ACTION REQUESTED:
Title
Communication from the City Manager and the Corporation Counsel with a Request to ADOPT an ORDINANCE Amending the SPECIAL SERVICE AREA AGREEMENT between the City of Peoria and WESTLAKE SHOPPING CENTER, LLC (District 4).
MOTION ON THE FLOOR: To adopt an Ordinance amending the Special Service Area Agreement between the City of Peoria and Westlake Shopping Center, LLC.
Body
BACKGROUND:
The owner of the Westlake Shopping Center has requested an amendment to the agreement that established a Special Service Area that covers the shopping center. The current agreement and First Amendment provide for additional property tax that is used to finance the construction of certain parking lot and safety improvement. The develop wishes to provide the same arrangements in order for him to continue parking lot improvements and maintenance of existing improvements at an estimated cost of $2,000,000.
The proposed agreement increases the Developer's indebtedness to Morton Community Bank but does not change the existing sales or property tax levies. Rather, the proposed amendment is part of an overall refinancing package being done by the Developer and his financing partners.
An ordinance levying the tax will be provided at a later date for the Council agenda.
FINANCIAL IMPACT: There is no financial impact to the City which is essentially acting as a conduit. The Second Amended Agreement provides that the City can charge a reasonable administrative fee to cover costs.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: There Agreement would be amended. Provided the ordinance levying the taxes is also approved, the tax will be imposed pursuant to the terms of the Agreement.
IMPACT IF DENIED: The Agreement would not be amended, and the existing agreement would remain.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peori...
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