ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE the Following:
A. An Amendment 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. GARRET AVENUE; and
B. An Amendment to the PEORIA URBAN ENTERPRISE ZONE INTERGOVERNMENTAL AGREEMENT to Include Additional Vacant Land at JUNCTION CITY SHOPPING CENTER and the GATEWAY AT RIVER CITY Development on ROMEO B. GARRET AVENUE.
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BACKGROUND: In December 2014, the City of Peoria, Peoria County, Village of Peoria Heights and the City of West Peoria submitted an application for a multi-jurisdictional Enterprise Zone. The new Enterprise Zone, named the Peoria Urban Enterprise Zone, was approved and certified by the State of Illinois. The Peoria Urban Enterprise Zone became active on January 1, 2016.
When submitting the application for the Peoria Urban Enterprise Zone in December 2014, Council approved a map nearly identical to the current map. However, two parcels will missed when drawing the new map. These two parcels are the location of the Gateway at River City Development. The Gateway at River City is a $21 million supportive living facility. The development is under construction but will continue construction through the end of the year and will utilize the sales tax exemption on building materials.
Criterion Development has plans to build a four-story upscale senior living housing facility at the former site of American Pi Restaurant. The former restaurant has been demolished for the future project. City Council passed an amendment to the existing Junction City Shopping Center Special Use to permit the construction of the facility. The new housing facility is expected to be a $10 million project creating 75 jobs. Due to the development challenges, the project would greatly benefit from the benefits of the Enterprise Zone.
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