ACTION REQUESTED:
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Communication from the City Manager with a Request to
A. ALLOCATE $150,000.00 for FULTON STREET PLAZA from the Downtown Conservation TIF and $500,000.00 for NEW STREET from the Warehouse District TIF.
B. APPROVE a RESOLUTION of Proposed Matching Funding for the REBUILD ILLINOIS GRANT for the FULTON STREET PLAZA, (Council District 1)
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BACKGROUND: The City of Peoria is submitting two projects to the Rebuild Illinois grant program offered by the State of Illinois, Department of Commerce and Economic Opportunity. These projects include the plaza-to-streetway conversion of Fulton Street, as well as the extension of New Street/Commercial Street in the Warehouse District. Providing matching dollars can increase the City’s chances of receiving funding through the State.
The Fulton Street project will convert Fulton Plaza to a two-way street, incorporating green infrastructure elements that will improve sustainability and livability for downtown residents, workers, and visitors. The project aligns with the City’s adopted Complete Streets Plan, Downtown Streetscape Plan, and Thoroughfare Plan and will help to realize the vision of each. By enabling two-way traffic to flow down Fulton, the project will create a safer downtown for cyclist, pedestrians, and drivers alike, as individuals diffuse their routes.
The extension of New Street in the Warehouse District also pays a pivotal role in realizing the vision of the neighborhood. The project vision includes parking facilities, a common cause of concern in the District. Extending New Street also plays an important role in working to connect, in real, built environment terms, the Warehouse District with the Southside.
The State grant requires a public hearing before a funding resolution can be approved. A public hearing has been held for the Fulton Street project but not for the New Street project. As such, only a resolution for Fulton Street is requested at this time. A resolution for New Street will be brought to Council at a future meeting.
FINANCIAL IMPACT: $500,000 in Warehouse District TIF will be pledged as match for the New Street project. $150,000 in Downtown Conservation TIF will be pledged as match for the Fulton Street project.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: $650,000 in total funds will be pledged as match in the City’s application for the Rebuild Illinois grant to the Illinois Department of Commerce & Economic Opportunity.
IMPACT IF DENIED: Said funds will not be pledged as match for the City’s application for the Rebuild Illinois grant to the Illinois Department of Commerce & Economic Opportunity.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
2. Grow Peoria: Businesses, Jobs, and Population
3. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Invest in our infrastructure and transportation.
2. Support sustainability.
DEPARTMENT: City Manager's Office