EAST PEORIA – The City Council approved the purchase of three tracts of undeveloped land in a previously unincorporated portion of Tazewell County during Tuesday’s meeting.
The city secured the three tracts of land totaling about 272.5 acres for $19,100 per acre during a public auction, according to Jeff Becker, East Peoria’s director of finance.
The total price of the land was just over $5.2 million, with a down payment of 10% of the purchase price due at the close of the auction. The property is located between Centennial Drive and U.S. Route 24.
“We thought it was in the best interests of the city of East Peoria to secure that property,” councilman Mark Hill said. “So that we can control how that property is developed to the benefit of our residents.”
Becker said local geography and topography, as well as corporate boundaries of nearby and adjacent municipalities, leave East Peoria with few growth corridors to expand.
“Due to the immediate adjacency of the … property to the city’s current city limits, the acquisition of this additional property will provide the City with an opportunity to develop the area between Centennial Drive, Grange Road, and Route 24 in the coming years,” Becker said.
This article originally appeared on Journal Star: East Peoria buys 272 acres of land with an eye toward development
Reporting by Mike Kramer, Peoria Journal Star / Journal Star
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By Mike Kramer, Peoria Journal Star | USA TODAY Network
