Peoria City Manager Patrick Urich recently shared insights into significant city projects, including the redevelopment of the PNC Bank Building block and the resolution of the long-standing casino location dispute. The city is moving forward with plans for a mixed-use development on Adams Street and has officially closed the chapter on the casino battle.
Key Takeaways
- A single developer is being negotiated with for the "Tower on Adams" project, aiming for a mixed-use residential and commercial space.
- The city has officially ended its pursuit of legal action regarding the casino location, accepting the revised plan for the Par-A-Dice.
- New Tax Increment Financing (TIF) districts are established to spur development in key areas like the PNC block and Northwoods Mall.
Tower on Adams Redevelopment
The city is nearing a decision on a developer for the "Tower on Adams" project, which encompasses the PNC Bank Building, the former Commercial National Bank Building, and an adjacent parking garage. Urich indicated that negotiations with a shortlisted developer are ongoing and a proposal could be presented to the City Council within the next month to month and a half. The vision includes converting the bank buildings into residential units, retaining PNC Bank on the first floor, and addressing the future of the parking structure, which may require replacement due to high repair costs.
Tax Increment Financing Districts
To facilitate redevelopment, the city council has approved new TIF districts for the PNC block and Northwoods Mall. For the PNC block, a new 23-year TIF district will reset the base Assessed Value (EAV), allowing more TIF funds to be directed towards redevelopment. At Northwoods Mall, TIF is intended to encourage infill development and redevelop surrounding properties, addressing challenges like the loss of anchor tenants and underutilized parking areas.
Casino Location Resolution
Peoria’s long-standing dispute over the casino location has concluded. Following the Illinois Gaming Board’s approval of the revised renovation plan for the existing Par-A-Dice location in East Peoria, the city has withdrawn its lawsuit. Urich stated that the city accepts the plan, which involves a permanently moored barge, as legal under state law and intergovernmental agreements. While the city objected to the initial land-based plan, it acknowledges the legality of the current proposal and anticipates continued revenue sharing with East Peoria.
Financial Outlook and Future Projects
Urich described Peoria’s financial outlook as strong, with healthy fund balances enabling the city to manage pension costs. However, state and federal mandates, such as pension obligations and the Clean Water Act, remain significant long-term challenges. The city is also prioritizing infrastructure investments and neighborhood improvements. Looking ahead, the riverfront amphitheater project is progressing, with design plans nearing completion and construction expected to begin soon, aiming for a 2027 opening. Upcoming city council meetings will address issues such as the Westlake special service area and the continuation of waived fees for downtown food trucks.
