PEORIA — Three local developers have submitted bids to build the new neighborhood planned for the city-owned Exposition Gardens property, according to City Manager Patrick Urich.
Urich declined at this point to name the three developers who submitted proposals to the city for how they would construct the desired 200-home subdivision at the former site of the Heart of Illinois Fair, but he did say all three were local developers.
A designated team of city staff members will now interview all three and eventually bring one forward to the Peoria City Council for final approval, hopefully within the next four to six weeks, Urich said.
Whichever developer is chosen will have the benefit of incentives built into Peoria’s urban enterprise zone, which the City Council voted on June 23 to add the Exposition Gardens to.
The urban enterprise zone will allow the developer to see sales tax exemptions on building materials purchased in Illinois. Later down the road, the properties and homes built could also see property tax exemptions that would apply to about 35% of the property tax bill.
No tax-increment financing district can be established there, however, per an agreement the city made with Peoria Public Schools as part of a land swap deal.
Peoria purchased Exposition Gardens at auction last year for $1.2 million and has hoped to see a 250-home subdivision built on the 70-acre property. The city has routinely said, dispelling persistent online rumors and chatter, that the homes built will be market-rate and not low-income housing projects.
This article originally appeared on Journal Star: 3 Peoria developers submit proposals for Exposition Gardens property
Reporting by JJ Bullock, Peoria Journal Star / Journal Star
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By JJ Bullock, Peoria Journal Star | USA TODAY Network
