City of Peoria Economic Development

40 Leaders Under 40 Honored

Congratulations to the 40 leaders under 40 recognized last night, especially our leaders in Economic Development and Government:

Chris Setti - City of Peoria

http://www.peoriamagazines.com/ibi/2009/nov/christopher-setti

Jessica Moroz - Heartland EDC

http://www.peoriamagazines.com/ibi/2009/nov/jessica-moroz

Scott Sorrel - County of Peoria

http://www.peoriamagazines.com/ibi/2009/nov/scott-sorrel

Jennifer Daley - Morton Economic Development Council

http://www.peoriamagazines.com/ibi/2009/nov/jennifer-daly

Pamela Anderson - City of Pekin

http://www.peoriamagazines.com/ibi/2009/nov/pamela-anderson

More info at:

http://www.peoriamagazines.com/

Some Good News from Vice President Jerome Sullivan of the Great Lakes Capital Fund.

Great Lakes Capital Fund is a not for profit organization that applied for New Market Tax Credits to assist the Build the Block and Hotel projects in Peoria

They received $26,000,000 in New Market Tax Credits. Mr Sullivan will advise the city on the next steps.

http://www.capfund.net/

The general guidelines are driven by the requirements of the U. S. Treasury department. Great Lakes Capital will use the New Markets Tax Credit allocation to provide a below market interest rate (and interest only) loan for 7 years. Final pricing will be determined based upon future interest rates but rates currently would be fixed at 3% to 4% interest rate.

Additionally, Great Lakes would allow for higher Loan to Value levels.

Downtown Peoria fits most of the categories below:

1) Projects are located in Low Income Communities. These are generally Census Tracts that are eligible for Community Development Block Grants funds.

2) serve low-income residents… i.e. if a project isn’t located in a LI Census Tract, but will provide jobs, goods & services to Low Income Residents, that could qualify as well

3) create jobs (esp. jobs for low income residents). A manufacturing operation that relocates to a LI Census Tract (or expands its facility that’s already in a LI area, would be a prime investment). Hotels provide jobs, neighborhood shopping centers provide jobs, goods & services, … etc.

4) revitalize low income communities (i.e. a mixed use project in a neighborhood or small town commercial district .. commercial 1st floor & apartments above).

5) Green developments (LEED certified and/or Alternative Energy projects)

6) Rural developments

7) At least $5 million in Total Dev. Costs

http://www.peoriariverfrontmuseum.com/news.asp?id=2

http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5

“GREEN” SCULPTURE PARK - PEORIA, ILLINOIS

The City of Peoria has many quality sculptures. The City is also leading the expansion of “Green” Technology and Sustainability. A Green Sculpture Park could be developed that would be artistic and “green”, incorporating recycled materials, wind and solar energy, etc. into the design.

A program modeled on the successful Sioux Falls, South Dakota program could be created. www.sculpturewalksiouxfalls.com . Each year new sculptures are displayed in downtown for one year, and become a tourist attraction. After one year the sculptures are replaced by new sculptures. The sculptures are for sale and people vote for their favorite.

The Civic Center could sponsor this event, with sculptures mounted in Civic Center green space. As the event grew it could cascade down Fulton and on to the Build the Block Campus. http://buildtheblock.com.

The sculptures would be a major tourist attraction.

http://greensculpturepark.blogspot.com

The Green Sculpture Park Could start small on the green space at the Civic Center, then expand down Fulton Street to Build the Block and the River.
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125,000 Square Foot Building To Purchase

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We have had an inquiry for a 125,000 sq. ft. building to purchase that is currently office space or something that can EASILY be retrofitted to office space. That is all we know.

If you know of a building that would work, please contact Beth Kolowski at The Economic Development Council for Central Illinois

The Heartland Partnership
100 SW Water Street
Peoria, IL 61602-1329
309-495-5973 - Office
309-256-9011 - Cell
www.edc.centralillinois.org

The EDC for Central Illinois is now on FACEBOOK! Join Facebook and become an EDC fan today.

TIF WORKS - TAX INCREMENT FINANCING PLAYS IN PEORIA

The City Council of Peoria has approved three tax increment financing districts in the last two and one half years. A total of seventeen (17) buildings have been approved for development or redevelopment in the three new and one existing TIF’s.

Total investment in the buildings will be approximately $178,000,000, creating over 1,000 jobs.

This during the “Great Recession”.

And there are many more buildings in the works.

* Buildings Completed *

Warehouse TIF

LaVille De Maillet, L.L.C. *

JP Riverfront Development Comp, Inc. (Sullivan) Sealtest

Iron Front, L.L.C., (Huber) 408 Washington

Iron Front, L.L.C., (Huber) 412 Washington

Iron Front, L.L.C., (Huber) 420 Washington

Edgewater Building (Huber) River

Fastenal Company *

Drumheller Properties L.L.C *

D & B Developers, L.L.C. (Waterstreet Solutions)

B & L Sales *

Southtown TIF

Illinois Medical Clinic *

Long Term Acute Health Care Facility Cullinan *

HIZ TIF

HIZ Pere Marquette Mariott Hotel

Eagleview

Behr Peoria, Inc. *

Martco, LTD (Laser Electric) *

Pulaski Express/Adams Street Supermarket *

JWE Properties/Engler Meier & Justice (Westmont) *

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