PEORIA, Ill. – Expo Gardens will soon be in the possession of the city of Peoria.
The city council Tuesday night voted to approve the purchase of 70 acres of land for around $1.125 million dollars. The money to cover the cost of the purchase is temporarily coming from the city’s Post Employment Benefit fund, and will be reimbursed after a $2 million state grant comes to the city’s Land Bank.
The opportunity became available because the property is currently in foreclosure. The deal also includes stormwater utility debts to the city forgiven for around $457,000.
The city is purchasing the land with the intention to build new single-family, market-value housing on the property. City Manager Patrick Urich says the city plans to seek out developers once the land is under city control.
Urich says the property is also expected to generate tax revenues of around $1.3 to $1.6 million each year. The property is currently tax exempt.
Mayor Rita Ali calls it a “rare opportunity” to address housing shortages in Peoria, adding that an opportunity such as this doesn’t come every day.
“It’s a rare opportunity to increase our annual property tax revenues for the city, the county, and our Peoria Public School district,” Ali said.
The property’s councilman, 4th District’s Andre Allen, says there is also opportunity for small businesses, such as ice cream parlors or shops, to come into the area, based on some parcels being zoned for commercial use.
Two councilmen voted “no” on the purchase; Alex Carmona of the 2nd District, and Denis Cyr of the 5th District. One of Cyr’s main concerns with the purchase was that the city did not do all of its homework before the purchase. One example he cited was the lack of an appraisal of the property.
“We’re a little short, in my opinion, on our due diligence,” Cyr said. “I don’t know anybody in this room tonight would buy anything without an appraisal, minimum.”
Cyr was also concerned about the timing of the transaction. Carmona’s concern centered on the government becoming involved with private investment.
While the city plans to use the land for housing development, it may be a while before it could be able to do so. As part of getting the Expo Gardens board to sign off on the Letter of Intent for the purchase, an option was given to the board to lease the property until September of 2026.
Urich says that part of the deal is to honor how long the board has operated the property.
“For 40-50 years, maybe even longer. This is just out of recognition of their contribution to the city. This is a way to allow this property to wind down gracefully,” Urich said.
Expo Gardens has served as the home of the Heart of Illinois Fair.
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