The Peoria City Council has unanimously approved a land exchange with Peoria Public Schools, a crucial step forward for a planned 200-home residential neighborhood at the former Exposition Gardens site. This agreement aims to enhance the property’s appeal to developers and better serve the needs of both the city and the school district.
Key Takeaways
- The land swap facilitates a second entry point to the proposed subdivision from University Street and provides additional frontage along Northmoor Road for potential commercial development.
- In return, the school district receives land west of Richwoods High School’s athletic fields, creating a buffer between the new homes and the district’s bus maintenance facility.
- No funds were exchanged, though the city is relinquishing more land than it gains, with the value of the new access points and frontage deemed more significant.
Advancing the Residential Project
The land swap is seen as a significant advancement for the residential development project at the former Exposition Gardens site. Council member Tim Riggenbach highlighted the agreement as a "win for everybody," emphasizing that it was achieved without additional taxpayer expense. The city gains a roadway connected to University Street, establishing a vital second entrance for the future subdivision. Additionally, the city acquires frontage along Northmoor Road, opening possibilities for neighborhood commercial development.
Benefits for the School District
Peoria Public Schools will receive a parcel of land situated to the west of the Richwoods High School athletic fields. City Attorney Patrick Hayes explained that this land would allow the school district to construct an additional facilities building. Crucially, this also serves to create a buffer zone between the planned residential area and the school district’s bus maintenance facility, where hundreds of buses are regularly parked.
Financial and Development Incentives
While the city is giving up more land in terms of square footage, city officials believe the strategic value of the new access points and Northmoor frontage outweighs the interior land received by the school district. The city previously purchased the Expo Gardens site for $1.2 million, with assistance from a $2 million grant from the Illinois Department of Commerce and Economic Opportunity (DCEO) earmarked for land banks and housing development. The agreement stipulates that the Expo Gardens site will not be included in any potential tax increment financing (TIF) district, a condition requested by the school district. Instead, the city plans to include the area in its Urban Enterprise Zone, which offers developers incentives such as a modest property tax abatement.
Future Development and Developer Interest
The city has already initiated the process of seeking developers for the Expo Gardens site by issuing requests for qualifications. The initial submission deadline of June 9 may be extended to allow interested parties to fully consider the implications of the recent land swap. City Manager Patrick Urich expressed optimism that clarifying the advantages of the location, including its proximity to the school, will be beneficial in discussions with developers. The Peoria Board of Education is expected to vote on the land exchange at its meeting on June 8.
