Economic Development - The Big Build Up

Most of the info here was developed during 2005-2009  Click: peoriaedreview.blogspot.com

The Map and table illustrate the $2 Billion dollars of planned 
or completed investment in the City of Peoria ca 2005-2010+-.
 

More info at:  http://bigbuildup.blogspot.com/

The Green Edge Plan

At Issue Video

Economic Development Video by H Wayne Wilson 2009

Click to View https://drive.google.com/open?id=1s4uEM6PoegmHqgB5eK-o7zexoHyN9-Vx

Ten Year Evaluation

Plan

ECONOMIC DEVELOPMENT

CITY OF PEORIA, ILLINOIS

EXECUTIVE SUMMARY

2005-2009

Realty - TIF Incented

What We Did Right and What We Did Wrong

It has now been ten years since we worked on Economic Development in the City of Peoria. This is good time to look back and evaluate what we accomplished.

The City did a fine job on economic development. The Mayor, City Council, Manager, and development community were dedicated and enthusiastically support economic development efforts. Citizens and companies were supportive and supported the redevelopment of the Heart of Peoria. The City led development iniatives in the Warehouse District, Hospitality Zone, Southern Gateway.  

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City and Regional Accomplisments

2005-2009

· Partnered with Peoria’s medical community to develop the:

------- Illinois Medical Center Clinic

------- Long Term Acute Care Hospital

------- OSF Children’s Hospital

------- Methodist Hospital Expansion

------- Illinois Eye Care

------- Heart Care Midwest

· Developed the Innovation Center to incubate high tech business

· Continued implementation of the Heart of Peoria Plan

· Continued marketing campaign for Renaissance Park

· Developed the Southern Gateway Plan

· Prepared the River Trail Drive Redevelopment Plan

· Developed the Green Edge Plan

· Adopted the Eagle View and Warehouse TIF

· Sixteen TIF developments approved or in process

· Prepared Site for Museum/Caterpillar Visitor—BUILD THE BLOCK !!!

· Continued commercial expansion on War Memorial

· Developed Prospect and Sheridan Road Revitalization Plan

· Facilitated eleven façade improvement requests

· Developed the Hospitality Improvement Zone for Hotels

· Seven Enterprise Zone expansions and 251 improved buildings

· Persuaded all HOP governments to join the Enterprise Zone

· Updated Comprehensive Plan and Economic Development Strategy

· Assisted the start up and expansion of numerous businesses

· Worked to retain existing business

· Low interest loans of $880,000 creating and/or retaining 467 jobs

Green Heart of Peoria

Warehouse District

Monday, August 29, 2016

Warehouse District Plan - Executive Summary

The area just south of downtown is a decaying 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.

The consulting firm Ferrill-Madden projects that the Warehouse District can support nearly 200 dwelling units per year, with a total of 3,600 new homes by 2025. The consultant also projects 220,000 square feet of commercial space developed over the next 20 years. Land owners and developers are encouraged to redevelop their property. The City will provide a draft development agreement.

This plan will implement the Heart of Peoria Plan, improving our beautiful downtown and Riverfront with converted lofts, new housing, offices and retail businesses. The area will become the hot new neighborhood in Peoria. Property owners and developers are encouraged to help make this great neighborhood happen now.

The City of Peoria is mounting an aggressive effort to attract new investment to our vibrant community. Our unemployment rate is very low. We have redeveloped our beautiful waterfront. Our hospitals and clinics are adding numerous highly paid employees, many of whom want to live in or near downtown.

INCENTIVES

The District is currently in an Enterprise Zone. Building materials are tax exempt.

Structures built before 1936 are qualified for a 10% to 20% Federal tax credit and a special 25% State historic tax credit.

The TIF was adopted on June 24, 2007, and will provide incentives for 23 years.

The City has applied for numerous grants to assist in this redevelopment effort.
 
More info at: cityofpeoria.blogspot.com


The City has an enterprise zone and a number of Tax Increment Financing Districts. Contact Craig Hullinger at hullingerc@gmail.com for more information.