Peoria City Council negotiates lease and land acquisition from Expo Gardens amid foreclosure

The Peoria City Council convened on June 24, 2025, to discuss significant developments regarding the acquisition of a large parcel of land, previously owned by the Exposition Gardens. The meeting focused on the potential purchase of approximately 70 to 80 acres of property, which has been a topic of interest due to its strategic location and the opportunity it presents for future development.

The council began by addressing the proposed lease-back agreement with the Exposition Gardens board, allowing them to continue operations on the property until September 2026. The terms of the lease would require the board to maintain the property and cover utility costs, with the city absorbing only the stormwater utility fee. This arrangement aims to facilitate ongoing events at Expo Gardens while the city prepares for future development.

Council members expressed their support for the acquisition, highlighting the unique opportunity to purchase the land at a price significantly lower than its market value. The agreed price of $1.125 million is half of what the fair board initially sought, making it an attractive deal for the city. Discussions emphasized the importance of this acquisition in revitalizing the area, particularly as the city faces challenges with population decline and the need for new housing developments.

Concerns were raised regarding the lack of a developer lined up for the project. City officials clarified that the intent is to acquire the property first and then solicit proposals from developers. This process is expected to take several months, with an estimated timeline of five to eight months to identify a suitable developer after the acquisition.

The council also discussed the implications of the bank's foreclosure action on the property, which has created urgency in finalizing the purchase. If the city does not proceed with the acquisition, the property could be sold at auction, potentially leading to a loss of control over its future development.

In conclusion, the Peoria City Council's meeting underscored the strategic importance of acquiring the Exposition Gardens property. The council's decision to move forward with the purchase reflects a proactive approach to urban development, aiming to enhance the city's housing stock and stimulate economic growth in the area. The next steps involve finalizing the lease agreement and preparing to solicit developer proposals, with the goal of revitalizing this key parcel of land in the heart of Peoria.