ACTION REQUESTED:
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Communication from the City Manager, the Community Development Director and Finance Director with the request for the following:
A. ADOPT an ORDINANCE Amending the City of Peoria BUDGET for Fiscal Year 2014 Relating to the Funds Awarded by LOCAL INITIATIVES SUPPORT CORPORATION (LISC), in the Amount of $170,000.00;
B. AUTHORIZE the City Manager to Execute a SUBGRANTEE AGREEMENT with LISC, in the Amount of $170,000.00, for Property Demolitions.
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BACKGROUND:
The City is a team member of the Partners for a Better East Bluff. This partnership was created as a result of the $3 million dollar grant award from the Illinois Attorney General Office (AG) to Local Initiatives Support Corporation (LISC) from the National Foreclosure Settlement funds.
The Partnerships team members are listed below:
-LISC
-City of Peoria
-METEC
-NovaDebt
-East Bluff Neighborhood Housing Services (EBNHS)
-Illinois Facilities Fund (IFF)
-Peoria Opportunities Foundation (POF)
-Busey Bank
-Jim Maloof Realtor
Through the partnership, the City is able to provide various resources and assistance to accomplish neighborhood revitalization in the East Bluff, specifically in the East Village Growth Cell TIF. The EVGC TIF is the project area for the Partnership. Through a Memorandum of Understanding executed by members of the Partnership, the City was identified as a partner who could provide the much needed service of property demolition in the project area. As such, LISC set aside $170,000 of the awarded $3 million for property demolition to be subgranted to the City.
The subgrantee agreement between LISC and the City will state that the City will demolish no less than twenty (20) properties that the City either has received a Court Order for demolition or an owner agreement for demolition. The 20 properties will be demolished utilizing $170,000 in AG grant proceeds. The property demolitions will be completed in the project area (EV...
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