The area just south of downtown Peoira is a mix of old industrial lofts, one story industrial buildings, and vacant lots. This area will become a vibrant mixed - use residential and commercial neighborhood. Some of the old industrial lofts will become condominiums similar to the successful development of the buildings on Water Street. The street level space can become viable commercial and retail space.
The conversion of this area to a great urban neighborhood will take place as a result of market demand and the strong incentives the City has created. The area is in a TIF and Enterprise Zone. The City will use 50% of new property taxes generated for City improvements, and 50% allocated to developers to finance environmental clean up, public safety improvements, and rehabilitation to uses permitted in the new Form Based Code. This will lead to very rapid redevelopment. The incentive would be for buildings started in the first five years – after that taxes from new buildings would flow directly to the taxing bodies.
More detailed information on the Group Page Below
http://groups.google.com/group/economic-development-city-of-peoria