A $5.5 million renovation project will add eight loft-style apartments and street-level retail space to Peoria’s growing Warehouse District.
The Peoria City Council on Tuesday approved a redevelopment agreement with WS Investments for the property at 906-910 SW Adams St., with a potential tax increment financing [TIF] reimbursement of $1.1 million.
City Manager Patrick Urich noted properties in the Warehouse District already have experienced strong growth in property tax values.
“This is another development that’s coming into the Warehouse District, and we’re very excited to have this development coming forward,” said Urich.
The project splits the property into about 12,300 square feet of retail space and roughly 8,300 square feet for residential. Amenities for apartment tenants include a fitness center, sauna, patio space and a bicycle storage and repair area.
“When we do our estimates and we put the numbers together about what that’s going to generate as far as property tax increment, this investment will grow the assessed value of the property by nearly 10 times,” said Urich. “So that means that WS Investments will be paying about 10 times more in property taxes.”
Under the agreement, annual reimbursement payments will start once the project generates tax increment. The schedule calls for 75% of the increment in the first eight years, dropping to 65% for the next four years and 50% through the expiration of the Warehouse District TIF.
WS Investments originally requested a reimbursement cap of about $945,000, which would be 17% of the project cost. Urich explained the maximum $1.1 million figure would be 20%.
The council vote was unanimous, with two members absent [Denise Jackson, Kiran Velpula].
Other business
Springdale Cemetery general manager Aaron Compte gave a presentation ahead of Sunday’s Flag Day dedication of a new Revolutionary War Patriot Plaza.
Finance director Kyle Cratty presented the monthly unaudited financial report through the end of April, showing revenues of $21.4 million and expenses of $37.2 million.
As part of the consent agenda, the council set an Aug. 11 date for a public hearing on the proposed West Main Street TIF District. The consent agenda also included 50 appointments and reappointments to various boards, committees and commissions.
Three proclamations recognized Juneteenth, Pride Month, and Migraine and Headache Awareness month.
