ACTION REQUESTED:
Title
Communication from the City Manager and Community Development Director and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria BUDGET for Fiscal Year 2015 to Allocate $300,000 from the South Village Growth Cell TIF Fund Balance to be Used for Demolitions Within the South Village Growth Cell TIF Boundaries (1st District).
Body
BACKGROUND: Within the boundaries of the South Village Growth Cell TIF, multiple dilapidated and dangerous residential buildings exist that could be demolished if funding was available. The Community Development Department has taken an aggressive approach to demolition, demolishing over a 170 residential structures over the last two years. However, all of the 2015 funds available for demolition in the City of Peoria have been expended.
Demolition is an allowable and appropriate expense of TIF funds. Allocating $300,000 from the current TIF fund balance would allow for the Community Development Department to demolish an additional approximate twenty-five (25) structures with the current South Village Growth Cell TIF boundary. Removing these structures, which are boarded up and vacant, will help to improve stabilization of the neighborhood, increase public safety and prevent the harborage of rodents and vermin.
FINANCIAL IMPACT: $300,000 will be spent from the South Village Growth Cell TIF balance.
NEIGHBORHOOD CONCERNS: Dangerous and vacant structures are majoring blighting influences to neighborhoods.
IMPACT IF APPROVED: An approximate twenty-five (25) structures will be demolished within the South Village TIF boundaries.
IMPACT IF DENIED: Additional demolition will not occur in 2015.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Attractive Neighborhoods with Character: Safe and Livable
2. Financiall...
Click here for full text