Thursday, January 3, 2008

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:  

peoriail.us which forwards to: 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.



1 comment:

Albina N muro said...

MASTER PLAN SUMMARY. The Historic Warehouse District of Cleveland has been a part of the remarkable redevelopment process of the last decade. survival warehouse emergency food