ACTION REQUESTED:
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Communication from the City Manager with a Request to ADOPT An ORDINANCE Proposing the Creation of the KNOXVILLE JUNCTION PROPERTY TAX SPECIAL SERVICE AREA in the City of Peoria, Illinois, and Providing for a PUBLIC HEARING and Other Procedures in Connection Therewith.
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BACKGROUND: The City of Peoria is in receipt of a request to create a Special Service Area (SSA) for an area along North Knoxville that includes the Junction City Shopping Center (including the Bushwacker development) and the property currently occupied by the American Pi building. An SSA is an economic development tool established by state law that allows municipalities to create defined geographic areas in which special services, such as public infrastructure improvements, can be provided. These special services are paid for by additional revenues generated exclusively by properties and/or businesses within the SSA.
The petitioner, New Junction Venture LLC, is seeking to create a new intersection along Knoxville Avenue opposite Donovan Park. The intersection includes new traffic signals and a deceleration lane acceleration/deceleration lanes into the Junction City complex. The petitioner will also relocate and bury utility lines and relocate and construct storm water facilities. The estimated cost of the project is $1,850,000. The petitioner will be borrowing this money privately. The SSA will be used to levy an additional property tax against the private property in an amount equal to the annual debt payments. The construct of the SSA is very similar to the original Westlake Shopping Center SSA.
The process to create an SSA starts with a request from a land owner(s) to create one. A copy of the petitioner's request, as well as a map of the proposed SSAs is attached. The next step is for the City Council to approve an ordinance that proposes the SSA and sets a public hearing. By this action, the City Council is proposing the SSA and settin...
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