ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel with a Request for the Following:
A. APPROVE a REAL ESTATE PURCHASE AGREEMENT with J.P. RIVERFRONT, LLC, and the City of Peoria; and
B. APPROVE a REDEVELOPMENT AGREEMENT with J.P. RIVERFRONT, LLC, ROSZELL-SEALTEST BUILDING CONDOMINIUM ASSOCIATION and the City of Peoria.
Body
BACKGROUND: The City and J.P. Riverfront LLC have been in negotiations for the purchase of certain property, commonly known as the “Sullivan Parking Lot.” The property would be developed by the City and further used for parking to support the Warehouse District. The relevant parties would also enter into a Redevelopment Agreement outlining the City and Developer’s rights as to parking before, during and after the construction of a public parking lot as well as the construction of Depot Street.
FINANCIAL IMPACT: Purchase price of the property is approximately $1,690,999.20
NEIGHBORHOOD CONCERNS: Public parking is a consistent issued raised by residents and businesses of the Warehouse District
IMPACT IF APPROVED: The City will purchase the parking lot and move forward with the construction of a public parking lot.
IMPACT IF DENIED: The parking lot will be retained by private owners.
ALTERNATIVES: The city could attempt to acquire smaller parcels throughout the Warehouse District.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
2. Choose an item.
3. Choose an item.
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Invest in our infrastructure and transportation.
2. Choose an item.
3. Choose an item.
DEPARTMENT: City Manager's Office