[ad_1]
A major infrastructure development, including a $40 million business park, could be coming to Peoria this week as a new tax increment financing district in the Galena Road Industrial Park moved a step closer to becoming a reality.
City officials hope to establish the Galena Road Industrial Park TIF in Peoria to foster the growth of major industries and businesses in the area. The district would encompass a chunk of land near Illinois Route 29 and roughly span East Gardener Lane and East Koch Drive.
On Tuesday night, the Peoria City Council moved TIF one step closer to reality by setting a public hearing date and approving an ordinance establishing a stakeholder registry.
Final approval of the TIF is expected on March 12th.
High demand for industrial land drives creation of TIF
Establishing growth within TIF will cost tens of millions of dollars in public and private funds, including $35 million in public funds and an estimated $65 million in private investment.
How the project will be funded publicly will be at the discretion of the City Council, but City Manager Patrick Yurich said grants or bonds are possible.
Urich said the idea of the TIF is to fill a need for more industrial land in Peoria.
There are ambitions to build a $40 million business park in the area to the west of Natural Fiber Welding. However, the city must first acquire 55 acres of land from Illinois American Water.
“If we can acquire that land, we can expand the amount of industrial land available throughout the city and create even more opportunities for industrial development,” Urich said.
more: What’s being built on Prospect Road in Peoria Heights? Here’s what we know
Chris Setti, CEO of the Greater Peoria Economic Development Council, also said there is a high demand for industrial land and real estate in the area. Last year, he said, GPEDC received 74 inquiries from companies seeking information on the availability of industrial space.
“As a region, we absolutely need more readily available industrial property rights,” Setti said.
Setti said the difficulty in obtaining properly developed industrial land in the Peoria area has led to spots like Galena Road TIF and Medina Plains TIF, where Maui Jim is planning an $80 million expansion. He said it is even more valuable for economic development.
“You can never have too many options,” Setti says. “It’s like being in the market for housing. You don’t want to choose the first option you see. You want to have different sizes, different types, so developing more options is definitely for economic development. It is important.”
TIF has a major impact on local economies
Natural fiber welding is currently the core business of the proposed TIF area. If the plan is approved, companies like Natural Fiber Welding could benefit from TIF-eligible expenses such as renovations and property and land improvements, which Natural Fiber Welding is considering, Urich said. He said that there is.
“They have multiple locations in the community and we hope to continue to grow NFW’s presence in Peoria,” Urich said.
more: Maui Gym begins $80 million expansion with new facility in Peoria.Here’s what we know
Although the primary focus of the proposed TIF is industrial and manufacturing facilities, plans also include requests for residential townhomes, restaurants, retail, convenience stores, and office space.
Roads, alleys, sewers, and much other public infrastructure will also be improved under TIF.
If TIF remains on schedule, the first manufacturing facility could be completed by 2025, with townhomes in 2033.
Setti said the world is currently in a very interesting situation for industrial expansion. He said the supply chain crisis, high foreign energy prices and the transition to electric energy are, in some ways, driving industry back to the United States.
The economic impact of bringing industry to the Peoria area is significant. Setti said these projects will not only bring job growth and economic activity, but will also give Peoria a “spiritual boost.”
“When you get picked, when your site gets picked, it bodes well for other people who are looking for the same thing,” Setti said. “People invest where they are invested.”
more: Here are five major road projects coming to Peoria in 2024
[ad_2]
Source link
