ACTION REQUESTED:
Title
Communication from the City Manager with a Request to:
A. ADOPT an ORDINANCE Amending the City of Peoria BUDGET for Fiscal Year 2015 Relating to the Acquisition of Land Within the Warehouse District and the Use of the Warehouse District TIF Fund Balance, in the Amount of $39,500.00.
B. AUTHORIZE an AGREEMENT to Purchase Real Property located at 701 SW WASHINGTON STREET (1st District).
Body
BACKGROUND: 701 SW Washington Street is a vacant parcel, approximately 0.15 acres in size that sits at the corner of Washington Street and State Street. The property is held in a trust managed by PNC Bank. The trust has offered to sell the property to the City for a total of $39,500. The purchase includes a quit claim deed for a vacant parcel adjacent directly to the southwest of the subject property.
The acquisition is strategic in nature. Developers have expressed interest in the corner of Washington and State as well as nearby properties, including a City owned parcel at the corner of State and SW Adams (700 SW Adams). Acquiring this property ensures that the City has some control over development on a key corner in the Warehouse District.
FINANCIAL IMPACT: The purchase price of $39,500 will be drawn from the Warehouse District TIF.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: The property will be acquired.
IMPACT IF DENIED: The property will not be acquired.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: Not applicable.
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
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
DEPARTMENT: City Manager's Office