File #: 17-309    Version: 1 Name: Historic District Consultant
Type: Ordinance Status: Adopted
File created: 10/13/2017 In control: City Council
On agenda: 10/24/2017 Final action: 10/24/2017
Title: Communication from the City Manager with a Request for the Following: A. APPROVE a CONTRACT with THE LAKOTA GROUP to Conduct a Survey and Prepare One or More NATIONAL REGISTER OF HISTORIC PLACES NOMINATIONS for Downtown and the Warehouse District. B. ADOPT an ORDINANCE Amending the City of Peoria 2017 AMENDED ANNUAL BUDGET Relating to the Use of the Warehouse District ($7,500.00), Central Business District ($7,500.00) and Downtown Conservation TIF ($10,000.00) Fund Balances for the NATIONAL REGISTER NOMINATION PROJECT.
Indexes: Goal 2 - Safe Peoria, Goal 3 - Beautiful Peoria, Goal 4 - Grow Peoria, Grow employers and jobs., Reinvest in neighborhoods
Attachments: 1. ORD NO 17,511, 2. Budget Amendment Ordinance - National Historic District Nomination
ACTION REQUESTED:
Title
Communication from the City Manager with a Request for the Following:

A. APPROVE a CONTRACT with THE LAKOTA GROUP to Conduct a Survey and Prepare One or More NATIONAL REGISTER OF HISTORIC PLACES NOMINATIONS for Downtown and the Warehouse District.

B. ADOPT an ORDINANCE Amending the City of Peoria 2017 AMENDED ANNUAL BUDGET Relating to the Use of the Warehouse District ($7,500.00), Central Business District ($7,500.00) and Downtown Conservation TIF ($10,000.00) Fund Balances for the NATIONAL REGISTER NOMINATION PROJECT.

Body
BACKGROUND: Over the past few years, the City has seen considerable success in renovation of historic property in downtown and the Warehouse District. In addition to other tools and efforts, a prime factor driving this investment has been the availability of state and federal historic tax credits. These tax credits create equity that has been a critical part of a project's financing. To date, seven major projects have taken advantage of these tax credits:

Project
Total Investment
# Residential Units
Commercial Square Footage
Murray Place
$15,000,000
30
35,000
Obed & Issac
$3,843,678 |1010|15,000
Kickapoo Apartments
$1,380,614 |101010|Persimmon Lofts
$4,800,000
43
1,900
Cooperage 214
$6,391,844
18
6220
Marquette Apartments
$3,641,000
28
12,000
Winkler Lofts
$3,300,000
26|1010|Total
$38,357,136
151
70,120

In August 2017, Governor Rauner signed SB 1783, a bill championed by Peoria's legislative delegation that extends the Illinois Historic Tax Credit through 2021. While a number of projects are currently in the works to utilize these credits, City staff believe a number of other key properties could benefit from the incentive. In order to qualify for the program, a property must either be individually listed on the National Register of Historic Places or be a "contributing building" within a nationally registered historic district. Of the projects listed above, the Kickapoo and Marquette Apartments ...

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