ACTION REQUESTED:
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Communication from the City Manager with a Request to Approve the Allocation of $100,000.00 of CDBG ECONOMIC DEVELOPMENT FUNDS to PEORIA SLF LP, LLC at the SE Corner of RB GARRETT AVE & RICHARD PRYOR PLACE (Tax ID# 18-09-110-028) (Council District 1).
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BACKGROUND: The City of Peoria is considered an entitlement jurisdiction by the US Department of Housing and Urban Development (HUD). As such, federal funds are allocated to Peoria on an annual basis through HUD. The City of Peoria receives three grants - Community Development Block Grant (CDBG), HOME Investment Partnership Program and the Emergency Solutions Grant (ESG).
On September 10, 2013, City Council approved the allocation of $250,000 of CDBG funds to an Economic Development Program. Additionally, on October 14, 2014, City Council approved the additional allocation of $163,860 of CDBG funds for a total of $413,860 to the Economic Development Program. On January, 27, 2015, City Council approved the Economic Development Program guidelines. The CDBG economic development program is focused on creating jobs for low-income individuals. For each full-time equivalent (FTE) job created, the applicant is eligible to receive $35,000 of assistance.
On November 25, 2015, City Council approved the special use for the facility at the property located at the SE corner of RB Garrett & Richard Pryor Place. Vermillion Development was the representative for the special use request. As a part of the development, Vermillion was required to create a limited liability corporation (LLC). The newly created Peoria SLF LC, LLC assumed the developer role for the project. Peoria SLF LC, LLC holds the deed to the property and will be the employer for the jobs to be created.
Peoria SLF LP, LLC will build a 105 unit supportive living facility, named Gateway at River City. The building will consist of 62 studio units, 38 one-bedroom units and five two-bedroom units. Supportive s...
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