ACTION REQUESTED:
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Communication from the City Manager with a Request to ADOPT an ORDINANCE Amending Ordinance No. 17,016, to Add Parcels to the RIVER EDGE REDEVELOPMENT ZONE.
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BACKGROUND:
The City of Peoria established its River Edge Redevelopment Zone (RERZ) in 2013 after a change in state law added Peoria as the fifth eligible city. The key incentive with the RERZ is a State historic tax credit that will provide a 25% tax credit for the renovation of qualified historic structures.
The City is currently working with the Lakota Group to study downtown and the Warehouse District as candidates for inclusion in one or more districts to be nominated to the National Register of Historic Places. In review of properties that may be eligible for historic designation, two blocks within the current Peoria Urban Enterprise Zone contain parcels with "contributing factors." One block is bordered by Pecan St., S.W. Washington St., MacArthur and Adams St. The next block is bordered by Main St., Washington St. Fulton St., and Adams St. Within the two blocks are properties that may be eligible for the National Register of Historic Places. The prominent properties identified as "contributing structures" include 124 S.W. Adams St. (Old Chase Bank) building, 1335 S.W. Washington (Caterpillar) building and 1309 S.W. Washington (International Harvester) building, which is individually listed on the National Register of Historic Places. The parcels considered for deletion from the Peoria Urban Enterprise Zone will be added to the Rivers Edge Redevelopment Zone (RERZ) to be eligible for River Edge Redevelopment Zone (RERZ) State historic tax rehabilitation credit.
FINANCIAL IMPACT: The RERZ has benefited from over a $100 million in mixed use and commercial development.
NEIGHBORHOOD CONCERNS: A public hearing, as required by law, was held on Thursday January 10, 2018. There was no opposition.
IMPACT IF APPROVED: City staff will send the amended ordinance to the State ...
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