ACTION REQUESTED:
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Communication from the City Manager and Director of Community Development and Director of Economic Development to APPROVE a First Phase PRE-DEVELOPMENT AGREEMENT with PEORIA CITIZENS COMMITTEE FOR ECONOMIC OPPORTUNITY, INC. (PCCEO), in the Amount of $290,000.00 for the MACARTHUR CORRIDOR.
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BACKGROUND: In our 2020/2021 budget the city set aside $1 million to support development of the MacArthur Corridor from the South Village TIF District. These dollars were set aside so that an organization outside of the City could use the MacArthur Corridor Development Plan as a starting basis to attract large scale investment in both residential and commercial development along the corridor.
The requested pre-development agreement would support the first phase of activity required to amass the intelligence, feedback and assets required to attract developers who can not only be confident in the property but also the community. As a result, the pre-development agreement focuses on
1) Architectural, Engineering and Environmental Review for commercial development ($125,000)
2) Architectural, Engineering and Environmental Review for residential development ($50,000)
3) Community Engagement ($15,000)
4) Operational Management of the development process ($100,000)
FINANCIAL IMPACT: This agreement would rely on $290,000 of $1 million in funds already set aside in the current budget.
NEIGHBORHOOD CONCERNS: We are aware from previous processes that the right approach to engaging the area community is critical to successful development. This will need to be well supported and deliver the right intelligence to support both the development process and community needs.
IMPACT IF APPROVED: We will begin the path to true redevelopment and investment in the MacArthur Corridor
IMPACT IF DENIED: The MacArthur corridor will continue to face the challenges is faces without any help.
ALTERNATIVES: Not investing and allowing the MacArthur corridor to cont...
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