The mission of the Department of Economic Development is to foster economic growth and an improved quality of life by supporting existing businesses, encouraging business expansion, pursuing new business opportunities, and supporting community revitalization and growth.
Fiscal 2009 Accomplishments
Collected more than $150,000 in interest revenue through the Business Development loan fund.
Stimulated economy through the retention/creation of 1,109 jobs and $26,393,556 in private investment from existing/new businesses through Enterprise Zone.
Assisted in the development of the Spring Grove subdivision resulting in more than $106,000 in annual property tax revenue.
Renewed exemptions for 392 parcels of City owned property.
Allocated $36,660 in public funds through the Façade Improvement Program to leverage $167,719 in private investment for the revitalization of the Southern Gateway, West Main, Sheridan and Prospect Form Districts.
Processed two changes to the Enterprise Zone to assist and attract developers interested in urban redevelopment.
Created local housing market stimulus program for first time homebuyers through the allocation of $7 million of Volume Cap for the Mortgage Credit Certificate Program.
Partnered with local lenders, realtors and IHDA to conducted 8 training sessions to promote the Mortgage Credit Certificate Program.
Processed 4 TIF redevelopment agreements to stimulate development in the Warehouse and Central Business District.
Applied for two Federal Grants through the American Reinvestment Act Stimulus funds.
Developed the Green Sustainable Technology Park Plan to encourage green technology businesses to locate in Peoria.
Facilitated the completion of the Downtown Retail Strategy.
Met with 126 developers to promote Peoria and encourage redevelopment throughout the City.
Desired Program Outcomes for 2010
Foster a climate that encourages the creation and expansion of businesses; providing quality jobs, a diverse workforce, and expanded tax base.
Continue to aggressively market Peoria to developers at a National level.
Promote special project areas including the Warehouse District, Eagleview District, Southern Gateway, Renaissance Park, Hospitality Improvement Zone, Glen Oak Neighborhood Impact Zone and residential neighborhoods, as an attractive location for working, living, and entertainment.
Manage City-owned real estate assets in a manner, which promotes the public interest, enhances the City’s overall financial resources, and fulfills the City’s obligation as a responsible, environmentally sensitive property owner.