ACTION REQUESTED:
Title
Communication from the City Manager and Interim Corporation Counsel with a Request to ADOPT an ORDINANCE to APPROVE and Authorize the Execution of a PROFESSIONAL SERVICES AGREEMENT for the Establishment and Annual Administration of KELLER STATION BUSINESS DEVELOPMENT DISTRICT.
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BACKGROUND:
In 2019 the Kim Group entered into a long term lease with the Peoria Park District for the property commonly referred to as Keller Station. The 7-acre parcel is partially redeveloped with a mix of office, retail and restaurant spaces. Additional redevelopment is planned on this property.
The Kim Group would like the City to establish a Business Development District (65 ILCS 5/11-74.3-1) which would provide for the collection of an additional one percent (1%) tax upon the retail sales originating from the Development and to be repaid to the Kim Group for applicable redevelopment costs.
It is anticipated that increased traffic at the intersection of Knoxville and Prospect will necessitate an alteration to the intersection. The Business Development District Tax could be used to pay for the traffic upgrade.
Jacob & Klein, Ltd. and the Economic Development Group, Ltd. can provide the legal and administrative services necessary to render technical advice to assist the City in establishing a Keller Station Business Development District.
The attached Ordinance approves the engagement of the two consultants at a rate not to exceed $18,500 plus reimbursable costs. As part of its engagement, the consultants would provide the following services:
1. Provide legal advice regarding the establishment of the business development district on an as needed basis.
2. Provide technical consulting regarding the establishment of the business development district.
3. Create an estimated schedule and timeline for completing the required procedure to establish the business development district.
4. Work with local elected officials, city staff and engineers to def...
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