Accomplishments FY 2008 To Date

Mission Statement

The mission of the Department of Economic Development is to foster economic growth and an improved quality of life by supporting existing businesses, encouraging business expansion, pursuing new business opportunities, and supporting community revitalization and growth.

Fiscal 2008 Accomplishments To Date

Completed studies for the Hospitality Improvement Zone (HIZ) for a new Tax Increment Financing District (TIF) and a Business Development District (BDD).

Completed concept plans for River Trail Drive, received unanimous approval from the Heart of Peoria Commission, the Planning Commission, and the City Council. Seeking developers now.

Completed the Green Edge Plan and the Cascade Plan calling for redevelopment and improvement of the Riverfront north of downtown.

Stimulated economy through the retention/creation of 525 jobs and $4,354,253 in private investment from existing/new businesses through Enterprise Zone.

Two new homes constructed for a total of $411,092 in private investment during Phase III of Spring Grove residential development.

Renewed exemptions for 374 parcels of City owned property.

Continued to lead the redevelopment of Renaissance Park

Issued Private Activities Bonds to the First Time Homebuyer’s Program to allow 186 families to purchase of homes totaling more than $15.5 million.

Allocated $92,000 in public funds through the Façade Improvement Program to leverage $260,000 in private investment for the revitalization of the West Main Street, Sheridan and Prospect Form Districts.

Completed three Enterprise Expansion Applications to assist existing businesses.

Partnered with local employers, realtors, and lenders to create a homebuyer’s incentive program for inner city revitalization.

Formed the Hospitality Improvement Zone TIF and Hospitality Improvement Business District to assist in the improvement of downtown hotels and business.

Completed two redevelopment agreements within the City’s 9 Tax Increment Financing Districts for investment totaling $9.5 million.

Met with 125 developers to promote Peoria and encourage redevelopment within the City.