ACTION REQUESTED:
Title
Communication from the City Manager and Assistant City Manager with a Request to DEFER Until JANUARY 26, 2021, the Following:
A. ADOPT an ORDINANCE Amending the City of Peoria 2020 - 2021 BIENNIAL BUDGET Relating to the USE of SOUTH VILLAGE TIF FUND BALANCE to PURCHASE Property at 210 S WESTERN AVE in the Amount of $550,000.00; and
B. APPROVE the PURCHASE of Real Property Located at 210 S WESTERN AVE for Five Hundred Fifty Thousand Dollars ($550,000.00) from the SOUTH VILLAGE TIF.
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BACKGROUND:
The City of Peoria was awarded a $5 million grant for a "south side fire station and community center." In light of this funding, the former Aldi's location was proposed by staff because it has been a successful, central location for a number of community events, and it is a property in danger of becoming blight.
This property was privately purchased circa June 2016 for $1,055,000 and had $250,000 in improvements which included electrical, HVAC and building interior. The property and building were leased in June of 2016. However, the tenant has since left the location and the lease is no longer being paid. The lot is 260'x285' and the building has 12,486 SF that is leasable. Nearby buildings include a Dollar General and older housing.
This property is in the Peoria Urban Enterprise Zone, a Federal Opportunity Zone, and the South Village TIF and is still at significant risk of becoming a blighted and/or abandoned property. There is no known alternative party interested in the property.
We are not proposing any significant immediate alteration of the property (except critical maintenance needs). And have developed an initial draft of a plan for needs assessment and community engagement prior to final investment in the property and delivery of a sustainable operations model.
This site has been a successful community venue in the past. In partnership with Southside Community United for Change, Intangible Mindz LLC, and the Greater Peo...
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