PEORIA, Ill. – The Peoria City Council is preparing to move ahead with a more-than $14 million project to convert the vacant International Harvester buildings in the Warehouse District.
25 News reports council, without discussion, has approved an “inducement” resolution to provide incentives for the property.
The proposal calls for building 25 residences in a five-story building, with a single-story building to be renovated for commercial space. Both buildings are on the National Register of Historic Places.
Tax increment financing would be used to restore the buildings at Washington and MacArthur Highway. The memo detailing the plan says council will consider the redevelopment agreement detailing the TIF incentives after a dispute over a construction contract is resolved in Peoria County Court.
City staff expects the project to generate close to $4 million in property taxes during the life of the TIF district.
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