ACTION REQUESTED:
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Communication from the City Manager and Community Development Director with a Request to APPROVE the PURCHASE CONTRACT between ACCESS PEORIA, LLC, an Illinois Limited Liability Company and the CITY OF PEORIA for Property Located at 1831 N. PEORIA AND 1634 N. MISSOURI for the Sale Price of $2,250.00. (District 3).
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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.
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 City currently owns the property located at 1831 N. Peoria and 1634 N. Missouri. These sites have been identified by Access Peoria as possible locations for development.
Access Peoria, LLC was formed by Illinois Facilities Funds (IFF). IFF is team member of the Partners for a Better East Bluff and their role is for development of affordable, rental housing for low income households with disabilities. LISC will award Access Peoria $1 million of the AG funds for the development of eight (8) new construction duplexes that will provide a total of sixteen (16) rental units. Illinois Housing Development Authority (IHDA) will also provide $2,577,638 of funding for the project. The final funding source for the project, pending City Council approval, is the allocation of $408,827 in Federal grant funds (the City's HUD HOME grant funds). The total project funding is $3,986,465.
Currently, Access Peoria has acquired six (6) vacant lots from the County Trustee. If the purchase contract is approved, Access Peoria will have site control for all eight (8) lots needed for the development.
The City has owned the prope...
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