This new $24,000,000 development would bring in new people, sales tax, property tax, and urban revitalization into the Heart of Peoria and Renaissance Park. We strongly support it.
WMBD/WYZZ TV did a good job explaining this issue.
Main Street Commons - Proposed Building
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You're saying THIS is a $24 million project, but WMBD-TV claims that it's ONLY $16 million. So, which is it?
ReplyDeleteThe developer originally proposed a $10,000,000 development on the Walgreen's property. They are now proposing a larger development on more land, and their estinated total cost is $24,000,000.
ReplyDeleteFor estimating future property tax revenues, we use a figure of 70% of the developers total costs. This is because many of the developers expenditures (marketing, legal, options, finance, equipment) are not part of the assessment. 70% of $24 million is $16.8 million.
" Thanks for the explanation! I wasn't certain if there was a media error or what. "
ReplyDelete