The City of Peoria is looking for a few good developers to redevelop our historic core.

May 12, 2009

Main Street Commons - Proposed Building



This great new building is proposed by the Devonshire Group on the site of the closed Walgreen's on Main Street.  They and we are requesting that School District 150 rejoin the Enterprise Zone so that they can get property tax abatement to assist the project.  This does not cost 150 any money - the State makes up the difference, althought there is a time delay in getting the money.

This new $24,000,000 development would bring in new people, sales tax, property tax, and urban revitalization into the Heart of Peoria and Renaissance Park. We strongly support it.


WMBD/WYZZ TV did a good job explaining this issue. 



3 comments:

PEORIA said...

You're saying THIS is a $24 million project, but WMBD-TV claims that it's ONLY $16 million. So, which is it?

Craig Hullinger AICP City of Peoria said...

The developer originally proposed a $10,000,000 development on the Walgreen's property. They are now proposing a larger development on more land, and their estinated total cost is $24,000,000.

For estimating future property tax revenues, we use a figure of 70% of the developers total costs. This is because many of the developers expenditures (marketing, legal, options, finance, equipment) are not part of the assessment. 70% of $24 million is $16.8 million.

PEORIA said...

" Thanks for the explanation! I wasn't certain if there was a media error or what. "

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