ACTION REQUESTED:
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Communication from the City Manager and Director of Public Works with a Request to APPROVE and Authorize a LEASE AGREEMENT with JIMAX LANDSCAPE, LLC., to Create a Sustainability Center for a Period of Ten (10) Years, Beginning October 1, 2021, for a Portion of the Property at 2001 S. CLARK STREET, Located at the Corner of S. CLARK STREET and DARST STREET. (Council District 1)
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BACKGROUND: The referenced property located at the corner of Darst and Clark Street in Peoria, Illinois encompasses eleven (11) acres of property (Parcel I.D. #1819276004) of which JIMAX Landscape LLC. is seeking to lease 5.28 acres for a ten-year (10) period to create a Sustainability Center with drainage improvements for mulch production, grinding and sorting of wood waste, concrete crushing, brick crushing and dirt and gravel screening and storage.
JIMAX has agreed to demo six (6) buildings, remove vegetation, and provide drainage improvements with the installation of a retention basin at the corner of the property where Darst and Clark Street come together. JIMAX is anticipating the clearing of the area and demolition of the buildings to be completed by March 31, 2022. The current land assessed value is estimated to be $40,000.00, after site improvements the value is estimated to increase to $135,000.00.
As a result of the lease agreement, the City will have an estimated cost savings of $410,000.00 for the length of the ten-year (10) agreement.
Mulch Usage $ 150,000.00
Demolition of seven buildings $ 112,000.00
Drainage Improvements $ 26,000.00
Vegetation Removal $ 122,000.00
Total (Estimated) Cost Savings $ 410,000.00
FINANCIAL IMPACT: The lease with JIMAX Landscape LLC would provide a cost savings of $410,000.00 and $31,000.00 in revenue for the length of the agreement.
NEIGHBORHOOD CONCERNS: No neighborhood concerns have been expressed. This property is located in an area that is zoned warehouse and industrial. Ther...
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