A small residential and commercial development in Downtown Peoria was approved by the Peoria City Council on its consent agenda Tuesday night.
The City Council gave unanimous approval with no discussion to a development that would see three apartments and one commercial space developed at 315 Main St. in Downtown Peoria by developer Clifford Vieira.
The development will cost an estimated $2.2 million and will generate roughly $59,797 in property tax increment. The developer will be eligible for 100% tax increment reimbursement not to exceed $65,000 total or the current life of the existing TIF. It is also possible the developer could receive reimbursement for installing new water supply lines and plumbing upgrades, depending on which cost totals $65,000 first.
Vieira bought 315 Main St. for $580,000 in May. The purchase cost is factored into the total $2.2 million development estimate.
This article originally appeared on Journal Star: Downtown Peoria building receives approval for development into apartments
Reporting by JJ Bullock, Peoria Journal Star / Journal Star
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