ACTION REQUESTED:
Title
Communication from the City Manager and Director of Community Development with a Request for the Following:
A. APPROVE and Accept a GRANT of $7,000,000.00 from the ILLINOIS DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY (DCEO) for Construction and Pre-Development Work on MACARTHUR HIGHWAY; and,
B. ADOPT an ORDINANCE Amending the City of Peoria 2023 REVISED ANNUAL BUDGET Relating to the Capital Fund, to Recognize the Receipt of Grant Funding from the Illinois Department of Commerce and Economic Opportunity (DCEO) for Construction and Pre-Development Work on MACARTHUR HIGHWAY, in the Amount of $7,000,000.00. (Requires 2/3 Vote of Council Members Voting - No Less than 6 Votes)
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BACKGROUND: The State of Illinois appropriated $10,000,000 to the City of Peoria for work on revitalization efforts specifically focusing on the MacArthur Corridor. (Adopted MacArthur Corridor plan attached.) The Illinois Department of Commerce and Economic Opportunity has released $7,000,000 of the grant for the City to proceed with construction work on the MacArthur Corridor.
$5,000,000 of the grant funds will go towards infrastructure work on MacArthur Highway. $2,000,000 of the grant funds will go towards land acquisition and other development work on the corridor. When the City receives the additional $3,000,000 from the State of Illinois, a majority of funds will go towards the infrastructure project.
Engineering work on the infrastructure improvements will begin this year with construction work beginning next year.
FINANCIAL IMPACT: The City will receive $7,000,000 from DCEO for work on the MacArthur Corridor.
NEIGHBORHOOD CONCERNS: Improving this Corridor in 61605 will attract more development in the future and improve the quality of life for residents in the City of Peoria.
IMPACT IF APPROVED: The City will accept the funds and begin to do the work.
IMPACT IF DENIED: The City will return the funds to DCEO.
ALTERNATIVES: NA
EEO CERTIFICATION NUMBER: NA
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
2. Beautiful Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
2. Invest in our infrastructure and transportation.
3. Grow employers and jobs.
DEPARTMENT: Community Development