Apr 24, 2009

Peoria Economic Development
2008 Accomplishments

Stimulated economy through the retention / creation of 525 jobs and $4,354,253 in private investment from existing/new businesses through Enterprise Zone.

Completed the Hospitality Improvement Zone (HIZ) for a new Tax Increment Financing District (TIF) and a Business Development District (BDD) to assist in the improvement of downtown, helping finance the 102 Million Dollar Pere Marquette Marriott Hotel.

Completed concept plans for River Trail Drive, received unanimous approval from the Heart of Peoria Commission, the Planning Commission, and the City Council. Seeking developers now.

Completed the Green Edge Plan and the Cascade Plan calling for redevelopment and improvement of the Riverfront north of downtown.

Continued to lead the redevelopment of Renaissance Park

Issued Private Activities Bonds to the First Time Homebuyer’s Program to allow 186 families to purchase of homes totaling more than $15.5 million.

Allocated $92,000 in public funds through the Façade Improvement Program to leverage $260,000 in private investment for the revitalization of the West Main Street, Sheridan and Prospect Form Districts.

Completed three Enterprise Expansion Applications to assist existing businesses.

Partnered with local employers, realtors, and lenders to create a homebuyer’s incentive program for inner city revitalization.

Completed two redevelopment agreements within the City’s 9 Tax Increment Financing Districts for investment totaling $9.5 million.