ACTION REQUESTED:
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Communication from the City Manager and the Community Development Director with a Request to RESCIND Item 16-241 and APPROVE a Grant Award of $278,000.00 from the City's HUD HOME FUNDS to PCCEO for the Rehabilitation of Three (3), Affordable, Single-Family, Homes in the EAST BLUFF as part of the Attorney General/Peoria LISC Initiative in the East Bluff. (Council District 3)
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BACKGROUND:
The City is a team member of the Partners for a Better East Bluff. This partnership was created as a result of the $3 million dollar grant award from the Illinois Attorney General Office (AG) to Peoria's Local Initiatives Support Corporation (LISC) from the National Foreclosure Settlement funds.
Through the partnership, the City is able to provide various resources and assistance to accomplish neighborhood revitalization in the East Bluff, specifically in the East Village Growth Cell (EVGC) TIF. To date, the City has provided the following support to the Partners for a Better East Bluff initiative (henceforth the Initiative):
- Sold City owned, vacant land to Access Peoria, LLC for the development of new construction, rental duplexes. (Council Item # 14-432)
- Provided a HOME fund grant in the amount of $408,827 to Access Peoria, LLC for the development of new construction, rental duplexes. (Council Item # 14-434)
- Committed $50,000 in City Capital Funds for a down payment assistance program for the for sale units to be developed under the Initiative. (City Capital Budget Years 2014 and 2015)
- Through a subgrantee agreement with LISC that provided $170,000 in funding, demolished 14 properties in the EVGC TIF. A total of 20 properties will need to be demolished per the subgrantee agreement and the City will use local/CDBG funds for the remaining demolitions. (Council Item # 14-431)
- Encouraged other City partners to develop in the EVGC TIF to support the Initiative. The City awarded $300,000 in HOME funds to Habitat for Humanity (a Commun...
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