ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Commence the Process to Expand the Boundaries of the PEORIA URBAN ENTERPRISE ZONE to Include Additional Vacant Land at JUNCTION CITY SHOPPING CENTER and the GATEWAY AT RIVER CITY DEVELOPMENT on ROMEO B. GARRETT AVENUE.
Body
BACKGROUND: The City of Peoria's Enterprise Zone will expire on June 30, 2016. In December 2014, the City of Peoria, Peoria County, Village of Peoria Heights and the City of West Peoria submitted a joint application to the State of Illinois for a new multi-jurisdictional Enterprise Zone. The new Enterprise Zone, named the Peoria Urban Enterprise Zone, was approved in the summer of 2015 and certified by the State of Illinois in December 2015. The Peoria Urban Enterprise Zone became active on January 1, 2016. The two zones will run concurrently through June 30, 2016. On July 1, 2016, the Peoria Urban Enterprise Zone will be the only active Enterprise Zone in the City of Peoria.
When submitting the application for the Peoria Urban Enterprise Zone in December 2014, Council approved a map nearly identical to the map of the previous Enterprise Zone. However, two parcels were not included when drawing the new map. These two parcels are the location of the Gateway at River City development on RB Garrett Avenue in Southtown. 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.
In addition to the Gateway at River City project, Criterion Development has requested the former American Pi Restaurant property be included in the Enterprise Zone. Criterion Development will build a four-story upscale senior living housing facility on the property. The former restaurant building has been demolished for the project. The new senior housing facility is expected to be a $10 million proje...
Click here for full text