ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a PURCHASE AGREEMENT for Parking Space at ONE TECHNOLOGY PLAZA Located at 222 SW ADAMS STREET, Peoria, Illinois.
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BACKGROUND: In conjunction with the approval of the revised Redevelopment Agreement with OSF Healthcare Systems (OSF), the City is seeking to purchase 450 parking spaces in the One Technology parking deck from Caterpillar. Caterpillar has agreed, pursuant to the attached Agreement, to sell these parking spaces to the City for two million dollars ($2,000,000) payable in five installments of four hundred thousand dollars each beginning in 2020. This will result in the City owning the entire One Technology Deck and put the City in the position to address OSF Healthcare’s parking needs. This acquisition is an essential precondition to the City’s ability to address OSF Healthcare’s parking terms.
FINANCIAL IMPACT: The purchase price for the parking space is Two Million Dollars ($2,000,000).
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: There will be sufficient parking for OSF Headquarters and other downtown parking.
IMPACT IF DENIED: There will be insufficient parking for OSF Headquarters and other downtown parking.
ALTERNATIVES: As Council directs.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office