Peoria may buy Expo Gardens for major residential development project. Here's what we know
The city of Peoria is exploring purchasing Peoria Exposition Gardens, where the annual Heart of Illinois Fair is held, and turning the 70 acres of property into residentially developed land and saving it from foreclosure.
Peoria City Manager Patrick Urich said the city hopes the land could be developed into 110 to 150 homes within the boundaries of Peoria Public Schools. He said that would mean roughly $1.5 to $1.6 million in additional annual property tax revenue.
"The property is zoned residential and there are very few locations, in fact this is the only location, inside of the boundaries of Peoria Public Schools where we could have a large scale housing development," Urich said.
The Peoria City Council will vote on the proposed purchase, which would cost the city more than $1 million, at its meeting on Tuesday. Peoria would use a state grant designed for land acquisition and housing to acquire the property, Urich said.
Councilmember Andre Allen, whose 4th District is home to the Expo Gardens, will support the purchase.
"This is a unique opportunity to help ensure a key District 4 property is developed in a way that benefits existing residents and strengthens the neighborhood," Allen told the Journal Star. "I'm excited for what lies ahead and grateful for the many years of memories Expo Gardens has provided the City of Peoria and beyond. Equally important, this effort allows us to bring our state dollars home and support local revitalization."
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Both Peoria's City Manager Patrick Urich and Expo Gardens President Charles Kennell have signed a letter of intent written by the city that signals their desire to purchase the property.
Peoria would purchase the property for $1.1 million and would also release Expo Gardens from roughly $457,000 of liens stemming from unpaid stormwater utility tax fees and other debts owed to the city.
This purchase, according to information provided to the council by city staff, would benefit Peoria Public Schools by securing in city hands the "largest developable parcel for residential growth within District 150."
Peoria would place the 70 acres of land into its land bank where it would then be marketed for development, if council approves the purchase.
Urich said part of the agreement would provide the Exposition Gardens a short-term lease that would likely get it through this year's Heart of Illinois Fair, which is scheduled for July 15-19.
A volunteer who answered the phone at the Peoria Exposition Gardens on Thursday said there was no one available to comment about the purchase.
More: When does Best Buy open in East Peoria? What to know, including when Peoria store closes
This article originally appeared on Journal Star: Peoria may buy Expo Gardens for major residential development project
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