City of Peoria - File #: 15-193

• File #: 15-193
• Version: 2
• Name: New Junction Venture RDA
• Type: Agreement
• Status: Agenda Ready
• File created: 5/15/2015
• In control: City Council
• On agenda: 6/9/2015
• Final action: 6/9/2015
• Title: Communication from the City Manager with a Request to for the Following: A. To Approve and Authorize the City Manager to Enter Into a REDEVELOPMENT AGREEMENT with JUNCTION VENTURES, LLC; and, B. To ADOPT an ORDINANCE Relating to the Creation of the KNOXVILLE JUNCTION SPECIAL SERVICE AREA and Provide for the Levy of Special Taxes and Performance of Special Services. (3rd District)
• Indexes: Goal 2 - Safe Peoria, Grow employers and jobs., Invest in our infrastructure and transportation

Date	Ver.	Action By	Action	Result
6/9/2015	2	City Council	approved	Pass
6/9/2015	2	City Council	adopted	Pass

CTION REQUESTED:
Title
Communication from the City Manager with a Request to for the Following:

A. To Approve and Authorize the City Manager to Enter Into a REDEVELOPMENT AGREEMENT with JUNCTION VENTURES, LLC; and,

B. To ADOPT an ORDINANCE Relating to the Creation of the KNOXVILLE JUNCTION SPECIAL SERVICE AREA and Provide for the Levy of Special Taxes and Performance of Special Services. (3rd District)

Body
BACKGROUND: On February 24, 2015, the City Council adopted an Ordinance that set a public hearing for the proposed KNOXVILLE JUNCTION SPECIAL SERVICE AREA (SSA) on March 24, 2015. The attached Ordinance creates the SSA since:

1. The Public Hearing was held and adjourned and that all proper noticing requirements were met.

2. The sixty-day objection period was established as allowed by law and there were no objections.

To date, the City Council has passed an ordinance that set the public hearing (approved February 24, 2015), held the public hearing (March 24, 2015) and passed an ordinance adjourning the public hearing and establishing a 60-day objection period (approved March 24, 2015). The next step is the approval of a Redevelopment Agreement (attached) that outlines the responsibilities of both the City and petitioner (New Junction Venture, LLC). If approved the City would be obligated per Article IV to form the SSA, levy the SSA tax and disburse the SSA proceeds if Redeveloper complies with all terms of the Agreement.

FINANCIAL IMPACT: When the SSA is formed, the revenue generated in the SSA will be sufficient to cover the annual costs of the developer's private debt repayment. The City is merely serving as a conduit and bears no risk.

NEIGHBORHOOD CONCERNS: A public hearing was held on March 24, 2015 with no opposition voiced. There has also been a 60 day objection period starting on that date with no opposition received.

IMPACT IF APPROVED: The Developer will comply with the items outlined in the Agreement and...