ACTION REQUESTED:
Title
Communication from the City Manager and Director of Economic Development/Assistant City Manager with a Request to AUTHORIZE the City Manager to Sign a REAL ESTATE EXCHANGE AGREEMENT to Trade Parcel at 225 STATE (PIN: 18-09-331-006 owned by the City of Peoria) for the Parcel at 807 SW WASHINGTON (PIN: 18-09-330-038 owned by the Downtown Development Corporation).
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BACKGROUND: In 2006 City began the major revitalization efforts of the warehouse district beginning with a TIGER grant to refresh the streetscape. Since that time several buildings have been revitalized and are back in active use for a mix of uses.
The Downtown Development Corporation (DDC) was launched and continues to be supported by the City of Peoria as a partner focused on the growth and development of the Warehouse District and Downtown Peoria.
In our development efforts the City has endeavored to compile property to enable the development of a parking structure at 813 SW Washington (and adjacent properties). This is where the PeoriaCorp program is currently housed.
The DDC was able to obtain the immediately adjacent property at 807 SW Washington and has proposed a swap of this property for the slightly smaller property at 225 Adams which is owned by the city and has no formal use. To maximize the value of the property at 807, the DDC has split out the air rights and attached them to the adjacent building at 801 SW Washington (Ed La Hood building). This means that that area of property would serve as surface parking and/ or an entry drive to a parking structure.
An estimated $10,000 will be required to secure the transaction (legal fees, title company, survey etc.).
The DDC has committed to vertical development of the parcel at 225 State or use for parking in conjunction with development of nearby parcels within 5 years. There has been some use of the 225 parcel to store police vehicles near the south side of the Police Station
FINANCIAL IMPACT: The swap wi...
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