City of Peoria - File #: 18-278

• File #: 18-278
• Version: 3
• Type: Ordinance
• Status: Adopted
• File created: 8/31/2018
• In control: City Council
• On agenda: 10/9/2018
• Final action: 10/9/2018
• Title: Request by Council Member Akeson for the Following: A. REQUEST TO RECONSIDER Item No. 18-278. Communication from the City Manager with a Request for the following: A. APPROVE a REDEVELOPMENT AGREEMENT with PEORIA OPPORTUNITIES FOUNDATION for an Infill Housing Development Project, in the Amount of $300,000.00, to be Funded from the EAST VILLAGE GROWTH CELL TIF Fund Balance. B. ADOPT an ORDINANCE Amending the CITY OF PEORIA 2018 - 2019 BIENNIAL BUDGET Relating to the Use of the East Village Growth Cell TIF Fund Balance Relating to the Redevelopment Agreement With Peoria Opportunities Foundation for an Infill Housing Development Project, in the Amount of $300,000.00. (NOTE: This requires a 2/3 vote of those voting.)

Date	Ver.	Action By	Action	Result
10/23/2018	3	City Council	reconsidered	Fail
10/9/2018	2	City Council	approved	Pass
10/9/2018	2	City Council	adopted	Pass
9/25/2018	1	City Council	deferred	Pass
9/11/2018	1	City Council	deferred	Pass

ACTION REQUESTED:
Title
Request by Council Member Akeson for the Following:

A. REQUEST TO RECONSIDER Item No. 18-278.

Communication from the City Manager with a Request for the following:

A. APPROVE a REDEVELOPMENT AGREEMENT with PEORIA OPPORTUNITIES FOUNDATION for an Infill Housing Development Project, in the Amount of $300,000.00, to be Funded from the EAST VILLAGE GROWTH CELL TIF Fund Balance.

B. ADOPT an ORDINANCE Amending the CITY OF PEORIA 2018 - 2019 BIENNIAL BUDGET Relating to the Use of the East Village Growth Cell TIF Fund Balance Relating to the Redevelopment Agreement With Peoria Opportunities Foundation for an Infill Housing Development Project, in the Amount of $300,000.00. (NOTE: This requires a 2/3 vote of those voting.)

Body
BACKGROUND: Peoria Opportunities Foundation has requested $300,000 from the East Village Growth Cell TIF Fund balance for the construction of scattered site, affordable rental housing units located in the boundaries of the East Village Growth Cell TIF. The infill housing development project will provide 30 affordable, rental units for families. There will be 15 two-bedroom units and 15 three-bedroom units. Twenty (20) homes will be single family properties and five (5) properties will be designed as duplexes. Six (6) units will be targeted to families at or below 30% AMI, fifteen (15) units will be targeted to families at or below 50% AMI, and the remaining nine (9) units targeted to 60% AMI families. Peoria Opportunities Foundation will be the developer of the proposed project and will own and operate the properties as affordable, rental units for 30 years. All properties are located within the boundaries of the East Village Growth Cell TIF District.

The total project costs for the development is $9.2M. The project will be financed with a mix of private and public sources, including an allocation of low income housing tax credits (LIHTC) from the Illinois Housing Development Authority (IHDA). The EV Growth Cell...