ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Approving the HEINZ BROTHERS TRUCKING PARTNERSHIP REDEVELOPMENT AGREEMENT for 2301 W. CLARK STREET. (Council District 1)
Body
BACKGROUND: Heinz Brothers Trucking Partnership plans to construct a second salt storage building at 2310 W Clark Street in the Eagle View TIF District. The building dimensions will be 154 feet x 272 feet. The building will be a "hoop building" on top of an 8-foot tall concrete wall on three sides, with the fourth side where the approach is indicated on the site plan left open. The total estimated project cost is $1,614,966, with $234,465 of eligible redevelopment expenses (14.5% of the total project cost). The redeveloper has previously constructed a salt storage building on site in 2014.
The City will reimburse to Redeveloper an amount equal to fifty (50) percent of all ad valorem real estate taxes attributable to the Project Site beginning with tax year 2022 (payable 2023) and continuing until termination of the Redevelopment Project Area. The Eagle View TIF expires in 2029. It is estimated that the Redeveloper would recover $181,942 of eligible redevelopment expenses over the life of the TIF (11.3% of the total project cost).
FINANCIAL IMPACT: The anticipated increase in property taxes would be $363,884, with the Redeveloper receiving 50% of the increased property taxes for reimbursement for eligible expenses.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The Redevelopment Agreement would be executed.
IMPACT IF DENIED: $1.6 million of investment may not be realized.
ALTERNATIVES: Council could direct staff to adjust the terms of the Redevelopment Agreement.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
2. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS...
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