ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Amending the PEORIA URBAN ENTERPRISE ZONE to Include the Boundaries of PEORIA STADIUM and Parcels in MACARTHUR CORRIDOR, KNOXVILLE CORRIDOR, WISCONSIN BUSINESS CORRIDOR, and MEDINA PLAINS-ALLEN ROAD BUSINESS PARK.
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BACKGROUND: In December 2014, the City of Peoria, Peoria County, Village of Peoria Heights, and the City of West Peoria submitted a joint application to the State of Illinois for a new multi-jurisdictional Enterprise Zone. The new Enterprise Zone, named the Peoria Urban Enterprise Zone (PUEZ), was certified by the State of Illinois in December 2015 and includes a total of 15 square miles. The PUEZ became active on January 1, 2016. On June 14, 2016, City Council approved a proposed amendment to the PUEZ requested by Peoria County to include the Village of Bartonville, Village of Bellevue, and the Village of Mapleton. Subsequently, all participating jurisdictions in the PUEZ and the State of Illinois approved the PUEZ amendment. The City of Peoria PUEZ cap on boundary area is 10 square miles of which 6.076 square miles is currently allocated.
City staff receives ongoing requests to expand the City of Peoria's existing PUEZ boundaries to include properties scheduled for development and/or in need of additional incentives to attract development. Benefits available on property improvements within the Enterprise Zone include a) the waiver of sales tax on building materials and b) partial property tax abatement for five years. Following are areas with proposed properties to be added to the PUEZ:
Area
# Parcels
Acres
SQ. Miles
District
MacArthur Corridor
23
5.26
0.00821|1010|Knoxville Corridor
30
8.12
0.01268
2 & 3
Wisconsin Business District
13
1.76
0.00275|1010|Medina Plains
13
338.34
0.52865|1010|SW Jefferson (Stadium)|1010|6.88
0.01075|1010|Total
80
360.36
0.56306
1. MacArthur Corridor-In December of 2019 the South Village Implementation Featurin...
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