Peoria council approves bond sales, budget advances and development amendments in unanimous votes

Peoria City Council on April 22 approved a slate of financing and land-use actions, voting unanimously on a general-obligation bond authorization, two CFD items for the Mystic (Lake Pleasant Heights) development, a $15.3 million budget amendment to secure right-of-way for Peoria Innovation Corridor projects, and amendments to development agreements and zoning for Lake Pleasant Heights and downtown parcels.

The council approved Resolution 2025-49 authorizing the sale and issuance of general-obligation (G.O.) bonds of up to $95 million and set a plan to price the bonds in late April and close in mid-May. City staff said the sale is expected to be nearer $85 million and that the city’s AAA ratings allow access to favorable borrowing rates. Council also approved two Mystic Community Facilities District (CFD) items: calling a public hearing for the CFD feasibility report (item 5R) and authorizing the sale and issuance of CFD general obligation bonds for Mystic not to exceed $2.5 million (item 6R). Both CFD motions passed 7–0.

Council approved a budget amendment (29R, as amended) to advance $15,300,000 from the city’s contingency to acquire rights of way for multiple…