ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE to Amend the DESIGNATING ORDINANCE and INTERGOVERNMENTAL AGREEMENT for the PEORIA URBAN ENTERPRISE ZONE.
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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 approved in the summer of 2015 and certified by the State of Illinois in December 2015 and includes a total of 15 square miles. The City of Peoria's maximum allowable miles in the PUEZ is 10 square miles. The City has designated 5.61 square miles in the PUEZ and has 4.39 square miles remaining for additional parcels. The Peoria Urban Enterprise Zone became active on January 1, 2016.
On January 29, 2017, PUEZ jurisdictions entered into an intergovernmental agreement to add Pierson Hills, 200-1200 S. Western, and the vacant Butternut Bakery to the PUEZ. The additional parcels total .09 square miles and increases the City of Peoria's PUEZ boundaries to 5.71 square miles. The City is awaiting review and approval by the State of Illinois. If approved, the City will have 4.3 square miles remaining for additional parcels.
On February 14, 2017, City Council approved staff's request to commence adding Northwoods Mall (.08 square miles) to the PUEZ. Subsequent to that request, staff has been notified of redevelopment interest in 6532 N. Galena Rd (.02 square miles). Both locations have potential for substantial redevelopment which can result in increased property values and new and retained jobs. The combined addition of the proposed sites is .1 square miles, leaving the City of Peoria with 4.2 square miles remaining for additional parcels if approved by the State of Illinois.
FINANCIAL IMPACT: The ordinance and map amendment for the Peoria Urban Enterprise Zone wi...
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