent to the Illinois Department of Commerce and Economic Opportunity for approval.
IMPACT IF DENIED: The designating ordinance and intergovernmental agreement will not be amended and staff will not proceed with the application to amend the Peoria Urban Enterprise Zone boundaries.
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office