ACTION REQUESTED:
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Communication from the City Manager and the Community Development Director with a Request to Direct Staff to 1) REALLOCATE Funding from the Current CDBG Economic Development Program ($278,860.00) to Fund Public Infrastructure Projects (Sidewalks and ADA Ramps) Identified in the City's 2016 Capital Budget; 2) RESERVE the City's Capital Funds Available from the Reallocation of CDBG Funds as a Financial Resource for the Attorney General / Peoria LISC Initiative in the East Bluff; and 3) REALLOCATE Funding from the Current HOME Down Payment Assistance Program ($110,705.39) as a Financial Resource for the Attorney General / Peoria LISC Initiative in the East Bluff. (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:
- 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 $75,000 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 13 properties in the EVGC TIF. A total of 20 properties will need to be demolis...
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