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Peoria and School District 150 agree land exchange and access terms for Exposition Gardens redevelopment
Summary
The council unanimously approved an intergovernmental agreement with Peoria School District 150 to facilitate redevelopment of the Exposition Gardens site, including a parcel exchange to secure a second access point on University Street, conditions against using a TIF, and possible enterprise zone participation.
The Peoria City Council voted unanimously on May 26 to approve an intergovernmental agreement with Peoria School District 150 to help redevelop the Exposition Gardens property.
Councilmember Hayes said the city acquired the former Exposition Gardens site and negotiated with District 150 to secure a small parcel on Northmore and a separate University Street access point. Hayes described the exchange as a way to create a second access for a proposed 200‑residence subdivision and to allow a future developer to maximize Northmore frontage for neighborhood commercial uses.
Under the agreement the district requested several conditions, Hayes said: the district did not want the redevelopment to be proposed as a tax‑increment financing (TIF) district; it agreed to allow enterprise zone participation (which could provide sales‑tax relief on construction materials); and it asked for a parcel near the district’s bus maintenance facility for a facilities building to buffer residential uses. Hayes said the district is expected to act on the matter at its June 8 meeting and the city may extend its RFQ timeline to let developers reflect the district’s decisions.
Council members asked whether the city considered buying the land outright; staff said an exchange best met both parties’ operational needs and that state land‑bank grant funds previously used to purchase Expo Gardens might have been eligible for such a purchase. Council approved the intergovernmental agreement and the associated motion to proceed with the RFQ adjustments unanimously.
