PEORIA, Ill. – Peoria City Council agreed Tuesday night to buy a high rise downtown and two nearby properties for $1.75 million.
The city is purchasing the PNC Bank Tower, the Creve Coeur building, and a parking deck in the 300 block of SW Adams Street. The buildings are currently owned by Cullinan Properties.
City Manager Patrick Urich says he foresees the city being a short-term owner of the properties, while it looks for investors to develop the area for future commercial and business use.
District 5 council member Denis Cyr says these transactions should be done in the private sector, not by city government. Cyr was one of two no votes on purchasing the properties.
The other no vote came from at-large council member John Kelly, who’s concerned buying the downtown buildings might set a precedent for the city to buy other properties.
Kelly is one of two council members planning to run for Peoria Mayor in the spring. Council member Chuck Grayeb has also announced he will run against Mayor Rita Ali in April.
According to 25 News, in addition to the sale price, city council approved spending $50,000 to hire firms to perform due diligence and assess the condition of the buildings and parking deck.
Council members think the parking deck is a key part of the deal, since it can be used for events at the Civic Center nearby.
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