RFP Issued For Former Caterpillar, Inc. Site in Mapleton, Ill.
The Heart of Illinois Regional Port District (branded as TransPORT and based at Peoria, Ill.) is issuing a Request for Proposals, seeking a private sector development partner for the adaptive re-use and development of an approximately 70-acre parcel in Mapleton, Ill., site of the original Caterpillar, Inc. Mapleton foundry.
Caterpillar is currently completing demolition of most of its foundry buildings on the site, leaving only floors and foundations of demolished buildings. Caterpillar will transfer title to the property to the Port District following demolition.
The Port District now seeks to designate a well- qualified, experienced developer to work with the District in maximizing the redevelopment potential of this unique parcel. The Port District’s vision for the property is to return it to productive use, with a view toward attracting incremental investment and job creation in the manufacturing, distribution and logistics sector.
Toward that end, Caterpillar will grant to the Port District easements over its property to permit the District to access the adjacent Illinois Waterway for purposes of designing and constructing a shallow-draft barge terminal facility. The Port District’s intention is that a common-user marine terminal will complement the types of industries and activities attracted to the Mapleton site.
The parcel is served by regional rail carrier, Toledo, Peoria & Western Railway, a unit of Rail America, which has neutral switching capability with the four Class I railroads serving the Peoria area. Mapleton is approximately six miles via the US 24 truck route from Interstate 474, which connects into Interstates 74, 55 and 155 serving a vast Heartland consumer and industrial market.
The Port District desires to work with developers in finding creative ways to finance the development. The District has authority to issue taxable and tax-exempt revenue bonds for capital projects associated with this parcel. Further, legislation is currently pending in the Illinois State Legislature to grant Peoria County the authority to create a Tax Increment Finance (TIF) district for this and surrounding properties.
To obtain a copy of the complete RFP, interested development firms are invited to contact Steve Jaeger, Executive Director, Heart of Illinois Regional Port District, 100 SW Water Street, Peoria, Ill. 61602. Telephone is 309-495-5918 (landline) and 309-258-0412 (wireless). Email address is email@example.com and fax is 309-258-5913.