ACTION REQUESTED:
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Communication from the City Manager and Economic Development Department with a Request to APPROVE and Enter into a PROFESSIONAL SERVICES CONTRACT with JACOB & KLEIN, LTD. and the ECONOMIC DEVELOPMENT GROUP, LTD., in the Amount of $42,570.00 plus Reimbursable Cost, for Consulting Services Related to Establishing a TAX INCREMENT FINANCING (TIF) DISTRICT Bounded by IL ROUTE 6, RADNOR ROAD, WILLOW KNOLLS ROAD, and ALLEN ROAD. (Council District 5)
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BACKGROUND: The City released an RFP #30-22 soliciting TIF consulting services. The specific services requested included an eligibility review, the development of a project redevelopment plan, and all associated tasks.
Two responses were received. A review committee ranked each application and selected Jacob & Klein Ltd., and The Economic Development Group Ltd... as the winning bidder. Jacob and Klein Ltd., and The Economic Development Group Ltd. also assisted the City of Peoria in establishing the Business Development District at Keller Station.
The total bid is $42,570 plus reimbursable costs. If the area is found to not be eligible the City will have no further expense. The City will be reimbursed for the cost of the full project from future increment if the TIF is established.
Jacob and Klein Ltd., and The Economic Development Group Ltd. anticipates that the TIF adoption documents could be presented to the Council in December 2022.
FINANCIAL IMPACT: An initial outlay $42,570 to determine eligibility to be funded from 101-6010-503999. Should the area be determined as eligible a budget amendment will be brought back when the TIF is established and the $42,570 will be reimbursed the from the increment.
NEIGHBORHOOD CONCERNS: NA
IMPACT IF APPROVED: The City will work with Jacob & Klein and The Economic Development Group in the development of the TIF district.
IMPACT IF DENIED: The possibility of a TIF district at this location will not be pursued.
ALTERNATIVES: NA
EEO CERTIFICAT...
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