UPDATED: 7:45PM
EAST PEORIA Ill. – A new hotel is coming to East Peoria… with some added benefits to the city.
East Peoria City Council members voted Tuesday night to approve a development agreement with Iowa-based firm, Frontier Hospitality Group, to build a Hampton Inn Hotel on the riverfront.
The agreement gives Frontier $1.3 million in revenue generated by the Camp Street TIF District – and the land for the property for no cost.
East Peoria commissioner, Mark Hill, says locals should be excited about the addition.
“We’ve put a lot of things on that property over the years and it’s nice to have something built and be a benefit to the community and to that area. It will be a quality development, for sure,” said Hill.
East Peoria would rebate 80% of the new tax revenue — and would keep 20%, according to the development agreement.
The hotel will cost roughly $13-million and contains anywhere from 90-110 rooms.
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EAST PEORIA, Ill. – A proposed development agreement has East Peoria offering a variety of tax incentives for a new Hampton Inn hotel on the riverfront.
East Peoria’s City Council on Tuesday is expected to vote on the package that would give Iowa-based development firm Frontier Hospitality Group $1.3 million in revenue generated by the Camp Street Tax Increment Financing (TIF) District.
East Peoria is handing over the property to the developer for free, which is a key feature of the incentive package.
According to 25 News, Frontier would also receive enterprise zone incentives, including sales tax rebates on building materials purchased in Illinois and a half-price discount for a building permit.
The property is on the west side of the Bob Michel Bridge, off Conference Center Drive.
Developers promise to invest roughly $13 million on the project, building a hotel with 90 to 110 rooms.
Frontier is also required to apply and obtain a franchise agreement with Hilton to run a Hampton Inn hotel at the site.
The TIF money Frontier would receive comes from tax revenues generated by the development.
East Peoria would rebate 80% of the new tax revenue, and would keep 20%, according to the development agreement.
The East Peoria City Council meets Tuesday night at 6.
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