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Peoria approves purchase of Exposition Gardens site to pursue market-rate housing; budget amendment clears council
Summary
Council approved purchase of 1601 Northmore Road for $1,125,000 and a related budget amendment to use short-term OPEB funds pending reimbursement by a $2 million state grant; actions passed with two dissenting votes.
The Peoria City Council on June 24 voted to buy the Exposition Gardens property at 1601 Northmore Road as a step toward creating market-rate housing on the 70–80 acre site, approving a purchase agreement and a budget amendment to front due-diligence and acquisition costs. The votes passed with two nays: Council members Carmona and Cyr.
City staff said the purchase price being offered to the mortgage holder is $1,125,000 to satisfy outstanding mortgage indebtedness and to release the city’s stormwater lien of $457,770.54. City manager and staff told council the purchase will be temporarily funded from the city’s OPEB (other post-employment benefits) reserve and reimbursed from a $2 million grant to the Peoria Land Bank included in the new state budget.
“We are the recipient, in this new state budget of a $2,000,000 grant to our Peoria…
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