ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2016/2017 BIENNIAL BUDGET Relating to the Use of WAREHOUSE DISTRICT TIF FUND Balance.
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BACKGROUND: As interest in development continues to occur in the Warehouse District, staff is seeking to create a small pool of funds to address critical needs that will facilitate investment. TIF funds can be used for to pay for a variety of services, including architectural and engineering studies, marketing activities, and legal services. Having a small pool of funds allows staff to be flexible in meeting emerging development needs.
One immediate opportunity is to help fund a two-day seminar (March 7-8) on the reuse/renovation of existing buildings. This was a key work item assigned to the Construction Commission and is coordinated with the pending adoption of the 2012 codes and the increased activity in the Warehouse District. Community Development has assembled an excellent panel of speakers, including an expert on the Existing Building Code from Colorado Code Consultants; an architect from Rockford (Gary Anderson) who has a track record of successful reuse projects; a representative from the IL Attorney General's Office (to discuss accessibility and ADA); and a representative from IHPA (to discuss Historic Tax Credits and requirements). The seminar will be part lecture and part practical example and will include tours of buildings in the Warehouse District. The cost of hosting the seminar is approximately $5,000.
FINANCIAL IMPACT: $25,000 in Warehouse District TIF fund balance will be allocated to project account. Up to $5,000 of that project will be dedicated to the seminar on reuse/renovation of existing buildings.
NEIGHBORHOOD CONCERNS: Development of the Warehouse District and the reuse of older buildings is a widely held community goal.
IMPACT IF APPROVED: The 2016/2017 budget will be amended and the funds wi...
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