City of Peoria Economic Development : August 2013

Warehouse District Street Construction Report

To and From

$25,000,000 in Street Reconstruction is underway.

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Good morning,

I hope your holiday weekend is off to a great start.

Things are progressing on the project, and now that a significant amount of the underground work is done, things are taking shape above ground. Here’s what’s scheduled for next week:

· On Adams Street, a layer of asphalt will be placed in the parking lanes, as a base for decorative bricks; and decorative bricks will be installed in the sidewalk areas on the riverside of the street.

· Work on Oak Street between Adams and Jefferson is scheduled to begin Wednesday, September 4^th. Contractor will begin sawing for removal of pavement, curb, sidewalk and driveways, followed by removal later in the week. Two-way traffic will be maintained on Oak Street, with flaggers at times.

Have a great weekend. As always, if you have any questions or comments regarding the Warehouse District TIGER II Project, please visit our website at http://www.warehousedistrictpeoria.com.

You can also contact me directly at kdvorsky@terraengineering.com or at (309) 472-3132.

Karen S. Dvorsky, P.E.

TERRA Engineering, Ltd.

401 Main Street, Suite 1130 | Peoria, IL 61602

P 309.999.0123 | kdvorsky@terraengineering.com

www.terraengineering.com | Sign-up for our news

CHICAGO | PEORIA| OAK PARK | ST. LOUIS | MILWAUKEE

Market Research Shows Strong Demand

The City has retained Tracy Cross to do studies on the near downtown area. Each study has shown strong demand for housing as shown above. Tracy Cross is currently updating their study and the new numbers should be available in September 2013.

The City offers:

Historic tax credits of 45% of investment
TIF incentives of up to 60% of new fair market value
No sales tax on building material

The new CAT Visitor Center and Museum is open. The Pere Marquette Hotel is rehabilitated and the new Marriott Courtyard hotel under construction. We are in the midst of major construction on attractive new urban streets. CAT is planning a new Corporate Headquarters. Tracy Cross projects demand for 194 dwelling units a year.

Brochure

Warehouse District Maps

Warehouse District

Vacant Land north of River and Post Office

Rivers Edge Redevelopment Zone

Comparison - the Rivers Edge Redevelopment Zone versus the Enterprise Zone. The Warehouse District and downtown Peoria will be taken out of the Enterprise Zone and placed in the Rivers Edge Redevelopment Zone which provides great incentives for redevelopment, including a 25% State of Illinois historic tax credit on the costs of rehabilitating historic structures.

RERZ	Enterprise Zone
Investment Tax Credits Allow business in RERZ to claim additional .5% credit on IL Personal Property Tax Replacement Tax for qualified depreciable property.	Investment Tax Credits .5% against state income tax for qualified properties.*
Jobs Tax Credit – repealed	Job Tax Credit - Not available in EZ
Environmental Remediate Tax Credit State Income Tax credit of 25% on some non-reimbursed eligible costs for remediation work, approved by the IEPA in excess of $100,000. Credit is limited to $40,000 per year; and $150,000 per project.
Dividend Income Deduction Available to Individuals, corporations, trusts and estates. Income tax deduction equal to the amount of dividends received from businesses with substantially all of their operations in the RERZ.	Dividend Income Deduction Not available in EZ
Interest Income Deduction Available to financial corporations, may deduct amount equal to interest received for a loan for development in an RERZ from their corporate State Income Tax.	Interest Income Deduction Not available in EZ
Building Materials Sales Tax Exemption Sales tax exemption on construction materials for non-residential projects within the RERZ.	Building Materials Sales Tax Exemption Sales tax exemption on construction materials for non-residential projects within the EZ.
Property Tax Abatement May be offered on a local basis. Not currently proposed within Peoria; cannot apply in TIF.	Property Tax Abatement City of Peoria abates their taxes for up to 5 years. May increase in the future when other taxing bodies are added on.
Illinois Tax Credit Amount equal to 25% qualified expenditures for the restoration and preservation of a qualified historic structure per a qualified plan in a RERZ may be deducted from taxes. Minimum project costs is $5000, and must exceed 50% of purchase price of the property. Eligibility is determined by DCEO and the IL Historic Preservation Agency.	(next page) Illinois Tax Credit Not available in EZ
N/A	EZ Machinery and Equipment Sales Tax Exemption 6.25% Sales tax exemption on all personal property which is used or consumed in EZ in process of manufacturing or assembly of tangible personal property for wholesale or retail sale or lease. *
N/A	Utility Tax Exemption 5% state tax exemption on gas, electricity and IL Commerce Commision.1% administrative charge and excise taxes on the act or privilege of originating or receiving telecummincations.*
N/A	Corporate Contribution Deduction Double state tax deduction on contributions made to a qualified DZO project.

The Warehouse District

The Warehouse District is a vibrant, urban environment that provides urban living, arts and culture and walking connectivity to downtown and the Peoria Riverfront.The warehouse district is located

The Warehouse District

WD-Implementation-Plan

Downtown Peoria and the Warehouse District

Green Sculpture Park

“GREEN” SCULPTURE PARK PEORIA

The new Caterpillar Museum and Peoria Riverfront Museum creates a great attraction The addition of a Green Sculpture Park on the Museum Campus and spreading to the Riverfront, Interstate, and Civic Center could greatly enhance the downtown. It would be the first and only Green Sculpture Park in the world and help bring people to Play in Peoria.

This proposal calls for the addition of green sculptures that would be artistic and “green”. Wind and solar energy and recycled materials would be incorporated into the design. They could also generate power for lighting in the downtown.

The City of Peoria has many quality sculptures in downtown. The City is increasing “Green” Technology and Sustainability. This Park would be an extension and major enhancement of those efforts.

A program modeled on the Sioux Falls, South Dakota sculpturewalksiouxfalls.com
could be used. Each year sculptures are mounted, kept in place for one year, and become a tourist attraction. After one year those sculptures are removed and new ones mounted in their place. The sculptures are for sale and people vote for their favorite.

The Civic Center could be a sponsor this event, with sculptures mounted in their green space. As the event grew it could cascade down Fulton and on to the Build the Block Campus buildtheblock.com. The sculptures would be a major tourist attraction. And they could be paid for with a mix of TIF Dollars and charitable gifts.

Major "green" sculptures would be erected to be a major entrance to the City at the River and Interstate. And they could provide a very attractive entrance to Build the Block and downtown Peoria.

Click Here for a Printable Version

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Examples

Build the Block - Congratulations

Build the Block Looks Great.

Congratulations to everyone who

helped make it a reality

Peoria Riverfront Museum

www.peoriariverfrontmuseum.org/
LIVE SHOTS FROM BUILD THE BLOCK CAM. Build The Block Camera.
Build the Block Camera

www.buildtheblockcam.com/
BuildTheBlockCam.com provides a near, real-time view into the transformation of seven acres on the Peoria, Illinois riverfront.