ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE the RIVERFRONT VILLAGE COOPERATION AGREEMENT. (Council District 1)
Body
BACKGROUND: Riverfront Village was constructed in 1998 as part of a comprehensive redevelopment of the Peoria riverfront. The City owns the land, platform and parking lot at Riverfront Village, and is responsible for the repair and maintenance of these facilities. The Riverfront Village Developers own, lease and maintain the structures on top of the platform. The property currently has two tenants, New Amsterdam restaurant and the Greater Peoria Business Alliance / Greater Peoria Economic Development Council.
In 2012, the City commissioned a condition assessment and concrete testing of the Riverfront Village platform from Walker Restoration Consultants. The objective of the assessment was to review and document the condition of the structure through visual observations and material testing and to prepare an opinion of probable cost for the recommended conceptual repairs. The consultants found the deck to be in fair condition, with advanced deterioration for the age and construction of the structure. The consultants recommended repairs that would be necessary to restore the structure and maximize its remaining useful life. Their opinion of probable cost for the repairs was $1,120,000. They also recommended that, as an interim protection, that the City shore up the platform with additional support. This shoring has cost the City approximately $1,000 per month since its installation in 2012.
Over the last several years, the City has been focused on making Downtown, the Riverfront and the Warehouse District more vibrant. The City's Strategic Plan underscores this effort by making a "Vibrant Downtown" one of the City's four goals. The City created the Downtown Advisory Commission ("DAC"), helped launch the Downtown Development Corporation ("DDC") to facilitate development efforts in Downtown, a...
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