PEKIN, Ill. (25 News) – Pekin has closed a deal on a large land purchase that paves the way for a decades-long plan to connect the city to I-474.
City officials began talking about it as far back as 1966.
Veterans Drive runs from State Rt. 29 near the federal prison, about seven miles northeast to Sheridan Road. The city wants to extend Veterans Drive past that, through Highway 98, and to I-474.
Pekin Economic Development Director Josh Wray tells 25 News while the Veterans Drive expansion is ultimately a public works project, it is also a long-term economic development project as well. He says it opens the door for truck stops, hotels, and other production.
“[A city’s] proximity to an interstate is key, especially for industrial development,” Wray says. “Right now, there are routes that trucks and passengers can take to get to the interstate system, but they’re not convenient; trucks have to go through the downtown area, so it’s not as safe as what this kind of route will be.”
Pekin’s City Council agreed to secure a loan and buy 1,000 acres of the Lutticken Farm property to advance the road project earlier this year. The land sits between Veterans Drive and IL-98.
Mayor Mary Burress says the city planned to pay off the $14 million acquisition over four years, but due to development opportunities, they closed on the property last week.
One development project includes a contract between the city and the Data Center to sell 321 acres on the Lutticken property for technological advancements.
Mayor Burress says the outcome of extending Veterans Drive will put Pekin back on the map.
“Everybody has said this will take us to the interstate, but this will actually bring people from the interstate to Pekin. Between that and the sales tax, this will generate so much revenue and bring revenue in the right way for the City of Pekin,” Burress says.
Pekin’s economic development team is working on the engineering phase of the project. Wray says that includes updating the plan to ensure it meets modern requirements and then laying out concrete details, which could take up to two years to complete.
City staff have already allocated at least $19 million to the project, which includes buying the Lutticken property and paying the engineering team.
Construction of the road project is estimated to cost $50 million to $60 million. Wray says Pekin doesn’t have that much money lying around and will likely look to state and federal grants.
“This project is regionally significant for [the Tri-County Regional Planning Commission] and it’s one of the projects that’s on their short list to try to get funding for as a region,” Wray says. “I think there’s a lot of support behind this project, and over the next five to 10 years, we’ll hopefully see that come to fruition with actual dollars.”
Another potential source of revenue, Wray says, could come from the development of the Data Center. If that gets built first, a portion of the property taxes would go to the city and could be used to fund the road project, if approved by the city council. The technology park is expected to create 200 new jobs for Pekin and to generate almost $20 million a year.
Wray says as long as interest in development continues, drivers could be using the new road in the next 10 years.
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