ACTION REQUESTED:
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Communication from the City Manager with a Request for the following:
A. ADOPT an ORDINANCE Approving the SOUTH SIDE TRUST & SAVINGS BANK, INC. REDEVELOPMENT AGREEMENT. (1st District)
B. ADOPT an ORDINANCE Amending the City of Peoria 2016/2017 Biennial Budget Relating to the Use of the SOUTH VILLAGE TIF Fund Balance.
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BACKGROUND: The City of Peoria has received a request from South Side Trust & Savings Bank, Inc. for a $150,000 grant from the South Village TIF District fund to help with the renovation of commercial office space at 2139 SW Adams. The City grant will match $450,000 in private corporate funds and allow the project to be completed. The approximately 10,000 square foot office space will be leased to local nonprofit organization(s) working to improve the community. The attached Redevelopment Agreement outlines how the City’s grant is to be dispersed and is based on the approach the City took in 2011-12 to provide renovation grants from the Southtown TIF. The funds will only be disbursed to pay contractors directly or to reimburse South Side Bank for paid invoices.
FINANCIAL IMPACT: $150,000 will be granted from the South Village TIF Fund unallocated balance. As South Side Bank will be the property owner and pay taxes, increment generated by the project will repay the TIF fund. The property has been declining in value in the past few years. Its most recent Equalized Assessed Value (in 2014) was $40,410, lower than its base value of $41,020 when the South Village TIF was established (2012 EAV).
NEIGHBORHOOD CONCERNS: Revitalization of the Southside is a widely held community goal.
IMPACT IF APPROVED: The Redevelopment Agreement will be signed and the grant funds will be made available.
IMPACT IF DENIED: The grant funds will not be made available and the project may not move forward.
ALTERNATIVES: None recommended.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
DEPARTMENT: City Manager's Office